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Summary: Want to save money on your next international trip? Avoiding high forex charges is key. Check out these 5 tips to reduce fees and understand why you need a travel credit card designed specifically for international use.
The joys of travelling are undeniable. Whether you’re venturing to a new city across the country or flying to an exotic destination halfway around the world, there’s something special about embarking on a journey and exploring the unknown. More of often than not, though, the thought of steep forex charges and international transaction fees can put a damper on your plans. Wouldn't it be great to have a convenient and flexible method of payment that doesn't incur extra fees?
In this article, we’ll explore some nifty ways to keep forex charges to a minimum.
Foreign exchange charges or forex markup fees are applied when travellers pay with their credit cards or withdraw cash from ATMs abroad.
These fees can add up quickly, as most banks and credit card companies charge up to 3.5% of the total transaction cost as a fee. This means that if you are travelling from India to Europe, for example, and exchanging a lakh worth of rupees into Euros, you could be paying an extra Rs. 35,000. That’s money that could be used for better things, like sightseeing and souvenirs. Or, you know, to buy a round of drinks for all your new European friends you'll make on the trip!
When you pay abroad, the seller may offer you the choice to pay in your currency instead of the currency of the country you visit. While it may seem convenient, it can result in higher fees and a less favourable exchange rate. Thus, it is better to pay in the local currency to avoid these charges.
Another option is to use a prepaid travel card with the currency of the country you plan to visit. This can be a better option if you don't want to carry much cash. Many prepaid travel cards don't charge forex fees. However, prepaid cards incur reloading fees, so compare your options before choosing a card.
Research credit card options to find one with low forex markup fees. Make sure to check the terms and conditions of the card before applying to ensure that there are no hidden fees or charges.
For example, the IDFC FIRST WOW! Credit Card offers zero forex markup fees, in addition to several travel-friendly features such as interest-free ATM cash withdrawals up to 48 days.
Be sure to compare exchange rates between cards to find the one with the most favourable offering. For instance, IDFC FIRST Bank cards don't charge anything when it comes to overseas funds transfer.
Some credit cards offer travel rewards, such as points or miles, that can be used for future trips. Look for a card that offers rewards that align with your travel goals.
Forex charges can be an unwelcome surprise for travellers. But with the fixed deposit (FD)-backed FIRST WOW! Credit Card you get hassle-free international travel and exciting features like -
• Zero forex markup fees on international transactions
• 4X reward points on every purchase
• Reward points never expire and can be redeemed instantly online
• Credit limit of at least 100% of the FD value
With the IDFC FIRST WOW! Credit Card you can save yourself the hassle of exchanging currency, and you will save money as well. All you have to do is swipe your card and you are good to go. Additionally, you will have access to a 24/7 customer support line, in case you have any issues with your transactions.
With the FIRST WOW! Credit Card for travel from IDFC FIRST Bank, you can save yourself the hassle of exchanging currency, and you will save money as well. All you have to do is swipe your card and you are good to go. Additionally, you will have access to a 24/7 customer support line, in case you have any issues with your transactions.
IDFC FIRST Bank has added two new credit cards, Ashva and Mayura, to its credit card range. Both cards are Metal Credit Cards. Of the two, the Mayura Metal Credit Card offers Zero Forex Charges for International purchases along with travel perks like airport lounge access and free trip cancellation.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.