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….

 

[VaporWarrior]

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

this should be fine. Cash use is limited in many places in western europe. Credit card works best (even better than forex)

 

[CARDBITRAGE]

this should be fine. Cash use is limited in many places in western europe. Credit card works best (even better than forex)

Yes, Western Europe won't be a problem. But in any case, I will have a couple of debit cards handy to withdraw cash(if needed).

 

[DB10]

For some of the forex cards, if you cant spend in the main reloaded currencies ( anything other that USD / EUR /GBP / HKD / SGD / JPY / AED), then on the forex card you get marked up on the reloading the main curreny and then while converting the main currency to the currency of that country ( like I went to Indonesia, and they DONT accept dollars, so they charge in IDR.. if you are swiping in USD, they are essentially swiping IDR, and I can get charged IDR to USD fees also)..

Isn't it just better to use a normal CC / DC for transactions then ?

 

[CARDBITRAGE]

For some of the forex cards, if you cant spend in the main reloaded currencies ( anything other that USD / EUR /GBP / HKD / SGD / JPY / AED), then on the forex card you get marked up on the reloading the main curreny and then while converting the main currency to the currency of that country ( like I went to Indonesia, and they DONT accept dollars, so they charge in IDR.. if you are swiping in USD, they are essentially swiping IDR, and I can get charged IDR to USD fees also)..

Isn't it just better to use a normal CC / DC for transactions then ?

That is stupid. One should always load the forex card only in the currency they will transact in otherwise they will bear further cross-currency charges. For Indonesia, you should load IDR but the rates will be terrible. The most popular option for SE Asia is to carry USD and get that exchanged for local currency. A combination of CC and DC is my personal choice wherever I travel and I have faced any issues so far.

 

[DB10]

That is stupid. One should always load the forex card only in the currency they will transact in otherwise they will bear further cross-currency charges. For Indonesia, you should load IDR but the rates will be terrible. The most popular option for SE Asia is to carry USD and get that exchanged for local currency. A combination of CC and DC is my personal choice wherever I travel and I have faced any issues so far.

You stared by saying "This is stupid", and ended the post with exactly what I said lol..

You CANNOT load IDR in kotak and HDFC forex cards. They have 12-16 currencies. IDR is NOT one of them. Same with Turkish Lira.. So yeah, thanks for stating the obvious.

 

[CARDBITRAGE]

You stared by saying "This is stupid", and ended the post with exactly what I said lol..

You CANNOT load IDR in kotak and HDFC forex cards. They have 12-16 currencies. IDR is NOT one of them. Same with Turkish Lira.. So yeah, thanks for stating the obvious.

I'm sorry if I offended you in any way. That was not my intention. You're right, there's not a single Forex card out there that can load IDR. In fact, that's the case with all hyperinflated currencies(the Turkish Lira being one of them). I remember someone loading THB on their forex card so I assumed IDR would be possible too. My mistake. So using a forex card in Indonesia would require you to load another currency, transact using that and bear the extra cross-currency markup(stupid proposition). So the best option would be to take currency notes and get that exchanged. Or if you want to swipe/withdraw money, CC and DC would be the best option.
Before you say it, yes this is EXACTLY WHAT YOU SAID. Repeating it is not going to cause any harm.

 

[Deleted member 9785]

I'm sorry if I offended you in any way. That was not my intention. You're right, there's not a single Forex card out there that can load IDR. In fact, that's the case with all hyperinflated currencies(the Turkish Lira being one of them). I remember someone loading THB on their forex card so I assumed IDR would be possible too. My mistake. So using a forex card in Indonesia would require you to load another currency, transact using that and bear the extra cross-currency markup(stupid proposition). So the best option would be to take currency notes and get that exchanged. Or if you want to swipe/withdraw money, CC and DC would be the best option.
Before you say it, yes this is EXACTLY WHAT YOU SAID. Repeating it is not going to cause any harm.

Which will be better in Vietnam .

First buying USD in India and then convertign in vietnam currency after reaching there

Or just use our bank debit card to widraw cash from ATM there

 

[CARDBITRAGE]

Which will be better in Vietnam .

First buying USD in India and then convertign in vietnam currency after reaching there

Or just use our bank debit card to widraw cash from ATM there

USD to VND(at gold shops) is the most convenient option. ATMS will have a 0-3% charge(based on the foreign bank and total per transaction withdrawal limit)+atm withdrawal charge(if any)+forex charge(if any). TP bank and VP bank will not levy any charge for withdrawals, and Agribank charges you 0.67%. Other banks will charge you a lot more.

 

[FineTurns]

Which will be better in Vietnam .

First buying USD in India and then convertign in vietnam currency after reaching there

Or just use our bank debit card to widraw cash from ATM there

To add to what @CARDBITRAGE said - all those fees will sometimes add up to $28 per ATM withdrawal (depending on your card and ATM used).

