Understanding Forex Charges Forex charges are fees applied when converting currency during international transactions. They can quickly add up, making your overseas purchases or travel more expensive than expected. Knowing how these charges work can help you manage and reduce costs effectively.
Steps to Avoid Forex Charges:
1. Opt for No Foreign Transaction Fee Cards
Choose credit or debit cards that don’t charge foreign transaction fees. These cards save you money on overseas spending and are more cost-effective for international use.
2. Use Local Currency
At ATMs and POS terminals abroad, select the local currency. This avoids Dynamic Currency Conversion (DCC) fees, which can be higher than your bank’s conversion rates.
3. Exchange Currency Before Traveling
Convert money before your trip to secure better exchange rates and avoid higher fees at airports or hotels abroad.
4. Stay Informed About Exchange Rates
Keep track of exchange rates to choose the best time for currency exchange and avoid unfavorable rates that could increase your expenses.
Low/Zero Forex Markup Cards in India:
- Zero Forex Markup: ixigo AU Credit Card, RBL World Safari Credit Card, IDFC FIRST WoW! Credit Card
- 1% Forex Markup: Yes Bank Marquee Credit Card
- 1.8% Forex Markup: IndusInd Legend Credit Card
- 1.9% Forex Markup: IDFC FIRST Select Credit Card, SBI Elite Credit Card
- 2% Forex Markup: HDFC Bank Regalia Gold Credit Card, Axis Bank Magnus Credit Card, HDFC Bank Infinia Metal Credit Card, HDFC Diners Club Black Metal Edition Credit Card, ICICI Emerald Private Metal Credit Card