Foreign Currency

This bank is offering zero charge on foreign currency spends

RBL Bank has introduced a new feature with its Signature+ and Enterprise debit cards, offering 0% foreign currency mark-up. Typically, when customers use a debit or credit card in a foreign country, there’s an additional fee, usually a percentage of the transaction amount, added by the card issuer to cover the cost of currency conversion.

By offering 0% foreign currency mark-up, RBL Bank is waiving this additional fee entirely.

“This could potentially result in savings of up to 4.5% on all transactions made abroad compared to using other cards that do apply such mark-ups,” the bank said.

For instance, if the current rate for a euro is ₹90.6, travellers using these cards will pay exactly that amount per euro, saving a significant premium that could have inflated the cost per unit of currency, the lender said.

Here’s a look at features and limitations of these cards:

(Source: Paisabaazar)

Source link

Leave a Response