Things to know before using your ATM cards abroad

If you are travelling abroad and likely to incur some expenses, you may need to go with your Automated Teller Machine cards, which are your debit and credit cards in order to reduce your cash transactions.

Many banks’ plastic cards are not usable outside Nigeria, so it is very important for you to find out from your bank if you can use yours abroad before taking it with you on your trip.

Credit cards are usually usable at home and abroad but most bank depositors are not yet conversant with the use and their other benefits.

If you have been banking with a record of good cash flow in your account, you may apply for a credit card and start building your credit score with your lender.

To know more about the credit card, you can make more enquiries from your bank or talk to your account officer.

However, take note of the following information if you plan to use your ATM card when embarking on your next foreign trip.

• Accessibility: Verify from your bank and be sure that your ATM card is connected to worldwide Cirrus or Plus networks and usable abroad. If it is, that means you will be able to use it to withdraw cash from the ATMs and pay for transactions online and in shopping outlets through the Point of Sale machines. If not, you will need to travel with more cash.
• Limit: When there are regulatory limitations, you may not be able to spend more than a certain amount of money using your card abroad. You need to know your maximum limit in order to plan on how much cash you will take along with you. If you can spend more on your card, it will make you to travel with less cash.
• Multiple cards: It is usually advisable to have more than one usable ATM card for your trip because of unanticipated disappointments. Some travellers have had their cards swallowed by the ATMs while trying to withdraw cash without having any other card to rely on.
• Exchange rate: Your bank will determine the conversion rate of your naira to any other currency you are transacting with. While you might not get the cheapest exchange rate peculiar to what is obtainable with Personal Travelling Allowance/Business Travelling Allowance, your bank may give you an exchange rate that is fairly better than what you may obtain on the black market.
• Extra fee: Find out from your bank if there is any extra fee attached to using your debit or credit card abroad such as foreign conversion fees, the ATM fees or charges for other services.
• Caution: Stay safe while using the ATMs and do not disclose your PIN to anyone.
• Cash: If your cards allow you to spend unlimited amount from your account, it is still relevant for you to have some cash with you because of some expenses that may not require the use of a card payment.
• Card hold: Authorisation hold occurs when a certain amount is held when electronic transactions are done with a debit card or credit card until either the merchant clears the transaction. Card hold can last for up to a week; and in some cases, it may be delayed and require the cardholder visiting the bank to rectify the issue. You may experience this when you do some transactions with your card abroad.