Withdrawing from Axis Reserve Credit Card.

[sonuyos]

I am planning to travel USA and few other places and I just noticed that my Reserve card has no Cash Withdrawal Charges and has 1.5% currency conversion only.

So does that mean if I withdraw say $100, I will be charged total of 8355 (current amount is 83.55Rs per $) + 147.8835 in Conversion fees & GST?

Do I have to worry about any hidden fees or anything?

 

[SSV]

@drsel , fo you have Reserve CC?
Or you can share your Magnus cash withdrawal experience atbsn overseas location..

 

[_ayush]

There is daily interest charged on cash withdrawal from CC afaik.

 

[sonuyos]

There is daily interest charged on cash withdrawal from CC afaik.

So say I withdraw $100 i.e. 8355 and pay it on the spot, then I would only be charged for 1 day interest?

8355x3/100/30 = 8.355Rs?

 

[m4b]

Do I have to worry about any hidden fees or anything?

Yes, surcharge! Vary across ATMs

 

[sxchzy]

So say I withdraw $100 i.e. 8355 and pay it on the spot, then I would only be charged for 1 day interest?

8355x3/100/30 = 8.355Rs?

if you pay instantly only fx markup is levied

 

[sxchzy]

as for hidden fees
iit depends upon atms
afaik
look for atms that don't have any charges
such as CITI HSBC

 

[ARV]

Better to use IDFC Wealth for cash withdrawal only 250rs+gst even for international cash withdrawals and no interest till due date

 

[sonuyos]

Yes, surcharge! Vary across ATMs

Thhats a diff topic, thats applied on Forex cards too.

 

[sourpai]

IDFC credit cards allow interest free withdrawals from ATM. i.e no interest charged till bill due date

There are two terminologies in general. Free withdrawals and interest free withdrawals

Free withdrawals mean that there is no ATM withdrawal fees charged, but there can be interest charged
Interest free withdrawal means that no interest charged on ATM withdrawals (like for IDFC CCs)

Most likely Axis bank falls in 1st category - So pay CC account instantly to avoid interest charges

 

[sonuyos]

as for hidden fees
iit depends upon atms
afaik
look for atms that don't have any charges
such as CITI HSBC

So only 1.77% in currency fees, nothing else from banks end, correct?

 

[sxchzy]

axis wont charge anything if you instantly repay it.
but check the atm if it has any withdrawal charges
big banks in us shouldn't have any txn charges

 

[sxchzy]

IDFC credit cards allow interest free withdrawals from ATM. i.e no interest charged till bill due date

There are two terminologies in general. Free withdrawals and interest free withdrawals

Free withdrawals mean that there is no ATM withdrawal fees charged, but there can be interest charged
Interest free withdrawal means that no interest charged on ATM withdrawals (like for IDFC CCs)

Most likely Axis bank falls in 1st category - So pay CC account instantly to avoid interest charges

there are two types of charges
cash withdrawal charges
interest on cash withdrawn
axis doesn't charge for 1st category

 

[bing1309]

You do whatever you are charged day one 1% itself if withdrawal done. If excess amount in cc if exist /or immediately repay etc, or whatever
1% interest day interest applied after withdrawal +currency conversation+gst will be charged (you call bank or whatever you will be charged above and If other bank atm levied charges including that also)

 

[sonuyos]

You do whatever you are charged day one 1% itself if withdrawal done. If excess amount in cc if exist /or immediately repay etc, or whatever
1% interest day interest applied after withdrawal +currency conversation+gst will be charged (you call bank or whatever you will be charged above and If other bank atm levied charges including that also)

Reserve Interest rate is of 3% per month, so even if they charge only for day, that's still 0.1% of the total amount. Essentially making it 1.87% at max. Which is far better than any of the forex cards currently

The cheapest so far is fi account that gives 0% forex fees, but they charge 100rs per withdrawal + need 50k MAB @ 3% interest.

If I withdraw 1lk rupees (in foreign currency)

It will cost me 1870rs on reserve

But if I go the fi route, it will cost me

6k in lost interest for the year (because of 50k MAB @12%) + 118Rs = 6118Rs.

Even my RM @ Axis said the same thing, that if u take any forex, even Axis's it will be cheaper to use Reserve because if any amount is left on the card then you will have to convert again and potentially lose 2-4% in the whole transaction.

 

[drsel]

Even if there is no cash withdrawal charge there will be interest, forex conversion fee 1.77% as well as the foreign bank ATM charges.
you will have to lose in any case

 

[Dragon_slayer]

M

@drsel , fo you have Reserve CC?
Or you can share your Magnus cash withdrawal experience atbsn overseas location..

Magnus CC gets blocked at all ATMs in US, so dont bother

 

[Dragon_slayer]

Even Axis DC gets blocked.

 

[Dragon_slayer]

I am planning to travel USA and few other places and I just noticed that my Reserve card has no Cash Withdrawal Charges and has 1.5% currency conversion only.

So does that mean if I withdraw say $100, I will be charged total of 8355 (current amount is 83.55Rs per $) + 147.8835 in Conversion fees & GST?

Do I have to worry about any hidden fees or anything?

Good to go with Reserve, just be ready to send some emails and stay in touch with RM so that your card can be unblocked easily and you can withdraw funds from ATM normally.

Keep some extra cash in side, dont completely depend on CC until you manage to get your first successful withdrawal from ATMs

 

[SSV]

M

Magnus CC gets blocked at all ATMs in US, so dont bother

Even Axis DC gets blocked.

Even though it is irrelevant for me, nice to have knowledge....
I wont be using 🪓 cads here in India itself, let alone overseas..