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How to use a bank card abroad

If you are planning a trip abroad, then of course you are wondering how it will be more convenient and profitable for you to pay in another country - with cash or a bank card.
It is obvious that a bank card is the most convenient way of payment, because you do not need to look for exchange points to exchange hryvnias for the country's currency, besides, it is much safer to pay without cash. Cash can be lost, it can be stolen, and then you will be without money in an unfamiliar country. When going to another country, it is wise to carry a small amount of cash in the local currency or dollars or euros, and still have most of the funds on the card.


International bank card

All cards of international payment systems, such as Visa, MasterCard and others, are available for use abroad, as well as any Visa bank card from Agroprosperis Bank is international and can be used outside of Ukraine for withdrawing cash from ATMs and making payments at retail outlets. where the Visa logo is present, as well as on foreign websites.


Which account currency is more profitable

Let's consider what is better to choose in order to profitably settle in other countries and not lose money on currency conversion.
If the local currency is the dollar or euro, it is more profitable to use a card in the local currency.
If the local currency is any other, it is more profitable to pay with a dollar card, since the dollar is the currency of Visa payments. This will allow you to avoid double conversion.
However, the foreign currency account has the only drawback - it can only be topped up by the owner, while the hryvnia account can be topped up by any individual. If there is a possibility that there will be a need to top up your foreign currency account with a third party, your solution is hryvnia.
At the same time, it is important to know that currency and hryvnia cards abroad have different restrictions on cash withdrawals, and for hryvnias the maximum withdrawal amount is only UAH 12,500 per week.


Calculation of the write-off amount

If the currencies of the transaction and the card are different, the conversion will take place as follows:

Hryvnia card abroad

  • if the transaction is carried out in dollars, the transaction amount is converted into hryvnias at the bank's card exchange rate at the time of its execution.
  • if the transaction is carried out in any other currency, the amount will first be converted into dollars at the Visa exchange rate, after which the conversion into hryvnias at the bank exchange rate for card transactions on the day the transaction is presented for payment.

International card in currency

The amount of the transaction will be converted into dollars at the Visa exchange rate on the day of the transaction.

Visa currency conversion

On Visa's official website, you can use the currency exchange rate calculator to calculate how the currency will be converted.


The order of write-off

Due to the difference between the time of blocking of funds and the time of their actual withdrawal, the amount of blocked funds may differ from the amount of funds withdrawn. To avoid the risk of exchange rate fluctuations, a larger amount can be blocked at a special authorization rate. After receipt of debit from Visa and conversion of this amount at the non-cash rate of the bank, excess blocked funds are released and become available.


What currency to choose at terminals and ATMs

It is also important to know how to withdraw money abroad and how to calculate, namely: which currency to choose when performing these operations on the screen of a POS terminal, ATM or website, so as not to lose on conversion.
When you are going to pay by card or withdraw funds abroad at an ATM, it is always more profitable to choose the national currency of the country of your stay as the settlement currency. This will help avoid exchange costs due to double conversion.
It is worth noting that there are restrictions on cash withdrawals in other countries, which currently amount to:

  • eq. UAH 100,000 per day - currency card;
  • UAH 12,500 per week – hryvnia card


Banking commission for settlements outside of Ukraine

Banks additionally retain a commission for non-cash payments at terminals registered outside of Ukraine, in particular on the Internet on international sites. Also, sometimes banks may charge a fee for converting funds into a currency other than the currency of the account. The amount of these commissions must be indicated in the tariffs. At Agroprosperis Bank, as of today, the fee for settlements in terminals outside Ukraine is 1%, and no fee is charged for conversion.
A fee is also charged for cash withdrawals from cash registers or ATMs of foreign banks, both by your bank and by the foreign bank. For Agroprosperis Bank cards, this tariff is 2% + 2 USD.
Despite the presence of additional fees, cashless settlements will still be more profitable than cash, since the conversion rates and card rates are lower than the cash exchange rate. A bank card for abroad is profitable!

Oleksiy Kiyashko Deputy head of the SME and retail business department

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