Getting the error "We regret to inform you that we are unable to process your card application currently due to internal policies" when trying to apply for my first credit card. Have tried SBI Cashback and HDFC Millennia card.
When I am trying to apply for my first credit card I am getting the error We regret to inform you that we are unable to process your card application currently due to internal policies I got the above error when I tried applying for SBI Cashback and HDFC Millennia CC. Tries googling it but could not find any lead. Does this error mean I am not eligible for it? or something is wrong with my application? I am 22 y/o employed as a Full time since July, have a monthly salary of >60k, no loans or anything, have primary salary bank with SBI
So far I found the CBK offering to be ideal, but it’s not clear whether non-Tijari customers can get it. any first hand user feedback about other banks’ forex cards?
A forex card is a multi-currency card that is used to make international transactions easier. It is the most convenient way to travel without needing to carry any cash in foreign currency. A forex card can be used for more than just swiping; it can also be used to withdraw cash from ATM machines.
Why you should carry a multi-currency forex card instead of a credit card while traveling abroad
What is a prepaid multi-currency forex card? A multi-currency forex card is a card in which you can load multiple currencies and take them while you travel abroad without any load of changing your currency into the currency of the place you are traveling to. You can travel foreign without cash if you have this forex card. You can also use this card not only for making transactions but also to withdraw cash from the respective ATMs of that country. What is a credit card? Issued by financial institutions or majorly by banks, a credit card is also a very useful card. This card allows you to borrow funds from your institution to pay for the purchases you have made. You can also use your credit card for making online purchases. In short, a credit card lends you money on a loan from your financial institution. Most importantly, a credit card offers you to use your money without paying any interest for a certain period of time, which makes it a great deal for students as well as business owners. Credit cards can also be used for foreign transactions easily as we do with a forex card. Advantages counting on forex cards over a credit card:
You can use a forex card for foreign transactions at a cheaper exchange rate than a credit card.
You can load about 20 currencies in your forex card whereas a credit card allows you to only load some 15 currencies in total.
You have already paid for your forex card amount but you have not paid for your credit card and hence have to take a loan for transactions.
You have ano forex mark up card, which exempts you from paying an extra amount whereas you have to pay some amount as an exchange rate in case of a credit cards transaction.
You do not have to pay rates on interest for the amount in your forex card but you have to pay high rates of interest for the amount in your credit card as you have borrowed it from the bank.
You can think of spending a certain amount of money from your forex card but the temptation to spend on credit cards increases.
Hence, from the above points, we can end up to the conclusion that using a forex card can be considered a better option when making foreign transactions or traveling abroad. Conclusion: A niyo forex card can be considered a better option when talking about traveling abroad and making transactions. The credit card also has certain advantages both in India as well as overseas but forex card comes to be a better option both in exchange rates and ease of access basis. You should do complete research before deciding on which card you want to choose and use it for your financial purposes
19 year old investor. Added paytm for short term. Will hold all other stocks. Will add banking stocks hdfc, hdfc life insurance and sbi cards. And will add chalet and hcl. Whats your opinion?
5 Smart things to know about Prepaid Multi-Currency Forex cards
It is easy and affordable for travellers to have a stress-free experience by preloading prepaid forex cards with foreign currency. Having money in your hands no longer entails any burden on your part. Focus on your travel instead! This is because, unlike ordinary forex cards, prepaid multi currency forex cards can be loaded with 15 foreign currencies, going a step beyond single currency cards. Zero balance bank accounts let you travel around the world!You read that right. You don't even need an account to start. Just fill out the requirements, and your card will arrive. When you use multi currency prepaid forex cards, you must keep a few things in mind. I have shared with you 5 essential things you should know if you intend to pay for your travels by prepaid forex card. Safe to use Forex cards are assigned a pin that is unique to each user. Multiple transactions can be performed safely and securely with your online savings bank accountwithout you having to worry about security. It's also possible to change your pin online, if necessary. You also can use these pins with ATMs in foreign countries. Claim insurance Your card should be insured if an unauthorized individual gains access to it, and you should be able to block or unblock your cards. When you don't need a card, you can temporarily block it and then come back to it later to unblock it. The insurance on the cards can also vary. You must ask the issuer about the insurance you can rely upon before you receive the card. Exchange rates As long as the card is loaded with the currency rates on the day the card is bought, the exchange rates are locked, so the fluctuations in foreign exchange do not affect the card. A prepaid forex card may be reloaded. You can reload the card by having someone else handle your concern. If they do so, they can request to fill out some requirements from the bank you bought your card from. You can ask a friend or family member to reload your card if you run out of money in the middle of your trip. Identify the cards you bought For maintaining control of your expenses, you need to confirm the daily data limit of your card. If the transaction value is from your own country, be careful not to swipe the card. The conversion fee will apply if it is. You can enhance the quality of your travel and budget-friendly trip with the multicurrency prepaid forex card. Get one and get started today!
