Relevance of Forex Cards during International Trips

[kumarvishwas]

Hey Guys,

I am travelling to Singapore this weekend and was in hunt for a Forex Card for general daily spends there on a weeks trip.

But most of the people I checked with having knowledge of Cards denied taking Forex cards and advised rather to use Credit Cards.

Now I own few cards as listed below(hotels/attractions already booked using Magnus), please suggest if I should use any of the below cards or opt for a quick forex card from HDFC(have a Imperia savings account) or BookmyForex(Offered for 0 as booked hotel using MakemyTrip) :

1. Magnus(2% forex markup fees) : Milestone completed
2. IDFC First Wealth(1.5% forex markup fees) : Running a 10x points offer on International spends
3. HDFC Regalia First : Someone recommended to check for Global Value Program

Require your suggestions on which card to opt for or use, majorly it is my first trip abroad so worried if credit cards might attract heavy forex and exchange charges with low usable bonus/ER points.

TIA….

 

[jack333]

Please avoid debit card during abroad. Several years ago, I had a nightmarish experience when one of my friends debit card was compromised in UK and getting a replacement and money back was painful. At least don't use your primary debit card.

I think chargeback and dispute requests can easily be placed for credit cards but not debit cards. Has anyone experience about chargeback or disputing a transaction done abroad?

 

[CVR]

Please avoid debit card during abroad. Several years ago, I had a nightmarish experience when one of my friends debit card was compromised in UK and getting a replacement and money back was painful. At least don't use your primary debit card.

Debit card we need to take precautions like limit of max transaction amt per day and also keeping min required bal in that savings bank account.. but it is more convenient than opening new forex card.. also debit card is more flexible in terms of no need to decide now how much forex you will need as money is in inr only in your account

 

[CVR]

0 as of now

Thanks.. Which is best multi currency forex card in your view with zero cost & markup?

 

[anirban.choudhury]

Thanks.. Which is best multi currency forex card in your view with zero cost & markup?

ICICI platinum multi currency and Book my forex co branded yes bank card , both are almost same with 0 issuance fees , cross currency markup in icici card is 3.5% , not sure about yes bank one
For loading and unloading using BMF can help in getter better rates than icici plus no loading/unloading charges

 

[Abhishek012]

Do we need to enable international in card settings or upi Bhim app alone will work?

Just enabled Global UPI from BHIM app or International UPI from Phonepe app.

These is no link between your card or UPI. Both are separate network.

Credit card link with UPI is a marketing gimmick". Your UPI is directly link with your bank account or Credit account.

Note - currently, very few banks enabled Global UPI.

 

[Wealth is my birth right!]

Just enabled Global UPI from BHIM app or International UPI from Phonepe app.

These is no link between your card or UPI. Both are separate network.

"Credit card link with UPI is a marketing gimmick". Your UPI is directly link with your bank account or Credit account.

Note - currently, very few banks enabled Global UPI.

Thanks bhai
Currently live with sbi and hdfc bank accounts as far I know and validity 90 days we can activate

 

[VijayflyRaven]

It would be good to hear about Indian debit cards and refund process. I used a chase debit card issued in US and when it was compromised, I got the money refunded (temporary credit) in less than an hour. I wonder what Indian banks do.

Please avoid debit card during abroad. Several years ago, I had a nightmarish experience when one of my friends debit card was compromised in UK and getting a replacement and money back was painful. At least don't use your primary debit card.

 

[iNokia]

after niyo sbm restrictions, is FI money the best option for atm withdrawal abroad? Any other suggestions?

 

[SMGROW]

I think chargeback and dispute requests can easily be placed for credit cards but not debit cards. Has anyone experience about chargeback or disputing a transaction done abroad?

Sharing my experience using HDFC Regalia Forex card since last 5 years during international travel.

I have a mixed experience using HDFC Regalia Forex card for chargebacks and disputes for transactions done in USA. There were few merchants who were unable to credit the source ( the forex card) and in these cases had asked HDFC to raise a dispute and reverse transaction. The resolution time for such cases is usually anytime between 30-90 days.

Prepaid forex cards also have acceptance issues if you use ride share apps such as Uber or Lyft in USA. The best use of them is for offline transactions done at stores or restaurants.

I still use this card as HDFC allows you to load the forex currency using credit cards and give reward points for same. There is also an option to convert the unused forex to INR upon return, you can time this when the exchange rates are high.

