Posted on: 25-11-05 18:38:08
How wise it is to use your Canadian credit cards in India? When you get the bill, is there a direct conversion from rupees to dollars, or do the banks/RBI levies any conversion charges? Also, does showing (not flaunting) your Canadian credit cards in India has any disadvantages?
I believe that most of NRIs do lots of shopping in India. Wonder if handling a big amount of cash can be of any problem
Meghal
There's no problem using your credit card back home as i 'v used mine so many times...the banks automatically convert the currency(i.e Rs to $) so u dont have to worry abt conversion n all.......I have used my credit card many times without any hassle ....
Hope this wud help
Quote:
Orginally posted by meghal
How wise it is to use your Canadian credit cards in India? When you get the bill, is there a direct conversion from rupees to dollars, or do the banks/RBI levies any conversion charges? Also, does showing (not flaunting) your Canadian credit cards in India has any disadvantages?
I believe that most of NRIs do lots of shopping in India. Wonder if handling a big amount of cash can be of any problem
Meghal
I think banks would charge premium (included with exchange rate) if you use your canadian credit card in India. When I had my indian credit card and used it in Canada, they charged premium.
I did not use my canadian credit card in India. I went to a small town, so credit cards were of no use anyway! Some businesses would charge 2-3% extra for credit cards.
If you use it for buying air tickets in india, I think they would charge you USD fare (at least Indian Airlines would), which is a bit expensive than regular rate.
-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||
Quote:
Orginally posted by rajcanada
I think banks would charge premium (included with exchange rate) if you use your canadian credit card in India. When I had my indian credit card and used it in Canada, they charged premium.
I did not use my canadian credit card in India. I went to a small town, so credit cards were of no use anyway! Some businesses would charge 2-3% extra for credit cards.
If you use it for buying air tickets in india, I think they would charge you USD fare (at least Indian Airlines would), which is a bit expensive than regular rate.
Do u think so or have u looked deeper in that ?
Pardon my ignorance but I feel that the bank will simply convert ur credit expenses to local currency........ I used my middle east credit card in Canada and dont remember paying any premium.
I used the same card in India and didnt have 2 pay any premiums either .Simple conversion which was quite convenient .
Also y shd the Airlines charge USD fare if u r paying in INR ?? Whatever u pay in INR wud automatically get converted to CAD in your account.
Manasvi.
PS : Using a credit card , U cannot bargain / get cash discount (haggle) which is commonplace in India . Consider the card for fixed priced purchases only.
I had one bad experince using credit card in India....hence, i am very hesistant unless as a last resort!
having heard credit card data theft i made sure that CC was used only at reputable places...alas! was i wrong?
my wife swiped the card at Shoppers Stop(the top clothing store in Hyderabad) just once.
within two days, i noticed that another transaction had taken place in the same shop even though both of us were out of hyderabad!
we had the charges disputed and finally the card cancelled!
Even though a merchant might have strict policies of credit card protection there is nothing to stop the store clerk from taking down your information or copying your data..
my 1.14cents in canadian dollars..
seenappa
Quote:
Orginally posted by Manasvi
Do u think so or have u looked deeper in that ?
Pardon my ignorance but I feel that the bank will simply convert ur credit expenses to local currency........ I used my middle east credit card in Canada and dont remember paying any premium.
I used the same card in India and didnt have 2 pay any premiums either .Simple conversion which was quite convenient .
Also y shd the Airlines charge USD fare if u r paying in INR ?? Whatever u pay in INR wud automatically get converted to CAD in your account.
Manasvi.
PS : Using a credit card , U cannot bargain / get cash discount (haggle) which is commonplace in India . Consider the card for fixed priced purchases only.
Credit card premium is hidden so you cannot see it. You will see it as one transaction only. I would find it hard to believe that any bank would offer converting currencies for free.
---------------------
FAQ from CIBC
http://www.cibc.com/ca/faq/credit-cards.html#q6
From TD's site http://www.tdcanadatrust.com/tdvisa/faq.jsp#6
Each currency conversion will be made at exchange rates established by VISA, which includes a conversion fee.
There is calculator to use
http://www.xe.com/ccc/
---------------------
http://indian-airlines.nic.in/scripts/faredisp.aspx (you have to enter sector, date, and select nationality)
---------------------
Note :INR - Indian Rupee, USD - US Dollar
INR fares are applicable to nationals residing in India
USD fares are applicable to foreign nationals and NRI(Non Resident Indian)
---------------------
If you use cash or card issued in India, nobody is going to ask you if you are NRI (in India).
-----------------------------------------------------------------
Give free food http://www.thehungersite.com ||
Thanks for the inputs Raj.
May b I didnt look deeper into it.
Manasvi.
