Foreign transaction charges

[birususama]

Hello Everyone,

1. Can anyone tell me what are the charges when somebody swipes a credit card on international destination apart from Conversion fee and Forex Markup ??

2. Where can I find the Currency conversion charges as I do not find this information readily on the bank website?

3. I have seen a lot of cards these days with zero forex markup. Are there any cards with zero forex markup as well as zero conversion fee?

 

[Kiranonlinee]

Forex markup= conversion charges

Navigate to Dc / cc charges u can find fx markup %

Convertion rate use visa / mastercard site

Indusind signature exclusive/ master card world Dc
Credit Card:
Scapia unsecured
Rbl world safire
Idfc wow secured
Niyo cc secured

 

[birususama]

Forex markup= conversion charges

Navigate to Dc / cc charges u can find fx markup %

Convertion rate use visa / mastercard site

Indusind signature exclusive/ master card world Dc
Credit Card:
Scapia unsecured
Rbl world safire
Idfc wow secured
Niyo cc secured

So for example lets take I do a transaction of 100 EUR and if the conversion rate is 90 RS/ EUR then I will be charged 9000 Rs if there is a zero markup fee card with me and if there is a card with 2% markup fee my final amount will be 9200 Rs ?

 

[PiperatGatesofDawn]

So for example lets take I do a transaction of 100 EUR and if the conversion rate is 90 RS/ EUR then I will be charged 9000 Rs if there is a zero markup fee card with me and if there is a card with 2% markup fee my final amount will be 9200 Rs ?

Keep in mind CC conversion rate is calculated on the settlement date not the transaction date, which is usually T+2. You have to take the Visa/MC/whoever's mid market rate. This is usually very very close to EU CBR. MC & Visa publish their rates and MC generally has the best rates. DC, Amex etc. don't publish rates. Of course depending on the volume of your transactions the "best rate" might not matter.

Simple Google search will give you these rates.

Exchange Rate Calculator | Visa

Use Visa’s online currency exchange rate calculator to make instant and accurate conversions while traveling internationally.

www.visa.co.in

Mastercard Currency Converter | Currency Exchange Rate Calculator

Mastercard currency converter tool calculates foreign exchange rates for all the major currencies worldwide to enable cross-border purchases and ATM transactions.

www.mastercard.com

Also, with regards to CC, there are 2 options in India - low end cards that have no markups and also no rewards. High end cards that have some markup but rewards as well.

So it's really the customer's choice as to what they would like to pay.

Also to quibble, with GST and 2% markup - you would pay ₹9,196.20.

 

[sarainfo12]

If the international happened done in Indian rupees , will there any charges ?
I used tata neu infinity card .

 

[Kiranonlinee]

If the international happened done in Indian rupees , will there any charges ?
I used tata neu infinity card .

Yes bro forex conversion charg will be there check your mitc it will be ranging from 2.5 to 3.5% of trx value + gst

 

[Deleted member 11974]

If the international happened done in Indian rupees , will there any charges ?
I used tata neu infinity card .

Yes there will be
Because the transaction is getting converted into foreign currency later and reaching the merchant

 

[sarainfo12]

Actually I didn't know it was international transaction untill the payment page , otherwise we might used zero markup cards.
Or charges will be same for zero markup fees cards too since the currency is always mentioned as rupees . ?

 

[Kiranonlinee]

Actually I didn't know it was international transaction untill the payment page , otherwise we might used zero markup cards.
Or charges will be same for zero markup fees cards too since the currency is always mentioned as rupees . ?

Transaction Successful! USD 70.80 spent on your IDFC FIRST Bank Credit Card ending XX

Did u got similar kind of message with foreign currency?

 

[sarainfo12]

​

Transaction Successful! USD 70.80 spent on your IDFC FIRST Bank Credit Card ending XX

Did u got similar kind of message with foreign currency?

No, all the prices are mentioned in indian rupees , and when we try to process the payment it got declined , then we received a message that international transactions are disabled so declined , then we enabled it , then just clicked pay button , then it got paid instantly without otp .

 

[sarainfo12]

i spent on here

https://www.klook.com/en-IN

i found this in their website

FAQ - Will I be charged an international transaction fee for my booking?- Klook India

Discover and book amazing travel and local leisure experiences with Klook. Find curated activities and fun things to do with exclusive discounts.

www.klook.com

Will I be charged an international transaction fee for my booking?​

Klook does not charge any additional handling fees for booking an activity, but some banks may charge international transaction fees if you are not paying in the local currency of your payment card. Please check with your bank before making a booking.
Heads up: There might be extra fees when using PayPal. Contact your bank for more details.

 

[CARDBITRAGE]

i spent on here

https://www.klook.com/en-IN

i found this in their website

FAQ - Will I be charged an international transaction fee for my booking?- Klook India

Discover and book amazing travel and local leisure experiences with Klook. Find curated activities and fun things to do with exclusive discounts.

www.klook.com

Will I be charged an international transaction fee for my booking?​

Klook does not charge any additional handling fees for booking an activity, but some banks may charge international transaction fees if you are not paying in the local currency of your payment card. Please check with your bank before making a booking.
Heads up: There might be extra fees when using PayPal. Contact your bank for more details.

Since your transaction was done in INR, you will not be charged forex conversion charges. But it may be subject to dcc based on your bank. This is assuming you say INR value and not some other currency. If you saw USD/any other currency, then you will get charged fcc+gst

 

[Kiranonlinee]

​

No, all the prices are mentioned in indian rupees , and when we try to process the payment it got declined , then we received a message that international transactions are disabled so declined , then we enabled it , then just clicked pay button , then it got paid instantly without otp .

Yes you will be charged 2% forex charge + gst

 

[sarainfo12]

Since your transaction was done in INR, you will not be charged forex conversion charges. But it may be subject to dcc based on your bank.

Yes you will be charged 2% forex charge + gst

will i get atleast 1.5% neu coins back ?

 

[CARDBITRAGE]

will i get atleast 1.5% neu coins back ?

I have not used my Tata Neu Infinity to settle any foreign transaction, but I assume you should receive it as there's no mention of the exclusion of FX transactions in the tnc.

 

[sarainfo12]

I have not used my Tata Neu Infinity to settle any foreign transaction, but I assume you should receive it as there's no mention of the exclusion of FX transactions in the tnc.

so do we have to wait for 2 days to know the charges ? i paid around 44K

 

[CARDBITRAGE]

so do we have to wait for 2 days to know the charges ? i paid around 44K

Yes. You will know only after settlement. If you are charged, it should be dcc of 1.18%

 

[sarainfo12]

Yes. You will know only after settlement. If you are charged, it should be dcc of 1.18%

Thanks

 

[sarainfo12]

Yes. You will know only after settlement. If you are charged, it should be dcc of 1.18%

Btw , DCC is applicable for zero markup cards too ?
Because markup fee is different from DCC right ?

 

[CARDBITRAGE]

Btw , DCC is applicable for zero markup cards too ?
Because markup fee is different from DCC right ?

Depends on the bank. But with a zero forex card, you might as well pay in foreign currency. Most of the time settling in USD or local currency will be better.