Poor exchange rates on Fi debit card

[VGisHere]

I recently carried out a transaction at international store using Fi debit card. While it worked pretty smoothly, I was little disappointed to find a port exchange rate provided by the bank.

I checked the exchange rate on visa website and what Fi charged me was almost 2.3% over and above that rate!
Although no forex fees was charged!

About 5 days later later, I used IDFC Wealth CC, which charges forex markup of 1.77% (with GST) and to my surprise even with the fee the exchange rate was still better than what Fi offered!

Anyone else with similar experience, OR is it just possible that INR appreciated against that currency in span of 5 days by nearly 2% ?

 

[V G]

I also used FI in Singapore recently. No issue with exchange rate. It always takes visa exchange rate of that day. I checked myself and it was 100% correct rate as per visa website. Fi will return forex charges within one month if your account category qualifies you for zero forex markup. For real time exchange rate, visit

Exchange Rate Calculator | Visa

Use Visa’s online currency exchange rate calculator to make instant and accurate conversions while traveling internationally.

www.visa.co.in

 

[VGisHere]

What did u put Bank fee as? 2% ?

I also used FI in Singapore recently. No issue with exchange rate. It always takes visa exchange rate of that day. I checked myself and it was 100% correct rate as per visa website. Fi will return forex charges within one month if your account category qualifies you for zero forex markup. For real time exchange rate, visit

Exchange Rate Calculator | Visa

Use Visa’s online currency exchange rate calculator to make instant and accurate conversions while traveling internationally.

www.visa.co.in

 

[V G]

What did u put Bank fee as? 2% ?

2.5% + GST which is equal to 2.95%.

 

[VGisHere]

But I already have Infinite account!

 

[supermohit]

Yes, extra charge will be reversed within 3o days

 

[Arun Pratheep]

I also used FI in Singapore recently. No issue with exchange rate. It always takes visa exchange rate of that day. I checked myself and it was 100% correct rate as per visa website. Fi will return forex charges within one month if your account category qualifies you for zero forex markup. For real time exchange rate, visit

Exchange Rate Calculator | Visa

Use Visa’s online currency exchange rate calculator to make instant and accurate conversions while traveling internationally.

www.visa.co.in

I also used fi in Bali and it was taking visa exchange rate. No extra forex was added. I am having fi infinite account.

 

[supermohit]

I also used fi in Bali and it was taking visa exchange rate. No extra forex was added. I am having fi infinite account.

How was your ATM withdrawal experience ?

 

[phagocyte536]

Hi all, I'm a noob in international transactions. Can I use FI debit card to withdraw euros when in europe through ATMs at 0 markup

 

[Deleted member 11974]

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Hi all, I'm a noob in international transactions. Can I use FI debit card to withdraw euros when in europe through ATMs at 0 markup

your account is an fi infinite accoiunt then it will be reversed within 30 days

 

[Arun Pratheep]

How was your ATM withdrawal experience ?

I didn't use it for ATM withdrawal. Took forex from here and converted it in Bali

 

[Arun Pratheep]

Hi all, I'm a noob in international transactions. Can I use FI debit card to withdraw euros when in europe through ATMs at 0 markup

Yes, you have to pay only VIsa conversion charges(0 markup).

While withdrawing from ATM some ATMs will show both in Rupees as well as that country's currency. Always choose that country's currency so that you get 0 markup. The rupees amount that is shown in the ATM will contain forex markup.

 

[phagocyte536]

Yes, you have to pay only VIsa conversion charges(0 markup).

While withdrawing from ATM some ATMs will show both in Rupees as well as that country's currency. Always choose that country's currency so that you get 0 markup. The rupees amount that is shown in the ATM will contain forex markup.

Gotcha. Thank you. Fi is charging 100 rs per international withdrawal. Seems like this is the best way to get hold of any forex physical cash. Or is there something better?

 

[Arun Pratheep]

Gotcha. Thank you. Fi is charging 100 rs per international withdrawal. Seems like this is the best way to get hold of any forex physical cash. Or is there something better?

You can also get physical forex from bookmyforex and carry it with you else I think this is the best way to get forex.

 

[VGisHere]

Update:

Using Federal Celesta Card, paid CAD 61.46, got charged INR 3819 + INR 76.39 + INR 13.75 = INR 3909, implying overall conversion of INR 63.6
Using Fi Debit Card, paid CAD 194.33, got charged INR 12433, implying overall conversion of INR 63.9, which is higher than Federal Celesta even with markup!

 

[VGisHere]

Update:

Using Federal Celesta Card, paid CAD 61.46, got charged INR 3819 + INR 76.39 + INR 13.75 = INR 3909, implying overall conversion of INR 63.6
Using Fi Debit Card, paid CAD 185, got charged INR 12433, implying overall conversion of INR 67, which is whopping higher!

In a reference, it was mentioned that 2.5%+GST would be refunded, but I’m little skeptical about the same.

In my case, I got about INR 500 from Fi on 24 June under the transaction reference of Interest!

This is definitely not FD interest as I dont have one with them, also, doesnt appear to be Savings account interest as it gets credited at end of month.

So anyone who has been transacting with Fi debit card internationally with Infinite account can share how are things expected to work!