16 July 2024 | By INDIE
For travellers and online shoppers who frequently make international purchases and withdrawals, zero forex markup debit cards can provide significant savings compared to traditional credit and debit cards. With these specially designed cards that reduce foreign exchange fees and conversion charges, every overseas transaction becomes more economical. The key benefits of using zero forex markup debit cards versus regular cards for cross-border payments and purchases are as mentioned below.
The biggest advantage of zero forex debit cards is lower foreign exchange fees that are typically levied by banks on international transactions made through normal credit and debit cards. Regular cards charge a foreign exchange markup fee of 2% to 4% on every overseas payment. This charge is applied over and above the prevailing currency conversion rates. With a zero forex card, the cross-currency conversion happens directly at the prevailing interbank rates without any additional charges.
When travelling abroad choose debit cards like that from INDIE by IndusInd Bank. INDIE Debit Card offers 0% to 2% forex markup on international transactions, with acceptance in 150+ countries.
Zero forex debit card offer the benefit of wholesale interbank exchange rates for conversion into foreign currency, as against retail forex rates charged by regular cards. Wholesale rates are real-time inter-bank rates that are competitive compared to the retail conversion rates which are typically 2% to 3% higher. This ensures further optimisation of currency conversion costs.
Zero markup debit cards offer a multi-currency facility which enables loading multiple foreign currencies onto the same card. So based on your requirement, you can load USD, EUR, GBP, AUD, SGD, CAD, etc., in advance at optimal exchange rates. This eliminates the need to carry multiple forex cards for different destinations. For instance, you can seamlessly use the same INDIE Debit Card across 150+ countries and pay 0% to 2% forex markup on transactions.
When you use your regular debit or credit card to withdraw money from ATMs abroad, you are charged fees ranging from ₹100 to ₹300 per transaction. However, with some zero forex cards, ATM withdrawals overseas are completely free up to a certain limit per month.
Zero forex markup cards offer additional benefits like 1% unlimited cashback on foreign spending. Some cards also provide complimentary airport lounge access and lower fuel surcharges.
The activation process for zero forex markup cards like that by INDIE is quick and happens digitally over the app. It takes just 1-2 days as against 7-10 days for activation of forex travel cards. This enables you to start using the card internationally in a seamless and expedited manner.
Zero markup debit cards double up as an effective domestic debit card which you can use for local ATM withdrawals, payments at stores, and utility bill payments within India. This replaces the need for carrying a separate domestic and international card. Your one zero forex card takes care of both domestic and overseas payment needs seamlessly.
Zero forex markup debit card offer greater value and convenience for globetrotters, students studying abroad, and online shoppers purchasing internationally. Reducing foreign exchange fees and offering wholesale conversion rates, these cards provide significant savings on every overseas payment and withdrawal compared to normal bank debit and credit cards.
Additional perks like lounge access, fuel surcharge waivers, and cashback add to their appeal. If you frequently transact overseas, zero markup cards are a savvy choice to maximise savings on forex conversions.
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
