Should I get a Forex card or No markup DC

[sangalaviral]

Hi All,

I am going on a month long US trip and contemplating if I should use a Forex card or a No markup DC?

I have checked Bookmyforex and they are charging about 15p when loading and about 80p when unloading.

 

[j_s]

DC is hassle-free option

 

[sangalaviral]

But are they really 0 mark up or still have some hidden markup?

 

[j_s]

The buy - sell spread is always there but you will be better placed coz you will only do the buy leg and not the sell.

 

[WandereR]

Not for a month long, but looking at a similar use case. Also, why are you not considering CC?

 

[CARDBITRAGE]

It is better to have a combination of both. Try to take a majority of it in your forex card and once you exhaust it, utilize the funds through your DC.

 

[sangalaviral]

I do have Magnus and Infinia, would they be a better option?

 

[Avid_snake]

Better to use Magnus and Infinia as the rewards will be higher than the 2% markup charge.

 

[thanix]

I do have Magnus and Infinia, would they be a better option?

Infinia with GVP. You will get 1% as cashback till 1000 INR I think. So effective mark up is 1% + GST

 

[saucy]

I think even amex offers no forex and good rewards. @NeerajNegi might have some insights

 

[anirban.choudhury]

F

Hi All,

I am going on a month long US trip and contemplating if I should use a Forex card or a No markup DC?

I have checked Bookmyforex and they are charging about 15p when loading and about 80p when unloading.

For a month long US trip , I would suggest best option will be to use Reserve if you have otherwise Magnus and as a backup keep 0 forex DC , maybe RBl Signature plus or IndusInd Exclusive

 

[anirban.choudhury]

I think even amex offers no forex and good rewards. @NeerajNegi might have some insights

the Amex cards issued in India charge 3.5% markup plus gst

 

[sv004]

For infinia u have to activate international rewards system by calling customer care if u remember once a user said so

 

[anirban.choudhury]

Or if you have IDFC wealth currently they are offering 10x RP on international spends , the net profit would come down to 0.7% in cash against statement

 

[WandereR]

otherwise Magnus and as a backup

Does international transaction fetch ER? If yes what would be the effective (+ or -) I'm guessing something around +0.75 % or so

 

[John Wick]

What about fi debit card. It has 0 markup

 

[agentneo]

For my journey to Australia and the United States, I chose the Regalia Forex card, which provides free money conversion from USD to any other currency. I don't have to redeem it once the trip is over. Their website is decent compared to others. I brought it over offer of 1000USD to get free processing fees. I used to have a BookMyForex Axis card and had an unpleasant experience with it. Their website is also terrible.

 

[ilavaeniyil]

Hi guys, I am also travelling to US for 2 weeks on June month. I have HDFC Diners Black, IDFC First Wealth and ICICI Sapphiro cards. My hotel and flight will be paid by company. I need for travel (Lyft app) on some days, food + tips (meals on few days outside of company) and shopping (iphone, GoPro, dresses, etc.,). Also few colleagues traveling with me are taking Forex card anyway.

Should I take Forex card or use my Credit cards itself? At what dollars rate will be charged in credit card? Actual rate (like Google search results) or bank rates (higher usually)?
Also, I definitely need some cash (~100 dollars) in hand for emergency purpose.

 

[anirban.choudhury]

Hi guys, I am also travelling to US for 2 weeks on June month. I have HDFC Diners Black, IDFC First Wealth and ICICI Sapphiro cards. My hotel and flight will be paid by company. I need for travel (Lyft app) on some days, food + tips (meals on few days outside of company) and shopping (iphone, GoPro, dresses, etc.,). Also few colleagues traveling with me are taking Forex card anyway.

Should I take Forex card or use my Credit cards itself? I definitely need some cash (~100 dollars) in hand for emergency purpose.

Use IDFC wealth and get 10x RP on spends
Net benefit will be 0.7%

 

[ilavaeniyil]

Use IDFC wealth and get 10x RP on spends
Net benefit will be 0.7%

At what rate (dollar currency) will be charged in credit card? Actual rate (like Google search results) or bank rates (higher usually)?

For cash (USD dollars), what should I do?