The WSFx Smart Currency Card (WSCC) is a multicurrency forex card that is accepted globally at over 31.4 million VISA merchants. Along with INR, this multicurrency travel card comes with 10 key international currencies like USD, EUR, CAD, etc.
Traveling to Thailand with 2 friends this month. I saw that we have to show proof of fund worth 10000 TBH per person, Should that be in currency or can we show the balance in forex card or other cards?
The WSFx Smart Currency Card (WSCC) is a multicurrency travel/forex card that is accepted globally at over 31.4 million VISA merchants. Along with INR, this multicurrency travel card comes with 10 key international currencies like USD, EUR, CAD, etc.
Paying on Your Travels Abroad - Forex Card vs Credit Card vs Fiat Currency vs Bank Account
Been researching a little on the best way to pay when traveling abroad. Here's what I found. Eager to know what this sub thinks. -- When you travel outside India, there are restrictions in how you can pay. The biggest concern is usually forex i.e. foreign exchange differences. As of 29 June 2022, it takes roughly 57 INR to make 1 SGD if I do that transaction via HDFC Bank. However, if I were to convert in my local city airport, the figure would be different. The same applies if I choose to do in Changi Airport, say, today itself. Not to mention the conversion fee in both latter cases. This makes understanding the best way pay during your international travels a critical discussion. Especially if you are like me who is not a fan of paying heavy markups. I recently paid over 8K INR as markup fee to HDFC Bank because of an agent mess-up. Thankfully, there are ways to limit the overhead when you convert currencies. Do note that it is impossible to avoid overhead. If you see foreign exchange, get ready to pay extra. -- There are basically 3 common ways to make payments abroad:
Get a forex card from the country where you are a citizen
Use a credit card with international payments switched on
Convert currencies locally and carry fiat money during travel
There is a 4th method that involves creating a bank account. This is not feasible if you travel as a tourist. Hence, it is out of the scope of this writeup.
Forex Card Basics for Travels
The idea is to refill a card with money where the currency exchange rate is fixed. If you buy a forex card today and fill it with INR 57k, you'll get about SGD 1K in that card. The biggest advantage is that the exchange rate is locked after you fill it. The card will still have SGD 1K when I travel to Singapore 6 months later. There are single-currency and multi-currency forex cards, which are self-explanatory. The latter is a better option in most cases. However, if you only plan to travel to Phillipines because Liu Sin Ma ChooChoo from Facebook - your online flame - lives there, go ahead with an SIF. Other benefits include not having to carry cash, fraud protection, electronic payment, etc. Forex cards can be bought for free sometimes. HDFC charges 500++ for a new forex card and then charges 75++ every time you refill it. Electronic payments (say, when you pay for a hotel abroad), there is usually no charge. I say usually because the hotel should accept the currencies available in your FX card. Otherwise, you'll be charged cross-currency fees, which if I could ELI5, I would have been effing Raghuram Rajan. Some banks seem to add a markup even when you pay using a forex card. However, this is not exactly black and white. I have found that banks usually charge a hidden fee even for electronic payments. Compare this with a Niyo Global FX that markets itself with 0% joining and markup fee. Due diligence is required here. In any case, prefer a reputable non-bank if you opt for FX card. This sub's endorsement for forex from early in 2022 - https://www.reddit.com/IndiaInvestments/comments/sesv1o/im_moving_to_uk_next_month_for_my_studied_and_i/
Credit Card as a Payment Method Abroad?
