An International Debit Card has worldwide acceptance. It can be used to make purchases and payments as well as to withdraw money from ATMs across a number of countries. An International Debit Card comes with a brand logo of either MasterCard or Visa.
Features of an International Debit Card
The features of the International Debit Card include:
Primary account: A cardholder is required to open a savings or checking account with the bank that issues the card. All withdrawals and fees levied by the bank are deducted from this account.
Wide ATM usage: The card can be used to withdraw money from ATMs of the card-issuing bank across the world without any additional charge.
Banking tie-up: The bank issuing an international debit card can join hands with other banks to offer convenience and more efficient services to the customer. Some banks may not have branches in a particular country or region. In this scenario, the tie-ups help the banks to have a wider reach.
International Debit Card: Benefits
An international debit card offers a wide range of benefits, including:
- International validity and wide acceptance
- Convenient access to offshore funds while traveling
- PIN facility for security of transactions
- Zero liability for lost card
- Access to mini-statements of the account across the globe.
- Discounts at various merchant establishments.
- Control over the spending limit.
International Debit Card: Limitations
An international debit card also has certain limitations, such as:
- Some banks do not have branches in foreign countries. In this case, if the bank is unable to tie up with a local bank, the international credit card’s use for cash withdrawals is restricted.
- Banks generally charge fees on the use of this card.
- There is a fixed limit on the amount of foreign exchange that a card holder can acquire.
Issuers of International Debit Card
An international debit card is issued by almost all major card providers, including:
- HDFC
- Standard Chartered
- Deutsche bank
- Citibank
- HSBC
- Bank of America
- Chase
How to apply for an International Debit Card
An international card can be applied for by approaching a domestic bank that issues it or by filling an online application. In order to use an international debit card, the card holder is first and foremost required to open a primary account with the local bank and deposit a minimum balance.
An international debit card is best suited for frequent travelers. It offers freedom from carrying cash or traveler’s checks.