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What is the cost of withdrawing money from ATMs in India using an international credit/debit card?

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We all have a love and fondness for travelling. If you’re a visitor planning to explore India, you’d undoubtedly want to immerse yourself in its heritage and breathtaking landscapes. However, it’s equally important to consider managing your finances while staying there. Have you ever found yourself in a country needing urgent cash and discovered that your international credit or debit card doesn’t work at the local ATM? Even if it does work, have you ever wondered about the costs of withdrawing money from an ATM in a country like India? Well, fret no more! This article delves into the nuances of withdrawing funds from ATMs in India using credit or debit cards. The post also provides deep insights into the associated costs and expectations.

If you’re planning to visit India and intend to use your credit or debit card for cash withdrawals, it’s advisable to inform your bank before your departure. As a traveller, ensure that your card is authorised for transactions and equipped with security features to safeguard against fraud. Once these essential steps are taken, you can explore ATM options in India.

 Significant debit/credit card transaction charges

  1. Debit card fees 

Your card provider or bank will charge you a fee when transacting with your debit card while travelling internationally. The fee can be an amount you are required to pay, usually ranging from 1% to 4% of the total amount transacted. As a foreign tourist, paying attention to such debit card fees is recommended. 

  1. Currency Conversion Fee

When you use your card to make purchases in another country, the money in your account is changed into the currency used in that country. It’s worth mentioning that both Mastercard and Visa apply a fee of up to 2% for converting currencies on the amount being converted.

  1. Credit card cash advance fees 

It’s important to remember that there may be a charge for cash advances if you choose to withdraw cash from an ATM using your credit card. Typically, this fee can come around 2.5% to 3% of the amount withdrawn. This fee can go even higher if you withdraw money from an ATM in another country, not India. 

  1. International ATM withdrawal charges 

Whenever, as a foreign tourist, you use your International debit card to withdraw money from an ATM in a country like India, there is a fee for it. To your surprise, this fee could be 4% of the amount you withdraw. Some ATMs charge an additional fixed fee of $5. Therefore, it is recommended to keep tracking your withdrawals, as these charges can add up and impact your expenses. 

  1. Avoiding over-limit fees while travelling

While travelling to India, you might exceed your credit limit. As a result, an over-limit fee could be as high as 2.5% of the amount spent beyond your card’s limit. This may trouble you and put you in a situation of stress. To prevent such charges, it is recommended that you keep track of your debit/credit card spending limit.

Key Takeaway

Planning an international trip can be a wonderful experience, especially if you are headed to a destination you’ve been dreaming of. However, being mindful of your expenses is essential to avoid payment-related issues while travelling. Creating a realistic budget is a smart way to prepare for your trip. This can help you save money in the long run. When using debit cards abroad, it’s important to note that banks often charge unnecessary service fees. To avoid these fees and any negative impact on your budget, consider using a Forex card for managing your payments. You can also opt for digital payments through Cheq UPI, where financial prowess lies in your hands. So, if you are looking for financial inclusivity, Cheq UPI provides a platform that is accessible to foreign tourists who have no Indian bank account. 

You can conveniently add funds to your Cheq UPI wallet by utilising your debit or credit card or initiating a bank transfer. It is crucial to p keep track of your expenses and maintain an organised record of all your spending. When the time comes to return home, you can effortlessly withdraw any remaining balance. You can eliminate concerns about carrying cash while travelling by minimising the need for physical cash. This saves you money and enhances your overall payment experience during your journey.