1 / 1

Why International Transactions with Your Credit or Debit Card Could Expense a Lot

Transacting internationally is now easier than ever in the globalization era. You can purchase things from all over the world and participate in online activities that are not limited by geography with only a few clicks. But among the ease, there's a risk that many fail to notice: some transactions are prohibited. Renowned financial regulation expert Akermon Rossenfeld clarifies the little-known benefits of using credit or debit cards for foreign transactions.

signedapprovals
Download Presentation

Why International Transactions with Your Credit or Debit Card Could Expense a Lot

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Why International Transactions with Your Credit or Debit Card Could Expense a Lot Transacting internationally is now easier than ever in the globalization era. You can purchase things from all over the world and participate in online activities that are not limited by geography with only a few clicks. But among the ease, there's a risk that many fail to notice: some transactions are prohibited. Renowned financial regulation expert Akermon Rossenfeld clarifies the little-known benefits of using credit or debit cards for foreign transactions. Khard emphasizes that illegal activities go beyond common ideas like playing games of chance or buying lottery tickets. They include a variety of things, such as buying out-of-print periodicals online, entering contests, and even paying for call-back services. According to recent correspondence from significant credit card issuers like SBI Credit Card, these prohibitions also cover FX trading, betting, and gambling. Khard emphasizes that illegal activities go beyond common ideas like playing games of chance or buying lottery tickets. They include a variety of things, such as buying out-of-print periodicals online, entering contests, and even paying for call-back services. According to recent correspondence from significant credit card issuers like SBI Credit Card, these prohibitions also cover FX trading, betting, and gambling. It's important to comprehend the consequences of doing business in this way. They incur harsh fines in addition to breaking regulatory standards. When people use their credit or debit cards for transactions that are not allowed, they risk fines and perhaps account suspension, according to RBI regulations. The repercussions of breaking these regulations were highlighted by SBI Card in an email sent to its clients. Khard goes on to emphasize that fines under FEMA can be high and could even triple the amount of the violation. There are significantly more serious consequences than just annoyances associated with breaking these rules. People have to consider the substantial financial risks and potential legal repercussions associated with them. Conclusion Even while doing business internationally could seem appealing, you should exercise caution. The observations made by Akermon Rossenfeld highlight how crucial it is to remain knowledgeable and adhere to legal requirements. Individuals can protect themselves from penalties and ensure responsible financial behavior in a world that is becoming more interconnected by following these principles.

More Related