A forex card is a prepaid card that allows you to carry multiple foreign currencies in a single card. It is a convenient and secure way of carrying foreign currency while travelling abroad. Forex cards come with a range of features and benefits, including ease of use, low fees, and competitive exchange rates.
One of the key features of a forex card is the ability to track your spending and manage your funds while travelling. Forex cards come with a statement that shows all the transactions made using the card, including the balance available. However, there is a term called “unbilled amount” that is often misunderstood by many forex card users.
The unbilled amount in a forex card refers to the amount of money that has been spent using the card but has not yet been billed to the cardholder. This means that the transactions made using the card are not reflected in the current balance available on the card. The unbilled amount is the outstanding balance that the cardholder needs to pay to the card issuer.
For example, let’s say you have a forex card with a balance of $1000. You use the card to make a transaction worth $500. The $500 spent on the transaction will be added to the unbilled amount, and the available balance on the card will still be $1000. The card issuer will bill you for the $500 spent on the transaction at the end of the billing cycle.
It is essential to keep track of the unbilled amount in a forex card to avoid overspending and to ensure that you have enough funds available for your travel expenses. The unbilled amount can be checked by logging into the card issuer’s website or mobile app.
It is also important to note that the unbilled amount in a forex card is subject to exchange rate fluctuations. If you make a transaction in a foreign currency, the amount will be converted into the card’s currency at the prevailing exchange rate. The exchange rate at the time of billing may be different from the exchange rate at the time of the transaction. This means that the billed amount may be higher or lower than the unbilled amount.
To avoid any surprises, it is advisable to keep track of the exchange rates and the difference between the billed and unbilled amounts. It is also recommended to keep some buffer funds in the card to cover any unforeseen expenses or exchange rate fluctuations.
In conclusion, the unbilled amount in a forex card is the outstanding balance that has not been billed to the cardholder. It is important to keep track of the unbilled amount to avoid overspending and ensure that you have enough funds available for your travel expenses. The unbilled amount is subject to exchange rate fluctuations, and it is advisable to keep some buffer funds in the card to cover any unforeseen expenses.
