- Top Forex Cards in India
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There is a cross-currency charge, however, if you load the card with one currency but use it in another. For instance, if you have euros in the card but use it for US dollars. Withdrawing cash from an ATM may also be chargeable. Just like credit or debit cards, forex cards offer the convenience of not carrying cash. But the similarity ends there. When swiping a forex card, you know the exact conversion rate, unlike in other cards where this is dynamic.
Of course, this can work to your advantage, or disadvantage, but just like cash, it can help you stick to your budget. If someone uses a credit or debit card abroad, whether on a PoS point of sale machine or an ATM, the charges are very heavy," said Chawla.
Top Forex Cards in India
It is up to the user to have a single-currency wallet or multiple currency wallets loaded on a single card. For instance, a person who needs to travel to the US as well as Europe can have US dollars and euros loaded on a single forex card. Similarly, in the US, the dollar wallet will be debited. You can also use a single-currency wallet in a country with a different currency. The higher the number of currency exchange or cross-currency transactions, the higher the cost to the consumer," Krishnamurthy said.
Lack of security layer: While all debit or credit card transactions in India, including those at merchant outlets, use two-factor authentication, you are not asked to enter your PIN each time you swipe your card in many other countries.
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So you need to be careful about where you are using your forex card. While there is an established process to deal with disputes and frauds, it may be time consuming. In such cases, it takes up to 45 days for an investigation to be undertaken by the network service providers," Krishnamurthy said. The resolution could take a considerable amount of time in some cases.
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Many cases take months to get resolved," said Menon. It gets more complicated in cases of fraud as most banks demand an FIR to be lodged in the country where the fraud has taken place. What usually happens is that by the time you realise that a fraud has happened, you have most likely moved out of that country. It becomes difficult to explain all that to the legal team of the bank. Then it is up to the bank to consider the particular case," Menon said. Thus falling into the lure of savings on foreign exchange fluctuations, one ends up spending a lot more on fees and other charges. I am Harsh, an avid credit card user who loves minting reward points on credit cards.
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I try to put every possible expense on credit card to earn maximum reward points and want realize my dream to travel the world using just rewards points. First of all Niyo Global by dcb is not free..
They charge INR for joining and for next year annual maintenance However its refundable but have to wait for next 7 to 12 days. Enter your email address to subscribe to this blog and receive notifications of new posts by email. Email Address. What's in store?
HDFC Regalia Credit Card Foreign Currency Markup Fee
What are the fees applicable on forex cards? But forex rates from the banks are lowest, right? Niyo Global Forex Card. Any sample comparison between Niyo Global and other forex cards?
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Bottomline Like this:. Like this: Like Loading Harshvardhan Agrawal I am Harsh, an avid credit card user who loves minting reward points on credit cards. Leave a Reply Cancel reply.
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Ranjan "Great article!! Please see below my card list. Let me know if you think RC "I would qualify the remark that the earn rate is not great on Vibhun "I have regila now I getting option for xl6 upgrade can u suggest Harshvardhan Agrawal "Indeed Prestige is a good card. However, the earn rate is not very