Features and Benefits of Virtual Dollar Cards
Here are some of the useful features and benefits of using a virtual dollar card for making international payments from Nigeria:
Online Payments – Make payments safely on international websites, apps, and platforms using your digitized dollar card details. No need for wire transfers.
Lower Forex Costs – Virtual dollar cards help you avoid excessive bank charges and rates for dollar wires and transactions.
Remote Usage – Being able to access and use the digital card while abroad makes payments convenient while traveling.
FX Rate Stability – You get stability by locking in dollar rates compared to maintaining physical dollar bills at hand. Rates fluctuate constantly in Nigeria.
Quick Activation – Virtual dollar cards are issued instantly unlike waiting weeks for plastic card delivery. Start using yours immediately.
Ecommerce – Shop for goods and services seamlessly on international seller sites using your virtual visa dollar card.
Digital Payroll – Get your salary paid directly to a virtual dollar card, great for remote work with foreign employers.
Overseas Transactions – Withdraw cash from Visa supported ATMs and pay at POS during overseas trips using your digitized dollar card details.
Global Acceptance – Being on the Visa or Mastercard network gives your virtual dollar card broad merchant acceptance.
Card Controls – Manage your spending limits, freeze card etc. conveniently via the mobile app provided by your virtual card issuer. More control than physical cards.
For the globally connected Nigerian, virtual dollar cards provide easy access to digital dollar transactions without the hassles of in-person procurement, forex overhead, and plastic card delivery delays.
Fees for Virtual Dollar Cards
While virtual dollar cards provide immense convenience, they do come with some fees that providers charge. Some typical fees include:
- Activation fees – Around 500 Naira one-time
- Monthly or annual card maintenance fees – Approximately 1000 Naira charged monthly or yearly
- Card funding fees – 100 Naira or more for loading value via bank transfer or wallet
- Cash withdrawal fees – About $3 per overseas ATM cashout along with forex charges
- Balance inquiry fees – After 1-2 free inquiries per month typically
- Closure or termination fees – May be 500 Naira or more for closing an active virtual card
- Inactivity fees – If unused for 3-6 months, inactivity fees apply ranging from $5 upwards
- Foreign exchange markups on international transactions – Around 1-3% over base forex rate
- Failed payment fees – 100 Naira generally for declined authorizations
The exact fees depend on each virtual card provider\’s pricing model. But costs are typically reasonable compared to regular international bank cards and their associated annual fees.