Best Forex Cards for Students: Zero Markup Fees!

Summary

This video offers a comprehensive guide for students heading abroad, highlighting the best forex cards to use for international transactions without incurring hefty forex markup fees. The speaker, Shubham, recommends at least two forex cards, one as a primary and another as a backup. He introduces three cards from Yo Global, including a debit card from DCB Bank and two from ABM Bank, all offering zero forex markup fees and various benefits like airport lounge access. Additionally, he discusses the AYK Credit Card for travel-related discounts and the IDFC Credit Card for zero forex markup on international spends. The video also touches on strategies to avoid cross-currency markup fees and the convenience of using these cards for real-time currency conversion without extra charges.

Takeaways

• 😀 The video discusses the best forex cards for students studying abroad.
• 💳 It highlights cards that offer 0 forex markup fees, saving students money on international transactions.
• 🌐 If you use a normal debit or credit card for international transactions, you might have to pay up to 3.5% forex markup fees.
• 💡 The presenter recommends getting at least two forex cards: one primary for regular transactions and a secondary as a backup.
• 🏦 The video mentions three forex cards from YONO Global, including a debit card from DCB Bank and two from SBM Bank.
• 🆓 All three YONO Global cards come with 0% forex markup fees and offer airport lounge access benefits.
• 💵 For the SBM credit card, a minimum fixed deposit is required, and the card's limit will be 100% of the FD amount.
• ✈️ The cards offer benefits like airport lounge access, but there are spending criteria to be met to avail these benefits.
• 🌐 The cards are accepted in over 130 currencies and can be used in more than 180 countries.
• 💻 The cards automatically convert currencies in real-time without any additional setup required by the user.
• 💼 Account opening charges for these cards are zero, and there are no maintenance charges even with zero balance.

Q & A

What is the main topic of the video?

The main topic of the video is about the best forex cards for international travel, specifically for students going abroad for their studies.

What is the benefit of using the mentioned forex cards for international transactions?

The benefit of using the mentioned forex cards is that they come with zero forex markup fees, which means no additional charges for currency conversion during international transactions.

What is the potential charge for using normal debit and credit cards for international transactions?

Using normal debit and credit cards for international transactions could result in a forex markup fee of up to 3.5%, plus a GST of 18%, which can be quite expensive.

What are the two types of cards recommended for students going abroad?

The video recommends students to have at least two types of forex cards: one primary card for regular transactions and a secondary card as a backup in case the primary card does not work in a particular region.

What are the three types of cards offered by You Global?

You Global offers three types of cards: a debit card from DCB Bank, a secured credit card from SBM Bank, and a debit card from SBM Bank.

What is the requirement to get the debit cards from You Global?

To get the debit cards from You Global, one only needs to open a zero balance account, whereas for the credit card, a minimum deposit of ₹5000 is required.

What is the advantage of having the SBM Bank debit card from You Global?

The advantage of the SBM Bank debit card is that it offers a 7.25% annual interest rate on the balance maintained in the account.

What is the benefit of using the credit card from You Global for international transactions?

The credit card from You Global offers the benefit of unlimited international spends without any forex charges, making it an ideal secondary card for travel.

What is the airport lounge access benefit offered by the DCB Bank debit card and SBM Bank debit card?

The DCB Bank debit card and SBM Bank debit card offer the benefit of airport lounge access, but it requires a minimum quarterly international spend of ₹5000000 to be eligible.

What is the TDS (Tax Deducted at Source) implication for the DCB Bank debit card and SBM Bank debit card?

For the DCB Bank debit card and SBM Bank debit card, if an annual international spend of ₹1,00,000 is made, TDS is applicable at 10%. However, if the spend exceeds ₹7,00,000, then TDS at 20% is applicable, which can be claimed during ITR filing.

What is the delivery time for the You Global cards once the application is successful?

The You Global cards are delivered to your home within three to five working days using private courier services, ensuring fast delivery.

What is the BookMyForex card and its benefits?

The BookMyForex card is a multi-currency forex card that offers zero forex markup fees on international spends, making it suitable for students going abroad. It also provides benefits like zero loading and unloading fees and cash withdrawal fees at international ATMs.

What is the IDBI Federal credit card and its advantages?

The IDBI Federal credit card is a lifetime free card that offers zero forex markup fees on international spends. It requires a minimum deposit of ₹5000 to get the card, and the deposit amount will determine the credit limit. It also offers 7.5% annual interest on the deposit amount.

What is the recommendation for students going abroad regarding forex cards?

The recommendation for students going abroad is to get at least two forex cards, with the primary suggestion being the DCB Bank card from You Global due to its hassle-free usage and zero extra charges.