Visa Forex Markup Clarification, new added dynamic ECB rate for all transactions?

[Salvator]

Hi TF community
I hope y'all are doing well

I need a little bit of insight from y'all

I'm traveling to Europe and hold an infinia card which has a 2% markup + 1% global value program cash back

But on the visa exchange website it shows a dynamic markup over the above said markup called European Central bank mark up which fluctuates from anywhere between 0.3 to 1.5% daily which is added to 2% hdfc markup making the markup sometimes 4%

This is valid for transactions in USD and other currencies too

I haven't come across this earlier

This same doesn't appear on the master card
network
What is this?

And is this applicable to 0% forex cards like niyo global too

Would. You recommend a prepaid forex card if so which one or a CC?

Thanks so much for your time
Your insight will be very helpful to me

 

[D₹V]

@S S V @xywowowvw

 

[sourpai]

I have used Infinia abroad... Forex rate converted to INR in statement is very much same as what you see in google currency conversion. Not sure if there are any other charges there. Additionally 2%+GST gets charged separately in the statement

 

[Salvator]

I have used Infinia abroad... Forex rate converted to INR in statement is very much same as what you see in google currency conversion. Not sure if there are any other charges there. Additionally 2%+GST gets charged separately in the statement

on the visa exchange calculator website it is showing a ECB % markup
what is that?

and that markup it over and above the HDFC 2% +GST markup

you can check here

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

 

[sourpai]

on the visa exchange calculator website it is showing a ECB % markup
what is that?

and that markup it over and above the HDFC 2% +GST markup

you can check here

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

May be you are overthinking. For me there were no other charges. Have done multiple transactions

For example, if you swipe for 50 EUR today, card statement will show in the ballpark of Rs. 4,550 - 4,555 (as per today's rate). 2.36% of this amount will be charged separately in the statement after 2-3 days

 

[Salvator]

May be you are overthinking. For me there were no other charges. Have done multiple transactions

For example, if you swipe for 50 EUR today, card statement will show in the ballpark of Rs. 4,550 - 4,555 (as per today's rate). 2.36% of this amount will be charged separately in the statement after 2-3 days

please see the screenshots attached the rate is over and above the 2% + GST markup making the total markup sometimes almost 4% in that scenario it is better to take a prepaid forex card isn't it?

im coming across this for the very first time

 

[cartoon_soldier]

please see the screenshots attached the rate is over and above the 2% + GST markup making the total markup sometimes almost 4% in that scenario it is better to take a prepaid forex card isn't it?

im coming across this for the very first time

Compare it with current forex rate you get from Google or any currency conversion site and see what the actual markup is. We are never going to get conversion at European Central Bank rates, and whatever 2%+GST they charge will be separate from conversion anyway.

 

[sourpai]

please see the screenshots attached the rate is over and above the 2% + GST markup making the total markup sometimes almost 4% in that scenario it is better to take a prepaid forex card isn't it?

im coming across this for the very first time

I haven't experienced 4% markup. But its your call if you want to take prepaid forex card.

Do check with banks on what rate are they loading the forex card with. It will also be in the range of current currency value + 2-4% markup. Then take a call. Banks have buy - sell spread, which has some markup inbuilt

 

[Deleted member 11974]

Hi TF community
I hope y'all are doing well

I need a little bit of insight from y'all

I'm traveling to Europe and hold an infinia card which has a 2% markup + 1% global value program cash back

But on the visa exchange website it shows a dynamic markup over the above said markup called European Central bank mark up which fluctuates from anywhere between 0.3 to 1.5% daily which is added to 2% hdfc markup making the markup sometimes 4%

This is valid for transactions in USD and other currencies too

I haven't come across this earlier

This same doesn't appear on the master card
network
What is this?

And is this applicable to 0% forex cards like niyo global too

Would. You recommend a prepaid forex card if so which one or a CC?

Thanks so much for your time
Your insight will be very helpful to me

the markup charged by visa is the hdfc markup i guess
not sure
so while the transaction gets settled you will be charged 2% forex markup + gst over and above visa interbank euor rates