Spending abroad with the minimal transaction fees

Animesh · 13th April 2012, 15:06

I used to have a 'Capital One' Credit Card when I was in USA and it allowed me to pay with the minimum of charges when I used to travel abroad. Essentially, I just had to pay the currency conversion charges which was pretty normal. There were no other transaction charges (whether per transaction or as a percentage of the amount spent).

I was wondering if there is something of that sorts available in India when one wants to travel abroad. I know converting INR to say EURO before traveling to Europe is an option. Is there any other option which doesn't rip you off?

aditya@pune · 13th April 2012, 15:40

You can have the travel card. We used to get travel card of Axis bank and they charged only the conversion rate. Might be because they have corporate tie up with our company. Don't know if this can be negotiated in case of individual travel.

mayankjha1806 · 13th April 2012, 16:23

We have used Citibank World money card and its good for use in International travel. Although i have only used it for my corporate travel but i do not see any reason they not letting individual customers have it. Here is the link. Another advantage i saw was if there was any money left post travel you could always take it out in INR.

https://www.online.citibank.co.in/po...rCode=HTTPREDR

ynot · 14th April 2012, 01:52

I've used the ICICI and CitiBank cash cards and have found both to be very useful during international travel. Dad had used one during his travel too, so its not only accessible to corporate travelers but to everybody. No hassles of walking around with currency and you can withdraw cash from any ATM in the country you are travelling in the local currency, so no cash converters ripping you off at the airport. Plus you can also swipe these cards as a normal debit/credit card (it accepts either).

Jaguar · 14th April 2012, 15:48

Standard chartered has a platinum debit card which doesn't attract any conversion charges on foreign currency transactions. I haven't use it yet, just got a call from standard chartered stating that I can now upgrade to the new platinum card and this was one of the benefits.

llamrei · 14th April 2012, 17:01

I have been using Standard Chartered and Citi Bank Visa Credit cards on foreign travels in USA, Singapore and UK. Never had to pay anything other than the conversion charges. Of late, I have also been using my Andhra Bank Visa Debit Card. Except that of late some stores are asking you to punch the PIN number, no hassles on that card either. Even for purchases made from India on Amazon,com or Dealextreme or Ebay, just the conversion as per existing exchange rates.

goandude · 29th October 2012, 16:24

bumping up a 6 month old thread, just to ask if anyone has had experience with using SBI Gold international debit/atm card to withdraw money overseas?

We will be visiting Thailand, Malaysia, Singapore and 2 days on star cruise virgo and planned on using this to withdraw money in the various countries. What are the conversion and other charges??

amitk26 · 6th November 2012, 08:02

Guys for online shopping abroad PayPal is better or direct credit card use in terms of lower final figure in rupee ?
My Icici and citi cards have 3.5% convertion charge but I am not sure what rate do they apply.

Bomi · 7th November 2012, 13:03

The most economical and safe medium of shopping abroad is to caary a prepaid card in the currency of the destination country. These are issued by Banks and even by Thomas Cook which has better rates than Banks. By purchasing such a card in India, one locks in the Fx rate as on the date of purchase and hence you avoid the risk of Fx rate fluctuation. You also avoid the 3.5% mark-up that all Banks add on on a credit card transaction. Such cards can be used to withdraw cash at select banks abroad, WITHOUT any charges.
If the balance in the Prepaid card is exhausted while one is abroad, one can re-load it by an Internet Banking transaction with the Bank which issued it or by asking a relative/friend in India to re-load it. (short term loan from relative/friend)
Using a debit card avoids the 3.5% mark-up but you are still open to Fx rate fluctuations.
The only downside to the Prepaid card is you need to have enough cash on hand to load the card before you embark on your journey.

sgiitk · 7th November 2012, 14:23

@Jaguar; I have used my StanC Platinum debit card on ATMs in the Gulf. No charges. @Ilamrei ditto for StanC Infinite (Visa Black) Credit cards in purchases.

phamilyman · 7th November 2012, 14:48

Just came back from EU having used the axis bank Euro card even for 1 euro transactions. no point taking your own card at all IMHO.

13th April 2012, 15:06	#1
Animesh BHPian Join Date: Apr 2010 Location: Mumbai Posts: 356 Thanked: 314 Times	Spending abroad with the minimal transaction fees I used to have a 'Capital One' Credit Card when I was in USA and it allowed me to pay with the minimum of charges when I used to travel abroad. Essentially, I just had to pay the currency conversion charges which was pretty normal. There were no other transaction charges (whether per transaction or as a percentage of the amount spent). I was wondering if there is something of that sorts available in India when one wants to travel abroad. I know converting INR to say EURO before traveling to Europe is an option. Is there any other option which doesn't rip you off?
	() Thanks

13th April 2012, 15:40	#2
aditya@pune BHPian Join Date: Mar 2012 Location: Muz-Pune, Posts: 80 Thanked: 20 Times	Re: Cheapest way of spending when abroad You can have the travel card. We used to get travel card of Axis bank and they charged only the conversion rate. Might be because they have corporate tie up with our company. Don't know if this can be negotiated in case of individual travel.
	() Thanks

