Team-BHP (https://www.team-bhp.com/forum/)

-   Shifting gears (https://www.team-bhp.com/forum/shifting-gears/)

-   -   Pathetic experience with BookMyForex.com (https://www.team-bhp.com/forum/shifting-gears/265256-pathetic-experience-bookmyforex-com-3.html)

I am using their services for my and family personnel visits abroad since 2018. Initially their response time for completing loading etc were less than 24 hours, but in my last trip, they took nearly 55 hours to load the currency. Also multiple times i have reloaded the card during the travel and it is done within 48 hours.

So plan well in advance atleast one week before your travel date in case if you want to go with Book my forex services.

The Niyo website is pretty confusing. The home page talks about the benefits of the Niyo Global card, but their blog entry (dated March 17, 2023) states "As per the RBI guidelines related to our partner bank SBM, your Global Debit card can no longer be used for international transactions till further notice. We sincerely regret the inconvenience." I'm just back from an (personal) international trip, and such ambiguity, and the various complaints by their anguished customers serviced by SBM, led me to not apply for Niyo.

I have only two credit cards, the ICICI Amazon pay and SBI Cashback. Both have a mark-up free of 3.5%+ GST for foreign currency transactions. I used them for car rentals since the names on the cards have to match that of the driving license and I could not use nameless prepaid forex cards (and did not want to wait around for the bank to send me named forex cards). These rentals also block some amount on the card during the initial transaction, which isn't allowed for prepaid forex cards. I did use the SBI card for online ticketing to attractions and reloading of travel cards since the 5% cashback more than covers the mark-up.

For all other "real-time" transactions (food, shopping etc.), I used prepaid forex cards from HDFC and Thomas Cook. I used two vendors to overcome any limitations of one or the other, which did happen. The reload of the HDFC forex card, through their forex card page, only occurred for small values (~AUD100), and failed for larger ones without reason though I used my HDFC SB account for these transactions. Reloads via the HDFC SB page did work for higher amounts, but not always (one such attempt was later cancelled and the money refunded) and would take 48 hours to show up. Thomas Cook informed us about a 2-hour downtime with less than 24-hours notice.

I also took some forex currency to be used as a last resort.

I applied for the HDFC forex card online, picked up the card at a local branch the following day and was activated within 24 hours. I applied for the Thomas Cook card through a local forex agent that I have been using for years, also activated within 24 hours. His forex charges are similar to those of banks, delivers the forex cards and cash home the same day with no service fees, processes reload requests within 4 hours and is available for any queries via. his personal number.

I preferred using forex cards since any fraudulent use would only be to the extent of the current charge on the card, rather than up to the credit limit of credit cards, and such cards are made for overseas use (I had to unblock my ICICI card after it was blocked when used for the first time overseas, despite explicitly allowing international POS transactions on it). I dislike having too many credit cards, but if their benefits are good (cashback, low mark-up, points/miles earned), I might apply for them the next time around but would still carry some forex cash and prepaid cards just in case.

Yeah this is a relatively recent development, and the alternative is their FD backed credit card which can be opened using the app.

IDFC also has a similar FD backed credit card with zero forex fee - https://www.idfcfirstbank.com/credit-card/wow

Fair point, however most banks now allow you to modify the category wise (PoS, Online, ATM, domestic, international etc) spend thresholds dynamically, so even if your limit is high, during the travel period you can set a lower limit as per your requirements.

Yes, if the international transaction falls outside your usual spend pattern, then this is an issue for the first time transaction. However banks allow you to pre-notify your travel details so that they are aware. I have seen the option to do that for HDFC, SBI and few other banks.

Personally, I just find it good to have a long term / permanent solution to international forex needs than getting foreign currency or prepaid cards for each trip. Another aspect is, if you are visiting multiple countries with different currencies, then you might need to get a multi currency forex card or multiple cards, else cross currency forex transactions will also have a markup.

Yes, there are pros and cons for each, and one needs to weigh in and make an informed decision depending on one's comfort level and benefit vs risk of each method.

I did not like their lack of transparency on the website and was thus not confident enough to trust them on their FD backed credit card.

I think these limits only apply on a per-transaction granularity (at least for ICICI) and not for the overall credit limit.

I used to do this with Citibank earlier, but that was before we had the modern online toggles to enable international POS transactions. I did not face similar issues with the SBI card, however.

I agree that having a permanent solution is elegant and credit card(s) might be that one. But, I don't want to depend on one source of forex (it's unlikely I will have multiple credit cards with forex in mind), so will anyway go to forex cards. Most of them support multiple currencies these days. I just hope they fix the reload issues, so I could incrementally do so myself rather than call my agent.

On the recent international trip, I spent less than Rs. 2 lakhs on forex (cash + forex cards). Assuming I took a 2% hit due to me not using a reasonable credit card for the same, I lost out on Rs. 4000, or less than 0.5% of the cost of the trip. I would have to weigh the pros of getting a card against this.

I am travelling to Japan later this month and I have been researching whats the best way to convert INR to JPY. This thread has helped me to come up with following conclusion.

1. I am going to use my credit card (HDFC Infinia enrolled in global value program) wherever possible. This will give me an effective cashback of 1.6% after all fees considered. Also exchange rate is best (visa-network rate).

2. If I need cash, I am going to use my newly acquired NIYO SBM Credit Card. Here are some benefits.

• The Niyo SBM card was opened with an FD of 5000 INR. Meaning only 5000 INR is tied up with the bank.
• I can keep making advance payments (say 45000 INR) anytime (they call this top-up), and then use the full 50000 INR amount (5000 CL + 45000 advance payment) instantly.
• Instead of using it as a credit card, I can use it to withdraw cash without any Niyo markup. Also exchange rate is best (visa-network rate).
• Further Niyo is giving interest-free ATM withdrawals till statement due date. I have not seen any other Indian credit card advertise this. Most cards start interest calculation on cash-advance from the same day, and interest rate charged is very high.

