Shop on International E-Commerce Sites without Currency Conversion Charges
Posted on Friday, December 15th, 2017 | By IndusInd Bank
There was a time when one had to request their relatives and friends living abroad to bring international brands on their next visit to India. Suitcases were packed to the brim with foreign snacks, fashion accessories, toys, gadgets and other goodies. The retail market of every country was limited to its geographical borders and regular buyers had to visit the country to buy goods from across the world.
With the growth of Internet and ecommerce, the borders are gradually diminishing. In the last decade, there has been a drastic change in the way Indians shop, thanks to the online shopping sites. We can’t deny the fact that the domestic ecommerce market in India is booming. On the other hand, facts presented by various surveys and research reports reflect that cross-border ecommerce is today’s reality.
Advent of Cross-border Shopping
A Nielsen Global Survey report published in 2016 revealed an interesting fact. As per the report, nearly 74% of the Indian survey participants had bought things from global ecommerce sites. A similar trend was witnessed in Italy and Germany, though in varying degrees. Sensing a huge potential in India’s ecommerce adoption, many global retail outlets have developed India-focused strategy and started shipping to the country.
The spending capacity of India’s middle-class citizens has consistently gone up. In addition, the number of aspirational buyers residing in tier 2 & 3 cities, remote towns and villages is also growing at a jet speed. It is a common belief that only city dwellers are aware of international fashion brands and new technology. But in the age of Google, Twitter, Instagram, Netflix and YouTube, a person’s geographical location or region has little or no effect on personal taste and aspirations.
As per industry experts, mobile innovations and better payment solutions are fuelling this trend. It is closely followed by logistics and technology. Consumers are turning to mobile devices to shop and retailers are leaving no stone unturned to come up with an effective mobile strategy to cash in on this trend.
Financial institutes too have significantly contributed to the popularity of cross-border ecommerce in India. Lack of convenient, reasonable and secure payment tools hindered the growth of global retail. However, banks have diligently worked towards making international shopping as inclusive as possible for Indian customers.
Hassle-free Shopping with Multi Currency Card
The Indus Multi Currency Card has helped to create a more inclusive shopping experience for Indian buyers as far as buying from the international ecommerce sites is concerned.
The primary purpose of this multicurrency card is to assist Indian travellers in their journey across the world. It is a compact, safe and secure card, which can be loaded with 8 international currencies such as US Dollar, Euro, Australian Dollar, Saudi Riyal and Great Britain Pound. It comes in handy while making overseas transactions without the niggling thoughts about misplacing cash, fraud and erratic currency exchange rates.
However, what separates a ‘great product’ from the others is the number of additional benefits it offers to users besides the key benefits. One such benefit that the Indus Travel Card offers is that it can also be used for purchasing things from international ecommerce sites without inviting any conversion charges.
People who shop from global shopping sites via international credit cards are usually asked to pay foreign currency conversion fee to companies like Visa, Mastercard, foreign transaction charge to banks and cash advance fee. If you shop from international ecommerce sites using Indus’ forex card, then there’s no need to pay the conversion charges. As a result, you save more without compromising on the safety, security, and convenience front. The card can also be used to shop at Delhi Duty Free store.