13th April 2012, 16:23	#3
mayankjha1806 Senior - BHPian Join Date: Jan 2011 Location: Bangalore Posts: 2,159 Thanked: 989 Times View My Garage	Re: Cheapest way of spending when abroad We have used Citibank World money card and its good for use in International travel. Although i have only used it for my corporate travel but i do not see any reason they not letting individual customers have it. Here is the link. Another advantage i saw was if there was any money left post travel you could always take it out in INR. https://www.online.citibank.co.in/po...rCode=HTTPREDR
	() Thanks

14th April 2012, 01:52	#4
ynot Newbie Join Date: Sep 2010 Location: MEL Posts: 10 Thanked: 12 Times	Re: Cheapest way of spending when abroad I've used the ICICI and CitiBank cash cards and have found both to be very useful during international travel. Dad had used one during his travel too, so its not only accessible to corporate travelers but to everybody. No hassles of walking around with currency and you can withdraw cash from any ATM in the country you are travelling in the local currency, so no cash converters ripping you off at the airport. Plus you can also swipe these cards as a normal debit/credit card (it accepts either).
	() Thanks

14th April 2012, 15:48	#5
Jaguar Senior - BHPian Join Date: May 2006 Location: Bangalore Posts: 1,249 Thanked: 2,892 Times	Re: Cheapest way of spending when abroad Standard chartered has a platinum debit card which doesn't attract any conversion charges on foreign currency transactions. I haven't use it yet, just got a call from standard chartered stating that I can now upgrade to the new platinum card and this was one of the benefits.
	() Thanks

14th April 2012, 17:01	#6
llamrei BHPian Join Date: Feb 2009 Location: Faridabad, NCR Posts: 35 Thanked: 20 Times	Re: Cheapest way of spending when abroad I have been using Standard Chartered and Citi Bank Visa Credit cards on foreign travels in USA, Singapore and UK. Never had to pay anything other than the conversion charges. Of late, I have also been using my Andhra Bank Visa Debit Card. Except that of late some stores are asking you to punch the PIN number, no hassles on that card either. Even for purchases made from India on Amazon,com or Dealextreme or Ebay, just the conversion as per existing exchange rates.
	() Thanks

29th October 2012, 16:24	#7
goandude Senior - BHPian Join Date: Jul 2007 Location: Mysuru Posts: 1,769 Thanked: 1,298 Times	Re: Spending abroad with the minimal transaction fees bumping up a 6 month old thread, just to ask if anyone has had experience with using SBI Gold international debit/atm card to withdraw money overseas? We will be visiting Thailand, Malaysia, Singapore and 2 days on star cruise virgo and planned on using this to withdraw money in the various countries. What are the conversion and other charges??
	() Thanks

6th November 2012, 08:02	#8
amitk26 Senior - BHPian Join Date: Jul 2008 Location: Bangalore Posts: 2,089 Thanked: 716 Times	Re: Spending abroad with the minimal transaction fees Guys for online shopping abroad PayPal is better or direct credit card use in terms of lower final figure in rupee ? My Icici and citi cards have 3.5% convertion charge but I am not sure what rate do they apply.
	() Thanks

7th November 2012, 13:03	#9
Bomi BHPian Join Date: Oct 2005 Location: Mumbai Posts: 286 Thanked: 79 Times	Re: Spending abroad with the minimal transaction fees The most economical and safe medium of shopping abroad is to caary a prepaid card in the currency of the destination country. These are issued by Banks and even by Thomas Cook which has better rates than Banks. By purchasing such a card in India, one locks in the Fx rate as on the date of purchase and hence you avoid the risk of Fx rate fluctuation. You also avoid the 3.5% mark-up that all Banks add on on a credit card transaction. Such cards can be used to withdraw cash at select banks abroad, WITHOUT any charges. If the balance in the Prepaid card is exhausted while one is abroad, one can re-load it by an Internet Banking transaction with the Bank which issued it or by asking a relative/friend in India to re-load it. (short term loan from relative/friend) Using a debit card avoids the 3.5% mark-up but you are still open to Fx rate fluctuations. The only downside to the Prepaid card is you need to have enough cash on hand to load the card before you embark on your journey.
	() Thanks

7th November 2012, 14:23	#10
sgiitk Senior - BHPian Join Date: Dec 2007 Location: Gurugram Posts: 7,971 Thanked: 4,809 Times	Re: Spending abroad with the minimal transaction fees @Jaguar; I have used my StanC Platinum debit card on ATMs in the Gulf. No charges. @Ilamrei ditto for StanC Infinite (Visa Black) Credit cards in purchases.
	() Thanks

7th November 2012, 14:48	#11
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,975 Thanked: 4,673 Times	Re: Spending abroad with the minimal transaction fees Just came back from EU having used the axis bank Euro card even for 1 euro transactions. no point taking your own card at all IMHO.
	() Thanks