Best Debit Card in the World? & Why?

[JustMak]

yes, i created account last month (without any initial funding), it is now active, now I have to add funds to get the debit card.

How much is the min. funding requirement for issuance of this debit card?

 

[JustMak]

Cannot submit before activation and funding.

@telescope Can you confirm how much is the funding requirement, post activation, before request for debit card and cheques could be raised?

 

[newIntern]

Hey, how do we know its approved? Do they send a mail or I need to check somewhere in their website?

they will email you.

 

[ManInTheSuit]

they will email you.

cool, got this mail today, which has some instructions. Did anyone from the bank call you btw?

 

[LHR]

cool, got this mail today, which has some instructions. Did anyone from the bank call you btw?

View attachment 102360

what is the reason you're opening the account?

 

[ManInTheSuit]

what is the reason you're opening the account?

Investing in US Stocks directly since RBI has severely limited investing through Indian Mutual Funds by putting the cap.

 

[ManInTheSuit]

Keep us posted!

It got activated today. Need to fund it and submit the debit card form.

 

[ManInTheSuit]

Hey guys, what banks you used to fund this account? And does it let you add a "For Further Credit To" section? I was trying in Canara Bank but couldn't find an option for it.

 

[badrisrinivas9]

Hey guys, what banks you used to fund this account? And does it let you add a "For Further Credit To" section? I was trying in Canara Bank but couldn't find an option for it.

I have been using IDFC for long time due to low fees... In IDFC when you select investment in stocks it gives an option called brokerage account where we put in the further credit to

 

[newIntern]

I have been using IDFC for long time due to low fees... In IDFC when you select investment in stocks it gives an option called brokerage account where we put in the further credit to

so is it worth opening IDFC just for this? are there any other benefit? and which account variant should i get? i already have their select CC, thinking about also getting their WOW CC for forex

 

[altair21]

will this brokerage account allow me to invest in US ETfs/MFs? if so, I might take a look at this, also what are the wire charges for sending money from my account to the brokerage one?

 

[ManInTheSuit]

will this brokerage account allow me to invest in US ETfs/MFs? if so, I might take a look at this, also what are the wire charges for sending money from my account to the brokerage one?

Not MFs. US Mutual Funds are just for US residents. ETFs are available. Wire Charges will depend on your bank.

 

[altair21]

Not MFs. US Mutual Funds are just for US residents. ETFs are available. Wire Charges will depend on your bank.

even ETfs are worthwhile imo, as long as you select decent ones

 

[ManInTheSuit]

even ETfs are worthwhile imo, as long as you select decent ones

Yea, US Index Funds are great.

 

[altair21]

I have been using IDFC for long time due to low fees... In IDFC when you select investment in stocks it gives an option called brokerage account where we put in the further credit to

but its still outward remittance right? and would be taxed according to RBI's laws.

 

[altair21]

I have been using IDFC for long time due to low fees... In IDFC when you select investment in stocks it gives an option called brokerage account where we put in the further credit to

also P.S. double check your IDFC acc's currency conversion rate, I just checked out remittance charges for IDFC, and they charge a 1.8% markup on conversion rate and then show all other charges as 0

 

[altair21]

also folks, who have been using this brokerage account, what exactly do you declare in ITR? I have my family firm's CA for accounting, just wanted to know if there's any kind of report or what exactly do I need to give them for ITR filing?

 

[ManInTheSuit]

also folks, who have been using this brokerage account, what exactly do you declare in ITR? I have my family firm's CA for accounting, just wanted to know if there's any kind of report or what exactly do I need to give them for ITR filing?

You have to declare all foreign assets you have in ITR under Black Money Act, doesn't matter if you have sold anything or not. Google it, there are resources about this.

 

[ManInTheSuit]

also P.S. double check your IDFC acc's currency conversion rate, I just checked out remittance charges for IDFC, and they charge a 1.8% markup on conversion rate and then show all other charges as 0

PSU Banks will have the best rates, IOB, Canara, PNB etc, but they will have service charges and require Branch Visit. Private Banks will have shit conversion rates but mostly services charges aren't there. Personally I did with IDFC only since I could do it from Netbanking only and for 1000$, the extra spread was acceptable. But if you plan to do 10-20k USD, it would probably be better to go through PSBs.