Help choosing Forex card

[Fan ruie]

It’s my first international trip , will be visiting Japan in month of July-August. I did some research on Forex cards , most of the posts are quite old and don’t know the current situation - most people recommend Niyo card but later saw the SBM international transaction were blocked. Niyo also offers forex card from another bank - Equitas , there isn’t much reviews about it online .
If you have any other card recommendations please let me know -
PS - I think CC won’t be of much use as I’m a student , have one from SBI with monthly limit of 15k. If any other bank offers CC that could have higher limit , do comment

 

[R!ppEr]

even i used the bookmyforex yes bank forex card recently on my trip and it was quite good, apart from the loading time req, everything was on point!

 

[KT Shanmuganathan]

zero forex charges agreed
but visa will charge higher interbank rates compared to a forex card
and every withdrawal will be charges as it is a credit card

yes, Visa will charge high - Agree.

but Forex card - ATM withdrawal also charging, i have given the below from HDFC Forex card.

https://www.hdfcbank.com/personal/pay/cards/forex-cards/forexplus-card/fees-and-charges

Please let me know if I wrongly comparing.

Transaction charges​

Currency	ATM Cash Withdrawal	Balance enquiry	Chargeslip Retrieval
US Dollar (USD)	USD 2.00	USD 0.50	USD 2.00
Euro (EUR)	EUR 1.5	EUR 0.50	EUR 2.50
CHF	CHF 2.50	CHF 0.60	CHF 3.50
GBP	GBP 1.00	GBP 0.50	GBP 1.50
CAD	CAD 2.00	CAD 0.50	CAD 3.00
AUD	AUD 2.00	AUD 0.50	AUD 3.00
JPY	JPY 250.00	JPY 60.00	JPY 375.00
SGD	SGD 2.70	SGD 0.75	SGD 4.00
AED	AED 7.00	AED 2.00	AED 10.50
SEK	SEK 15.00	SEK 3.50	SEK 22.50

*GST as applicable

 

[sxchzy]

yes, Visa will charge high - Agree.

but Forex card - ATM withdrawal also charging, i have given the below from HDFC Forex card.

https://www.hdfcbank.com/personal/pay/cards/forex-cards/forexplus-card/fees-and-charges

Please let me know if I wrongly comparing.

Transaction charges​

Currency	ATM Cash Withdrawal	Balance enquiry	Chargeslip Retrieval
US Dollar (USD)	USD 2.00	USD 0.50	USD 2.00
Euro (EUR)	EUR 1.5	EUR 0.50	EUR 2.50
CHF	CHF 2.50	CHF 0.60	CHF 3.50
GBP	GBP 1.00	GBP 0.50	GBP 1.50
CAD	CAD 2.00	CAD 0.50	CAD 3.00
AUD	AUD 2.00	AUD 0.50	AUD 3.00
JPY	JPY 250.00	JPY 60.00	JPY 375.00
SGD	SGD 2.70	SGD 0.75	SGD 4.00
AED	AED 7.00	AED 2.00	AED 10.50
SEK	SEK 15.00	SEK 3.50	SEK 22.50

*GST as applicable

yes forex cards have a withdrawal charge
so it is suggested to choose the one with lower rates forex cards are preffered over credit cards solely due to lesser interbank rates

 

[Sonic Investor]

I guess when we compare with Forex card, we can go with IDFC WOW credit card.

1. Zero forex
2. there is no interest on cash withdrawal with in the credit period.
3. minimum cash withdrawal charges (199 + Tax).
4. FD based card, we can use 100% of FD as card limit.
5. Multi currency

Most of the forex cards used for single currency then multi currency, have ATM cash withdrawal charges.

Please share your thoughts on this. I also in dilemma on selecting WOW credit card or Forex card.

Can we increase & decrease limits by making/withdrawing FDs as required?

 

[sxchzy]

Can we increase & decrease limits by making/withdrawing FDs as required?

decreasing limits would be a bit long process and i dont know if partial redemptions are allowed but increasing fd is allowed

 

[iNokia]

even i used the bookmyforex yes bank forex card recently on my trip and it was quite good, apart from the loading time req, everything was on point!

For reloading the card, did you have to upload all the docs again that you uploaded during the first time? Can you explain the reload process a bit.

