InvestorQ : Can I use my forex card, which is loaded with one country’s currency, to make a transaction of a different currency?
Anjali Desai made post

Can I use my forex card, which is loaded with one country’s currency, to make a transaction of a different currency?

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3 years ago
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Yes, you can. However, you must know that you will be levied the cross-currency mark-up charge when you do this.

A cross-currency mark-up charge is a charge levied to customers when they use their forex card for a currency different than what’s loaded in the card.

So, let’s say you have loaded your forex card with euros, but need to make a payment in dollars. While your card will allow you this transaction, it will levy the cross-currency mark-up charge, which is usually 3-3.5% on such a transaction.

Do note there are a few banks and forex dealers that offer cards with zero cross-currency conversion charges. Having such a card will allow you to make merchant payments as well as cash withdrawals.

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