Magnus : Foreign Currency Transaction fees of 2%+GST VS Markup 1%+GST

[Pr@k]

So i just bought some stuff from the states and paid online via my Magnus and got the 2% FTX fee and GST added... I did have the option of paying in INR but remembered that 1%+GST that they have introduced.

My question is : Outside of the crap forex rate the banks will obviously charge us isint it better to pay in INR and only pay 1% + GST?

or am i missing something completely

 

[sumeetmehta]

So i just bought some stuff from the states and paid online via my Magnus and got the 2% FTX fee and GST added... I did have the option of paying in INR but remembered that 1%+GST that they have introduced.

My question is : Outside of the crap forex rate the banks will obviously charge us isint it better to pay in INR and only pay 1% + GST?

or am i missing something completely

Generally the INR conversion on the swipe machine is even worse. So you lose more than 2%+GST in the whole transaction. Hence most people recommend swiping in the origin currency and not INR when you're abroad.

 

[Slayer]

+1

Generally the INR conversion on the swipe machine is even worse. So you lose more than 2%+GST in the whole transaction. Hence most people recommend swiping in the origin currency and not INR when you're abroad.

 

[Kenu73]

So i just bought some stuff from the states and paid online via my Magnus and got the 2% FTX fee and GST added... I did have the option of paying in INR but remembered that 1%+GST that they have introduced.

My question is : Outside of the crap forex rate the banks will obviously charge us isint it better to pay in INR and only pay 1% + GST?

or am i missing something completely

No, that's called DCC, DCC is the worst rate that you can get and is dictated by the banks/processor themselves. However when you pay using card in forex the rates are determined by Visa/mastercard rate which are among best in the world.