Scapia VS Niyo Global

[Prateek Rathor]

Hello everyone,

Hope you're keeping well!

I would appreciate your input in selecting the best Forex card with "0" markup charges and minimum charges. I've selected 2 which are Scapia and NiyoGlobal. Which one is better to go with and how is the customer service?

Thank-you!

 

[0xfallup]

Scapia would be a good choice

 

[Prateek Rathor]

Scapia would be a good choice

Thank-you!

 

[telescope]

Scapia is better. It is unsecured unlike niyo. Also rewards are not great but decent for a ltf cc.

 

[moneyMaker]

For this particular use case, I am also getting scapia.

But if you have a super premium card its probably better to switch on Global Value Program.

Try getting rbl world safari at ltf. Sumanta explained how here.

 

[Paritosh]

Anyone using RBL insignia debit/credit card for foreign transactions?

 

[tejsss009]

Alright. My take on Niyo Global Credit card. I used it on my trip to Thailand and hidden charges were shocking. I used the card to withdraw cash through ATM and was charged extra, more than 3000 as charges including everything (ATM fees, GST, withdrawal charges.). Ended up shelling more than money than the averages currency exchanges would offer.

 

[aayusharyan]

Alright. My take on Niyo Global Credit card. I used it on my trip to Thailand and hidden charges were shocking. I used the card to withdraw cash through ATM and was charged extra, more than 3000 as charges including everything (ATM fees, GST, withdrawal charges.). Ended up shelling more than money than the averages currency exchanges would offer.

Bro, why would you withdraw Cash from an ATM using a Credit Card. That's a big No No.
Also on their website, they clearly state these charges. But I guess, lesson learnt the hard way.

 

[moneyMaker]

lol, Niyo Global seems like a no-no.

 

[hellobois]

lol, Niyo Global seems like a no-no.

which other DC/CC is recommended for foreign transaction? Scapia is not issuing fresh cards and I have Fi DC. Niyo Global with DCB bank seems good with minimum charges. thanks

 

[telescope]

which other DC/CC is recommended for foreign transaction? Scapia is not issuing fresh cards and I have Fi DC. Niyo Global with DCB bank seems good with minimum charges. thanks

World safari rbl, indie dc (if you can maintain 50k), indusind exclusive dc etc.

 

[hellobois]

World safari rbl, indie dc (if you can maintain 50k), indusind exclusive dc etc.

I have indie DC, is it better than Niyo global?

 

[telescope]

I have indie DC, is it better than Niyo global?

It depends. Niyo= 0 balance, indie=50k
Atm withdraw charge higher than indie
Indie has a backend problem where it limits withdraw to 2 lakh per day irrespective of currencies. This is a problem while using it in countries with low currency value (indonesia, vietnam etc.)

 

[Sneha13]

Both Scapia and Niyo offer zero markups, but I think they are misleading us because even with a card claiming zero markups, we need to understand that this zero markup applies to rates provided by the network, not the interbank rate. Network rates carry up to a 1% premium compared to the interbank rate. Go for an interbank-linked forex card instead!

 

[telescope]

Both Scapia and Niyo offer zero markups, but I think they are misleading us because even with a card claiming zero markups, we need to understand that this zero markup applies to rates provided by the network, not the interbank rate. Network rates carry up to a 1% premium compared to the interbank rate. Go for an interbank-linked forex card instead!

All nonsense.

1. Nobody on earth can provide better exchange rate than interbank rates. Banks are there for making profit not charity.
2. Forex cards are worst. While loading, the currency buying rate is much higher compared to interbank rate on that day. So, it's bad.
3. ATM withdrawal charge of forex cards are usually higher than debit cards such as idfc, indie, indus exclusive etc.

 

[telescope]

It depends. Niyo= 0 balance, indie=50k
Atm withdraw charge higher than indie
Indie has a backend problem where it limits withdraw to 2 lakh per day irrespective of currencies. This is a problem while using it in countries with low currency value (indonesia, vietnam etc.)

Sent email 2 months ago, no reply yet on this.

 

[telescope]

Both Scapia and Niyo offer zero markups, but I think they are misleading us

And who is not misleading? Your employer bookmyforex I guess?

 

[Sneha13]

All nonsense.

1. Nobody on earth can provide better exchange rate than interbank rates. Banks are there for making profit not charity.
2. Forex cards are worst. While loading, the currency buying rate is much higher compared to interbank rate on that day. So, it's bad.
3. ATM withdrawal charge of forex cards are usually higher than debit cards such as idfc, indie, indus exclusive etc.

1. When did I mention that forex cards provide better rates than interbank rates? I simply said that they offer “interbank-linked rates,” unlike credit card companies that charge network rates and deceive us. At least Forex cards offer rates close to interbank, which can be much better than the rates we get with Niyo cards or Scapia cards. Why don’t you check and compare it once before forming your opinion?

2. Let me help you even more. Check out this link, https://www.visa.co.in/support/consumer/travel-support/exchange-rate-calculator.html. Just spend some time doing some basic calculations, and you'll get my point about how these credit card companies, using network/Visa rates, aren't even close to interbank rates.

3. ATM withdrawal charges on debit cards, plus currency conversion charges, 2-3% transaction fees, DCC charges, currency fluctuations - do you know that all of these apply to debit cards? Forex cards don’t have these charges, and ATM withdrawals are free sometimes. It’s just that you have not even used a Forex card and writing illogical points here!

 

[telescope]

1. When did I mention that forex cards provide better rates than interbank rates? I simply said that they offer “interbank-linked rates,” unlike credit card companies that charge network rates and deceive us. At least Forex cards offer rates close to interbank, which can be much better than the rates we get with Niyo cards or Scapia cards. Why don’t you check and compare it once before forming your opinion?

2. Let me help you even more. Check out this link, https://www.visa.co.in/support/consumer/travel-support/exchange-rate-calculator.html. Just spend some time doing some basic calculations, and you'll get my point about how these credit card companies, using network/Visa rates, aren't even close to interbank rates.

3. ATM withdrawal charges on debit cards, plus currency conversion charges, 2-3% transaction fees, DCC charges, currency fluctuations - do you know that all of these apply to debit cards? Forex cards don’t have these charges, and ATM withdrawals are free sometimes. It’s just that you have not even used a Forex card and writing illogical points here!

Who is being illogical here? Go through my last point where I have written indie, indus exclusive etc. Do you know why I mentioned these names? Because these are zero forex cards.
And way better than your employer's bookmyforex fc.

And whether I ever used a card or not abroad, fellow members here know me whether I travelled or not or used any card or not.

Total 6 messages on this forum and all of them promoting bookmyforex. TF buzz for a reason.

 

[Maikalal Jaikishan]

Forex cards can be used to withdraw from foreign ATMs without charges?