By Team Mony 
Traveling is a passion for many of us. If you’re preparing for a trip to India, it’s likely that you’re excited to dive into the country’s rich culture and stunning scenery. But alongside the excitement, managing your finances while abroad is just as important. Have you ever been in a foreign country, needing cash, only to find that your international card won’t work at a local ATM? Or perhaps it does work, but the fees catch you off guard? This guide will walk you through everything you need to know about withdrawing money from ATMs in India with your credit or debit card, including potential costs and key considerations.
Prepare Your Card for International Use
Before heading to India, it’s a good idea to notify your bank about your travel plans. This ensures that your credit or debit card will be ready for use abroad without any unexpected issues. You’ll also want to make sure that your card is enabled with the necessary security measures to protect you from fraud. With these steps in place, you’ll be all set to use ATMs in India without hassle.
Key Fees to Watch Out for When Using Your Card
Debit Card Transaction Fees
When using a debit card abroad, your bank or card issuer will typically charge a fee. This fee can range from 1% to 4% of the transaction amount. As an international traveler, it’s essential to be aware of these fees and factor them into your budget.
Currency Conversion Fees
Whenever you make a purchase abroad, the money in your account gets converted into the local currency. Both Visa and Mastercard charge up to 2% of the transaction amount as a currency conversion fee.
Credit Card Cash Advance Fees
Withdrawing cash from an ATM using a credit card usually comes with a cash advance fee. This is often between 2.5% and 3% of the amount withdrawn. If you use an ATM abroad, these fees can climb even higher. It’s wise to consider these costs before relying on your credit card for cash withdrawals.
International ATM Withdrawal Fees
As a foreign tourist, using your international debit card at an ATM in India could incur fees as high as 4% of the amount withdrawn, plus an additional flat fee that could be around $5. These charges can accumulate quickly, so it’s important to keep a close eye on your ATM usage while traveling.
Avoid Over-Limit Fees While Traveling
If you spend beyond your credit card limit while traveling, you may be hit with an over-limit fee, typically around 2.5% of the amount spent beyond your limit. This can be stressful, especially in the middle of a trip. To avoid these charges, monitor your spending and make sure you stay within your card’s limit.
Pro Tips for Managing Expenses Abroad
While international travel can be exciting, it’s crucial to stay on top of your expenses to avoid any financial hiccups. Planning a budget before your trip will help you manage your money more effectively. Additionally, be mindful of hidden fees when using your debit card, as banks often tack on unnecessary service charges.
A great alternative is using a Forex card for your international payments. Alternatively, you can opt for digital payments with platforms like Mony UPI, which provides a user-friendly solution for foreign tourists visiting India without an Indian bank account.
With Mony UPI, you can load your wallet using your debit or credit card or through a bank transfer. Keeping track of your spending is made easy, and when your trip comes to an end, you can withdraw any leftover balance with ease. By reducing your reliance on cash, you’ll save money on fees and enjoy a smoother payment experience during your travels.
Final Thoughts
Traveling to a new country is always an adventure, but staying on top of your finances is key to ensuring a stress-free experience. By planning ahead, keeping track of fees, and opting for smart payment methods like Forex cards or Mony UPI, you can focus on enjoying your time in India without worrying about your wallet.