Indian Debit Cards that allow online transactions ?

[MichelleCAN]

Some fantastic information here! I represent a company that has a discount/debit card backed by VISA. You can fund and withdraw from egold to the card. The funding options to the card are E-GOLD, CAN-PAY,STORMPAY, E-BULLION, INTGOLD, CREDIT CARD, CASH, WESTERN UNION.
The withdrawl options are E-GOLD, CAN-PAY,STORMPAY, E-BULLION, INTGOLD and more coming soon. They are covered by FDIC bank insurance, come with free Travelex Emergency Assistance protection. So you can find some debit cards that are multifunctional that you can withdraw with at your local ATM and still use with online payment systems, just takes some investigation time to do it, you have to watch out for scams also, there are some who claim that their cards are FDIC insured and backed by mastercard or visa.

[Pagladashu]

The only reason Indian banks don't allow Int'l txns is because of RBI's ruling that if Monies need to be sent abroad then RBI needs to be notified and a declaration signed, about the same. Hence this effectivley wipes out Online "Real Time" txns. Most other countries support Int'l txns cause of their federal bank's rules. Someday India will relax it's forex rules and then you guys can go ahead and buy most anything you want

But I have used my credit card (citibank Corporate Gold/VISA) from India to buy books from amazon!

As far as I know, rupee is fully convertible in the current account (buying non-asset stuff comes under this) but not in the capital account (buying/selling of assets). Please correct me if I am wrong.

[SaN-DeeP]

But I have used my credit card (citibank Corporate Gold/VISA) from India to buy books from amazon!

As far as I know, rupee is fully convertible in the current account (buying non-asset stuff comes under this) but not in the capital account (buying/selling of assets). Please correct me if I am wrong.

I assume cngn was referring Debit Cards in his post and not Credit Cards .
Silver/Gold Credit Cards, allows you international transactions but not any of the debit cards.

The True Blue Credit Card issued by ICICI allows transactions only in India and Nepal. But the True Blue Card does not works for international transactions.

Some knows about this query ?
If the gateway/merchant is Indian, does the True Blue Credit Card from ICICI supports an Online Transactions in India. ?

[cngn]

Yep I'm talking of a direct debit transaction. Please don't mix Credit with Debit cards, as you don't pay the money till your bill arrives whil with a debit card, you authorise a debit to your account and a transfer overseas with a click of a button.

I tried it when I paid for my DOmain name and was told by RBI that I'd need to sign a declaration and crap, finally made an Int'l Draft and sent the money out, even then I signed a declaration, stating the purpose of the funds transfer.

The only time RBI lets you take / send money freely out of India to a Max of US 100,000, is when you emmigrate like I did.

[KingKrool]

The international transaction restriction - is due to the fact that u cannot buy on the net. As far as I know u CAN use an Indian debit card abroad. Indeed my debit card allows it. Only net transactions are banned.
http://www.icicibank.com/pfsuser/car.../dbfeature.htm
Check this out under Ncash debit card.
They have that online transaction thing we were talking about - virtual cards.
And international use at POS (point of sales) and ATMs.
And cngn - u don't know what u are talking about. Forex rules have been relaxed of late.

[Pagladashu]

I think forex transaction is lot more relaxed now. This is from the globaltrust bank website (http://www.globaltrustbank.com/CB_Forex.html):


"Do you know that as a Resident Indian you can buy foreign exchange for valid purposes without any hassles or paper work? All you need to do is, tell your bank in writing how much foreign exchange do you need and for what purpose. Here is a ready reckoner to how much foreign exchange you can buy and for what purpose.


For Private Travel: You can take foreign exchange upto US$ 10,000 in any calendar year for tourism or private travel to any country other than Nepal and Bhutan. For travel to Nepal and Bhutan, you can take Indian currency without any limit except Indian currency notes of denominations of Rs. 500 and above.

For Medical Treatment/Employment/ Emigration/Maintenance of Close Relatives: For medical treatment, in addition to $ 100,000, you can take foreign exchange upto US$ 25,000 for meeting boarding/lodging/travel expenses of the patient and also of the person accompanying the patient. You can even take more foreign exchange than the limits prescribed here. All you need to do, is to give documentary evidence of the higher requirement.

