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Payment in foreign Currency
- Thread starter Prateek26
- Start date
Use Reserve -> 1.5% + GST forex charges -> you receive 2x rewards -> if you convert to hotel/airmiles, you get 10+% rewards.
Even in PayPal, there is an option to pay in local currency or INR. Always select local currency.
I guess you got your answer
Need suggestion of card which has low forex markup with lounge offer internationally plus with good rewards.
So i am an nre i work on cruise ship i want a card which has low forex markup with lounge offer internationally plus with good rewards i have finazlize bob eterna card and sbi elite card . What are your suggestions. Thank you
www.technofino.in
you will get 500 points when you activate gvp
If i select local one will card provider charge conv fee on the top of it. Like i paid in inr through PayPal
PiperatGatesofDawn
TF Premier
Always pay in local currency for many reasons.
First PayPal will charge you an absurd conversion rate. Second if you have a card with a good forex reward rate; your bank might still hit you with a DCC charge.
Activate Global Value Program on Infinia. It will give you additional 1% real cashback on international txn upto 1000rs. Cost is Rs200 per year and you will get 500 points as welcome benefit.
For international txn upto 1lakh Rs, you will get overall 4.33% rewards and after 1 lakh 3.33%.
Forex charges would be 2%+GST.
helloworld
TF Legend
For higher transactions, it might be ok. But if there is local currency option do check below calculation.
In $ purchase = 4.33% - 2.36% = 1.97% - (Conversion Rate%)
In ₹ purchase = 3.33% - 1.18% = 2.15%
Note: Do check if they already charged more if you pay in local currency.
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If you want to pay in Rs for an international txn, do check their conversion rate. Mostly it is on higher side of you pay in Rs.
Exactly, they already add more than 2% in INR conversion
Just check the INR value to the value shown in google. Its much higher. All this assuming your credit card reward rate cancels the conversion fee charged by bank.
helloworld
TF Legend
Depends, some websites that I use mostly have equal conversion but yes it all depends, if higher or lower above one will provide general idea if one needed.
I did a mistake 😔, the local currency option was hidden and i just did paypal currency conversion. 4% so i need to ask will hdfc infinia with gv on get points and 1% cb as mcc is registered of uk, but transaction happened in inr and will bank charge dcc again?
GVP won't give you cashback if you pay in INR. 1.18% DCC will be applicable and you will get 3.33% cashback in your case.
I paid in inr though paypal then why i will be charged dcc again
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