If you have enabled international transactions on your credit card (which you shouldn't generally as frauds are attracted to them), you can pay through it during your travels. The only major drawback is the currency conversion markup fee levied by your CC bank. This can range from 1%++ to 3.5%++ which can be a lot if you are staying at the Ritz. Remember the 8K markup I paid? It was heartbreaking. I would have considered buying Reddit Premium for myself and then dropped the plan later. I recommend CCs (VISA and Mastercard; Diners Club is a small club) as backup plans unless you have OneCard that offers 1% markup. The drawback here is that credit limits are laughable. BOB Financial, you unhelpful itch! Useful thread from 2019 on forex vs credit debate - https://www.reddit.com/IndiaInvestments/comments/ap3w0t/forex_vs_credit_card/
Cash
Simply convert INR to any currency and carry it. However, we're in 2022, and a lot of global merchants don't accept it anymore. Few friends who are in Scotland right now said even local transit system insisted on card payment. They had taken 100K INR in cash and didn't use even half of it. Converting cash in India has a hidden conversion fee whether you did it via an exchange agency or a travel portal. No one will tell you the fee as it is absorbed in the converted amount. I converted 20K INR into USD in late 2021 and saw that the calculation was 1 USD = 71 INR. Not a rip off but you get the idea. Drawback is exchange variations and the need to handle cash during the trip. I recommend some cash for local expenses. Say, you want to tip your gigolo when in Thailand? Go right ahead and slip that crunchy on his chest vest. --
Bottom Line
The comparison between forex and credit cards is consequential. Both are good but I feel forex cards are slightly better as they also allow ATM withdrawals for a small fee. For instance, HDFC MMT card charges $2 for every USD withdrawal. That's a steal when compared to a withdrawal made via a CC. What do I do? If you want to know, I go the extra mile. I have 2 forex cards so far, one a HDFC multi-currency one and the other a Mastercard exclusive gifted my previous employer. I applied for a Niyo Global yesterday. I have 4 CCs with decent limits + OneCard with 1% markup. All these are different charge back brands, so they all act as good buffer. If Discover doesn't work, I'll use MC and then never visit that merchant again. I also convert some cash to the tune of 20K INR just to keep them in me and my partner's common bag and then pretend to not notice when a few big notes out of it travels its way from a hand or two to a fully waxed thorax portion beneath a fishnet. This may read tricky to some who haven't travelled and paid abroad before. So, the best way to do this is to learn for experience and use this guide as a "Haan, u/rhoul ne bola tha!"
WSFx offers you a multicurrency forex card that is accepted globally at over 31.4 million VISA merchants. Along with INR, this multicurrency travel card comes with 10 key international currencies like USD, EUR, CAD, etc.
The WSFx Smart Currency Card (WSCC) is a multicurrency forex card that is accepted globally at over 31.4 million VISA merchants. Along with INR, this multicurrency travel card comes with 10 key international currencies like USD, EUR, CAD, etc.
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Going Abroad ? Which Forex card to buy ? Whether to buy isic card ?
Benefits of taking Multi Currency Travel Card instead of Foreign Currency while going abroad - Duration: 2:59. UAE Exchange India 12,937 views ICICI Bank brings to you all-round card security. Now block or unblock your international card transactions with just a click, anytime you want. Travelling Abroad? Load multiple foreign currencies on this Single Card. Thomas Cook's prepaid Forex Card should be in every traveler’s wallet. Buy forex at ... You are required to select your bank account (savings/salaried/current) from which you'd like to reload your existing forex card. 2. The card reload request is generally processed within few hours ... Follow me on Instagram @parthvijayvergiya BookmyForex - https://www.bookmyforex.com?u=X3tIXAFf256633 DRONE FOOTAGE BY https://www.youtube.com/channel/UCwmMJS... A multi currency Forex card allows you to pay for your purchases or allows you to withdraw money from an ATM in multiple countries. 5. With a Forex Card, chances are high that you may get a better ... #15 पूरी जानकारी 🔥 #Forex Basics #Currency Trading ... SBI Card Q4 Analysis Buy or ... HDFC AMC SHARE - BUY, SELL OR HOLD? Analysis of HDFC AMC share DOUBLE MONEY IN
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