Your IDFC FIRST Wealth Credit Card functions at worldwide ATMs to extract local currency although you will encounter specific fees during the transaction.
One exceptional benefit of this card is the absence of any cash withdrawal fee. IDFC FIRST customers avoid paying withdrawal fees as the company does not assess any cash advance charges on its cards while most other credit card issuers impose fees between 2.5-3.5%. The forex markup fee on international currency transactions contains a rate of 1.99% but affects all foreign currency ATM withdrawals as well.
Cash withdrawals from this card incur the maximum downside through their interest rates. This card does not have any cash advance fees yet you will pay interest at a rate of 9-18% per annum starting on the day you withdraw funds. Even though the fee rate stands at 1.99% below bank standards the costs will remain larger if you delay your repayments.
At foreign ATMs you might encounter supplementary charges depending both on the bank you select and the country where you withdraw funds.
Travelers should consider this card as their top choice for urgent cash withdrawals because it offers both zero withdrawal charges together with competitive interest rates. People who frequently travel should consider using a forex card or international debit card as they will provide better cost savings during cash withdrawal processes.