What things to keep in mind while making International transactions (online)?

[raghavx]

Hi, I was trying to make an online international transaction of $30. My bank portal showed $30, instead of converting and showing me the exact amount in INR. What's the catch?

Will I be charged ₹ 2481.18 (as, $30 = ₹ 2481.18 as of now)? Or are there going to be any hidden charges?

Thanks!

 

[CMGCMG is verified member.]

Hi, I was trying to make an online international transaction of $30. My bank portal showed $30, instead of converting and showing me the exact amount in INR. What's the catch?

Will I be charged ₹ 2481.18 (as, $30 = ₹ 2481.18 as of now)? Or are there going to be any hidden charges?

Thanks!

Which card did you use? There will be a Markup too and it depends upon the card.

 

[raghavx]

Which card did you use? There will be a Markup too and it depends upon the card.

SBI Cashback CC.

 

[CMGCMG is verified member.]

SBI Cashback CC.

That would be around 2590 (2487 (calculation based on current visa usd to inr rate) + 87 (3.5% foreign markup) + 15.66 (gst on foreign markup) )

 

[TheTrickySid]

That would be around 2590 (2487 (calculation based on current visa usd to inr rate) + 87 (3.5% foreign markup) + 15.66 (gst on foreign markup) )

One thing to add
Every bank has their seperate conversation rates, do keep a note on that

 

[Bibind]

if u do the transaction today the bank will take 2 r 3 days... they ll see the dollar value at tht time and then they calculate markup fee and GST as per to tht... so all u have to do is wait and see once they reflect it in ur card...

 

[Kenu73]

One thing to add
Every bank has their seperate conversation rates, do keep a note on that

None of the banks can use their conversion rate on cards as the banks are not the one running tye card but network, hence the rates are dependent on Visa/Mastercard/Amex. Banks only have control over the mark up fee.

 

[raghavx]

None of the banks can use their conversion rate on cards as the banks are not the one running tye card but network, hence the rates are dependent on Visa/Mastercard/Amex. Banks only have control over the mark up fee.

So, irrespective of bank claiming for the 0% forex markup. I'd have to spend more because of VISA/Mastercard?

 

[CMGCMG is verified member.]

So, irrespective of bank claiming for the 0% forex markup. I'd have to spend more because of VISA/Mastercard?

There won't be any extra changes. There will be slight difference between Visa and Mastercard. I think Mastercard gives better value for Rupee.

 

[Kenu73]

So, irrespective of bank claiming for the 0% forex markup. I'd have to spend more because of VISA/Mastercard?

You won't have to pay extra but you won't get Google rates anywhere on earth. Always check Visa/Mastercard rate to get the exact estimate and MasterCard rates are the best followed by Visa and Amex and diner being worst.

 

[akshayhs]

SBI Cashback CC.

Did you get 5% cashback on this transaction?