IDFC Wealth for international cash withdrawal - Experience

[mj01]

Writing this post to share personal experience of withdrawing cash abroad with IDFC wealth card.

The interest free period on cash withdrawal is a very handy tool and particularly useful when you withdraw money outside. For the past few trips, I didn't carry any forex cash/ card. Just had debit cards and IDFC wealth. Most of the debit cards charge 3.5%+GST as forex markup. The below is an illustration of charges (assuming €/ ₹ rate of 90.0) on IDFC wealth, and why you can consider using it for forex cash than carrying money from India or using forex cards:

Withdrawal- €250 (= ₹ 22,500)
Markup = 22500*0.015*1.18 = ₹398
Advance charges = ₹199
Net markup = ₹597 ~ 2.65%

I prefer to do all transactions in card directly wherever they are accepted and only keep such small amount of cash handy, paying an extra 400-600 rupees only towards forex markup expenses.

PS- DCC is NOT applicable when you choose to transact in local currency at the ATM. Some ATMs do give you the option where they will show you the INR rate and EUR rate. Always choose the latter. In the absence of this option, it has picked up the latter in my experience.

 

[sourpai]

Have you been charged interbank fees of around 6-8 euros while doing cash withdrawals in addition to what is mentioned by you?

I have used IDFC Wow at 2 locations to withdraw cash - Singapore and Dubai. It comes with zero markup. However at both locations there was one time cash withdrawal fees charged by local bank. Singapore was 8 SGD and Duabi was 25 AED

 

[mj01]

Have you been charged interbank fees of around 6-8 euros while doing cash withdrawals in addition to what is mentioned by you?

I have used IDFC Wow at 2 locations to withdraw cash - Singapore and Dubai. It comes with zero markup. However at both locations there was one time cash withdrawal fees charged by local bank. Singapore was 8 SGD and Duabi was 25 AED

None if you avoid certain ATMs. The interbank withdrawal fees are ATM specific and not all ATMs will charge. I had however seen prompts where the ATM said it will charge X amount, and I had just declined and gone to another one that's free. I also avoid airport ATMs as they are chargeable in many places.

 

[kowsikbabu]

Writing this post to share personal experience of withdrawing cash abroad with IDFC wealth card.

The interest free period on cash withdrawal is a very handy tool and particularly useful when you withdraw money outside. For the past few trips, I didn't carry any forex cash/ card. Just had debit cards and IDFC wealth. Most of the debit cards charge 3.5%+GST as forex markup. The below is an illustration of charges (assuming €/ ₹ rate of 90.0) on IDFC wealth, and why you can consider using it for forex cash than carrying money from India or using forex cards:

Withdrawal- €250 (= ₹ 22,500)
Markup = 22500*0.015*1.18 = ₹398
Advance charges = ₹199
Net markup = ₹597 ~ 2.65%

I prefer to do all transactions in card directly wherever they are accepted and only keep such small amount of cash handy, paying an extra 400-600 rupees only towards forex markup expenses.

PS- DCC is NOT applicable when you choose to transact in local currency at the ATM. Some ATMs do give you the option where they will show you the INR rate and EUR rate. Always choose the latter. In the absence of this option, it has picked up the latter in my experience.

Thanks for this, on the way to Bahrain now and I forgot to change my Niyo SBM to Niyo DCB. Only realised this after reaching airport.

Any idea which bank ATMs will charge this inter-bank fee in Bahrain or how to check this?

 

[mj01]

Thanks for this, on the way to Bahrain now and I forgot to change my Niyo SBM to Niyo DCB. Only realised this after reaching airport.

Any idea which bank ATMs will charge this inter-bank fee in Bahrain or how to check this?

You will have to do some research to understand what ATMs are chargeable in that country. The ATM should Ideally tell you if it is going to charge you anything where you can accept or deny the transaction. This fee is ATM specific and for chargeable ATMs, it will anyway apply to any non local card you use!

 

[akki4554]

I have both the wealth and wow cards. Will visit Dubai next month. Which card will be better to use?

 

[sourpai]

I have both the wealth and wow cards. Will visit Dubai next month. Which card will be better to use?

Wealth is better only above 30k. It will give net benefit of 0.73% above 30k. Wow will give 0.67% from the beginning with zero markup. Take a call depending on your other spends on wealth card

 

[Shubham Mishra]

Hi, how to find card cash withdrawal limit? can't see on app.

