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

 

[sxchzy]

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.

people sit under the assumption that 0 markup means ou get the spot rates while that means you get the interbank rates which already are inflated

 

[sm9811911]

people sit under the assumption that 0 markup means ou get the spot rates while that means you get the interbank rates which already are inflated

Its no assumption, i have calculated when I used niyo card. They niyo, fi also clearly mention the visa website rate are what will be charged.

 

[sxchzy]

Its no assumption, i have calculated when I used niyo card. They niyo, fi also clearly mention the visa website rate are what will be charged.

i was talking about other people

 

[sxchzy]

the point of this thread is makjing people understand that 0 forex markup doesnt mean spot rates

 

[sm9811911]

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.

FD premature closures generally have a penalty of ~ 1% along with lower interest. But if you can, wait for it to mature and then withdraw. Idfc has good interest rates.

 

[codenerd]

FD premature closures generally have a penalty of ~ 1% along with lower interest. But if you can, wait for it to mature and then withdraw. Idfc has good interest rates.

Yeah but I dont want a card where money gets blocked/ penalty charged or too much hassle just for the sake of withdrawal. I am looking something like the original Niyo global debit card which they had until last year. I dont think currently there is any 0 forex markup card which gives same facilities like niyo global debit card earlier. (Basically looking for some card for once a year international trip so thats why avoiding IndusInd exclusive.)

 

[sm9811911]

I

Yeah but I dont want a card where money gets blocked/ penalty charged or too much hassle just for the sake of withdrawal. I am looking something like the original Niyo global debit card which they had until last year. I dont think currently there is any 0 forex markup card which gives same facilities like niyo global debit card earlier. (Basically looking for some card for once a year international trip so thats why avoiding IndusInd exclusive.)

I would not suggest idfc wow card for you (or any experienced person who has credit history) . That was for OP who did not have any history.

For you, I would suggest a premium credit card with less mark up and high rewards(like infinia, idfc wealth) for spends. That along with fi infinity or niyo global equitas for forex atm withdrawal. This combination is what I personally use for travel.

 

[codenerd]

I

I would not suggest idfc wow card for you (or any experienced person who has credit history) . That was for OP who did not have any history.

For you, I would suggest a premium credit card with less mark up and high rewards(like infinia, idfc wealth) for spends. That along with fi infinity or niyo global equitas for forex atm withdrawal. This combination is what I personally use for travel.

You are absolutely right. I already have around 10 credit cards so definitely IDFC Wow is of no use to me to build credit history.
Your idea sounds interesting but of all the premium credit cards you mentioned, I wont be eligible for either of them!
SO what you mean is that get a premium credit card with 0% forex markup (RBL World safari cc) for bulk spending and use Fi infinity or Niyo only for atm withdrawals as premium credit cards will still charge a hefty atm withdrawal fees even being 0 markup whereas niyo kinda cards have a basic flat fee of cash withdrawal even if they are credit cards, plus FD amount also need not be that high as niyo will be only used for cash withdrawal.


Is that the right understanding?
Also whats your take on premium debit cards such as Indusind Exclusive with 0 markup? Wont it serve both my purpose? (International spends and atm withdrawal)

 

[sm9811911]

N

You are absolutely right. I already have around 10 credit cards so definitely IDFC Wow is of no use to me to build credit history.
Your idea sounds interesting but of all the premium credit cards you mentioned, I wont be eligible for either of them!
SO what you mean is that get a premium credit card with 0% forex markup (RBL World safari cc) for bulk spending and use Fi infinity or Niyo only for atm withdrawals as premium credit cards will still charge a hefty atm withdrawal fees even being 0 markup whereas niyo kinda cards have a basic flat fee of cash withdrawal even if they are credit cards, plus FD amount also need not be that high as niyo will be only used for cash withdrawal.


Is that the right understanding?
Also whats your take on premium debit cards such as Indusind Exclusive with 0 markup? Wont it serve both my purpose? (International spends and atm withdrawal)

Yes exactly. Also, Niyo global does not ask for fd as it's a debit card.
What cards do you have? 1 or 2 may fit the purpose. Hdfc also has a global program in which they give extra 1%. Search for that in this community. See the link for more details on cc. Benefit of cc is you get some net benefit after markup. https://www.technofino.in/community/threads/best-credit-cards-for-international-transactions.950/.
Don't know about indusind dc.

 

[Kiranonlinee]

Try indie account with initial funding of 50k or above u will get a debit card just like indusind exclusive and zero balance account

Yeah but I dont want a card where money gets blocked/ penalty charged or too much hassle just for the sake of withdrawal. I am looking something like the original Niyo global debit card which they had until last year. I dont think currently there is any 0 forex markup card which gives same facilities like niyo global debit card earlier. (Basically looking for some card for once a year international trip so thats why avoiding IndusInd exclusive.)

