Will the foreign transaction fee be refunded if the item is returned?
I was wondering, if a credit card company (see citi, or chase) will refund the foreign transaction fee, if I returned the item, or will they charge another time? For example: I bought something say $1000 and got charged $1000*3%= $30 foreign transaction fee on the statement. A month later, I returned the item and got $1000 back. Will the credit card company refund the $30 fee, or will they charge another $30?
If I use Uber abroad, will I get charged a foreign transaction fee?
Edit: Yes, you have to pay that day’s currency exchange rate charges, that shall reflect in your statement as FCY charges. Uber payments will have registered offices in the respective countries and hence you will be paying to the country’s entity and hence the country bank rules and currency shall apply.So, take the case of Thailand, I paid using my MasterCard for 44 THB, I was charged the equivalent currency in INR along with certain FCY charges.For certain gateways like Stripe, that support multi-currency won’t charge the end customer for exchange rate. The merchant however is charged when the amount is converted from foreign currency to the base currency of the merchant account.Example: Stripe can be used for payments in India as well if you have your business registered in let’s say US. So, if there is a payment of 100 INR, the Indian customer will be charged the same only. It will then be converted to USD and the merchant be charged for the gateway transaction Fee ( 2.9% + 30 cents for Stripe ) and if the payment currency is not the base one, the fee for currency conversion.As mentioned in comments, a lot depends on the banks as well, certain banks won’t charge you any FCY charges, but just the base currency equivalent.
What are the ways to make foreign transactions without a credit card?
I sympathise with your problem :) As long as you are able to load a card for international usage, you can use a number of virtual / prepaid cards available in USD, EUR, GBP and a few other currencies. Here's a link that lists a few services in detail. Vise Feature: Best Virtual Debit Cards for International Shoppers - TechVise
Why don't international transactions require a password or OTP authentication?
plz be clear about your concepts. Its not about international or national its about gateways and cards. When both will support 3d transaction it will be OTP (if your bank has OTP security for 3d transactions ) .Try in UK u will get OTP on your phone. In nearly all countries there is usually atleast one 3d gateway. In india if u have amex try on amazon india it will never ask OTP bcz that is fully AVS (address verification based) . Don’t just see things see the concept behind them. Strong authentication is the motto of cards industry and in foreign AVS is being used mostly and thats a good choice (data leaked by skimming doesnt have your address but spammed data may have but again AVS is too good and 3d rather is helping phishers in many ways). See this video it will clear all your doubts
Questions about Form 3520 (Tax question: Gifts from a foreign person)?
Do I need to file Form 3520 if the following situation is true? Situation: During one year, I receive wire transfers from the following: my father (green card), my father's employees (nonresident) and my sister (nonresident). Although my father has his employees wire me more than $100,000 from their accounts, it is meant as a gift from my father (not his employees), and my father pays them back eventually for this amount, so - in a way - it is really my father giving me the money, not his employees. In other words, I consider them gifts from my father even though the monies are from his employee's funds/accounts initially and technically. On the other hand, the wire transfer from my sister is less than $100,000. Do I have the obligation at all to report any of the above wire transfers? Thank you for answering ~
What is the actual COST to a bank for an ATM transaction from a "foreign" machine?
The actual cost of the transaction is about 1/100th of a cent. The network charges a fee, somewhere in the low cents per transaction, and the other bank may charge a few pennies. Oh yeah, the telephone services to communicate run $100 per month (about a penny a transaction), and the computer equipment is a few pennies. The rest is PROFIT, but some of the profit is eaten up by customer service wanks having to justify the fee to you.
What do I have to do to enable international transactions on a debit card, specifically from Union Bank of India?
If it is a chip and pin card then it might be already enabled with international transactions or you can ask your bank to enable the same.If it is normal debit card then upgrade your card for chip and pin.Also, if you are planning to use this card for online transactions in international sites then do not risk using your debit card as your hard earned money is linked to the card.You can try www.GlobalVirtualCard.com for getting a prepaid international virtual credit card for the value you want in the card. Only email is enough to get this card and very easy payment options for Indians.