Debit Cards with no foreign currency transaction fees for Indians
As a frequent traveller based in India, I have often tried to minimise expenditure towards foreign currency transactions fees. The Airports at India are probably the worst place to buy foreign currency with markups in the range of anywhere from 5% to 50% depending on currency. Most Credit and Debit Cards charge anywhere between 2% to 3.5% + Tax. A more cheaper option is to buy foreign currency cash from an authorised dealer who would generally charge a markup of around 1%.
The cheapest option is to buy a forex card from online agencies like www.bookmyforex.com which have an almost NIL markup for most major currencies. However, it still involves the hassles of placing an order, submitting documents like passport, visa, flight tickets etc. making the whole process cumbersome. A new option has emerged which is much more convenient
IndusInd Debit Cards
IndusInd Bank has been offering a select range of debit cards which are completely waiving off mark ups on cross currency charges. These cards can be used at ATMs (ATM Withdrawal charges may apply), POS Terminals globally or online. This makes the life of someone who travels regularly very convenient as
- No purchasing of foreign currency cash for back up – simply withdraw from ATM on arrival at the airport. No forms to be filled and documents to be provided.
- Swipe without any worries at POS terminals – cross currency mark ups are NIL (You do need to have sufficient balance in your savings a/c)
- Eliminates the need for a forex card – a large segment of users still prefer to go this way and end up spending a lot of unnecessary time
Indus Exclusive Savings Account + World or Signature Exclusive Debit Card
The 2 sweet spots in their eligibility criteria are Salary Credit of INR 125,000 per month or Mutual Fund/DP Valuation of INR 600,000. Please note that Savings Account mentioned above earns only 4% interest and is hence not an attractive proposition
This account provides one of 3 debit cards (Master Card World Exclusive / Signature Exclusive / Platinum Exclusive). While all new accounts are being issued one of the first two cards please do remember to cross check as Platinum Exclusive has a 1% mark up fee.
The card does come with a host of other benefits outlined above. For full details on this offer check out the exclusive program overview and schedule of benefits.
IndusInd Pioneer Savings Account + World Debit Card
Pioneer is the new wealth offering from IndusInd and has a more stricter eligibility criteria as described above. You get a complimentary Pioneer World Debit Card with this account.
The account does come with many other features. For full details of this offer check out the pioneer program overview
Bottom Line
It is great to see an Indian Private Sector Bank take the leap in terms of offering products which offer value to customers. While there are multiple banks who offer this facility in the US and other developed markets, I still can’t understand why there is only one bank in India offering this facility. A debit card with no markup fees makes great sense for anyone who frequently travels overseas.
Do any of these cards find a place in your wallet ?
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