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Dcc and markup charges on international transactions through credit card

  • Thread starter Thread starter sarcasm99
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sarcasm99

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Last week I had confusion regarding the banks charging DCC markup on international transactions while paying through credit cards
So just wanted to let you know that 2 banks I have tried didn't charge any DCC charges
1. Kotak Myntra credit card
2. Standard chartered smart pay credit card
Where as axis charges 1.18% charges
 
if your transaction is in foreign currency you are not charged DCC as you are charges foreign conversion fee ranging from 2%-3.5% plus gst based on card type. DCC is only charges when you pay in rupees for a transaction operator being based as foreign entity. Example paying in European restaurant in rupees on the card machine. Always choose local foreign currency to avoid DCC.
 
if your transaction is in foreign currency you are not charged DCC as you are charges foreign conversion fee ranging from 2%-3.5% plus gst based on card type. DCC is only charges when you pay in rupees for a transaction operator being based as foreign entity. Example paying in European restaurant in rupees on the card machine. Always choose local foreign currency to avoid DCC.
Yeah but it's better to pay in Indian currency wherever possible through cc like in my case to avoid gst and tcs I paid to international account of travel company
 
Yeah but it's better to pay in Indian currency wherever possible through cc like in my case to avoid gst and tcs I paid to international account of travel company
Generally when INR conversion is available, it will be quite above market exchange rate. Do calculate and see which is better off. I almost always transact in forex.

Also, TCS won't be avoided. When you pay DCC, you are paying a foreign entity!
 
Generally when INR conversion is available, it will be quite above market exchange rate. Do calculate and see which is better off. I almost always transact in forex.

Also, TCS won't be avoided. When you pay DCC, you are paying a foreign entity!
But travel agencies are not charging any tcs ... I don't know about conversion charges as I paid in inr amount
 
Hello guys, I need to pay GBP 408 for my ACCA Fees...contacted Kotak CC and they say I will be charged 3.5% plus GST as Foreign Markup Fees...any suggestions to avoid this, I have other credit cards too
 
Hello guys, I need to pay GBP 408 for my ACCA Fees...contacted Kotak CC and they say I will be charged 3.5% plus GST as Foreign Markup Fees...any suggestions to avoid this, I have other credit cards too
I haven't tried but rbl signature+ debit card says no markup fees ... Other option is indusind legend Credit card (1.8%+ gst charges)
 
Last week I had confusion regarding the banks charging DCC markup on international transactions while paying through credit cards
So just wanted to let you know that 2 banks I have tried didn't charge any DCC charges
1. Kotak Myntra credit card
2. Standard chartered smart pay credit card
Where as axis charges 1.18% charges
So bob, sbi, kotak, SC and hsbc are not charging any dcc. Please add to the list if you know some other also. @Harry1
 
One of my friends has a foreign trip coming up in 6 days.
This guy has credit card of X Bank which charges 3.5% markup and also debit card of X Bank which has 3.5% markup and DCC 1 %.
My doubt is- if he swipes his debit card at a foreign POS for buying an item worth ₹ 100 and selects to pay in INR, how much will his account be debited?
₹101 OR ₹104.5?
 
DCC is applicable when the vendor choose to run the card in the India rupees. I think it 1% is better than 3.5%

Last week I was charged DCC when my domain was renewed by SquareSpaces (previously Google domains)
 
One of my friends has a foreign trip coming up in 6 days.
This guy has credit card of X Bank which charges 3.5% markup and also debit card of X Bank which has 3.5% markup and DCC 1 %.
My doubt is- if he swipes his debit card at a foreign POS for buying an item worth ₹ 100 and selects to pay in INR, how much will his account be debited?
₹101 OR ₹104.5?
DCC would be 1% on the amount shown in ₹ but pretty sure local POS machines would have a huge markup if you choose to pay in ₹. The conversion rate used is pretty bad already (mostly worse than 3.5%, and DCC of 1% would be added on top of that).
 
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