So I am have been offered a forex card with DCC.By my research i got to know that i will be able to pay in INR any where in the world..Which I am finding very convenient to use.Is there any draw back of using DCC?
Bro you are sensing right read the fine print twice and you will know how the reward for adulting correctly.
Starting from this Feb 05, 2024, a DCC fee of 1% plus taxes will be applicable on each International transaction carried out in Indian currency at an International location or transactions carried out in Indian currency with merchants located in India but registered in a foreign nation. This change will apply to all bank credit card.
For Example
If you Pay in INR via DCC → Merchant converts at a poor exchange rate + markup fee.
And exchange rate is often worse than what your bank would offer its an organized loot as they are already charging around 3.5% currency conversion charge
You can do what i do one should simply get a forex card from a reputed bank for feee , load the required foreign currency (with a nominal GST of ₹99), and spend freely abroad without any extra charges except for minimal ATM withdrawal fees (typically ₹199 + GST in case of ICICI).
Happy swiping,Happy Adulting 