International Conversion rates - Visa vs Mastercard vs JCB vs Diners club vs RuPay vs UPI:
This info is shared by one community member (i dnt know his technofino user id), i will ask him.
He used the RuPay-JCB credit cards in Singapore and shared this info -
Here is a comparison of 24th March, 2023. These are just conversion rates.
Banks forex rates of 0-3.5% and gst needs to be added separately. For JCB, it doesn't show bank charges separately in settled transaction. I have back calculated it based on gst charged and reduced that amount.
Mastercard - 62.05
Visa - 62.29
JCB - 61.95 (64.117 in statement after including 3.5% bank charges)
Google rate - 61.82
So JCB conversion seems best, if I don't consider bank charges. It will obviously vary on each day. But in general this comparison seem to be consistent.
Do note that rates are based on settlement date, but I have mentioned transaction dates. And here some banks are settling transaction even after a week. So, above comparisons may not be accurate.
Discover Global card/Diners club - 3 years ago, one person told me that he had used Canara Bank RuPay-Discover Global Card in Paris and Spain. He told me that Canara Bank didn't charge him 3.5% bank conversion rate and debited him at the same rates as seen on Google, actually slightly lower than the Google rate.
RuPay Standalone cards - RuPay's native network also available in UAE, Singapore, Bhutan, Bahrain, Nepal and few others. RuPay card network can be settled in Indian Rupees.
Currently, i dnt know how much RuPay's native network will charge you for international transactions, maybe possible no extra charges.
UPI - Well, few people used UPI on International websites they told me no extra charges debited and conversation rate same as Google rate and no bank conversion rates debited. Payment settle in INR currency. Singapore's NETS also mentioned Indian visitors have an option to choose payment through INR vs SGD when they pay through RuPay card or UPI.
Note - Visa, Diners club, JCB and MasterCard payments are settled in US dollars or Japan's Yen, while RuPay and UPI can be settled in Indian Rupees.
For Example - The Bhutan/UAE etc maintains an account with the State Bank of India. Any withdrawal by a RuPay card holder in Bhutan/UAE would be settled through an instant credit into the Bhutan/UAE's account. The arrangement is expected to benefit both countries by minimising foreign currency outflow.
This info is shared by one community member (i dnt know his technofino user id), i will ask him.
He used the RuPay-JCB credit cards in Singapore and shared this info -
Here is a comparison of 24th March, 2023. These are just conversion rates.
Banks forex rates of 0-3.5% and gst needs to be added separately. For JCB, it doesn't show bank charges separately in settled transaction. I have back calculated it based on gst charged and reduced that amount.
Mastercard - 62.05
Visa - 62.29
JCB - 61.95 (64.117 in statement after including 3.5% bank charges)
Google rate - 61.82
So JCB conversion seems best, if I don't consider bank charges. It will obviously vary on each day. But in general this comparison seem to be consistent.
Do note that rates are based on settlement date, but I have mentioned transaction dates. And here some banks are settling transaction even after a week. So, above comparisons may not be accurate.
Discover Global card/Diners club - 3 years ago, one person told me that he had used Canara Bank RuPay-Discover Global Card in Paris and Spain. He told me that Canara Bank didn't charge him 3.5% bank conversion rate and debited him at the same rates as seen on Google, actually slightly lower than the Google rate.
RuPay Standalone cards - RuPay's native network also available in UAE, Singapore, Bhutan, Bahrain, Nepal and few others. RuPay card network can be settled in Indian Rupees.
Currently, i dnt know how much RuPay's native network will charge you for international transactions, maybe possible no extra charges.
UPI - Well, few people used UPI on International websites they told me no extra charges debited and conversation rate same as Google rate and no bank conversion rates debited. Payment settle in INR currency. Singapore's NETS also mentioned Indian visitors have an option to choose payment through INR vs SGD when they pay through RuPay card or UPI.
Note - Visa, Diners club, JCB and MasterCard payments are settled in US dollars or Japan's Yen, while RuPay and UPI can be settled in Indian Rupees.
For Example - The Bhutan/UAE etc maintains an account with the State Bank of India. Any withdrawal by a RuPay card holder in Bhutan/UAE would be settled through an instant credit into the Bhutan/UAE's account. The arrangement is expected to benefit both countries by minimising foreign currency outflow.
