Is there any debit card that has 0% markup for international ATM cash withdrawal

[PiperatGatesofDawn]

I know many DCs that have 0% markup on POS & online transactions.

And there probably will always be a ATM usage fee. Slapped on both by the ATM bank abroad and your own bank.

Still is there any DC that offers 0% or very low markup charges? And even better if they have a minimal ATM fee.

 

[credit_debit]

Not sure about 0% markup on ATM withdrawals, but there was very interesting article in The Mint recently describing some zero markup debit and credit card features.

Decoding zero forex markup on debit, credit cards

At present, three credit cards are available that also waive markup fees, which typically range from 1.5% to 3.5%.

www.livemint.com

 

[sxchzy]

niy

I know many DCs that have 0% markup on POS & online transactions.

And there probably will always be a ATM usage fee. Slapped on both by the ATM bank abroad and your own bank.

Still is there any DC that offers 0% or very low markup charges? And even better if they have a minimal ATM fee.

o global card

 

[PiperatGatesofDawn]

niy

o global card

Have you used them? This is a travel card... not a real debit card... so I would have to use a Niyo Bank Account. I've not been hearing good things about their banking....

 

[sxchzy]

Y

Have you used them? This is a travel card... not a real debit card... so I would have to use a Niyo Bank Account. I've not been hearing good things about their banking....

up
Used it for a foreign trip and it gave better forex rates than anyone else.
Also their banking is regulated by rbi so no need to worry

 

[gamersgzb]

Have you used them? This is a travel card... so they can screw you on the exchange rate. They are very opaque about that in their marketing material.

I have used this card extensively in 2020-2022.. and it's great... You get live visa conversion rates.. and that time there were no any 100 rupees per txn.. usually international ATMs charge some amount to use their ATM similar to when you get charged 20 rupees in India after 5 free txn.. so there are some ATM which have this charge and some does not.. so after some hit and try in your location if you withdraw money from that zero charge ATM then it's great...

 

[AritraSaha]

Do sbm debit card work for international transactions?
I have asked the customer care they have no idea..😑

 

[gamersgzb]

Do sbm debit card work for international transactions?
I have asked the customer care they have no idea..😑

I am referring to niyo DCB card..

 

[iBabubhau]

Do sbm debit card work for international transactions?
I have asked the customer care they have no idea..😑

SBM Niyo card doesn’t work for international transactions anymore - spoke to customer care chat about this

 

[iBabubhau]

Niyo had now partnered with Equitas Bank for the Niyo global forex card. Same features as the SBM Niyo card. The only difference being it’s a FYF debit card followed by 299+GST as annual fee.
However, the benefits outweigh the charges or you can just close within a year.

 

[PiperatGatesofDawn]

I have used this card extensively in 2020-2022.. and it's great... You get live visa conversion rates.. and that time there were no any 100 rupees per txn.. usually international ATMs charge some amount to use their ATM similar to when you get charged 20 rupees in India after 5 free txn.. so there are some ATM which have this charge and some does not.. so after some hit and try in your location if you withdraw money from that zero charge ATM then it's great...

So what is the process for acquiring it? Do I have first open a SB account and then apply for a preferred card through their app? Or can I just select a card of my preference without a Niyo SB account?

 

[sxchzy]

So what is the process for acquiring it? Do I have first open a SB account and then apply for a preferred card through their app? Or can I just select a card of my preference without a Niyo SB account?

go to the niyo global aapp and open an account
your sb account would be opened with equitas
then everything is the same as it would be with sbm

 

[PiperatGatesofDawn]

go to the niyo global aapp and open an account
your sb account would be opened with equitas
then everything is the same as it would be with sbm

Cool thanks. And then I can select which DB I want? Equitas or DB...? Do people here have a preference? Equitas seems to be the better offer with lower fees...

 

[CARDBITRAGE]

I know many DCs that have 0% markup on POS & online transactions.

And there probably will always be a ATM usage fee. Slapped on both by the ATM bank abroad and your own bank.

Still is there any DC that offers 0% or very low markup charges? And even better if they have a minimal ATM fee.

The IndusInd Exclusive/Grande/Pioneer accounts will be provided with a zero Forex debit card. The cards offer free ATM withdrawals abroad. You will bear only the foreign bank atm usage fee(if any). You can consider opening an account with them.
Niyo Global used to be a good option, but I feel their service is questionable. Especially with RBI banning their SBM-partnered offering for FX transactions. And they will charge you a fee of Rs.100+GST on international ATM withdrawals.

 

[sxchzy]

yes

Cool thanks. And then I can select which DB I want? Equitas or DB...? Do people here have a preference? Equitas seems to be the better offer with lower fees...

you will get an option to get the equitas niyo card

 

[0xfallup]

No brainer ….. IndusInd exclusive dc vrom 🙂

 

[AritraSaha]

"Indie" app megastar account also provide 0 markup fee debit card.

For more info

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

 

[0xfallup]

"Indie" app megastar account also provide 0 markup fee debit card.

For more info

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

Devalue hosakta hai , so it’s better to have core banking products

 

[sxchzy]

people have misunderstood 0 forex markup part.
0 markup doesnt ean you will get spot rates
it means you will get interbank rates which already account for the markup
what you need to check is which forex card or debit or credit provides the lowest rate conversion and at what rate is it being done
and if any premium how much compared to spot

 

[CARDBITRAGE]

people have misunderstood 0 forex markup part.
0 markup doesnt ean you will get spot rates
it means you will get interbank rates which already account for the markup
what you need to check is which forex card or debit or credit provides the lowest rate conversion and at what rate is it being done
and if any premium how much compared to spot

I believe IBR(with a very slight markup) is what Visa and Mastercard follow. A forex card is sold at a premium to IBR. I paid nearabout the same rate as what google showed on most of my withdrawal using my Mastercard and Visa zero forex DCs.
So my understanding is that Interbank rates are the most ideal rates.
And coming to conversion, most DCs and CCs follow their payment processors(Visa,MC,Discover,RUPAY,etc.) conversion rates, which are again based on IBR.
Spot rate should be the rate at which a FX transaction is completed right? What has that got anything to do with IBR?
Could you help me understand what is the difference between spot rate and IBR? And where can we find those rates for comparison.