 

[sourpai]

Check the last statement

 

[gowmara]

Am planning to use IDFC wow cc in Bali, which ATM provides zero atm charges

 

[Lord Of Darkness]

Writing this post to share personal experience of withdrawing cash abroad with IDFC wealth card.

The interest free period on cash withdrawal is a very handy tool and particularly useful when you withdraw money outside. For the past few trips, I didn't carry any forex cash/ card. Just had debit cards and IDFC wealth. Most of the debit cards charge 3.5%+GST as forex markup. The below is an illustration of charges (assuming €/ ₹ rate of 90.0) on IDFC wealth, and why you can consider using it for forex cash than carrying money from India or using forex cards:

Withdrawal- €250 (= ₹ 22,500)
Markup = 22500*0.015*1.18 = ₹398
Advance charges = ₹199
Net markup = ₹597 ~ 2.65%

I prefer to do all transactions in card directly wherever they are accepted and only keep such small amount of cash handy, paying an extra 400-600 rupees only towards forex markup expenses.

PS- DCC is NOT applicable when you choose to transact in local currency at the ATM. Some ATMs do give you the option where they will show you the INR rate and EUR rate. Always choose the latter. In the absence of this option, it has picked up the latter in my experience.

Thanks for posting this.
However I have one query. Isnt the limit for cash withdrawal capped at 10,000 only for IDFC wealth? Were you able to withdraw amount above this without any issue?

 

[Lord Of Darkness]

Have you been charged interbank fees of around 6-8 euros while doing cash withdrawals in addition to what is mentioned by you?

I have used IDFC Wow at 2 locations to withdraw cash - Singapore and Dubai. It comes with zero markup. However at both locations there was one time cash withdrawal fees charged by local bank. Singapore was 8 SGD and Duabi was 25 AED

Which bank was this in singapore which charged this amount?
Also was this amount displayed while you did the TXN or you found it only after checking your TXN.

I am traveling to singapore in a few days and dont have any forex card, since I plan to use IDFC wealth to withdraw some minimal cash for use.

 

[Zacobite]

Thanks for posting this.
However I have one query. Isnt the limit for cash withdrawal capped at 10,000 only for IDFC wealth? Were you able to withdraw amount above this without any issue?

it is limit per withdrawal.. you can do multiple transactions

 

[sourpai]

Which bank was this in singapore which charged this amount?
Also was this amount displayed while you did the TXN or you found it only after checking your TXN.

I am traveling to singapore in a few days and dont have any forex card, since I plan to use IDFC wealth to withdraw some minimal cash for use.

I used one of the ATMs in a mall, Deutche bank. Charge is displayed at the time of withdrawal and you have an option to cancel. Mostly airport ATMs will also charge

Try using SBI ATM. There are many in Singapore. Mostly SBI will not charge

 

[Lord Of Darkness]

it is limit per withdrawal.. you can do multiple transactions

I know that.
the point is every TXN will add 199+taxes, so i was wondering how did the author of the post mention advance charges of only 199, when the withdrawal amount was around 22,500. Is there any way to do this?

 

[Lord Of Darkness]

I used one of the ATMs in a mall, Deutche bank. Charge is displayed at the time of withdrawal and you have an option to cancel. Mostly airport ATMs will also charge

Try using SBI ATM. There are many in Singapore. Mostly SBI will not charge

Sure, thanks for the tip !

 

[mj01]

Thanks for posting this.
However I have one query. Isnt the limit for cash withdrawal capped at 10,000 only for IDFC wealth? Were you able to withdraw amount above this without any issue?

I did manage to withdraw forex worth ~18-19k in a single go. This was in December last year.

 

[Lord Of Darkness]

I did manage to withdraw forex worth ~18-19k in a single go.

Thanks for confirming. Ill try it too then.

 

[littlefinger]

Am planning to use IDFC wow cc in Bali, which ATM provides zero atm charges

I used IDFC wealth there is 0 cost atm charge , you can spot lot of atms when you are on the way to international arrival exit. But IDFC will apply their own charges as stated in this thread. I recommend using single big amount in a single go rather than multiple withdrawals.

 

[littlefinger]

Thanks for posting this.
However I have one query. Isnt the limit for cash withdrawal capped at 10,000 only for IDFC wealth? Were you able to withdraw amount above this without any issue?

I recently used idfc wealth card in thailand , took around 10000 bahts (~ 23,000 rupees) + 220 bahts thai atm fee. I dont think 10,000 limit is applicable. But your credit card might have maximum cash allowance limit , check that once.