Posted On
3/17/2023
5:54:18 PM
by
aa
This means that if you use a Credit/Prepaid/ATM card issued in Kuwait and make a transaction in a foreign country, or in a currency other than the Kuwaiti Dinar (KD), or load a prepaid card with a currency other than KD, a markup of 2.75% will be added to the foreign exchange rate.
For example, if you use a Kuwaiti Credit card to make a purchase in the United States with a value of $100, and the exchange rate between the US dollar and the Kuwaiti Dinar is 0.30, then the total amount charged on your card would be 33.3333 KD. However, with the 2.75% markup, you would be charged 34.225 KD instead.
Similarly, if you load a prepaid card with a currency other than KD, such as US dollars or Euros, by debiting an account in KD, a 2.75% markup will be added to the exchange rate used to convert your KD to the foreign currency.
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Posted On
3/18/2023
7:32:23 AM
by
Das
@aa Thank you so much for the detailed reply. The information you have provided is very clear. Appreciate your effort.
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Posted On
3/18/2023
10:55:26 AM
by
Kwt Ac
So which one is beneficial? Using a normal prepaid /credit /debit card or a foreign currency card as mentioned in this post?
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Posted On
3/18/2023
4:12:32 PM
by
Das
@Kwt Ac A multi-currency card (forex card) is definitely better than regular credit card on foreign trips. There are lot of detailed article on the Net.
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Posted On
3/19/2023
8:06:06 AM
by
Sada aadmi
I feel that multi currency credit card is a marketing gimmick and not really helpful. For a multi-currency card, the exchange rate difference is charged in advance (while loading the card) while for a KD designated card, it is charged after the usage. That''s the only difference. Correct me if I am wrong.
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