Float cards can be used for transactions globally, including in the USA, at any merchants that accept Visa or Mastercards.
Float applies an FX rate to transactions that incorporates the VISA/Mastercard daily FX rate and foreign transaction fees. The VISA/Mastercard daily FX rate can be found here.
Foreign transaction fees are made up of Network fees and Issuing Bank Fees. Currently, Float covers the 1% network fee charged by VISA and Mastercard.
Starting November 14, when you make a purchase in a currency that’s different from the denomination on your Float card, you will incur a 1.5% foreign transaction fee.
On your statement, an FX rate will be applied that incorporates the daily FX rate as described above plus the foreign transaction fee.
Customers can still pay zero foreign transactions fees on USD spending by signing up for Float’s USD card. By funding your Float USD cards directly from your USD bank account, customers can also save on conversion fees charged by their bank.
Article is closed for comments.