Banks and credit card issuers generally charge a forex markup fee of around 2% to 3.5% on international transactions. GST and other service charges may also apply in certain cases. The exact charges vary by bank and card type, so it is advisable to check the applicable fees before making an international transaction.
RBI data shows Indians are moving away from debit cards as UPI and credit cards become more popular. UPI’s speed and convenience, along with credit card rewards and easy credit access, are changing payment habits across India.
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