 

[Rajatkumar1]

I get it that people want to use an already-owned credit card but a concern that no one is addressing is these credit card companies launching these cards in the name of zero markup credit cards and misleading consumers by hiding the true cost as there is still a markup being charged. For a card to genuinely offer zero markup, it must be zero markup on mid-market rates, whereas these credit cards provide network rates, which carry up to a 1% premium over mid-market rates. Go for a forex card instead.

 

[rafzy]

I get it that people want to use an already-owned credit card but a concern that no one is addressing is these credit card companies launching these cards in the name of zero markup credit cards and misleading consumers by hiding the true cost as there is still a markup being charged. For a card to genuinely offer zero markup, it must be zero markup on mid-market rates, whereas these credit cards provide network rates, which carry up to a 1% premium over mid-market rates. Go for a forex card instead.

If we use forex cards issued by banks, is cash withdrawal using any ATM in the foreign country still going to be 0 or would they charge something or the other?
As far as I understand, there are 3 charges
1) The currency conversion charge (I guess this includes DC as well)
2) Charges our bank levies for using the card in a foreign atm (for Fi card it's 200 Rs per transaction I guess etc.)
3) Charges the foreign ATM bank levies for using their ATM

 

[SuperKnight]

I get it that people want to use an already-owned credit card but a concern that no one is addressing is these credit card companies launching these cards in the name of zero markup credit cards and misleading consumers by hiding the true cost as there is still a markup being charged. For a card to genuinely offer zero markup, it must be zero markup on mid-market rates, whereas these credit cards provide network rates, which carry up to a 1% premium over mid-market rates. Go for a forex card instead.

Which rate is used by Forex card if not network rates?

 

[Firewing224]

Saw your other post where you mentioned "As of now if someone is interested in cashback returns and not airmiles ( which is Axis Reserve ) , IDFC Wealth seems to be really good as IDFC is offering 10x RP on forex transaction , wealth has a forex markup of 1.5% with gst somewhere 1.8% , 10x means statement credit if 2.5% of Rs 100 spend on forex , overall it’s a net profit of 0.7% on forex direct on statement credit which seems better than even 0% forex markup .", does it still stand true that it would be better to use First Wealth?

Cash won't be an issue as I have a friend there who'll provide me with sufficient SGD and I'll transfer the same INR to his Indian account and even if I have to take the cash out it might be maximum of 150 SGD, not more than that.

Since cash is sorted. Dont take UPI or DCB or Amex. Take VISA or mastercard. You can use this as tap & pay for metro and buses (1 person per card). You then get local rates instead of touristy metro pass which costs double i think.

if attractions and hotels and flights booked, max ur spending 100 SGD / day for 2. FOREX card doesnt make sense. use one of the cards you already have.

 

[Abhishek012]

Since cash is sorted. Dont take UPI or DCB or Amex. Take VISA or mastercard. You can use this as tap & pay for metro and buses (1 person per card). You then get local rates instead of touristy metro pass which costs double i think.

if attractions and hotels and flights booked, max ur spending 100 SGD / day for 2. FOREX card doesnt make sense. use one of the cards you already have.

RuPay JCB Card currently offer 25% cashback in Singapore and JCB give best conversion rate compare with Visa/mastercard.

UPI also accept in Singapore but limited places, UPI directly work on local currency in Singapore, No extra conversion charges.

 

[kumarvishwas]

Since cash is sorted. Dont take UPI or DCB or Amex. Take VISA or mastercard. You can use this as tap & pay for metro and buses (1 person per card). You then get local rates instead of touristy metro pass which costs double i think.

if attractions and hotels and flights booked, max ur spending 100 SGD / day for 2. FOREX card doesnt make sense. use one of the cards you already have.

Yes used Infinia with GVP on my recent Europe trip, overall a better deal than using Forex cards

 

[Firewing224]

RuPay JCB Card currently offer 25% cashback in Singapore and JCB give best conversion rate compare with Visa/mastercard.

UPI also accept in Singapore but limited places, UPI directly work on local currency in Singapore, No extra conversion charges.

He already prepaid for major expenses. He'll mostly be going to restaurants for food + local conveyance. Not sure how much JCB covers. However Rupay wasnt accepted in Metros and local buses in December for tap & pay. Indian restaurants dont accept credit cards unless bill is SGD25$ or higher. or they add 2%.

 

[Firewing224]

Yes used Infinia with GVP on my recent Europe trip, overall a better deal than using Forex cards

Infinia is good enough then. Why did you write regalia first with GVP in your first post? Infinia is your to go tap & pay card.

 

[kumarvishwas]

Infinia is good enough then. Why did you write regalia first with GVP in your first post? Infinia is your to go tap & pay card.

That is a year old post bro.

Lots have changed in past 1 year😄

 

[Firewing224]

That is a year old post bro.

Lots have changed in past 1 year😄

Oops. Sorry. Didn't see year. Someone bumped it up. 😅

 

[SuperKnight]

RuPay JCB Card currently offer 25% cashback in Singapore and JCB give best conversion rate compare with Visa/mastercard.

UPI also accept in Singapore but limited places, UPI directly work on local currency in Singapore, No extra conversion charges.

How is the conversion rate of amex and dcb with gvp.. I intend to use them for Thailand trip