Expensive SBM Niyo Debit Card Forex Rates?

[serialccuser]

After thoroughly researching forex markups (and not-so-through on exchange rates offered by the bank), I got a Niyo SBM global debit card. It offers zero forex markup, so it doesn't charge anything. However, after getting the card, I was wandering on their internet banking portal and out of serendipity (excuse my naiveness), I stumbled upon forex rates of SBM. And guess what? It blew my mind. The rates are too much deviated from the real-time market rates (too expensive to buy and too cheap to sell).

(All rates on 11th Nov 2024) SBM is offering 86.7 INR per USD with zero markup (TT Sell). Meanwhile, the real-time exchange rate hovers around 84.41 INR per USD. That's way out of the league. What is the benefit of a zero markup card, then? SBM card is more expensive than cash (86.3 INR per USD at a local forex shop with a bill) as well. Am I missing something?

Since I need USD to convert again once I reach the destination country (since that final currency is rarely available in India), should I carry cash or this SBM Niyo card? I need to save money and have no issues in carrying cash (1200 USD or so). I would appreciate your thoughts and comments. Thanks!!!

 

[Anupama_Jha]

Wow. Btw, that's why I always prefer well established banks to deal.

U can try getting sbi jcb rupay platinum. Or any credit card with zero forex fee.

Some indusind Debit cards also offer.

 

[serialccuser]

Wow. Btw, that's why I always prefer well established banks to deal.

U can try getting sbi jcb rupay platinum. Or any credit card with zero forex fee.

Some indusind Debit cards also offer.

Indeed, I did a thorough research on the zero forex markup thing. Which ever cards (mostly private sector banks) are offering such card, their exchange rates are terrible. With forex markups, the rates are less-terrible (shan't say 'better'), however, the markup fees are insult to injury.

Since my travel itinerary is less than a week, I picked up cash without thinking (or overthinking) too much. Thanks for the response, btw. I really appreciate it.