Spending money abroad isn’t as easy as it is at home. Forex cards have become a convenient choice for international travellers and students, while some still prefer carrying cash to avoid hassles and ensure smooth transactions. With the rise of digital payments, many also rely on international credit and debit cards.
To avoid these extra costs, the one option is to look for best forex card without charges. Such cards allow you to spend abroad at fair exchange rates and manage your funds easily through digital tools. They also offer features like instant reloads, global ATM withdrawals, and real-time transaction alerts, making international spending safer, simpler, and more cost-effective.
What is a forex card?
Forex cards, also called foreign currency cards, are preloaded with the currency of the country you’re visiting. You can use them at shops, restaurants, stores, and more. One of the biggest advantages of a forex card is safety; your money is kept in one place, easy to carry, and if the card is lost or stolen, only the preloaded amount is at risk. Widely accepted abroad, forex cards have become a popular choice for frequent travellers.
Common types of fees on forex cards
While forex cards are widely used and accepted overseas, they also incur various types of fees. As someone travelling abroad, you must know these standard fees:
Issuance/reload fees
When a forex card is issued or reloaded, you’re usually charged a one-time fee. This fee can vary depending on the bank or service provider and is often overlooked by travellers. While it might seem small, these charges can add up, especially if you reload your card multiple times during your trip.
ATM withdrawal charges
No matter how much you rely on cards, there are always situations where cash is a must. When you withdraw money from an ATM abroad, you’re charged an ATM withdrawal fee. This fee can vary depending on your card provider and the ATM network, and frequent withdrawals can quickly add to your overall travel expenses.
Currency conversion charges
When your forex card isn’t loaded with the local currency of the country you’re visiting, you’re charged an extra percentage as a currency conversion fee. This happens because each transaction has to be converted into the local currency at the bank’s exchange rate, which is often higher than the market rate. Over time, these small fees can add up, making your purchases more expensive than expected.
Inactivity/replacement charges
If your forex card remains unused for a long period, some providers charge an inactivity fee. Similarly, if your card is lost, stolen, or damaged, you may need to pay a replacement fee to get a new one issued. These charges might seem minor, but they can add up if you’re not aware of them in advance.
Hidden cross-border charges
Sometimes, banks or payment networks apply additional fees for international processing, often called cross-border or Dynamic Currency Conversion (DCC) charges. These occur when your transaction is routed through a foreign bank or when you choose to pay in your home currency instead of the local one. Such hidden charges can quietly increase your overall spending abroad.
Tips to avoid or minimise hidden fees
As a frequent traveller, here are some quick and easy tips to avoid and minimise these hidden charges or fees:
- Choose a card with minimal issuance/reload fees
- Preload the card with the currency of the country you’re visiting
- Use ATMs strategically and avoid multiple small withdrawals
- Check if your card supports multi-currency options
- Compare fees among banks and fintech providers before choosing
What if you have an alternative?
If you do not want to pay all the above-mentioned charges or fees, then it is
Credit/debit cards with no forex markup
While not entirely new, zero charge forex card or better known as zero forex markup cards, are still a relatively underexplored option for many travellers. As the name suggests, these are international credit or debit cards that don’t charge any foreign exchange markup fees on overseas transactions. These cards let you spend abroad at real-time exchange rates without paying the usual up to 5% extra that most banks add. They’re ideal for frequent travellers, students, and anyone looking to save on international payments.
One great example of these cards is the Niyo zero forex markup card, which lets you spend abroad at real exchange rates with no hidden fees or extra charges. These cards can be loaded with INR and used in over 180 countries, supporting transactions in more than 130 currencies. It also offers instant loading through the Niyo app, smart expense tracking, and global ATM access; all with zero forex markup. Plus, features like real-time transaction alerts, one-tap card lock/unlock, and 24×7 in-app support make it a convenient and secure choice for travellers and students alike.
Mobile payment apps with better exchange rates
Mobile payment apps have become a convenient alternative for international travellers. Many of these apps offer better exchange rates than traditional banks and allow you to send, receive, or pay in foreign currency instantly. They can be especially useful for small transactions, splitting bills, or paying vendors who don’t accept cards. However, it’s important to check for any hidden fees and ensure the app is widely accepted in your destination country.
Cash for small local expenses (with caution)
Last but not least, cash remains a reliable alternative when digital payments aren’t accepted. However, carrying large amounts can be risky, and exchange rates at local vendors or airport counters are often less favourable. It’s best to carry only what you need for small day-to-day expenses and rely on cards for most payments to stay safe and avoid unnecessary fees.
Wrapping Up
While forex cards are convenient for many travellers, hidden fees can sometimes sneak up on you. A little preparation can make your trip smoother and protect your wallet from unexpected charges. Keeping an eye on extra fees, like ATM withdrawals, currency conversion, or inactivity charges, can help you avoid financial surprises and let you fully enjoy your time abroad.
It’s also wise to explore better options, such as zero forex markup cards like Niyo’s, so you can spend overseas at real exchange rates, manage your money easily through the app, and travel stress-free knowing there are no hidden costs. With features like instant reloads, global ATM access, and real-time transaction alerts, Niyo makes handling foreign currency simple, safe, and cost-effective.
CTA: Avoid hidden charges with Niyo’s zero forex markup cards, apply today!
