Best Forex Cards for Students: Zero Markup Fees!

Bank Expert

28 Jul 202413:20

Summary

TLDRThis 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.

Outlines

00:00

💳 Best Forex Cards for Students Going Abroad

The speaker introduces the best forex cards for students traveling abroad, emphasizing zero forex markup fees. They explain that using these cards for international transactions will avoid forex charges, unlike normal debit and credit cards which could incur up to 3.5% forex markup fees, plus GST. The speaker, Shubham from the Bank Expert channel, advises students to get at least two forex cards: one for primary use and another as a backup. The first card mentioned is the Yono Global card by SBI, which offers three types of cards: a debit card and two credit cards from SBI and ABM banks. These cards come with zero forex markup fees and are beneficial for international transactions. Additional benefits include airport lounge access upon meeting certain spending thresholds, but these require maintaining a minimum balance in the account.

05:07

🌐 Benefits and Usage of Yono Global Cards

The Yono Global cards by SBI offer benefits such as no annual fees, no foreign transaction fees, and the ability to earn reward points. The cards can be used in over 130 currencies and 180 countries. The speaker explains the convenience of these cards for international travel, including automatic currency conversion at real-time rates without additional setup. The cards also offer interest rates on the zero balance account, ranging from 4% to 7.25% per annum. The application process for these cards is straightforward and can be done online with minimal documentation.

10:08

💵 Alternative Forex Cards and Their Features

The speaker discusses alternative forex cards such as the Yes Global credit card, which offers benefits like zero forex markup fees on international spends and complimentary airport lounge access. Another card mentioned is the Multi-Currency Forex card, which allows zero cross-currency markup fees when spending in different currencies. The card also provides complimentary airport lounge access and a one-time insurance fee. The speaker advises on how to avoid charges on cash withdrawals from international ATMs and suggests loading the card with the local currency to save on fees.

🏦 BookMyForex Card and Its Advantages

The BookMyForex card is highlighted as a lifetime free multi-currency card that allows loading in 14 different currencies without incurring forex charges on international spends. The card offers zero loading and unloading fees, making it cost-effective for international transactions. The speaker provides tips on how to avoid fees on international ATM withdrawals and balance checks, emphasizing the card's benefits as a secondary option for travel.

📈 IDFC Credit Card and Its Perks

The IDFC credit card is presented as a lifetime free card with no annual or joining fees. It offers zero forex charges on international spends and a minimum Rs. 5000 FD requirement to obtain the card. The card provides a 100% limit on the FD amount and a 7.5% annual interest on the FD amount. The speaker recommends the IDFC card as a secondary card for emergency situations while traveling, as it does not charge forex fees.

Mindmap

Keywords

💡Zero Forex Markup Fee

A 'Zero Forex Markup Fee' refers to a feature offered by certain credit cards where no additional charges are applied to currency conversion during international transactions. In the context of the video, the presenter discusses various credit cards that offer this benefit, which is crucial for individuals planning to study abroad as it helps in saving money on international transactions.

💡International Transaction

An 'International Transaction' is a financial transaction that involves parties from different countries. The video emphasizes the importance of using cards with no Forex markup fee for such transactions to avoid additional charges. The script provides examples of using these cards for international studies, suggesting that viewers should consider these cards for their foreign education expenses.

💡Yo Global Cards

Yo Global Cards are a specific set of credit cards mentioned in the script that offer zero Forex markup fees and other benefits for international use. The video highlights these cards as a top recommendation for students going abroad, emphasizing their benefits such as no annual fees and complimentary airport lounge access under certain conditions.

💡Zero Balance Account

A 'Zero Balance Account' is a type of bank account that does not require the account holder to maintain a minimum balance. The video script mentions that these cards can be linked to a zero balance account, making them an attractive option for students who may not have a substantial balance to maintain but need the benefits of a credit card for their studies abroad.

💡GST

GST stands for Goods and Services Tax, a type of indirect tax that is applied in many countries, including India. In the script, GST is mentioned in the context of additional charges that can apply to international transactions if a card charges a Forex markup fee. The presenter advises viewers to be aware of these charges to avoid unexpected costs.

💡Credit Card

A 'Credit Card' is a payment card issued by a financial institution that allows cardholders to borrow funds and pay them back later, usually with interest. The video discusses various credit cards that are beneficial for students studying abroad, emphasizing the importance of choosing a card with no Forex fees and other travel-related benefits.

💡Debit Card

A 'Debit Card' is a payment card that links directly to the user's bank account, allowing them to make payments immediately from their account balance. The script mentions that certain debit cards offer zero Forex fees, which can be advantageous for students making purchases in foreign currencies without incurring additional charges.

💡Complementary Airport Lounge Access

Complementary Airport Lounge Access is a benefit offered by some credit cards, allowing cardholders to use airport lounges for free. The video script mentions this benefit in relation to Yo Global Cards, suggesting that students traveling abroad can enjoy this perk, enhancing their travel experience and potentially providing a comfortable space to rest or work while waiting for flights.

💡Annual Fee

The 'Annual Fee' is a yearly charge that credit card issuers require cardholders to pay to maintain the card. The script discusses how some of the recommended cards have no annual fees, which is beneficial for students as it reduces the overall cost of card usage and avoids additional financial burdens.

💡Multi-Currency Forex Card

A 'Multi-Currency Forex Card' is a type of prepaid card that allows users to load multiple currencies and use them for international transactions without incurring Forex markup fees. The video script describes how these cards can be used for loading various currencies like USD, Euros, or GBP and then used for spending in the respective countries, helping students manage their foreign exchange needs efficiently.

💡Book My Forex Card

Book My Forex Card is a specific service mentioned in the script that allows users to order a Forex card online. The presenter suggests this as an option for those who may not have time to get a Forex card before traveling abroad for studies, emphasizing the convenience of online services for obtaining such cards.

Highlights

Introduction to the best forex cards for international travel.

Zero forex markup fee cards can save on international transactions.

Normal debit and credit cards may charge up to 3.5% forex markup fee.

GST charges can significantly increase costs on international transactions.

Advantages of the cards mentioned include no forex charges and other benefits.

The presenter's name is Shubham, and the channel is Bank Expert.

Advice for students to have at least two forex cards for primary and backup purposes.

Yo Global cards offer zero forex markup fee and other benefits.

Requirements for obtaining the Yo Global cards include a zero balance account.

Yo Global cards offer airport lounge access benefits.

Minimum spending criteria for airport lounge access benefits.

Zero balance account benefits include no annual or maintenance fees.

Interest rates on zero balance accounts for the mentioned cards.

Yo Global cards can be used in over 130 currencies and 180+ countries.

Automatic currency conversion feature of Yo Global cards.

No account opening charges for the Yo Global cards.

Yo Global cards are delivered within three to five working days.

Documents required to open an account with Yo Global.

Promotional offer for new account holders with a coupon code.

Contacting the Yo Global team for account opening issues.

Ayur Card offers zero forex markup fee benefit.

Multi-currency forex card usage with zero cross-currency markup fees.

BookMyForex card offers zero forex markup fee on international spends.

BookMyForex card is a multi-currency card that can load 14+ currencies.

Tricks to avoid charges on BookMyForex card for cross-currency transactions.

IDFC Credit Card offers zero forex markup fee and other benefits.

IDFC Credit Card can be considered as a secondary card for emergency use.

Top five forex cards recommended for international travel.

Personal recommendation to take the Yo DCB Bank card for hassle-free international travel.