 

[Rishab Goel]

I am using ICICI multi currency contactless forex card. Reloaded it using BookMyForex for euros at a rate of 1EUR=Rs89.4 while the bank was offering around Rs 92.3.
Transacted using it to book train tickets, flight tickets in Spain and France and it works flawlessly online. Also, book accomodation using it without hassle. While everyone is suggests Axis Reserve/Magnus or other credit cards with 1.5% FX markup and then reward points, what gets failed to notice is the exchange rate at which they process the transactions..

Yet to try the offline experience of the ICICI card but I'm sure it's going to be smooth. Will keep the thread updated.

 

[Avid_snake]

Sharing my experience using HDFC Regalia Forex card since last 5 years during international travel.

I have a mixed experience using HDFC Regalia Forex card for chargebacks and disputes for transactions done in USA. There were few merchants who were unable to credit the source ( the forex card) and in these cases had asked HDFC to raise a dispute and reverse transaction. The resolution time for such cases is usually anytime between 30-90 days.

Prepaid forex cards also have acceptance issues if you use ride share apps such as Uber or Lyft in USA. The best use of them is for offline transactions done at stores or restaurants.

I still use this card as HDFC allows you to load the forex currency using credit cards and give reward points for same. There is also an option to convert the unused forex to INR upon return, you can time this when the exchange rates are high.

What are the charges on loading Forex with credit card. Also did you get reward points on loading with Credit card

 

[SMGROW]

What are the charges on loading Forex with credit card. Also did you get reward points on loading with Credit card

No charges loading Forex with credit card and also got reward points.
HDFC Infinia to HDFC Regalia Forex card

 

[krishc]

no FX markup even ?

No charges loading Forex with credit card and also got reward points.
HDFC Infinia to HDFC Regalia Forex card

 

[SMGROW]

no FX markup even ?

Its their prevailing FX buy/sell rate which I believe includes FX markup

 

[jack333]

no FX markup even ?

I think if you do transaction in the loaded currency there won't be any markup. In bookmyforex there is no loading and markup charges. They earn through exchange rates which is still better than banks.

 

[CVR]

sharing my experience of europe holiday i did recently.. did 100% of my spending on credit cards... only took 100 euro as backup which i never had to use.. didn't take any forex card..

used 3 cards -
axis magnus upto 1 lakh spends,
dcb after 1 lakh on magnus for getting 3.33% points+1% cashback under global value program and
zero forex markup rbl world safari if dcb is not accepted..

dcb was accepted 70-80% times.. so rbl world safari use was limited..

i noticed exchange rate used by dcb was better than magnus & world safari (both visa).. so basically diners exchange rate is more closer to what u see on google search while visa is slightly higher..

in the 3 countries i visited, cards were accepted everywhere including the toilets on railway station.. tap is used extensively by locals but i preferred using chip+pin..

 

[CARDBITRAGE]

sharing my experience of europe holiday i did recently.. did 100% of my spending on credit cards... only took 100 euro as backup which i never had to use.. didn't take any forex card..

used 3 cards -
axis magnus upto 1 lakh spends,
dcb after 1 lakh on magnus for getting 3.33% points+1% cashback under global value program and
zero forex markup rbl world safari if dcb is not accepted..

dcb was accepted 70-80% times.. so rbl world safari use was limited..

i noticed exchange rate used by dcb was better than magnus & world safari (both visa).. so basically diners exchange rate is more closer to what u see on google search while visa is slightly higher..

in the 3 countries i visited, cards were accepted everywhere including the toilets on railway station.. tap is used extensively by locals but i preferred using chip+pin..

Could you please share the countries you visited? I would be going to Europe for two months. I am hoping to cover all my expenses on my CC.

 

[CARDBITRAGE]

I would be covering France, Italy, Switzerland, Czech Republic, Austria, Hungary, Germany, Belgium and the Netherlands. I'm just worried about eastern Europe. The rest will be manageable I guess.

 

[CVR]

I would be covering France, Italy, Switzerland, Czech Republic, Austria, Hungary, Germany, Belgium and the Netherlands. I'm just worried about eastern Europe. The rest will be manageable I guess.

take 100 euros in cash for backup and one indian debit card with some balance.. worst case u might need to withdraw some money using indian debit card if cash is short… in my case as i said not even 1 paise of cash was required..

 

[CARDBITRAGE]

take 100 euros in cash for backup and one indian debit card with some balance.. worst case u might need to withdraw some money using indian debit card if cash is short… in my case as i said not even 1 paise of cash was required..

Yes, I'm going to be taking two DCs. Thought of keeping like 500 Euros in cash in case of contingencies.