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Traveling to a new destination is exciting and terrifying at the same time. You have spent significant time and money planning your trip, from commuting to accommodation. Next, you will spend some time considering how to handle expenses overseas. 

Managing expenses on international trips can be challenging, especially when running a strict budget. In such cases, having an international debit card or a forex card can help to manage the expenses. A Forex Card allows cardholders to retain and transfer money online when traveling overseas. You can use it to make international payments or transactions. While a Single-Currency Card only accepts and stores a single currency, multi-currency Forex Cards accept multiple currencies. They sometimes come with incredible foreign currency exchange rates, thus creating various money-saving prospects while traveling abroad. 

This article will guide you through how to withdraw money from a forex card and list some well-known cards with minimal or free foreign currency exchange rates. 

Can We Withdraw Cash From a Forex Card?

Yes, a foreign card allows you to withdraw cash from certain ATMs of any bank. However, you must ensure that the card bears the name of VISA or MASTERCARD and some credit agencies. Furthermore, each bank has a cash withdrawal limit, which you can inquire about and learn through the bank’s customer service contacts. The forex card withdrawal limit specifies the amount you can withdraw daily. It’s also important to understand that banks levy ATM withdrawal charges on these cash withdrawals using a forex card in a foreign country. These charges can change according to the currency you are planning to withdraw. For example, the if you withdraw US dollars from an ATM with a forex card, you have to pay ATM withdrawal charges ranging from $US 2 to $US 3. This is why many international travellers prefer international debit cards like Niyo Global. Niyo Global doesn’t charge any fees for ATM withdrawals in a foreign land. That means you can be assured of facing no charges while withdrawing cash and enjoying your trip the way you want.  

How Can One Withdraw Cash From a Forex Card?

Withdrawing cash from a forex card is as easy as it can get. It does not require any complex or complicated process to avail of the same. You can withdraw money from a forex card by following these short and easy steps:

  1. Locate the nearest ATM when abroad.
  2. Insert the card and wait for the machine to process the activity. 
  3. The screen will display three Forex card cash withdrawal options: Checking/Current, Credit, and Savings.
  4. It is better to select the “Checking/Current” option. However, you can pick the “Credit” alternative if the former is not there. Do not to click on the Savings option. VISA network does not link to it; hence your transaction will fail.
  5. You have to follow the instructions the screen shows for foreign currency withdrawal at the ATM. 
  6. Select the option to “Withdraw.”
  7. Enter the PIN and the amount you desire to collect in local currency.
  8. Take the cash and remove your card from the machine.

What Are The Charges Levied While Withdrawing Cash From a Forex Card?

When using a prepaid forex card, it is necessary to be mindful of the various costs it accompanies. You do not have to worry about conversion fees once you load the card with foreign currency, but there is some international ATM withdrawal fee. And, although swiping the card at a merchant outlet asks for no charges, there are multiple Forex card ATM withdrawal charges. Some of the international ATM withdrawal charges are:

    1. Cash Withdrawal Charges

      The expense you pay when swiping the forex card at any ATM to withdraw cash is called forex card cash withdrawal charges.

    2. Balance Inquiry Charges

Fee deducted when you check your balance at an ATM.

  1. International SMS Alert Charges

    Amount charged for receiving SMS alerts when in a foreign country.

  2. Cross-Currency Markup Charges

    When the currency stored in a card is different from the transaction currency, for instance, if you have credited your card with dollars but have to make a transaction in Euros, you will be charged a cross-currency markup. It is also known as the foreign currency exchange rate.

  3. Charge Slip Retrieval Charge

    You will have to pay a charge slip retrieval fee if you want a transaction slip at an ATM.

  4. Statement Request Charges

    The fee incurred on receiving statements.

Forex Card Comparison on Charges

Various cards with attractive foreign currency exchange rates are present in the market. And every card brings disparate international ATM withdrawal charges and ATM foreign transaction fees. As a result, it is challenging to pick the ideal one. To ease your search, here is a curated list of reliable and renowned forex cards with their exchange rates:

S. No. Forex Card Exchange Rate Withdrawal Limit (per day) Charges  (per withdrawal)
HDFC Multicurrency Forex Card  3% $5000 $2
ICICI Forex Card  3.5% + GST $2000 $2
  1.  
Niyo Global  0% $1200 $0.2
AXIS Forex Card  3.5 $1000 $2.25
IDBI Global Currency Card  3.5% and above $3000 $1.50

Why Use Niyo Global Card As Your Payment Partner?

A true partner makes your travel considerably pleasant. Same as Niyo Global travel cum debit card promises. It enables you to go overseas without carrying wads of cash, a credit card, or a traveler’s cheque. It not only makes your vacation more fun, but it also makes it secure. After all, every trip should be memorable. But, does this card truly outshine other forex cards in cost and other aspects like foreign currency exchange rate? Yes, it does! And that too with a couple of exceptional perks.

Because overseas excursions demand numerous payments, it is critical to invest in the right card that allows for savings. Niyo Global offers zero markup fees. It implies you can make payments abroad with no currency exchange rate or margin added on top of the INR to foreign currency conversion. The Niyo Global card can convert the currency in real-time. That means you don’t go through the hassle of loading multiple currencies on your forex card. You can use Niyo Global by loading Indian Rupees on it and spending it in any country from the list of more than 150 countries. You also don’t have to worry about unloading the remaining money. You do not have to pay any loading or unloading charges on your Niyo Global card. On top of that, there is no need to worry about currency conversion charges. The card offers 0% forex markup. Plus, only the amount your spend on purchases gets converted to foreign currency. The remaining balance earns yearly interest of up to 6.5% and also offers monthly payouts of interest. Other benefits of the Niyo Global card include the following:

  • Fast online booking
  • Zero forex markup 
  • Tap and Pay transactions
  • An app to track cash 
  • Complimentary airport lounge access
  • 6.5% interest on savings with a monthly payout
  • In-app Currency Convertor to instantly know how much your purchase will cost in any currency
  • In-built ATM locator to facilitate foreign currency withdrawal at ATM
  • Lock, block, or unlock your card at your convenience 
  • Over 150 currencies are available 
  • Account opening process is entirely online in the Niyo Global app
  • Easily add money in INR using UPI/NEFT/IMPS without any charges
  • Manage your payment limit across multiple payment channels

Conclusion

A particular currency’s value is not going to be the same tomorrow. Similarly, the price of your destination’s currency will not be the same tomorrow concerning your native currency. For example, if you run out of money in a foreign place and need additional cash to continue your journey, you’ll have to swap your native currency at the current exchange rate. Let’s say you trade the Indian rupee against the US dollar. As a result, a dollar trading at INR 70 now may be worth INR 75 at the time of your trip. 

A forex card, on the other hand, will lock in the conversion rate on the day you load money into it. They will shield you from fluctuating foreign exchange rates that might devastate your finances and ruin your vacation. If you wish to avoid the international ATM withdrawal charges levied by the forex card, it’s best to switch to international debit or travel cards like Niyo Global, which doesn’t charge any ATM withdrawal fees and also helps you locate nearby ATMs in foreign countries with its in-app ATM locater. 

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