Bookmyforex vs niyo

[adhav077]

which forex card is better?in terms of rate and acceptance in UAE

Bookmyforex or Niyo ?
And Niyo I see so many variants, which one is better?

 

[saurabhpancholi]

I would suggest the Niyo card over BookMyForex for the following reasons:

1. There's no hassle of reselling the remaining currency. You can always transfer money to your primary bank account.
2. If you choose the debit variant, you can transfer extra money, if required during your trip, via UPI to your account.
3. There's no markup, whereas BookMyForex still charges some basic markup on buying as well as selling.

Never faced any issue with niyo in UAE

 

[Sneha13]

I prefer using a BookMyForex forex card as the card is based on interbank rates with zero forex markup. I have used a Niyo card as well and even though they also claim to offer zero makeup fee, I feel they are misleading as their rates were still at least 1% higher than the BookMyForex card.

Also, when I reload my BookMyForex card before traveling, the rate gets locked in immediately.

But when I was using Niyo SBM cards earlier, before they were banned, the currency rates were unclear to me. Sometimes my account was debited many hours after the transaction had been completed. Even though my card would be charged with the exchange rate on the day, I think real settlement used to occur two to three days later, and most of the time, this new exchange rate was much higher. Personally, I did not enjoy using the Niyo card.

 

[Avatar Aang]

I prefer using a BookMyForex forex card as the card is based on interbank rates with zero forex markup. I have used a Niyo card as well and even though they also claim to offer zero makeup fee, I feel they are misleading as their rates were still at least 1% higher than the BookMyForex card.

Also, when I reload my BookMyForex card before traveling, the rate gets locked in immediately.

But when I was using Niyo SBM cards earlier, before they were banned, the currency rates were unclear to me. Sometimes my account was debited many hours after the transaction had been completed. Even though my card would be charged with the exchange rate on the day, I think real settlement used to occur two to three days later, and most of the time, this new exchange rate was much higher. Personally, I did not enjoy using the Niyo card.

Can we use credit card or Amazon pay balance to load Bookmyforex card?

 

[Rajatkumar1]

Go for the BookMyForex forex card. The exchange rate is locked in at the time of card loading, and it offers zero forex markup. The Niyo card also has zero forex markup, it doesn't lock in rates, so that’s a disadvantage. And how can you forget their sudden discontinuation of the Niyo SBM card? After that, I can never trust them as a consumer, as it could happen again, leaving me stranded abroad without any money.

 

[agrprashantagrprashant is verified member.]

• I would suggest not using Niyo or BookMyForex. Traveling abroad, especially the first time, can be overwhelming. I could not trust Niyo since it's a startup. I had explored BookMyForex few months back. They sound great but nickel and dime you at each step once you get in their flow.
• I had taken ICICI Multi-currency forex card which I could load/unload using the ICICI mobile app as a backup. Otherwise use the credit card with the lowest forex rate (mine was Yes First Exclusive at 1.75% markup)
• When paying if there's an option, always pay in destination currency

 

[Anupama_Jha]

• I had taken ICICI Multi-currency forex card which I could load/unload using the ICICI mobile app as a backup.

Available for ICICI account holders only ?

Unload means, can be transferred back to savings account?.

Any link to help.

 

[telescope]

Available for ICICI account holders only ?

Unload means, can be transferred back to savings account?.

Any link to help.

for anyone
yes
i would say not to go for it as rates are bad while loading/back to rupee.

 

[Anupama_Jha]

for anyone
yes
i would say not to go for it as rates are bad while loading/back to rupee.

Bad, like how much ?

Have seen negative reviews of Niyo, and they recently made some changes also, in cash withdrawal charges, etc.

Cherry on top, they are startup

Suppose, I am having lunch at a nice hotel in UAE, and during same time RBI releasing press orders banning NIYO.

Jokes apart, I need a reliable forex card.

 

[_amit_]

which forex card is better?in terms of rate and acceptance in UAE

Bookmyforex or Niyo ?
And Niyo I see so many variants, which one is better?

Any reason being limited to these options?

If possible , get currently LTF AU Ixigo credit card with 0 forex markup.

Otherwise, maybe look into IndusInd Exclusive savings account whose debit card also have 0 forex markup.
You can make exclusive 0 MAB too with Pinnacle.



Regardless of whatever you choose, enable the international transactions (if using credit/debit card ) before leaving India.

 

[Pack_of_Cards]

for anyone
yes
i would say not to go for it as rates are bad while loading/back to rupee.

Then what's the best way? plz

 

[telescope]

Then what's the best way? plz

Niyo is not good anymore. If you want credit card options, go for zero forex such as rbl world safari. For dc go for indie megastar, indusind exclusive and select account etc.

 

[telescope]

Bad, like how much ?

Jokes apart, I need a reliable forex card.

Around 2-4% go to icici website and see the rates yourself.

In today's era of zero markup cc/dc you don't really need forex card anymore. Atm cash withdrawal charges of forex cards are higher compared to dc such as indus exclusive or megastar of indie.

 

[Vivek1]

I'd definitely lean towards BookMyForex. It's just way more budget-friendly. Niyo has a few drawbacks that are hard to overlook. Their app is very glitchy, and sometimes it takes ages to load. Also, when I used the card in the US last time, unexpected fees popped up. It was super annoying. So, yeah, BookMyForex all the way…