 

[R!ppEr]

For reloading the card, did you have to upload all the docs again that you uploaded during the first time? Can you explain the reload process a bit.

nope that was only the first time

 

[iNokia]

nope that was only the first time

I got the bmf card and in the app it asks me to upload all the docs for reloading. Specifically ticket and visa were asked again.
Where did you reload card from?

 

[R!ppEr]

I got the bmf card and in the app it asks me to upload all the docs for reloading. Specifically ticket and visa were asked again.
Where did you reload card from?

From the app itself, dunno maybe they have made this change post my trip

 

[sm9811911]

zero forex charges agreed
but visa will charge higher interbank rates compared to a forex card
and every withdrawal will be charges as it is a credit card

"Visa charges higher rate than forex card".
That sounds odd. So odd, I created an account on this site to question this claim. Can you explain this? I have attached usd rates for you using bmf as forex card and visa. For turkish lira, the spreads are outrageous in bmf.

You can take a non usd currency as an example if you like.

 

[sm9811911]

It’s my first international trip , will be visiting Japan in month of July-August. I did some research on Forex cards , most of the posts are quite old and don’t know the current situation - most people recommend Niyo card but later saw the SBM international transaction were blocked. Niyo also offers forex card from another bank - Equitas , there isn’t much reviews about it online .
If you have any other card recommendations please let me know -
PS - I think CC won’t be of much use as I’m a student , have one from SBI with monthly limit of 15k. If any other bank offers CC that could have higher limit , do comment

Take either idfc wow if you want to create credit history. Else just open a niyo global or fi infinity account. They have cashback offers as well.
Avoid forex cards, comparatively expensive. I have checked hdfc forex, bookmyforex etc.

 

[sxchzy]

compare the usd rates in bmf and visa
you will get your answer
@sm9811911

 

[sm9811911]

compare the usd rates in bmf and visa
you will get your answer
@sm9811911

That's what I have done. See the screenshots.

 

[sxchzy]

That's what I have done. See the screenshots.

Visa website usd rate is 82.867
Bmf usd rate is 84.42

 

[sm9811911]

Visa website usd rate is 82.867
Bmf usd rate is 84.42

So what's beneficial when buying? Lol

 

[sxchzy]

So what's beneficial when buying? Lol

Obviously the one which is cheaper.
But forex card you get to load it before hand.
Visa takes the rate on the settlement date + markup

 

[codenerd]

Can someone clearly explain the process of withdrawals in case of Secured credit cards for FOREX purpose like new Niyo global credit card and IDFC wow? As per my understanding you can definitely keep increasing the FD amount as per your need but after the trip you cannot withdraw/break the amount just because your trip end and that you dont need that card anymore. No one usually talks about this aspect and they all glorify the 0% markup forex stuff but not the fact that whatever money you invest as FD, IT GETS BLOCKED.
Please correct me if I am wrong or please share details and experience with it because internet is mostly filled with the PROS of Niyo aand IDFC Wow but no one clearly talks about its traps!

 

[Kiranonlinee]

Can someone clearly explain the process of withdrawals in case of Secured credit cards for FOREX purpose like new Niyo global credit card and IDFC wow? As per my understanding you can definitely keep increasing the FD amount as per your need but after the trip you cannot withdraw/break the amount just because your trip end and that you dont need that card anymore. No one usually talks about this aspect and they all glorify the 0% markup forex stuff but not the fact that whatever money you invest as FD, IT GETS BLOCKED.
Please correct me if I am wrong or please share details and experience with it because internet is mostly filled with the PROS of Niyo aand IDFC Wow but no one clearly talks about its traps!

I think you can submit a card closure request, then fd will be released.

 

[codenerd]

I think you can submit a card closure request, then fd will be released.

But I have read somewhere that its not a small/easy process to close and maybe it involves some foreclosure penalty or something. Not quite sure about that.
Also I think card closure means next time you may not be able to request for the card again when we need. Correct me if I am wrong.

 

[sm9811911]

Obviously the one which is cheaper.
But forex card you get to load it before hand.
Visa takes the rate on the settlement date + markup

Yeah, visa is much cheaper. Same goes when you sell unused currency on forex card, so double mark up. And This is for usd. For other currencies spreads are far wider.
There are cards which offer 0 forex mark up like niyo, fi. Plus give some cashback. Credit cards also useful is cashback is greater than mark up.
Also, agree you would be exposed to fx fluctuations, but can go either ways.