As technology advances to make life easier and more convenient, we know it well that it often comes at a hefty price. Personally, I’ve used Eversend virtual card services to do my online payments and get things done faster, in a typically cost-effective choice.
But the real savings lie in the breakdown of fees incurred while using the virtual card, which we’re exploring in detail. By understanding these fees, you’ll see why opting for an Eversend virtual card is not only cheaper but also a smarter financial move than traditional banking.
Exploring the cost breakdown
Let’s start with the basics. Eversend’s virtual card boasts no creation fee, setting it apart from many traditional banking options. The minimal maintenance fee of $1, applicable to both active and frozen cards, ensures continued access to the card’s benefits.
However, the real insight lies in transactions. While using the card, keeping a minimum balance of $2 in your USD wallet is necessary. This includes the $1 maintenance fee and an additional $1 allocated to the card upon creation.
When it comes to cross-currency transactions, Eversend imposes a 3.5% fee. This applies to non-dollar payments like EUR or GBP transactions. Moreover, there’s a $0.5 charge for each transaction conducted outside the United States, along with a 3.5% cross-border fee.
Awareness of penalties is crucial. Insufficient balance leading to a failed transaction incurs a $0.35 penalty. Repeatedly initiating transactions without adequate balance may result in service access revocation.
Adding funds to your Eversend account carries fees too. Mobile Money transfers incur a 1.7% charge on MTN and UGX 250 plus 0.25% across other networks, while card deposits come with a 3.2% fee.
Sending money via Eversend is free, contrasting sharply with bank transfers (UGX 5000) and Mobile Money transfers (UGX 1000).
Withdrawals are free for transfers to one’s own account. However, if you withdraw cash using the card, there may be associated fees.
Exchange rates are transparent, with Eversend providing clear information on exchange commissions. The commission varies based on factors like currencies exchanged and exchange amounts, allowing users to make informed decisions.
