Forex Card/ Credit card / Debit Card

[justarandomguy]

Hey!
I recently opened an IndusInd Pioneer account and got their Visa Infinite Debit Card in the welcome kit.

As I see in the benefits, it says it has a 0% forex markup but only conversion fees will apply as per card network.

Should I use that card while travelling abroad or should I get a forex card/ a credit card (if yes, plz recommend)???

 

[Vasuki]

Hey!
I recently opened an IndusInd Pioneer account and got their Visa Infinite Debit Card in the welcome kit.

As I see in the benefits, it says it has a 0% forex markup but only conversion fees will apply as per card network.

Should I use that card while travelling abroad or should I get a forex card/ a credit card (if yes, plz recommend)???

@vijay.vj


Get indusind exclusive visa & mc dc for cc bill payment

 

[Odugu Narasimha Rao]

Hey!
I recently opened an IndusInd Pioneer account and got their Visa Infinite Debit Card in the welcome kit.

As I see in the benefits, it says it has a 0% forex markup but only conversion fees will apply as per card network.

Should I use that card while travelling abroad or should I get a forex card/ a credit card (if yes, plz recommend)???

This is the best card dc works well don't go for forex card

 

[vijay.vj]

Hey!
I recently opened an IndusInd Pioneer account and got their Visa Infinite Debit Card in the welcome kit.

As I see in the benefits, it says it has a 0% forex markup but only conversion fees will apply as per card network.

Should I use that card while travelling abroad or should I get a forex card/ a credit card (if yes, plz recommend)???

Its preferred to have multiple options in cards when you go abroad. Indus Premium signature cards provide 0% forex which is great.
But if you dont want to spend from bank accounts, then look for 0 forex CC or any premium cards which provide positive reward rate even with forex charges.

 

[Rajatkumar1]

Network rates often carry up to a 1% markup over the interbank/mid-market rate. Go for an interbank-linked forex card instead!

 

[seekndestroy99]

Network rates often carry up to a 1% markup over the interbank/mid-market rate. Go for an interbank-linked forex card instead!

What are the options in that?

 

[justarandomguy]

Network rates often carry up to a 1% markup over the interbank/mid-market rate. Go for an interbank-linked forex card instead!

Break it down for me, I didn’t understand anything

 

[Rajatkumar1]

What are the options in that?

Check out BookMyForex forex card, it is available at zero forex markup on interbank rates. https://www.bookmyforex.com/forex-card/. I'm sure there may be more, this is what I found when searching online.

 

[Rajatkumar1]

Break it down for me, I didn’t understand anything

Credit card companies are launching zero forex markup cards and misleading us by hiding the true cost as there is still a markup being charged. For any travel card to genuinely offer zero markup, it must be zero markup on mid-market rates, whereas credit/debit cards provide network rates, which carry up to a 1% premium over mid-market rates.

Check out this link, https://www.visa.co.in/support/consumer/travel-support/exchange-rate-calculator.html and you'll get my point about how these credit card companies, using network/Visa rates, aren't even close to real-time rates. A week ago, when I checked the EUR to INR rates, the mid-market rate was 89.46, but the network rate when calculated through the above link came to around 90.11, which is about a 0.65% markup. This is problematic since this markup is concealed, and due to a lack of awareness, people are misled.

 

[seekndestroy99]

Check out BookMyForex forex card, it is available at zero forex markup on interbank rates. https://www.bookmyforex.com/forex-card/. I'm sure there may be more, this is what I found when searching online.

Thanks! This is helpful

 

[Sneha13]

I agree, BookMyForex forex card is quite good. I have been using it for the past 3 years and have never faced any issues while using it abroad. It takes me a few seconds to top up my card while traveling with their mobile app. The top-up is instant, and the forex card comes with zero markup interbank rates. You can expect it to be delivered on the same day.