Whenever you use your Eversend virtual card for a payment to a merchant outside the United States or for transactions involving currencies other than USD, you will incur two types of charges:
A flat fee of $0.50 per transaction – This is the base fee for processing international payments, regardless of the transaction amount.
A percentage-based fee of 3.5% – This fee is applied to the total amount of your transaction and covers the currency conversion or international payment processing costs.
Example of how the fees are applied
Let’s break down how these fees would apply in a real-world scenario:
Imagine you make an online purchase from a merchant in the UK, and the total transaction amount is £125. Here’s how the fees would look:
The base fee of $0.50 applies to the transaction.
The 3.5% fee is calculated on the transaction amount. If the transaction is $150 equivalent (after converting from GBP), the 3.5% fee would be $5.25.
So, the total fee for this transaction would be $0.50 + $5.25 = $5.75.
Why are these fees charged?
These fees are necessary to cover the costs associated with cross-border transactions and currency conversion. International payments require extra processing steps, including:
Converting foreign currencies to your card’s base currency (USD)
Working with international payment gateways and banks
Managing any associated risks and regulatory compliance
By charging these fees, Eversend ensures that your payments are processed smoothly and efficiently, while keeping international transactions accessible.
For assistance with specific transactions, contact our support team through the Eversend app.