node.developer
TF Neo
Hi
I did a comparison of HDFC Regalia credit card vs HDFC Multi Currency Forex plus card. To my surprise Credit card seems to be better. What I'm missing here?
I've used the following to represent in the excel sheet
Charges in credit card:
1. Amount In INR = Amount spent in Foreign currency * Master card exchange Rate (https://www.mastercard.us/en-us/personal/get-support/convert-currency.html)
2. Markup = 2% Markup on the above
3. Tax = GST 18% on the Markup
Total = Amount In INR + Markup + GST
Charges in Forex Card:
1. Amount in INR = Amount spent in foreign currency * Bank Rate (https://www.hdfcbank.com/content/bb...57c87f/?path=/Personal/Home/content/rates.pdf)
2. Loading charge = 75
3. Tax = GST 18% on Loading charge
4. Currency conversion tax as mentioned in the below bucket
Total = Amount in INR + Loading charge + Tax + Currency conversion tax
With the above I made this below sheet, to my surprise Regalia seems to be better, what am i Missing here?
1. Are the forex cards only beneficial for cash withdrawals in foreign countries?
2. I took 21st Feb rate, but I guess the bank exchange rates are always higher by 2 rupees in comparison with Master / Visa Card exchange rates?
I did a comparison of HDFC Regalia credit card vs HDFC Multi Currency Forex plus card. To my surprise Credit card seems to be better. What I'm missing here?
I've used the following to represent in the excel sheet
Charges in credit card:
1. Amount In INR = Amount spent in Foreign currency * Master card exchange Rate (https://www.mastercard.us/en-us/personal/get-support/convert-currency.html)
2. Markup = 2% Markup on the above
3. Tax = GST 18% on the Markup
Total = Amount In INR + Markup + GST
Charges in Forex Card:
1. Amount in INR = Amount spent in foreign currency * Bank Rate (https://www.hdfcbank.com/content/bb...57c87f/?path=/Personal/Home/content/rates.pdf)
2. Loading charge = 75
3. Tax = GST 18% on Loading charge
4. Currency conversion tax as mentioned in the below bucket
| Buy and Sell Forex Currency | Service tax amount |
| Up to Rs 1 lakh | 0.18% of the gross value or Rs45 - whichever is higher |
| Rs 1 lakh to Rs 10 lakhs | Rs 180 + 0.09% of the amount exceeding Rs. 1 lakh |
| > Rs. 10 lakhs | Rs. 990 + 0.018% of the amount exceeding Rs. 10 lakhs |
With the above I made this below sheet, to my surprise Regalia seems to be better, what am i Missing here?
1. Are the forex cards only beneficial for cash withdrawals in foreign countries?
2. I took 21st Feb rate, but I guess the bank exchange rates are always higher by 2 rupees in comparison with Master / Visa Card exchange rates?
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