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NeerajNegi said:
Which country? I did street shopping too in Europe for many gifts not a single place without card swipe even a waffle shop was having swipe machine.
But yeah for some donation like street performance I took some cash with me or for like candy may be or for painkiller if you taking only 1-2.

I agree may be you have different experience in dubai 🙂
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I faced issues in Estonia , Dubai , Paris , Austria , Swaziland , Mozambique and almost in all African countries as well as Latam like Guatemala , Mexico City
Well I agree , the DC/CC accessibility in Europe is great , but I really like to shop from really small stores mostly hawkers where even in developed countries cash has been a great help to me .
 
0xfallup said:
heard shady things about it ...they charge 1% extra something above conversion rate
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Banks cannot charge you separately , if they charge then it will be a forex markup ( commission or servixe charge ) and then a gst component is mandatory on that charge , so when a card is saying 0 forex markup then no way bank can charge extra over the network conversion rate and fees
I think what you are saying here is , the exchange rate that was shown in google , the transaction was processed with 1% extra on that rate , because what google shows is mid market rate or spot rate , network such as visa , MC , Unionpay have their own conversion rate ( MC is mostly better ) and then both visa and MC charges 1% extra as their fees , and then bank can charge their commissions as forex markup which is generally 3.5% + gst
So if a bank is saying 0 Markup that means it has to proceed in the Same (1% fees ind network + network conversion rate only ) otherwise it’s illegal and no bank would do that
 
0xfallup said:
someone is fighting with nodal team past 6-7 months regarding this ...it was from desidime i guess
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There is no need to fight with nodal officer for 6-7 months
If that is done that is completely illegal , complaining directly to RBI can solve the issue in a week . if extra 1% is charged without GST , then the same should also has to be reported to GST department as it is again a tax evasion .
 
anirban.choudhury said:
Banks cannot charge you separately , if they charge then it will be a forex markup ( commission or servixe charge ) and then a gst component is mandatory on that charge , so when a card is saying 0 forex markup then no way bank can charge extra over the network conversion rate and fees
I think what you are saying here is , the exchange rate that was shown in google , the transaction was processed with 1% extra on that rate , because what google shows is mid market rate or spot rate , network such as visa , MC , Unionpay have their own conversion rate ( MC is mostly better ) and then both visa and MC charges 1% extra as their fees , and then bank can charge their commissions as forex markup which is generally 3.5% + gst
So if a bank is saying 0 Markup that means it has to proceed in the Same (1% fees ind network + network conversion rate only ) otherwise it’s illegal and no bank would do that
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Is there any website where we can see the Conversion rate?
Is it live or fixed for a day?
 
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