American Express Extravagant Fees?

H

HelloMan

Adept
I recently did a dollar value foreign transaction on amazon and was charged an extra fee of 3.5% + 0.12% + interchange fees.
Now I am wondering is there a way to avoid this 3.5% fees by using any other mode of payment? Because this 3.5% turns out to be a lot.
 
^ I am interested in this too. The only other option I could think of was to maintain a Forex card - if you do a lot of FCY transactions.
I think off late all banks charge 3.5% currency conversion charges.
Anybody know if we can use debit cards with paypal ? Debit cards may have lower charges....
 
JMP said:
^ I am interested in this too. The only other option I could think of was to maintain a Forex card - if you do a lot of FCY transactions.
I think off late all banks charge 3.5% currency conversion charges.
Anybody know if we can use debit cards with paypal ? Debit cards may have lower charges....
Click to expand...

Can you tell me a bit more about Forex card. I have transactions worth $10k a month and can this card be used with PayPal just like a credit card. Just some insight, rest I will google.
 
I was referring to this
But if you are doing more than $10K transactions a month, I do not know if it will be helpful to you - as there is some government limit on amount of Forex for different purposes. These cards can be used on Paypal.
 
JMP said:
^ I am interested in this too. The only other option I could think of was to maintain a Forex card - if you do a lot of FCY transactions.
I think off late all banks charge 3.5% currency conversion charges.
Anybody know if we can use debit cards with paypal ? Debit cards may have lower charges....
Click to expand...
rdst_1 said:
Any idea which one was that. I currently have a HDFC one which has 2% fees and that is the lowest I could find.
Click to expand...

Sorry, couldn't find the card.

Is Capital One in India? I think they have a 0% foreign transaction fee card.
 
JMP said:
^ I am interested in this too. The only other option I could think of was to maintain a Forex card - if you do a lot of FCY transactions.
I think off late all banks charge 3.5% currency conversion charges.
Anybody know if we can use debit cards with paypal ? Debit cards may have lower charges....
Click to expand...
Forex cards also have Transaction fees. When loading them as well as in case of certain transactions. Notably Atm withdrawals. I use an Axis bank one primarily coz of convenience.
 
I agree....but one time transaction/loading fee of 75-150 is much lower than 3.5% markup on each transaction right ?
 
JMP said:
I agree....but one time transaction/loading fee of 75-150 is much lower than 3.5% markup on each transaction right ?
Click to expand...
But their conversion rates are much higher plus service taxes, then transaction charges all add up to similar.
 
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