Axis Atlas - A great forex card Alternative?

[the_collector]

Hello Everyone!

It's been half a year since I've been using my axis atlas and I'm not sure why nobody is speaking about this!

Axis atlas has a dynamic currency conversion fee of just 1.5% + GST. Effective rate 1.77%.

This is on par with many high end credit cards that offer a lower forex fee of 3.5% + gst.

Now where is the benefit you may ask?

At the time of making a transaction in a foreign country, Instead of paying in the local currency of the country, select INR ( this would be considered as a DCC transaction instead of a forex one) and this would attract a fee of only 1.77%.

Reward Rate:

- On offline merchants abroad using POS and selecting inr / On online merchants that are international based and auto convert to inr ( agoda, klook, getyourguide, viator etc..):

DCC Fee - 1.77%
Reward rate assuming it's not hotel or airline mcc - 4%

Effective reward rate - 2.23%

- on offline/ online merchants with hotel/ airline MCC

DCC fee - 1.77%
Reward rate on hotel/ airline mcc - 10%

Effective reward rate - 8.23%


Note:

1. Higher effective reward rate on accor conversion
2. Always make sure in the message when you swipe or pay online that you are charged in "INR" , if the message has any other currency mentioned you will be charged with the full 3.5% + gst ( 4.13%) , effectively making it negative.

Would love to know your thoughts 👇🏻

 

[Aniket Sharma]

Bhai...lut jaoge agar INR select kiya toh......Always select local currency

You are shown an option to convert to local currect which means convert to INR....You have to select NO which means you are accepting payment in local currency of country of visit.

Axis Atlas is not good option.....Go for scapia or uni gold in CC or IIB signature/Niyo in DC

Ye bachhe hai dcc dkh rhe hai forex markup fee uspe v lgega so inhe pta ni hai

 

[Wealth is my birth right!]

Bhai...lut jaoge agar INR select kiya toh......Always select local currency

You are shown an option to convert to local currect which means convert to INR....You have to select NO which means you are accepting payment in local currency of country of visit.

Axis Atlas is not good option.....Go for scapia or uni gold in CC or IIB signature/Niyo in DC

How about IndusInd exclusive dc

 

[sunit123]

How about IndusInd exclusive dc

I am referring to same...account variant is exclusive and card issued is VISA signature

 

[wanderer0]

Ye bachhe hai dcc dkh rhe hai forex markup fee uspe v lgega so inhe pta ni hai

Agar INR me pay kiya h to forex charges already added hain, only DCC will apply. ForEx charges are only levied by your bank if you choose local currency which is not the case if you choose INR at a PoS.

But yeah when swiping on a PoS, choose local currency. Simple.

 

[Aniket Sharma]

Agar INR me pay kiya h to forex charges already added hain, only DCC will apply. ForEx (Foreign Exchange) charges are only levied if you choose local currency.

But yeah when swiping on a PoS, choose local currency. Simple.

This isn't the way, they match with international mcc and if that is found then first forex markup fee will be added and after that dcc.

For reference you can search particular bank page.

Pasted ss for hdfc and I knew no bank can leave it, if one implemented it.


You will find a word "extra charges"

 

[sunit123]

Some people are sharing misleading information...First understand what is DCC and charges associated with it...With DCC, you have to pay markup fees and foreign transaction fees.....Bank itself is saying that pay in local currency instead of DCC....Half knowledge is dangerous...Check following post

Dynamic Currency Conversion (DCC): Understanding It and Markup Fees -

During international travels, one of the things you must be careful about is the currency you are paying in for your expenses. At most Point-of-Sale (POS) terminals and ATMs in foreign countries, you will often come across an option to pay in your home currency instead of the local currency...

www.indusind.bank.in

 

[sunit123]

Agar INR me pay kiya h to forex charges already added hain, only DCC will apply. ForEx charges are only levied by your bank if you choose local currency which is not the case if you choose INR at a PoS.

But yeah when swiping on a PoS, choose local currency. Simple.

bank khud keh raha hain pay in local currency not in DCC...Hum bank se jyada samajhdar to nahin hain

 

[wanderer0]

This isn't the way, they match with international mcc and if that is found then first forex markup fee will be added and after that dcc.

Not true. If you pay in INR, bank levies the "extra charges" called DCC because forex charges are already levied by the merchant PoS.

For reference you can search particular bank page.

Yes. Read "The DCC Mark-Up fee is the extra charge applied to such transaction ...". This validates my point made earlier.

Pasted ss for hdfc and I knew no bank can leave it, if one implemented it.

Yes. A bank can either charge forex or dcc on a transaction not both.

You will find a word "extra charges"

Which is DCC (Mark-Up fee is not forex here, its just DCC)

bank khud keh raha hain pay in local currency not in DCC...Hum bank se jyada samajhdar to nahin hain

Yes and it's the right thing to do. Let me explain:

The confusion people are having here is that if you choose INR at a foreign PoS, your local bank will charge both forex charges + dcc charges which is not true at all. Most banks I dealt with only charge DCC on such transactions.

