ICICI Bank Service Charges for Dollar conversion

[tufel]

I purchased an item from Ebay.com worth $4.5 but I was charged 30 rupees more than the conversion rate. When contacted they told me that those were service charges for Foreign currency conversion subject to a minimum of 30 rupees or 0.12% whichever is higher.
My question is, doesn't these charges make cheap purchases unworthy?

 

[prateekS]

I purchased an item from Ebay.com worth $4.5 but I was charged 30 rupees more than the conversion rate. When contacted they told me that those were service charges for Foreign currency conversion subject to a minimum of 30 rupees or 0.12% whichever is higher.
My question is, doesn't these charges make cheap purchases unworthy?

Mate this isnt anything new. If current rate is 53Rs/$,banks charge around 54.5-55/$..

 

[tufel]

Mate this isnt anything new. If current rate is 53Rs/$,banks charge around 54.5-55/$..

If I bought something worth, say a dollar, will I be again charged 30 rupees for it? I'm using ICICI and make purchases via a debit card.

 

[sumit.sol]

has anyone used ICICI B2 account.Is it better than the normal ICICI account???

 

[tufel]

has anyone used ICICI B2 account.Is it better than the normal ICICI account???

Off-topic, mate. Open your own thread.

 

[prateekS]

If I bought something worth, say a dollar, will I be again charged 30 rupees for it? I'm using ICICI and make purchases via a debit card.

Yes.

If that is ICICI's policy.

 

[tufel]

Can anyone with ICICI card give me a low-down on this? I'm getting conflicting info from the ICICI Customer care and Google.

 

[nishthecooldude]

Same here bro....bought when dollar was 63.5....statement came and charges were 69 ....
Think of them who in urgency had to spend during 69....they will be paying 75+

 

[Roxtin]

Almost all banks charge a slight conversion fee. So your dollar purchases will always swing +5/10 rs.

 

[theoracle]

Can anyone with ICICI card give me a low-down on this? I'm getting conflicting info from the ICICI Customer care and Google.

The extra charge is = 3.5% of total amount as currency conversion charge + service tax as applicable on this charge. @source
This charge is there for all banks.

 

[premiumseller]

Extra charges are 3.5% currency conversation +12.36 % service tax on the amount of 3.5% currency conversation charges .

 

[ithehappy]

What I don't understand is how you purchased from eBay.com with a 'debit' card? Is it accepted in PayPal? My Axis, HDFC never worked! and AFAIK only CC is accepted in PayPal.

 

[rdst_1]

What I don't understand is how you purchased from eBay.com with a 'debit' card? Is it accepted in PayPal? My Axis, HDFC never worked! and AFAIK only CC is accepted in PayPal.

ICICI debit cards work. Have used myself.
Also I always select PayPal conversion rate instead of bank.

 

[ithehappy]

Wow. Getting an ICICI account soon. That's great.

 

[harryneopotter]

Wow. Getting an ICICI account soon. That's great.

Even Axis Bank Debit Card works with PP.

 

[raksrules]

Does paypal conversion charge mean, paypal will bill directly in Rupees to us and we are saved from ICICI conversion charges ? And ICICI won't separately charge any sort of conversion.

 

[honest1]

Yes. There is no conversion charges applicable if paypal charges in Rs.
I always do that only.

 

[rkkaranrk]

Does paypal conversion charge mean, paypal will bill directly in Rupees to us and we are saved from ICICI conversion charges ? And ICICI won't separately charge any sort of conversion.

Yes.

 

[vriship]

Just FYI. If you pay via paypal in INR directly, then paypal effective rate per USD is much higher than what the bank charges after considering 3.5% conversion fee + 12.36% service tax on conversion fee.

 

[asingh]

This is what PayPal does, when transacting.