Zero Forex debit cards vs Forex Cards

[financewizard]

I am planning to make internation trip to Vietnam. Most forex cards to not have a direct Vietnamese Dong loading option and usually the process is first converting INR to USD and then to Dong. I have IndusInd Exclusive DC that offers zero Forex conversion. I also have IDFC Mayura CC.
Now I am confused, if I should just go with my IndusInd Exclusive DC or if I should opt for some Forex Card and load money into it.. Can someone please help in understanding the difference from forex perpective?

Ideally I plan to use IDFC Mayura where ever possible as I get RP + zero FX. But Vietnam is one of the "cash" friendly country and small shops do not accept credit cards. Additionally the restaurants and accomodations happily use "Rental MCC" which is common in South East Asian Countries. But Indian Banks charge surcharge and GST on these txn when they see a Rental MCC on credit cards transctions. Hence I think Zero Markup Debit Card / Forex card is required. Now I am confused, if I should just go with my IndusInd Exclusive DC or if I should opt for some Forex Card and load money into it.. Can someone please help in understanding the difference from forex perpective?

 

[sourpai]

Use IDFC Mayura only.... direct swipe wherever available

You can also withdraw cash using IDFC Mayura at zero forex markup for one time charge of 236 which can be easily recovered via cc bill pay

No need for any other card if you have Mayura already. I am doing same thing via IDFC Wow since past two years

Edit: If you are worried about rental MCC, just withdraw cash using Mayura in the batches of 24k or more as per need and use cash

 

[cc_newbie]

Use IDFC Mayura only.... direct swipe wherever available

You can also withdraw cash using IDFC Mayura at zero forex markup for one time charge of 236 which can be easily recovered via cc bill pay

No need for any other card if you have Mayura already. I am doing same thing via IDFC Wow since past two years

Edit: If you are worried about rental MCC, just withdraw cash using Mayura in the batches of 24k or more as per need and use cash

Couldn't find that Mayura has 0% Interest for cash withdrawals like it can be found for Wealth card (https://www.idfcfirstbank.com/credit-card/wealth), do you have a source?

 

[sourpai]

Couldn't find that Mayura has 0% Interest for cash withdrawals like it can be found for Wealth card (https://www.idfcfirstbank.com/credit-card/wealth), do you have a source?

It is a feature of all IDFC cards. Search google with phrases - "idfc mayura forex cash withdrawal charges"

 

[image]

I am planning to make internation trip to Vietnam. Most forex cards to not have a direct Vietnamese Dong loading option and usually the process is first converting INR to USD and then to Dong. I have IndusInd Exclusive DC that offers zero Forex conversion. I also have IDFC Mayura CC.
Now I am confused, if I should just go with my IndusInd Exclusive DC or if I should opt for some Forex Card and load money into it.. Can someone please help in understanding the difference from forex perpective?

Ideally I plan to use IDFC Mayura where ever possible as I get RP + zero FX. But Vietnam is one of the "cash" friendly country and small shops do not accept credit cards. Additionally the restaurants and accomodations happily use "Rental MCC" which is common in South East Asian Countries. But Indian Banks charge surcharge and GST on these txn when they see a Rental MCC on credit cards transctions. Hence I think Zero Markup Debit Card / Forex card is required. Now I am confused, if I should just go with my IndusInd Exclusive DC or if I should opt for some Forex Card and load money into it.. Can someone please help in understanding the difference from forex perpective?

If you are back (or once you are back), please share your experience of ATM withdrawals and credit card spends in Vietnam.

 

[financewizard]

If you are back (or once you are back), please share your experience of ATM withdrawals and credit card spends in Vietnam.

Vietnam is a cash friendly nation. Most of the places hardly accept cards. Even if they accept they charge 2.5 to 3% mark up. Cash is the king. Wherever possible, like supermarkets and Grab rides, I used IDFC Mayura card. INR to VND conversion rate is pathetic for currency exchange. Like if you convert 1L INR to VND and reconvert it back to INR you will end up with 80k only. Literally 20k vanishes as spread. So what I did is got converted INR to USD. At Vietnam you have some local gold shops who give VND for USD with very little spread. Bargaining is the norm - even for forex conversion.. I literally converted USD to VND at mid price. (Zero spread and commission). But remember that converting back to USD will not give competitive rates. The balance VND that we had, we managed to give it to another tourist at mid market rates and got USD from them.