HDFC applying very high USD INR rate for international transacations

[ankitfintech]

Hi fellow members,
I hold a HDFC DCB card and I made a international transaction on 7th Aug worth 1416 dollars. When the transaction settled, I see two charges of worth 1,18986 Rs and 2379.7 Rs as foreign current markup fee.
1,18986 / 1416 = 84.02 Rs ( USD -INR rate never went so high from 7th Aug to 9th Aug as can be seen in the snapshot)
2379 = 2% of 1,18986 ( This makes sense since DCB has 2% markup fee)

Can anyone explain how HDFC charged such a high USD-INR rate? Am I missing something?
Will fighting with HDFC result in them paying back the difference amount? Anyone has experience related to this?

Tagging some experts - @Wealth is my birth right! @anirban.choudhury @Walter White @bhavyegoel @TechnoFino

 

[saucy]

Hey, have you really started trusting me, or are you just putting me on? 🙂.

Although you probably could, because I don't tend to make serious comments unless I believe myself to be on reasonably solid ground.

-- About the subject matter, I'm not really up-to-date on the current goings on (although I'd lived a substantial part of my life abroad).
.

Hahaha.
You're invited to gain some! Doveryai, no proveryai - as the Russians say.

On a lighter note, disagreement shouldn't mean mistrust. Nor agreement mean taking someone's word for it.

-- about the subject : okay, (and great! Thanks for letting me know)

 

[SSV]

On a lighter note, disagreement shouldn't mean mistrust. Nor agreement mean taking someone's word for it.

wahva wahva...

 

[ankitfintech]

Yes, you are right..

To those interested in:

I never received OTP s for my international transactions. They just debit our card , initially with the Forein currency amount, later in INR..
At First my transaction would be rejected because I disable International transactions(IT) by default..and also get SMS from the Bank stating that enable IT, if I want to proceed further.
This step is very important, once our card no and cvv is out, in international arena, our account will be stuffed..
Hence handle with care..
It happened to my foreign CC, my friends Indian CC..

I do the same. By default keep all international transactions disabled. Only when I want to transact internationally I enable for the limited amount of time. This is because if any website (domestic or internationally) where you transact leaks details of your card, then you are destroyed. I had once received a transaction message for a transaction which I dint initiate but since international transaction was blocked I was saved.. As a next step I disabled that card and asked for a new card to the bank.. And I hardly transact internationally and only on genuine websites..So this could literally happen to anyone..

 

[anilkrsh]

Hi fellow members,
I hold a HDFC DCB card and I made a international transaction on 7th Aug worth 1416 dollars. When the transaction settled, I see two charges of worth 1,18986 Rs and 2379.7 Rs as foreign current markup fee.
1,18986 / 1416 = 84.02 Rs ( USD -INR rate never went so high from 7th Aug to 9th Aug as can be seen in the snapshot)
2379 = 2% of 1,18986 ( This makes sense since DCB has 2% markup fee)

Can anyone explain how HDFC charged such a high USD-INR rate? Am I missing something?
Will fighting with HDFC result in them paying back the difference amount? Anyone has experience related to this?

Tagging some experts - @Wealth is my birth right! @anirban.choudhury @Walter White @bhavyegoel @TechnoFino

View attachment 25968

What you see on Google is mid rate. Buy and sell rate are different. If you buy forex, you pay higher amount in Rs, and if you sell forex you get lesser RS.
If you want to check what the actual rate should be, check bookmyforex or Thomas Cook.

 

[CARDBITRAGE]

@Trust Me @CARDBITRAGE @Walter White
So, what's the best way to make an int purchase?
Do zero forex markup cards help in this case?

The best way would be to use a CC that is either zero forex or compensates you for the forex charge with reward points. You'll find a lot of info on that on the forum. But stick to Visa/MC cards as they are more reliable.
If you aren't too concerned about the liability of your transactions, you can get a zero forex DC as well.

 

[ankitfintech]

The best way would be to use a CC that is either zero forex or compensates you for the forex charge with reward points. You'll find a lot of info on that on the forum. But stick to Visa/MC cards as they are more reliable.
If you aren't too concerned about the liability of your transactions, you can get a zero forex DC as well.

Unfortunately, these exam websites like CFA and probably GRE etc only accept CC and not Debit Cards. I have not tried prepaid forex cards as it would be best option as they offer the lowest fee.

 

[Walter White]

Isn't that true for all international transactions coz the OTP rule is mandated by RBI and international websites don't come under RBI Ambit

CFA wala site zyada hi unreliable hai. Waise bhi OTP ki aadat ho gayi hai ham logo ko. Mind me hota hai jab tak OTP nhi dalega transaction nhi pura hoga.

 

[CARDBITRAGE]

Unfortunately, these exam websites like CFA and probably GRE etc only accept CC and not Debit Cards. I have not tried prepaid forex cards as it would be best option as they offer the lowest fee.

Nope. DC and CC would be the cheapest option provided it is zero forex(basically almost the same as the rates on Google). Preloaded Forex cards have a marginally higher cost. I don't know about GRE/GMAT/CFA, but you can pay your tuition fee abroad using preloaded forex cards.