 

[codenerd]

After some research into Niyo Global Credit card these are my findings:
Minimum FD 5000 is needed to get the card.
Any spend beyond your FD limit can be made by increasing the credit limit.
Meaning that if your FD is 5K which means credit limit via FD is also 5K. Now if you want to spend say for ex: 15K, then you need to pre pay the credit card bill worth 15k-5k=10k. So once you pre pay a credit card bill, it kind of becomes a pre paid card since you have already paid in advance. Now this extra 10k that you are paying which is above and beyond your FD limit, this will in turn increase your credit limit.
Hence to make a spend of 15K you dont need to have same amount of FD. This FD related question is a very confusing topic with very less transparency and not much clear info available online easily.
I am sure lot of people had queries revolving around this including myself until today.

Ref videos:

 

[gowthamv]

Yeah but I dont want a card where money gets blocked/ penalty charged or too much hassle just for the sake of withdrawal. I am looking something like the original Niyo global debit card which they had until last year. I dont think currently there is any 0 forex markup card which gives same facilities like niyo global debit card earlier. (Basically looking for some card for once a year international trip so thats why avoiding IndusInd exclusive.)

But what about the Niyo Debit Card that is offered in partnership with Equitas Bank.

I don't have it personally. But, the features are same as the Niyo SBM Debit Card that was banned for international transactions.

(I guess Niyo partnered with Equitas just to relaunch the Zero Forex Debit Card)


*Edit*

Adding a screenshot from Niyo Website.

 

[AritraSaha]

But what about the Niyo Debit Card that is offered in partnership with Equitas Bank.

I don't have it personally. But, the features are same as the Niyo SBM Debit Card that was banned for international transactions.

(I guess Niyo partnered with Equitas just to relaunch the Zero Forex Debit Card)


*Edit*

Adding a screenshot from Niyo Website.

Get the indie by indusind bank dc...
With megastar account you will get free dc with 0 forex & also international atm withdrawal are free

 

[codenerd]

But what about the Niyo Debit Card that is offered in partnership with Equitas Bank.

I don't have it personally. But, the features are same as the Niyo SBM Debit Card that was banned for international transactions.

(I guess Niyo partnered with Equitas just to relaunch the Zero Forex Debit Card)


*Edit*

Adding a screenshot from Niyo Website.

You are absolutely right! I was checking the same co incidentally sometime back and I myself am not much clear why such similar products are launched by Niyo. Its so confusing. Now the thing here is that I am not getting option to even apply for these debit cards since I already had SBM account since last year due to their original Niyo global debit card.

 

[codenerd]

I have Indusind Partner account and also Legend credit card. I will check what indie exactly is. I have no idea about indie or megastar account. If you can share something, I will browse that or will search it on TCF!

Get the indie by indusind bank dc...
With megastar account you will get free dc with 0 forex & also international atm withdrawal are free

 

[AritraSaha]

I have Indusind Partner account and also Legend credit card. I will check what indie exactly is. I have no idea about indie or megastar account. If you can share something, I will browse that or will search it on TCF!

General Banking Discussions Thread

https://play.google.com/store/apps/details?id=com.indusind.indie New digital bank with good rewards launched by Indusind

www.technofino.in

Go through this.. read 1st 2-3 page..
Any questions feel free to ask me

 

[codenerd]

General Banking Discussions Thread

https://play.google.com/store/apps/details?id=com.indusind.indie New digital bank with good rewards launched by Indusind

www.technofino.in

Go through this.. read 1st 2-3 page..
Any questions feel free to ask me

https://indie.indusind.com/indie/charges-and-fees.html
I am going through this also!
Thanks a lot Aritra. Will DM you for clarifications. It will defenitely help mutliple people in my circle as 4 people are confused between chosing forex for Travel to Bali and thailand in upcoming months.

 

[AritraSaha]

https://indie.indusind.com/indie/charges-and-fees.html
I am going through this also!
Thanks a lot Aritra. Will DM you for clarifications. It will defenitely help mutliple people in my circle as 4 people are confused between chosing forex for Travel to Bali and thailand in upcoming months.

Basically with 50k initial deposit you get megastar...
3%cb on 3 brand+ free visa signature dc with zero forex & 0 international atm fee.

I recommend you getting the 50k ip..
If you planning to open account use my code rr779172
😁😁

If you are going in international travel keep two dc...

 

[gowthamv]

You are absolutely right! I was checking the same co incidentally sometime back and I myself am not much clear why such similar products are launched by Niyo. Its so confusing. Now the thing here is that I am not getting option to even apply for these debit cards since I already had SBM account since last year due to their original Niyo global debit card.

I closed my SBM account and Now I am able to apply for Niyo Equitas.

I think we need not close the SBM account. We can open a new equitas Niyo account. Just contact customer care chat and ask them to redirect you to Equitas team.

 

[codenerd]

Yes doing the same with CC. Got a detailed response.

I closed my SBM account and Now I am able to apply for Niyo Equitas.

I think we need not close the SBM account. We can open a new equitas Niyo account. Just contact customer care chat and ask them to redirect you to Equitas team.