Dcc and markup charges on international transactions through credit card

[sarcasm99]

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

 

[Shadow747]

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.

 

[sarcasm99]

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

 

[mj01]

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!

 

[Swastik]

Axis charged me DCC for an online transaction done in USD

 

[sarcasm99]

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

 

[iamabhisekagar]

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

 

[sarcasm99]

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)

 

[iamabhisekagar]

I haven't tried but rbl signature+ debit card says no markup fees ... Other option is indusind legend Credit card (1.8%+ gst charges)

Yes I used Legend CC...but looking at Forex Markup Fees is painful

 

[iamabhisekagar]

I have another payment of GBP 75 next month... Global Rewards Program welcome bonus plus 1% cashback along with 1% cashback of Millennia CC should cover it

 

[Shadow747]

Axis charged me DCC for an online transaction done in USD

DCC should not be applied to foreign currency transaction. As forex markup is already applied. Dispute with them its the case.