You can purchase in any currency using it and you will be charged according to the prevailing Visa rates which can be found here - Exchange Rates - Visa Corporate
And just for those interested, here is the link for MasterCard exchange rates - https://www.mastercard.com/global/currencyconversion/index.html
Remember : All banks charge the exact rate shown on Visa and MasterCard (links above). So if you are charged more by your bank, you can always dispute and enquire about the extra charges.
Note : The exchange rate will be charged as per the rates the day the transaction is realised. Meaning, say you may make a transaction on December 5th. But if the merchant receives your payment on December 6th, you will be charged according to the Visa/MasterCard exchange rates for December 6th.
Banks do charge cross-currency charges though and other service charges like educations cess.
For example, HDFC Bank charges cross-currency mark-up of 3.5% on foreign currency transactions.
Quote:When Sachin Tendulkar travelled to Pakistan to face one of the finest bowling attacks ever assembled in cricket, Michael Schumacher was yet to race a F1 car, Lance Armstrong had never been to the Tour de France, Diego Maradona was still the captain of a world champion Argentina team, Pete Sampras had never won a Grand Slam. When Tendulkar embarked on a glorious career taming Imran and company, Roger Federer was a name unheard of; Lionel Messi was in his nappies, Usain Bolt was an unknown kid in the Jamaican backwaters. The Berlin Wall was still intact, USSR was one big, big country, Dr Manmohan Singh was yet to "open" the Nehruvian economy. It seems while Time was having his toll on every individual on the face of this planet, he excused one man. Time stands frozen in front of Sachin Tendulkar. We have had champions, we have had legends, but we have never had another Sachin Tendulkar and we never will.