Payment in foreign Currency

[Prateek26]

Which is the best card to make payment in foreign currency? I have to make payment through paypal or even direct payment option is there. Not sure where will i incur less charges?

 

[nrj1007]

I paid in inr though paypal then why i will be charged dcc again

DCC is applicable if payment gateway is registered outside India even if it takes payment in INR.
If payment is done in foreign currency, then foreign markup is applicable.

 

[pranavcool]

DCC is applicable if payment gateway is registered outside India even if it takes payment in INR.
If payment is done in foreign currency, then foreign markup is applicable.

You sure global value wont give cb on this case , where in hdfc focs written that we have to pay in local currency.

Deals

SmartBuy is a platform only for display of offers extended by Merchants to HDFC Bank's Customers

offers.smartbuy.hdfcbank.com

 

[nrj1007]

You sure global value wont give cb on this case , where in hdfc focs written that we have to pay in local currency.

Deals

SmartBuy is a platform only for display of offers extended by Merchants to HDFC Bank's Customers

offers.smartbuy.hdfcbank.com

They have written international transaction. I haven't tried paying in INR with my card so can't be sure.
BTW did you activate GVP?

 

[pranavcool]

They have written international transaction. I haven't tried paying in INR with my card so can't be sure.
BTW did you activate GVP?

yes i activated it and regretting a lot due to bulshit of paypal, also noticied when i was using my card directly on oem website it was declining as foreign transactions are non otp ones and india cc needs otp above 15k transaction.

 

[nrj1007]

yes i activated it and regretting a lot due to bulshit of paypal, also noticied when i was using my card directly on oem website it was declining as foreign transactions are non otp ones and india cc needs otp above 15k transaction.

You can use your card for foreign transations. It won't ask OTP. Just check if your international transactions is enabled for your card in netbanking.

 

[pranavcool]

You can use your card for foreign transations. It won't ask OTP. Just check if your international transactions is enabled for your card in netbanking.

yes it was enabled

 

[ak93]

yes i activated it and regretting a lot due to bulshit of paypal, also noticied when i was using my card directly on oem website it was declining as foreign transactions are non otp ones and india cc needs otp above 15k transaction.

Dont think this is true, i have done transactions above 1L using my regalia and magnus.

 

[pranavcool]

Dont think this is true, i have done transactions above 1L using my regalia and magnus.

We notice your transaction for on HDFC Bank Credit Card ending xxxx has got declined.

Reason for transaction decline is: Effective 1st Oct 2021, the Bank will have to decline all such recurring transactions on cards initiated by merchants, non-compliant with the new RBI guidelines.

Here are critical points for you to know:

1. Applicable on Recurring / Standing Instructions transactions from merchants who comply with the new RBI guidelines,

a) On a transaction of value up to Rs. 15000, the Bank will process it without the need of OTP for validation

b) On a transaction of value above Rs. 15000, it will require OTP validation via pre debit (before the payment) notification

2. Here's how you can easily modify/delete your E mandate / Standing Instruction.

 

[nrj1007]

We notice your transaction for on HDFC Bank Credit Card ending xxxx has got declined.

Reason for transaction decline is: Effective 1st Oct 2021, the Bank will have to decline all such recurring transactions on cards initiated by merchants, non-compliant with the new RBI guidelines.

Here are critical points for you to know:

1. Applicable on Recurring / Standing Instructions transactions from merchants who comply with the new RBI guidelines,

a) On a transaction of value up to Rs. 15000, the Bank will process it without the need of OTP for validation

b) On a transaction of value above Rs. 15000, it will require OTP validation via pre debit (before the payment) notification

2. Here's how you can easily modify/delete your E mandate / Standing Instruction.

This is for recurring transaction.

 

[pranavcool]

This is for recurring transaction.

on lenovo uk website when i was doing the txn it was failing like this only, then i came to paypal shit

 

[nrj1007]

on lenovo uk website when i was doing the txn it was failing like this only, then i came to paypal shit

I don't know why they were doing a recurring payment. But yes recurring payments will fail as there are some guidelines by RBI that international payment provider don't follow but normal payment's works fine.

 

[pranavcool]

I don't know why they were doing a recurring payment. But yes recurring payments will fail as there are some guidelines by RBI that international payment provider don't follow but normal payment's works fine.

So much lessons learnt from my first int transaction

 

[pranavcool]

@nrj1007 this dcc charge is also applicable if done in local currency?

 

[nrj1007]

@nrj1007 this dcc charge is also applicable if done in local currency?

Case 1:
Payment provider registered in India -> no charges

Case 2:
Payment provider registered outside India and accepts payment in their local currency (lets say USD) -> Forex markup charges will be applicable which is 2.36% including GST for Infinia.

Case 3:
Payment provider registered outside India but accepts payment in INR -> Dynamic Currency Conversion (DCC) charge is applicable as they need to convert INR paid by you to their local currency. DCC is 1.18% for Infinia.

Short answer: DCC will be applicable if payment provider is registered outside India and you are still paying in INR. If payment provider is registered in India then no extra charges.

 

[Kb2krypto]

I need a credit card to make a big transaction of 25 Lacs at once internationally. What do you guys recommend wherein I can save on forex markup also I can receive points to use for cashback or miles transfer. Can anybody help? Thank you

 

[PiperatGatesofDawn]

I need a credit card to make a big transaction of 25 Lacs at once internationally. What do you guys recommend wherein I can save on forex markup also I can receive points to use for cashback or miles transfer. Can anybody help? Thank you

Axis Reserve. As long as the MCC isn't on the banned list.

 

[Kb2krypto]

Axis Reserve. As long as the MCC isn't on the banned list.

Last I heard the Axis reserve card was devalued to 5:2. Also I am not member of burgundy or axis private banking. Also the fee issuance for axis reserve is on the high side for which I don’t have much usage. But if can explain a bit, that would be great.

 

[PiperatGatesofDawn]

Last I heard the Axis reserve card was devalued to 5:2. Also I am not member of burgundy or axis private banking. Also the fee issuance for axis reserve is on the high side for which I don’t have much usage. But if can explain a bit, that would be great.

Reserve and Citi Prestige are the only 2 cards you receive bonus for forex transactions. Even if you can do 5:2 and not 5:4 it's still the best reward rate you can get. Also, Magnus + Reserve + 10L Burgundy gets you 5:4.

 

[ak93]

I have been using Axis Samsung Infinite for intl transactions. Since I have magnus, I still have 5:2 conversion rate.

It gives 15 ER for ₹100 which is 6% return.

6% - 4.13% (forex charges) = 1.87% return!

 

[Kb2krypto]

Reserve and Citi Prestige are the only 2 cards you receive bonus for forex transactions. Even if you can do 5:2 and not 5:4 it's still the best reward rate you can get. Also, Magnus + Reserve + 10L Burgundy gets you 5:4.

I didn’t understand the last bit. Magnus+Reserve+Burgundy gets you 5:4. Last I saw Magnus gave 5:2 also. Also to be clear I’ve to make a one single transaction of 25Lacs. Cannot split it. Which one card do you suggest?