The Verto card can be spent from 11 currency wallets (10 major currencies + NGN), as listed below:
US Dollar (USD), Euro (EUR), Japanese Yen (JPY), Pound Sterling (GBP), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), Norwegian Krone (NOK), Swedish Krona (SEK), and Nigerian Naira (NGN).
This means if you are doing a card transaction in any of the above currencies, you can be debited in the same currency with no FX and no fees. For example, if you are doing a card transaction for 100 USD and you have sufficient USD available in your Verto wallet, you will be debited 100 USD for the transaction with zero fees*.
*The only exception is NGN where the NGN funding fee applies for card transactions.
For card transactions, where you do not have sufficient funds available in the card transaction currency or you’re doing a card transaction in a currency not mentioned above - you will be debited in your Card Default Currency.
What is the “Card Default Currency"?
Every Verto card has a Card Default Currency — this is the wallet your card falls back to whenever a purchase isn't in a currency your card holds directly. This currency can be selected by your admin and can be different on every card issued and can be changed at a later date on the card while keeping the same card details.
You can select USD, EUR, GBP, or NGN as the default currency for any card you issue. This effectively enables you to toggle between the native currency of your card while always benefiting from the multi-currency features to cut down on your FX costs.
How does it work?
When you make a purchase, your card checks your balances in this order:
The currency of the transaction itself — if you're paying in a major (G10) currency or NGN, then your card will check the balance in that currency.
Your card's default currency wallet — if the transaction currency isn't available or the balance is too low, your default card currency wallet is used instead.
This means choosing the default currency where you actually hold most of your balance can significantly reduce the chance of a payment being declined. If you have enough balance in your default card currency regardless of any of the 160 currencies you can spend on your card, the transaction will always succeed.
How to change your card's default currency (Web Platform)
Login to the Verto platform.
Go to Cards and select the card you'd like to update.
Open Settings on that card.
4. Navigate to Card Default Currency.
5. Choose from USD, EUR, GBP, or NGN.
Your change applies to future transactions only, any transaction already in progress will not be affected.
How to change your card's default currency (Mobile App)
Login to the Verto mobile app on the app store or google play store.
Click on the Cards section in the bottom right corner.
3. Select the card you want to change the default card currency for.
4. Click on the card Settings button just below the card.
5. Click on the default currency dropdown and select the currency you wish to choose as the default.
What happens if my default currency wallet doesn't have enough funds?
If you are doing a card transaction in one of the 11 eligible currencies and you have sufficient balance in the corresponding currency then the payment will succeed.
If you don’t have enough balance in the card transaction currency or you are doing a transaction outside of the 11 eligible currencies, then unless you have sufficient balance in your card default currency, the payment will fail.
We recommend keeping your default currency wallet topped up to match your typical spending pattern to avoid this.