So you might ask why is it not recommended since DCC is mostly lower (1%) than forex (3%)? Because the merchant bank at that PoS charges you 3-5% forex charges when converting their local currency to INR. On top of that because it's a foreign transaction in INR, your local bank levies 1% DCC on top of it(but only DCC). And that's the reason ladies and gentlemen we don't transact in INR at PoS because the forex charged by foreign bank is unpredicatble and as high as 5% in some cases and you end up paying up to 6% extra (including 1% dcc) instead of fixed forex (0-3.5%) levied by your own bank.

I have been following up on each of my forex transaction out of curiosity and can give some examples from my statements if it's still confusing to anyone.

 

[Aniket Sharma]

Not true. If you pay in INR, bank levies the "extra charges" called DCC because forex charges are already levied by the merchant PoS.

Yes. Read "The DCC Mark-Up fee is the extra charge applied to such transaction ...". This validates my point made earlier.

Yes. A bank can either charge forex or dcc on a transaction not both.

Which is DCC (Mark-Up fee is not forex here, its just DCC)

Yes and it's the right thing to do. Let me explain:

The confusion people are having here is that if you choose INR at a foreign PoS, your local bank will charge both forex charges + dcc charges which is not true at all. Most banks I dealt with only charge DCC on such transactions.

So you might ask why is it not recommended since DCC is mostly lower (1%) than forex (3%)? Because the merchant bank at that PoS charges you 3-5% forex charges when converting their local currency to INR. On top of that because it's a foreign transaction in INR, your local bank levies 1% DCC on top of it(but only DCC). And that's the reason ladies and gentlemen we don't transact in INR at PoS because the forex charged by foreign bank is unpredicatble and as high as 5% in some cases and you end up paying up to 6% extra (with 1% dcc) instead of fixed forex (0-3.5%) levied by your own bank.

I have been following up on each of my forex transaction out of curiosity and can give some examples from my statements if it's still confusing to anyone.

Bro whatever transactions you are doing might having some loopholes and if it will be caught this will attract extra charges to be implemented.

So never exploit these things we have alot of examples where people end up paying alot after exploiting this and also never mess with axis, they will deliver notices to your home.

 

[Wealth is my birth right!]

Bro whatever transactions you are doing might having some loopholes and if it will be caught this will attract extra charges to be implemented.

So never exploit these things we have alot of examples where people end up paying alot after exploiting this and also never mess with axis, they will deliver notices to your home.

Yes bro
Azperience or axperience is a costly lesson
Worst 🪓

 

[wanderer0]

Bro whatever transactions you are doing might having some loopholes and if it will be caught this will attract extra charges to be implemented.

So never exploit these things we have alot of examples where people end up paying alot after exploiting this and also never mess with axis, they will deliver notices to your home.

This isn't a loophole. This is how forex transactions normally work.

Put simply: One bank at a transaction can only levy either Forex charges or DCC charges and not both. Period. If it's both then you're being scammed.

Logical reason? If the PoS is offering to pay in INR then the merchant bank has already done ForEx (Foreign Exchange) and there isn't any foreign currency for your local bank to exchange into so it only levies standard DCC. Simple right?

If you're still confused, give me an example from your own transactions where you paid both forex + dcc to your local bank and I'll help you recover it.

 

[Aniket Sharma]

This isn't a loophole. This is how forex transactions normally work.

Put simply: One bank at a transaction can only levy either Forex charges or DCC charges and not both. Period. If it's both then you're being scammed.

Logical reason? If the PoS is offering to pay in INR then the merchant bank has already done ForEx (Foreign Exchange) and there isn't any foreign currency for your local bank to exchange into so it only levies standard DCC. Simple right?

If you're still confused, give me an example from your own transactions where you paid both forex + dcc and I'll help you recover from it your bank.

Bro, you are just hoping the way your statement got generated but its clearly written in hdfc synopsis that dcc is extra charge and no where its mentioned that only one will be charged from both.

 

[wanderer0]

Bro, you are just hoping the way your statement got generated but its clearly written in hdfc synopsis that dcc is extra charge and no where its mentioned that only one will be charged from both.

Bhai.. kabhi tumne pay kiya hai both dcc+forex? if not, then you have the answer. If yes, then please do share with me cause you're being scammed by hdfc.

 

[Aniket Sharma]

Bhai.. kabhi tumne pay kiya hai both dcc+forex? if not, then you have the answer. If yes, then please do share with me cause you're being scammed by hdfc.

Bhai jb dcc aaya tvi aisa hua.

I don't pay in Indian currency as i pay only 2% +gst on forext transactions and get reward of 3.3% so never thought of experimenting for giving extra charges.

But I must say remember nothing is implemented without profit, so if bank had implemented such things then there must be profits attached and for god sake you are getting lucky by not getting the forex charges implemented on your transactions.

 

[wanderer0]

Bhai jb dcc aaya tvi aisa hua.

