BookMyForex YES Bank Forex Card – Benefits, Fees & Eligibility

Introduction

The BookMyForex YES Bank Forex Card, issued in partnership between YES Bank and BookMyForex, is a popular prepaid financial tool designed for international travelers. It aims to provide a cost-effective solution for spending in foreign currencies by offering exact interbank rates with zero added margin on loaded currencies. Key differentiating benefits include no issuance, reloading, or unloading fees, support for 14 major currencies, comprehensive card management via the BookMyForex app, and an insurance cover against lost or stolen cards. This card is particularly suited for individuals seeking a basic forex card with minimal charges for their international travels.

Welcome Perks & Issuance Benefits

• The card is Lifetime Free, with no joining or annual fees.
• Cardholders receive a discount of Rs. 200 on their first transaction through the BookMyForex website.
• This welcome offer is valid on a minimum order size of Rs. 50,000 and requires the promo code ‘NEWTOBMF’.

Supported Currencies & Wallet Features

• The card supports a total of 14 major currencies.
• Supported currencies include USD, GBP, EUR, CAD, SEK, SGD, AUD, JPY, CHF, AED, HKD, SAR, THB, NZD, and ZAR.
• It offers exact interbank rates with zero added margin for loaded currencies, implying a rate lock-in feature to avoid rate fluctuations.
• Cardholders can easily switch from one currency to another with a single tap via the BookMyForex app.

Fees and Charges

• Issuance Fee: Zero (Lifetime Free, No joining fee).
• Reloading Fee: Zero.
• Unloading/Refund Fee: Zero.
• Inactivity Fee: Zero.
• Foreign Currency Markup:
  • The card is advertised with zero forex markup for transactions in loaded currencies, offering exact interbank rates with no added margin.
  • However, a cross-currency markup of 3.5% plus GST is applicable for POS transactions at merchants if you transact in a currency that is not loaded on the card, even if other currencies are loaded.
• International ATM Withdrawal Fees: 2% of the transaction amount.
• Cash Advance Charges: 2% of the transaction amount.
• Rewards Redemption Fee: Nil.
• Interest Rates: Nil.

Travel Features & Insurance

• Insurance Benefits:
  • Complimentary lost card liability cover worth up to Rs. 1.5 lakhs, protecting against fraudulent transactions if reported timely.
• Travel Benefits:
  • Get a Free International SIM card.
  • Avail a 10% discount on travel package bookings through TCI, applicable on transactions worth Rs. 30,000 or more for domestic and international travel.
  • Exclusive discounts on Avis chauffeur drive bookings in India using coupon code BMFC35.
  • Receive a 10% discount on renting travel-related products (e.g., GoPros, Cameras) on Bragpacker.com.
  • Book accommodation from AmberStudent and get a £20 discount along with 24/7 free assistance.

How to Manage the Card

• The card can be fully managed via the BookMyForex app, which provides 24/7 services.
• Fund Loading: Instant reloading can be done via UPI or internet banking.
• Wallet Management: Cardholders can switch from one currency to another easily with a single tap.
• Transaction Control: Manage transactions by enabling or disabling ATM/e-commerce transactions as per requirements.
• Virtual Card: Create disposable virtual forex cards for online transactions or manage online transactions using the in-app virtual card without carrying the physical card.
• Refunds: Get instant refunds in the form of Indian Rupees.
• Other App Features: PIN generation, balance enquiry, monitor spendings, get real-time spend notifications, filter and search transactions, add notes and attach receipts to transactions, and find nearby ATMs.

Forex Card Review

The BookMyForex YES Bank Forex Card is considered a great option for international travelers seeking a basic forex card with minimal charges. It stands out for its zero issuance, reloading, and unloading fees, and the claim of zero forex markup on loaded currencies, making international transactions convenient. The card supports 14 major currencies and offers comprehensive management through its dedicated app. Additionally, it provides exciting discounts across various categories and a lost card liability cover.

Who should apply: Any Indian citizen travelling abroad who complies with the Liberalised Remittance Scheme (LRS) limit of 250,000 USD in a financial year.

Pros:

• Lifetime free with no joining or annual fees.
• Zero loading, reloading, and unloading charges.
• Zero forex markup fee for transactions in loaded currencies.
• Supports 14 major currencies, allowing for diverse travel.
• Comprehensive 24/7 card management via the BookMyForex app.
• Lost card liability cover worth Rs. 1.5 lakhs.
• Offers various discounts and deals on dining, lifestyle, and travel.
• Same-day doorstep delivery available for applications made before 1 PM.

Cons:

• A significant cross-currency markup of 3.5% plus GST applies if transacting in a currency not loaded on the card.
• A 2% fee is charged for international ATM withdrawals.
• Some users have reported issues with OTP delivery for app/website registration and login, and slow customer support.

Important Product Details

• Lifetime free Forex card with no joining or annual fees.
• No loading, reloading, or unloading charges.
• Paperless 24/7 services available through the BookMyForex app.
• Lost card liability cover worth Rs. 1.5 lakhs.
• Advertised with zero forex markup fee for transactions in loaded currencies.
• Offers exciting discounts and deals across different categories, including dining, health, and lifestyle.
• Cash withdrawal fee is 2% of the transaction amount.
• Supports 14 major currencies.

Important Guidelines (TCS & LRS)

• Applicants must comply with the Liberalised Remittance Scheme (LRS) limit of 250,000 USD in a financial year for foreign exchange remittances.

Other Details

• Eligibility Criteria: Any Indian citizen travelling abroad can apply, provided they comply with the LRS limit.
• Documents Required: PAN Card details, Passport, Visa, and Confirmed air ticket.
• Application Process: Apply online via the BookMyForex official website. The card can be delivered within 5-6 hours if approved, with same-day delivery for applications before 1 PM and next business day delivery for applications after 1 PM.
• The card offers a discount of Rs. 200 on making a transaction worth Rs. 1,000 or more on EazyDiner.
• Forex Cards are prepaid cards that require funds to be loaded before use.