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.
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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.
With RBL Bank's Signature+ and Enterprise debit cards, travellers can get the actual currency rate without any mark-ups.
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:
Debit Card | Key Features | Limitations |
RBL Enterprise Debit Card | Welcome vouchers worth ₹8,500 | Daily ATM Withdrawal Limit: ₹2 lakh |
Zero forex mark-up, except on international ATM cash withdrawals | ||
2 domestic airport lounge visits per quarter | Daily PoS + ECom. Transaction Limit: ₹7 lakh | |
Up to 5% cashback as vouchers on select spends | ||
RBL Bank Signature+ Debit Card | Welcome vouchers worth ₹5,000 | Daily ATM Withdrawal Limit: ₹2 lakh |
Zero forex mark-up, except on international ATM cash withdrawals | ||
2 domestic airport lounge visits per quarter & Visa concierge service | Daily PoS + ECom. Transaction Limit: ₹6 lakh | |
Annual fee waiver, cashback & vouchers as milestone benefits | ||
(Source: Paisabaazar)
(Edited by : Shoma Bhattacharjee)
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