Best Forex Card in Bali Indonesia 🇮🇩 | Niyo, Scapia or BookmyForex | Card Vs Cash | Live Transaction
Introduction to Travel Cards
Overview of the Video Series
- The speaker introduces the video as part of a Forex series, focusing on travel cards and international debit/credit cards.
- Previous video discussed methods for obtaining Indonesian Rupiah from India; viewers are encouraged to watch it for best practices.
Importance of Travel Cards
- Travel cards are essential for local expenditures, especially in Bali, where they can be used even before arrival.
- Major banks offer international debit and credit cards; however, lesser-known options like Yo Global and Spia are also highlighted.
Understanding Transaction Charges
Breakdown of Payment Process
- The speaker explains how to analyze transaction charges by using an example payment of 500,000 IDR.
- Emphasizes the difference in writing numbers (using decimal points instead of commas), which is crucial for avoiding mistakes.
Exchange Rates and Fees
- Current market exchange rates can be checked on xe.com; actual bank rates may differ slightly due to markup fees.
- Visa and MasterCard have different exchange rates that closely align with market rates but include additional fees such as GST.
Benefits of Specific Travel Cards
Advantages Over Traditional Cards
- Yo Global card does not incur markup or GST fees, making it more beneficial than standard Visa or MasterCard options.
- To obtain a Yo Global debit card, users must download an app and open a savings account with DCB Bank.
Practical Usage Insights
- Users can top up their travel card via debit transactions; the app provides real-time currency conversion based on current exchange rates.
Live Transaction Demonstration
Real-Time Example
- A live transaction is conducted using the Yo card at a restaurant in Bali, showcasing its practical application in real-world scenarios.
Importance of Having a Travel Card
Understanding Bank Fees and Currency Exchange with New Cards
Importance of Using New Cards for Transactions
- When using any bank, there are mandatory mark fees and GST applicable. However, with a new card, the exact value displayed (e.g., in INR or Euros) will be deducted without additional charges.
- For booking trips abroad, it is advisable to use cards from specific banks like Yo or Spia to avoid extra fees associated with currency exchange rates when using other banks.
Issues Encountered with Transactions
- The speaker experienced a transaction issue while using the new card, which will be discussed in an upcoming video about "Visa on Arrival." This incident nearly resulted in a scam during payment processing.
- Details regarding the failed payment attempt will be shared in the next video; viewers are encouraged to watch it for important insights.
Overall Experience with Yo Card
- Despite the previous transaction issue, the speaker expresses satisfaction with using the Yo card. They highlight its user-friendly application that allows easy tracking of transactions across different currencies.