Is a Visa Forex card commonly accepted in the Netherlands?
I am a student who'll be staying at the Netherlands for 2.5 months for an internship. I have been told that the most reliable way to pay in the NL is using a Maestro debit card, and that many establishments there do not accept a Visa or MasterCard debit card. However, I cannot obtain a Maestro debit card anywhere (I have tried several banks and Forex places).
I am leaving in a week and it seems like my best bet is to use a pre-paid Visa Forex debit card which, as far as I understand, does not carry any transaction charges. Is this card commonly accepted in the NL i.e. do these establishments that do not accept a normal Visa debit card consider a Visa Forex card to be an acceptable form of payment since it does not include transaction charges? (But I am not sure if this is how it works)
Best Answer
Willeke's answer is certainly correct. I'm posting this answer to make a couple of additional points.
Is a Visa Forex card commonly accepted in the Netherlands?
In general, a merchant who accepts Visa cards will accept all Visa cards. From their point of view, they pay the same fee to their payment processor for all Visa transactions. The amount you pay for the transaction isn't important to the merchant. Merchants who decide not to accept Visa cards (or any other card) have decided that they don't want to pay the necessary fees. This is about the fees that the merchant pays to the payment processor; it has nothing to do with fees you pay to the card issuer.
it seems like my best bet is to use a pre-paid Visa Forex debit card which, as far as I understand, does not carry any transaction charges.
Be careful: in my experience, a prepaid card that does not carry any transaction charges will typically employ a very poor exchange rate. Most credit card and debit cards that do charge fees use a rate that is much closer to the market rate. When I was a foreign student in the Netherlands, I paid for most things using a US credit or debit card with no foreign transaction fees or with cash that I took using my US bank card with no foreign transaction fees. These gave an exchange rate that was very close to the market rate.
I was able to avoid transaction fees on my debit card by opening an account jointly with my mother, who had another account at the same bank with a balance that exceeded a certain minimum. Even if you don't have a possibility like this, it might be worthwhile to shop around a bit. Ask a few banks what their fees are and how they calculate the exchange rate. Maybe it makes sense to switch banks or open an additional account.
But also consider how much money you expect to funnel through this payment method. If you're not planning to spend a lot, then getting an exchange rate that's 1% better won't save much money -- just $10 for every $1000 you spend.
Also, be careful of foreign merchants who offer to charge your card in your home currency. They typically include a significant markup to do this (after all, they have to convert those dollars or pounds to euros before they deposit them into their own account). Furthermore, the transaction is still a foreign transaction even though it is no longer a foreign currency transaction. So, depending on the fee structure of your card, you may still be paying an extra fee on top.
You may want to try a small test purchase first. A few months ago I did this with a Geneva public transportation ticket. The ticket was 2 francs, but they offered the choice of being charged USD 2.31 if I recall correctly. I elected to be charged in CHF, and the debit from my account was $2.17.
Pictures about "Is a Visa Forex card commonly accepted in the Netherlands?"
Does forex card work in Netherlands?
Major credit cards and debit cards, such as Visa, MasterCard and American Express are widely accepted in the Netherlands at restaurants, hotels, and tourist destinations. Although some small shops may charge a fee of anywhere from 2-6% if you use them.Will my Visa card work in the Netherlands?
Even if you have a Visa Debit card or a Debit Mastercard it doesn't matter \u2014 Dutch stores will treat it as a credit card and may decline it. Dutch people typically don't like credit cards in general because the Dutch are very debt-adverse people.Are forex cards accepted everywhere?
You can use the same/existing credit card everywhere, whether you are abroad or in India.What credit card works in the Netherlands?
Mastercard and Visa are the most widely accepted credit cards in the Dutch retail space; American Express tends to be accepted only by major retailers who have an international client base.List of 8000+ companies sponsoring visa in Netherlands | Nidhi Nagori
Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.
Images: Pixabay, Dom J, Karolina Grabowska, Karolina Grabowska