For students: Students going abroad for studies are treated as Non-Resident Indians (NRIs) and are eligible for all the facilities available to NRIs under FEMA. In addition, they can receive remittances:

i) upto USD 100,000 from close relatives from India on self-declaration towards maintenance, which could include remittances towards their studies also,



ii) upto USD 1 million out of sale proceeds/ balances in their account maintained with an authorised dealer in India,



iii) educational and other loans availed of by students as resident in India which can be allowed to continue.



International Credit Cards: Your entitlement of foreign exchange on International Credit Card (ICC) is limited only by the credit limit fixed by the card issuing authority. With international credit card, you can:

meet expenses /make purchases while abroad,
make payments in foreign exchange for purchase of books and other items through Internet in India. If you have a foreign currency account in India or with a bank overseas, you can even obtain international credit card of overseas banks and other reputed agencies.


For Miscellaneous Purposes: You can remit upto US$ 5,000 for any miscellaneous purposes.

Gifts and Donations: Gifts/donations can be made to anybody upto US$ 5,000 every year per remitter.

Other Current Account Transactions: Foreign exchange can be freely drawn for all other bona fide current account transactions on production of documentary evidence to the satisfaction of your banker. All you need to remember is, there are certain activities, such as, lotteries, racing, etc., for which foreign exchange is not allowed; whereas there are some activities for which limits for foreign exchange are specified."

[SaN-DeeP]

very nice information PagalDashu .. thanks for sharing.

Anyone got any information on this question.
If the gateway/merchant is Indian, does the True Blue Credit Card from ICICI supports an Online Transactions in India. ?

[krishnakanth]

good post pagaldhasu,
i have done transactions on bazee but with my debit card only even me interesting to know if bazee supports the blue card for credit card transaction

Me bookmarks this thread

[KingKrool]

I wud suggest u ask ICICI. It shud work for Indian transactions, but best is to check the booklet they gave u regarding terms of service.

[~Romil]

But I have used my credit card (citibank Corporate Gold/VISA) from India to buy books from amazon!

You're right! Amazon.com even accepts Debit cards in anycase if they're associated with Maestro or Visa Electorn. Dunno, why the debit card restrictions on other transactions with other establishments.

BTY, a very useful discussion up here! Thanks folks!

[SaN-DeeP]

Hi Romil,
If you are sure or made a transaction with Amazon with a Debit Card its some new information for me . Kindly give more information what is the issuing bank and if it was COD or an online transaction (mode of payment)
I have tried to make couple of transactions using my Debit Card from ICICI which does not works at all, same goes for True Blue Card.
Even Paypal does not accepts the above 2.

But the Silver Credit Card from ICICI does the job now

[~Romil]

Hi Romil,
If you are sure or made a transaction with Amazon with a Debit Card its some new information for me . Kindly give more information what is the issuing bank and if it was COD or an online transaction (mode of payment)
I have tried to make couple of transactions using my Debit Card from ICICI which does not works at all, same goes for True Blue Card.
Even Paypal does not accepts the above 2.

Yeah, I use HSBC Debit card for my orders from Amazon.com. They don't accept COD or paypal (Paypal is even not supported from India as of yet).

We gladly accept debit cards, as long as they are connected with one
of the major credit card companies--Visa or MasterCard. If you see
the symbol of one of these companies on your card, then you may use
it just as you would a regular credit card. Please be aware you
must have sufficient funds in your account at the time of charge; we
charge for items at the time of shipment.

Hope this helps!

[cngn]

Here's some info that maybe helpful, from RBI itself.

[Arun]

Romil, what is the initial deposit for getting an HSBC Debit Card ? Is it enough that I have a saving account there or should I pay anything extra for the Debit card ?

[funkymonkey]

hi guys.
Well HSBC offers VISA debit card which can be used online.
All other banks offer wither normal VISA/Mastercard or VISA Electron Debit card.
VISA/Mastercard can be used online but VISA electron cannot. VISA electron is for electronic use only which means swipe it physically to use it.