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Traveling from India - Credit card vs cash vs debit card

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Mumbai (Bombay...
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Traveling from India - Credit card vs cash vs debit card

I am traveling from 11th to 21st November. Which is the cheapest option when traveling from India. Credit card, take cash from India or debit cards? How do I find out?

Jakarta
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1. Re: Traveling from India - Credit card vs cash vs debit card

The best way is to bring a card to SIN and withdraw cash from ATM in SIN.

The actual amount for your daily needs is about 100SGD/ day/ person=transport+meals+sightseeing.

LON-SIN
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2. Re: Traveling from India - Credit card vs cash vs debit card

You will need to see if you located card issuer/bank will charge you for overseas transaction, and compare that with the exchange rate for Sin$ you can get ( I under stand you cand only bring a small amount of INR out of India so you are obliged to bring cash as foreign currency).

Mumbai (Bombay...
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3. Re: Traveling from India - Credit card vs cash vs debit card

The credit card company charges 3.5% extra whereas debit card has transaction fee. But not sure how the exchange rates compare if I take cash from India vs ATM withdrawl in Singapore.

LON-SIN
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4. Re: Traveling from India - Credit card vs cash vs debit card

Well you know the exchange rate for cash at home, and in Singapore ( Mustafa Forex)' and you know the Visa and MasterCard rates (google) and you know you credit card loading. So it should be easy for you to compare. Singapore ATMs make don't make any charges for withdrawals, even with foreign cards.

Mumbai (Bombay...
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5. Re: Traveling from India - Credit card vs cash vs debit card

Sorry I didn't understand. Say I have XYZ bank VISA debit card. When I swipe in Singapore, which exchange rate is applicable? Is it the bank's selling rate, Mustafa rates or VISA rates? I think the rates change every day, right?

United Kingdom
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6. Re: Traveling from India - Credit card vs cash vs debit card

'Sorry I didn't understand. Say I have XYZ bank VISA debit card. When I swipe in Singapore, which exchange rate is applicable? Is it the bank's selling rate, Mustafa rates or VISA rates? I think the rates change every day, right?'

Its is the bank rates. This tends to be the daily Visa rate with an extra commission, usually 2.5%.

You are correct the rate changes everyday.

LON-SIN
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7. Re: Traveling from India - Credit card vs cash vs debit card

It will be the VISA rate and nothing extra. You bank/ Card issuer may charge a foreign transaction fee (usually a percentage 2-3%), usually refected in the exchange rate, rather than a separate charge (for UK cards anyway).

In the UK and other countries there are cards which do not charge this fee, so you may want to see if there is one you can get at home andd save yourself 2-3% on every purchase/cash withdrawal.

Mumbai (Bombay...
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8. Re: Traveling from India - Credit card vs cash vs debit card

I did some research. My bank says for debit card they will charge some 0.1% only and a fixed transaction fee, about US$2 for each transaction. For credit card, they do charge 3% extra though.

I also checked up Cox and Kings rate for cash from India. The VISA exchange rate is 6% cheaper than cash so it seems that using my debit card would be much more economical in any case. I have to make sure of this though.

9. Re: Traveling from India - Credit card vs cash vs debit card

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