Netspend cards are one of the best prepaid debit cards that can be used internationally. It's a safe bet that if an establishment accepts VISA and Mastercard, your Card will function as well.
Cash withdrawals at overseas non-network ATMs are charged $4.95 per withdrawal, plus a 3.5 percent Foreign Transaction Surcharge.
So if you are looking for a prepaid debit card for international use, then, the Netspend card is a great option.
What is a Netspend Card?
Netspend cards are prepaid debit cards that can be used to make transactions in the same way that standard debit cards can. Netspend cards can be used internationally for withdrawals. Depending on the card's brand, they can be used anywhere that takes a debit Visa or Mastercard.
Axos Bank, The Bancorp Bank, MetaBank, and Republic Bank & Trust Company are all registered partners of Netspend, a TSYS® company. According to its website, Netspend has served over 10 million consumers and has over 130,000 recharge locations across the United States.
In the United States, prepaid cards are a popular method of financial transaction. According to The Nilson Report, "Americans charged $557 billion, accounting for 9% of all payment-card purchases made at merchants in 2016, the most recent year for which information is available," according to a Consumer Reports article.
With stats like these, it's no surprise that customers in the United States are bringing their prepaid cards on holidays abroad. Travelers planning holidays after tax season can even have their federal tax returns put directly into a Netspend prepaid card.
Features of the Netspend Card
- Netspend features a variety of prepaid debit cards that can be used to make low-cost transactions anywhere a branded Visa or Mastercard is accepted.
- For all card users, Netspend offers both a pay-as-you-go and a monthly charge plan.
- Most Netspend cards, like many others, charge a 3.5 percent foreign transaction fee on every transaction.
Can Netspend Cards Be Used Internationally?
Yes, Netspend can be used internationally. One of the best things about using a Netspend reloadable prepaid debit card is that you may use it anywhere, even outside the United States, for any type of purchase. It can be used at any point-of-sale that accepts Visa or Mastercard because it is associated with these two companies.
You can use your Netspend card to make overseas purchases online, over the phone, or in foreign retailers. You can also use it to withdraw money from ATMs throughout the world and send money to people and businesses outside the United States using direct deposits, bank transfers, PayPal, Western Union, MoneyGram, and the Cash App.
Netspend Fees for International Transactions
The fees for Netspend international transactions vary per card. Customers can pick between a pay-as-you-go or a monthly plan to use the card. Instead of a monthly subscription, the pay-as-you-go plan charges per transaction fees. The cost for each transaction is $2.00. Customers can subscribe to a monthly subscription for $9.95 per month with no transaction fees in the United States. Other fees, such as ATM withdrawals, cash reloads, and balance enquiries, may apply to both plans.
When using the card internationally, there are a number of additional charges to consider. When purchasing basic things or services in another country, the international transaction fee is 3.5 percent of the total amount paid in US dollars.
In addition to the ATM's normal transaction fee, there is a $4.95 fee when withdrawing money from a foreign ATM. International balance enquiries cost $0.50 individually, and a refused transaction costs $1.00.8 worldwide.
Are There International Prepaid Debit Cards?
Prepaid debit cards similar to those used in the United States are issued by international banks and financial services companies, although they are normally exclusively available to residents of the country where the bank is situated.
However, because prepaid debit cards issued in the United States can be used internationally, there is no need to purchase an international prepaid card when traveling abroad.
Alternatives to Netspend for International Use
There are other prepaid cards that compete with Netspend in the overseas transaction market if you need an alternative to your Netspend reloadable prepaid card for foreign transactions.
The following are the top three international prepaid cards you can use:
1. Wise Multi-currency Card
With a Wise multi-currency account, you may transact in 200 countries and convert and keep 54 different currencies. It also lets you acquire local bank account information for ten main currencies, including dollars, pounds, and euros. This lets you to receive deposits from nations that trade in those major currencies without incurring any fees or taxes.
2. PayPal Prepaid Mastercard
The PayPal Prepaid Mastercard is a prepaid debit card that can be used wherever Mastercard debit cards are accepted. It can be used for shopping, cash withdrawals, and other purposes all across the world. It, like Netspend, levies fees for international transactions, so read the fine print carefully before proceeding.
You can apply for a Revolut card if you live in the United States, Canada, the United Kingdom, Switzerland, Australia, Singapore, or the European Economic Area (EEA). This prepaid card allows you to conduct fee-free transactions in over 150 currencies utilizing the interbank exchange rate. It also lets you store and exchange 28 different currencies.
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Regardless of the card you use, international card transactions can be costly. Netspend prepaid debit cards can help you avoid overspending while traveling abroad and provide a safety net if your card is lost or stolen.
Western Union or the Netspend mobile app can be used to deposit funds. In general, Netspend's international transaction costs and international ATM withdrawal fees are equivalent to those charged by other debit card companies.
An ATM or merchant may charge a currency conversion fee to all overseas travelers. Furthermore, bear in mind that if your card does not include a chip transactor, some retailers, restaurants, and motels may be unable to process your charges.