For transactions in foreign which to use?

[lxmxl]

Hello,

I have a Yes marquee credit card which says 'Foreign Currency Mark-up of 1%' and I have a Yes bank Electic debit card which says 'Preferential Zero Cross Currency Markup'.

Now when I swipe my card on foreign pos should I choose to pay in their currency (forex) or in INR (DCC) to enjoy 1% and 0% respectively for my cards?

 

[Tejo]

Hello,

I have a Yes marquee credit card which says 'Foreign Currency Mark-up of 1%' and I have a Yes bank Electic debit card which says 'Preferential Zero Cross Currency Markup'.

Now when I swipe my card on foreign pos should I choose to pay in their currency (forex) or in INR (DCC) to enjoy 1% and 0% respectively for my cards?

Forex ... in their currency

Dcc too attracts 1% + Gst may change bank to bank, card to card.

If you get rewards more than 1% in yes marquee then it's wise to use cc

 

[iamabhisekagar]

Never used in a POS but from what I have read paying in Foreign Currency is beneficial as Visa/MasterCard have better conversation rates...

When using DCC, the rates are poor and could result in a premium of Upto 6% plus a DCC markup fees of 1% by the bank

 

[iamabhisekagar]

@SSV what is ur take on this?

 

[SSV]

Never used in a POS but from what I have read paying in Foreign Currency is beneficial as Visa/MasterCard have better conversation rates...

When using DCC, the rates are poor and could result in a premium of Upto 6% plus a DCC markup fees of 1% by the bank

@SSV what is ur take on this?

CC usage in their local currency is a better option in this case,

 

[SAS]

always in their currency ..... if you again use our currency there are double charges .....

 

[iamabhisekagar]

Never used in a POS but from what I have read paying in Foreign Currency is beneficial as Visa/MasterCard have better conversation rates...

When using DCC, the rates are poor and could result in a premium of Upto 6% plus a DCC markup fees of 1% by the bank

Kindly mark this post as a solution

 

[ZappyRed]

Why don't you apply for Scapia card which has 0% Cross currency markup or Indus Exclusive Debit card which also has 0% CC markup?

 

[sahilgulati5]

Used axis Magnus everywhere last week in local currency.. Forex was 2% plus gst

 

[lxmxl]

Why don't you apply for Scapia card which has 0% Cross currency markup or Indus Exclusive Debit card which also has 0% CC markup?

Yes bank marquee gives me 4.5% reward on online and 2.25% on offline so with 1% forex markup, I'm net positive.

And coming to debit card I already have an yes bank debit card which has 0% forex markup and it's a Visa infinite debit card, so I don't see a reason to get any other.

 

[lxmxl]

Used axis Magnus everywhere last week in local currency.. dcc was 1% plus gst

If you paid in local currency then it's not DCC, it's forex spends.

 

[sahilgulati5]

If you paid in local currency then it's not DCC, it's forex spends.

sorry edited now!!

 

[iamabhisekagar]

Never used in a POS but from what I have read paying in Foreign Currency is beneficial as Visa/MasterCard have better conversation rates...

When using DCC, the rates are poor and could result in a premium of Upto 6% plus a DCC markup fees of 1% by the bank

@lxmxl kindly mark this post as a solution...me need promotion from Ace to Legend

 

[lxmxl]

@lxmxl kindly mark this post as a solution...me need promotion from Ace to Legend

Is it in my control? How do I do that?

 

[iamabhisekagar]

Is it in my control? How do I do that?

You will see a tick in a circle towards right of upvote/downvote buttons. That should do it.

 

[SSV]

Is it in my control? How do I do that?

As a thread creator, you are th only who have that control apart from mods and admin

 

[lxmxl]

The voting is only appearing for other threads, not for my own (PFA)

 

[Nishan11]

Bob eterna & emeralde pvc is also good options among credit cards for forex transactions.

 

[mj01]

Yes marquee. 1.18% markup, minimum 2.25% rewards (offline spends). Always pay in local currency - I have seen hefty markups of 5-10% if you pay in INR (you won't know what hit you 😝)

Also most of the zero markup cards don't give any reward points. Do check that!