You mean you paid both dcc+forex on a single transaction? Please share here because hdfc has scammed you.

I don't pay in Indian currency as i pay only 2% +gst on forext transactions and get reward of 3.3% so never thought of experimenting for giving extra charges.

That's how most people do it. Fixed forex with net positive rewards. However I'm paying 1% DCC instead 1.75% Forex on my YES RESERV CC because this is better for me in terms of rewards. But remember this is a rare case and I only do it for online txns and not PoS because online merchant forex charges are almost 0.

But I must say remember nothing is implemented without profit, so if bank had implemented such things then there must be profits attached

DCC is standard fee and Forex charges are pure profit. That's why you can find lots of 0 forex cards but rarely any 0 DCC card. Guess why?

for god sake you are getting lucky by not getting the forex charges implemented on your transactions.

Crazy amount of luck that is then. SBM, DCB, SBI, IndusInd, YES, IDFC and ICICI all have this loophole just for me. Or is it just how things should work?

Surprisingly there's really a lot of confusion here about foreign transactions. Maybe I should write a wiki or something.

 

[Aniket Sharma]

You mean you paid both dcc+forex on a single transaction? Please share here because hdfc has scammed you.

That's how most people do it. Fixed forex with net positive rewards. However I'm paying 1% DCC instead 1.75% Forex on my YES RESERV CC because this is better for me in terms of rewards. But remember this is a rare case and I only do it for online txns and not PoS because online merchant forex charges are almost 0.

DCC is standard fee and Forex charges are pure profit. That's why you can find lots of 0 forex cards but rarely any 0 DCC card. Guess why?

Crazy amount of luck that is then. SBM, DCB, SBI, IndusInd, YES, IDFC and ICICI all have this loophole just for me. Or is it just normal?

Surprisingly there's really a lot of confusion here about foreign transactions. Maybe I should write a wiki or something.

Bro, loopholes are for everyone until it gets patched, remember we used to pay credit cards bill through debit cards and now no one can pay easily, everywhere it gets banned, so if its not enlightened don't make loud noises like @Abhishek012 did for every loopholes and everywhere its getting closed day by day by banks.

Be wise and take good decisions.

 

[wanderer0]

Bro, loopholes are for everyone until it gets patched, remember we used to pay credit cards bill through debit cards and now no one can pay easily, everywhere it gets banned, so if its not enlightened don't make loud noises like @Abhishek012 did for every loopholes and everywhere its getting closed day by day by banks.

Be wise and take good decisions.

I don't know how to respond to this anymore so I will stop. Dismissing facts by calling it "luck" or "loophole" doesn't change how things work. Maybe someone else can un-confuse you but I clearly can't. Good day bro.

 

[Aniket Sharma]

I don't know how to respond to this anymore so I will stop. Dismissing facts by calling it "luck" or "loophole" doesn't change how things work. Maybe someone else can un-confuse you but I clearly can't. Good day bro.

I understand your excitement but in corporate things doesn't work like normal. There will be Developer fault in designing the code and implementation of it.

I remember axis loopholes of crediting the rewards points even after the order got cancelled and when they fixed it there are many people reporting negative rewards points and many of them received legal notices, so please don't spread if its working like that please let it work.

 

[wanderer0]

For those still confused about Forex & DCC charges, think of it this way:

1. Forex is the charge to convert one currency into another. So if there's no conversion by a bank, there's no forex by that bank. Simple.
2. Forex is pure profit and usually as high as 3.5% for Indian banks. But since it's profit, bank might discount it for you as a 0 (or low) forex cards.
3. DCC is a penalty that your bank levies on you for paying that juicy forex charge to a foreign bank. Remember you still pay forex but not to your bank.

In conclusion:
Forex = Bank happy
DCC = Bank mad

Naturally you can't make a bank happy and mad at same time for a transaction. This also explains why some banks outright block any transaction that has DCC implications(ie. paying in INR).

I hope this makes things very easy to understand for those confused.

 

[Aniket Sharma]

For those still confused about Forex & DCC charges, think of it this way:

1. Forex is the charge to convert one currency into another. So if there's no conversion by a bank, there's no forex by that bank. Simple.
2. Forex is pure profit and usually as high as 3.5% for Indian banks. But since it's profit, bank might discount it for you as a 0 (or low) forex cards.
3. DCC is a penalty that your bank levies on you for paying that juicy forex charge to a foreign bank. Remember you still pay forex but not to your bank.

In conclusion:
Forex = Bank happy
DCC = Bank mad

Naturally you can't make a bank happy and mad at same time for a transaction (You can I know but in this analogy let's assume🙂). This also explains why some banks outright block any transaction that has DCC implications(ie. paying in INR).

I hope this makes things very easy to understand for those confused.

The reason is due to this statement you didn't got charged.


1.5% on International transaction performed in Indian currency at International location or transactions performed in indian currency with merchants located in Indian but registered in foreign nation

Otherwise atlas is 3.5% + gst + 1.5% + gst