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Currency conversion charges for using credit card?


ganeshran

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If we use our Indian Credit card (Citibank) on sites like Amazon, does it charge a 3.5% markup fee for conversion of Indian rupees to USD? I heard that there is an additional charge but not able to verify this info. Please help

I have used my Citibank card to make a few purchases abroad, AFAIK i was not charged any conversion fees, but then again it was a retail swipe. I have also imported a few decal girl skins for members and myself using AMEX (The good old days), i was not charged any rate conversion fee then, but it was close to 4 years back.

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^^ Yes, a foreign exchange/transaction charge is levied. Depending on your bank, it might show up separately on the statement or may be consolidated with the total sale price.

 

 

I have used my Citibank card to make a few purchases abroad, AFAIK i was not charged any conversion fees, but then again it was a retail swipe. I have also imported a few decal girl skins for members and myself using AMEX (The good old days), i was not charged any rate conversion fee then, but it was close to 4 years back.

 

I have used Citibank for transactions but have not seen a separate charge. If they charge it, they include it in the total sales price.

 

Any idea if a similar fees exist in Paypal too? Or any other credit card which doesnt have these fees.

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I have used my Citibank card to make a few purchases abroad, AFAIK i was not charged any conversion fees, but then again it was a retail swipe. I have also imported a few decal girl skins for members and myself using AMEX (The good old days), i was not charged any rate conversion fee then, but it was close to 4 years back.

Citi also charges forex. It's just added to your total sales amount i.e. doesn't show up as a separate charge (practiced by most of the bank nowadays). Do a quick checkup next time you do an international transaction.

 

I have used Citibank for transactions but have not seen a separate charge. If they charge it, they include it in the total sales price.

 

Any idea if a similar fees exist in Paypal too? Or any other credit card which doesnt have these fees.

On Paypal you can actually use their currency converter, which charges you in INR. That way you don't have to deal with forex. Also AMZ now shows Kindle books in INR. Again direct debit is in INR, so no forex.

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Citi also charges forex. It's just added to your total sales amount i.e. doesn't show up as a separate charge (practiced by most of the bank nowadays). Do a quick checkup next time you do an international transaction.

 

 

Yes you are right Alekh. Just scanned through my bills file and saw that i have been charged 1379 for 25$. Just now when i cross referenced the purchase date to the rate of exchange, it was 53rs per dollar and using the 3.5% markup, the bill amount comes close to 1379.

IMAG0020.jpg

Thks alekh and the thread creator for pointing this out, i guess i overlooked the detail coz it was not mentioned in the bill and the amount was pretty small.

Guys who ordered the decal girl skins in 2007-08, pay me the additional expenses which i incurred :threatenlumber:

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@GS: Your credit limit is 456000 INR. Have you checked your CIBIL report ? CIBIL decreases points for such high credit hunger IIRC.

The last time I checked it (around 6-7 months back) it was 750 out of possible 900. My combined limit of 2 citi cards is actually 600000 right now, and if all of my cards are combined its somewhere close to 1200000. My credit limit has gradually evolved over a period of 10-11 years. Also, AFAIK, the credit limit does not have an impact on the credit rating. The number of unpaid loans can have an impact. Just about a month back Stan chart sent me a CC with 150000 limit (in 6 days of application) without an income or other documentation, I had only given my other Citibank CC bill which has a low limit of 100000

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What is this score out of 900 :|

Its the your overall credit worthiness, it is an aggregate of the different variables, the basic thumb rule is higher the credit score, the higher chances of getting a loan, or finance approval.

it looks like this (Also, my score is 825 not 750, the report was generated about a year back)

Untitled-12.jpg

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The last time I checked it (around 6-7 months back) it was 750 out of possible 900. My combined limit of 2 citi cards is actually 600000 right now, and if all of my cards are combined its somewhere close to 1200000. My credit limit has gradually evolved over a period of 10-11 years. Also, AFAIK, the credit limit does not have an impact on the credit rating. The number of unpaid loans can have an impact. Just about a month back Stan chart sent me a CC with 150000 limit (in 6 days of application) without an income or other documentation, I had only given my other Citibank CC bill which has a low limit of 100000

While the rest is fine, credit limit does impact the CIBIL score. Higher credit means more credit hunger. Spending more than 50% of your CC limit also means high credit hunger. Both have a negative impact on CIBIL over years.

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