How to do international transactions when travelling abroad from India?

There are 6 options to make your payment internationally. Here are they:

1. Cash
2. International Debit Cards
3. International Credit Cards
4. Traveller’s Cheques
5. International Money Transfer

Top 5 ways of paying internationally while travelling from India

It would be best if you choose depending on your requirements and suitability. Here are six foreign payment methods when you’re travelling abroad:

1. Cash

The age-old method when figuring out how to do international transactions is to carry cash abroad. We live in a digital era where cashless transactions have gained preference. However, it is nearly impossible for the world’s economy to become entirely cashless. It does not matter if you have other options, but having some cash to pay internationally is a smart idea.

Benefits

• Carrying small amounts of cash is advisable to pay internationally for expenses like street shopping, food, and local taxis where cash payments may be necessary.
• Online payment modes can raise difficulty in low network areas or with vendors who accept only cash.

Smart Tip

Carrying cash can be a hassle, as you must always be vigilant. You will be under constant threat from pickpockets and theft. Moreover, analysing how much money you will need on your trip takes time and effort. Therefore, you should carry money via an international card.

2. International Debit Cards

As the name suggests, an international debit card is a foreign payment method that you can carry with you on your international travels from India and pay internationally for hotels and flight booking, food, taxi, shopping, etc. You can use this card to withdraw cash from an ATM or make cashless payments at the store. When trying to figure out how to do international transactions, an International debit card is usually people’s first choice for payments abroad because it allows you to pay seamlessly. 

Benefits

• Good deals by banks offer no foreign exchange commission that many other foreign payment methods have to pay.
• A prepaid debit card can help you stay within your budget.

Smart Tip

Spending cash when travelling abroad can be an inefficient foreign payment method as you need to carry a lot of money wherever you go.

3. International Credit Card

For anyone wondering how to do international transactions, international credit cards are an excellent foreign payment method when travelling from India, as they allow you to pay internationally without hassle. There are a variety of credit cards for foreign trips, and often there are exciting offers. One such type is a travel credit card explicitly made for travel purposes. However, there may be a small transaction fee, and you need to check that the card you have opted for allows foreign transactions.

Benefits

• Foreign exchange fees are meagre and sometimes zero when the banks are competitive.
• As you are already familiar with the process, the transactions are hassle-free.
• It is the only foreign payment method where you don’t have to pay for the amount you use immediately.

Smart Tip

Keep track of the conversion charges while you pay internationally to avoid financial turmoil. Unlike other methods of foreign payment, various credit cards don’t offer real-time conversion charges, making it difficult to track the actual amount until payment is made. Hence, having a card that provides real-time currency conversion charges is essential to stay on your budget.

4. Traveller’s Cheques

Traveller’s cheques were the go-to method of foreign payment when the world was not digital. Even in days of cashless payments, some people carry Travellers’ cheques along on a trip. The process involves visiting a bank, buying the Travellers’ cheques, and encasing them when you’re abroad.

Benefits

• Traveller’s cheques can maintain your budget when you pay internationally as they are less flexible than cards.
• They are helpful when cards are not accepted.

Smart Tip

The issuers of these cheques are limited. Thus, having alternative methods of foreign payment that are widely accepted is highly needed.

5. International Money Transfer

When searching for how to do international transactions, services like International Money Transfer or remittance are very popular. Gone are the days when there was a need to physically go to an agent to remit money and pay internationally. You can easily use an app or register with a remittance service and send it directly to the recipient’s account abroad. You must pay a currency exchange fee and transaction/processing fees.

Benefits

It is a more straightforward, faster, and efficient foreign payment method with specific surcharges.

Smart Tip

Get a quotation from the remittance service provider to finalise the exchange rate and guarantee the security of payments from India. Note that these money transfers incur other costs when you pay internationally. Therefore, having another option that allows you to transfer money without any charges is excellent. 

Why use the Niyo card as your travel payment partner?

For the new generation wondering how to do international transactions! Niyo Global Card is a smart solution. It’s a travel card with zero forex markup that removes people’s main hassles when handling foreign currency when travelling. It’s an INR-based card accepted globally (150+ countries), including India. It offers various features like:

• Zero forex markup on all international transactions
• Free lounge access at international terminals outside India
• Load in INR use in 180+ countries and 130+ currencies
• Card delivered in 3-5 days
• 24×7 in-app chat support
  
  Get Your Niyo Card Now