I just realized that IDFC First offers same features (zero FX markup, zero interest on ATM withdrawals) on all of its credit cards! It definitely makes sense to have an IDFC card in the portfolio for frequent overseas traveller.

Japanese ATM machines charge Yen 220 per transaction above yen 10,000. In many cases, the cards don't read foreign credit cards (due to chip / pin issues).

ATMs at 7-11 or other convenience stores and Japan Post are the safest bets, but the machines are finicky and sometimes don't work well.

Best is to just convert INR to JPY locally. 2nd best is to try Mizuho bank currency exchange section at all the major international airports.

Not all IDFC First credit cards. At least First Select card has forex markup charges of 1.99% + GST.

https://www.idfcfirstbank.com/credit-card/select

IDFC First Wow has no forex markup charges, not sure about other.

https://www.idfcfirstbank.com/credit-card/wow

Contrary to the overall thread, I have had decent experience with BookMyForex over the years [Not related to them in any way]. I have used them since around 2016, I think.

I recall them screwing up loading USD in April 2017 when I was in NY. But I spoke to them and asked them to move the card to my wife's name who was traveling with me. It took two days but it was done over calls and sending the photocopies of her IDs over emails. Having that said, I would be a bit wary of handling IDs and complete and validate the card a bit in advance. They have made it convenient now with their app.

I just travelled to South Africa for a couple of weeks and spent a bit of forex using different methods. I am starting to appreciate the convenience of credit cards for short trips now. No interacting with forex vendors or going anywhere [Hate small talk and speaking with people, in general].

Here is a summary of the amounts that I spent with the effective conversion rate after considering the Forex Charge, GST and any other fixed/variable charges. I spent a bit more on the HDFC as the conversion charge was 2% as against 3.5% for the AMEX, I think. Also, these charges are over a period of a month. Some for booking hotels and some on the spot for activities. Cash was withdrawn in South Africa using my HDFC debit card but even there different banks had different fixed costs which were displayed right on the screen once you insert the card.

Final Update:

So I was able to use the forex card in multiple countries in Europe and Switzerland for Euros and Francs without a glitch. But do remember, if anything goes wrong you only have support during India day time on weekdays from Bookmyforex and Yesbank.

Once back in India, I used the bookMyForex app to unload the forex in my card. The money was deducted from the card on the 3rd of request and on 7th day I got the credit to my account (via a razor pay) transaction. An online invoice was also sent to my email id promptly. This went without a hitch.

In summary - Bookmyforex provided the best forex rates for me. I am not comparing against using credit card. But make sure you have atleast 10 days to get the card (received, loaded and activated) and currency. Do not go for Bookmyforex as a last minute activity before your trip.

Also - if any issues during the trip, it will be tough to reach out to customer care.

What does not work -

1. The chatbot on bookmyforex. No response ever.
2. Customer care number - Atleast 20 minutes+ wait time for every call.

How to resolve issues if faced -

1. My suggestion is to call Yes bank number on the card directly, instead of BookMyForex. The support hours are similar. But the resolution is more direct. You basically bye-pass BookMyForex and make things faster.

One question, I had a company issued Forex card from Axis Bank. I ended up doing some transaction on my personal credit card. So at the end of the trip, I had some balance left on my card. As I was regular traveler, I kept the amount as it, thinking I will use for next trip. This next trip never happened. And then came lockdown. In short, I have Axis card that has some balance but it is long expired.

I visited their branch, they said call phonebanking. When called phone banking , they said visit branch. Anyone has similar experience? or know solution?

I have used the services of BookMyForex before with zero hassles, but this is the first time opting for a forex card. Boy, do I wish I saw this thread sooner!

It's been two days now since the forex card was received and I am still waiting to get the same activated. On paper, they say it will be activated automatically in 24hrs but apparently that is not the case. I can also attest to the fact that their customer care line comes with really long wait times - I tried reaching them multiple times but had to end the call eventually.

Calling the Yes Bank number on the card only helped marginally - the person at the other end of the line said they havent received the documentation for activation and that they will send an email to BookMyForex to expedite the same. Alas, today, Sunday, is not a working day for them.

What really irks me is that I am left with less than 24hrs before my scheduled departure and the money is now tied up in this mess. I just hope someone at BookMyForex fast tracks the activation process tomorrow and I can link the card to my account before I leave the country. Left them a tweet on X and emails to 'care@bookmyforex.com', 'bookmyforexcard@yesbank.in' and 'bmfyblcard@bookmyforex.com'.

*** UPDATE ***

I made another call to the Yes Bank number on the forex card. They told me that the activation is pending due to lack of air ticket, which is unbelievable as all documents were uploaded to BookMyForex and I'd verified the same after upload. Sheesh, I wonder what the BookMyForex guys were waiting for, there was absolutely no communication regarding the same.

Anyway, I'd received a response to my tweet as well, so I informed BookMyForex about this disappointing turn of events and that I was going to email them a copy of the air ticket and would they please expedite activation of the card?

I'm now told the activation and load of funds should be completed within 2-3hrs, so we'll have to wait and see. I'm scheduled to depart tonight at 10pm so hopefully everything works out well.

Don't put any money or effort on these people. They are either fake or inefficient. You are wasting your time! It took good effort for me to get my refund

It took about an hour from the time they reached out, before receiving an email stating the card was activated. I was also able to successfully link it to my account.

All's well that ends well.