Make overseas payments easier with international debit cards

You have been planning your overseas dream vacation for quite some time, and now it is finally happening. A big congratulation! But have you thought about how you will pay for your expenses while abroad?

Converting from one currency to another while making cash payments can be daunting. Also, it may not be possible to simply walk into an ATM and withdraw cash. The solution? Have a fully functional and in-use international debit card to solve all your payment woes while abroad!

To understand how international debit cards make life easier, let's take a quick look at their various cards- their features and benefits.

Usage of International Debit Cards

A Debit Card allows you to make cashless payments conveniently, and an internationally-enabled Debit Card is no different. It can be used for overseas transactions (both POS and E-com websites) at travel, dining, health, lifestyle and shopping merchants, to list a few.

IDFC FIRST Bank's Visa Debit Card lets you experience hassle-free online (E-commerce) and offline  (POS) transactions across the globe. You can activate international transactions on your IDFC FIRST Bank Debit Cards through our netbanking or the mobile app. 

How to activate your International Debit Card

Our Visa Debit Cards function internationally, and one need not request a separate international debit card; however, you need to manage international usage and set limits on the card for global access.

Here's how you can enable international transactions on your IDFC FIRST Bank Debit Card:

• Visit your netbanking portal and log in using your credentials

• Click on the Debit Card option under the 'manage cards' section

• Click on the request tab and enable the ' international usage' button and also set transaction limits

Features and benefits of International Debit Cards

Here are the main features of an international debit card:

• You can withdraw cash from any ATM internationally in the local currency of the country

• There's no need to carry physical currency, which reduces the possibility of cash theft

• It's a completely secure way of making payments overseas since your international debit card comes with an EMV chip that encrypts all your data

• You can use it freely in all stores overseas or even online for making transactions

Things to remember while using an International Debit Card

Here are a few things to remember when using your international debit card:

• You may be charged a foreign currency markup fee plus GST on every transaction as defined by your bank. IDFC FIRST Bank charges a 2% markup fee only

• The acquirer may also charge you a currency conversion fee, and this is usually displayed/communicated at the time of the transaction 

• International spends on your debit card (depending on the purpose of remittance) may fall in the purview of Liberalised remittance Scheme (LRS) as governed by RBI and subject to Tax Collected at Source.

Your international transaction under Liberalised Remittance Scheme (LRS) of the RBI may fall in the ambit of tax, which the bank collects as per existing guidelines. Please note that PAN is mandatory for undertaking transactions under LRS

• It is mandatory to register PAN in a linked bank account for performing international transactions on your debit cards. In the absence of a PAN, international usage on the card is restricted.

Conclusion

The best Debit Card for foreign travel is the one that lets you complete your foreign transactions hassle-free. So hurry, open an account with IDFC FIRST Bank and enjoy the debit card features offered for all your travel requirements.

IDFC FIRST Bank Debit Cards come equipped with premium features, exciting offers and discounts and let you make safe and convenient payments while travelling. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.