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Bookmyforex Forex Card
December 6, 2023 Forex Card
9 minutes, 34 seconds Read

BookMyForex Forex Card vs Scapia Credit Card – What’s the Best Option for International Travel?

Bookmyforex Forex Card


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Summary: BookMyForex offers the best rates on their Forex card, which comes with numerous exclusive features and benefits. In comparison to the Scapia Credit Card, the BookMyForex Card stands out as superior in every aspect. To delve deeper into this comparison, continue reading.

Traveling abroad can be an exciting and rewarding experience, but it’s a journey that also comes with its fair share of financial decisions. One of the primary questions that often arises is whether to use a Forex card or a Credit card and which option is the best when it comes to convenience and cost-effectiveness. While both Forex card and Credit card have their merits, it is essential to weigh the pros and cons before making a decision. 

In light of these considerations, we’re taking a closer look at the very popular BookMyForex card and the recently launched Scapia credit card. This blog aims to compare both cards and share the necessary insights with users for making an informed decision.

BookMyForex Forex Card vs Scapia Credit Card – A Quick Verdict

When it comes to choosing between the BookMyForex Forex card and the Scapia credit card, the former takes the lead for various reasons. The BookMyForex pre-loaded Forex card allows seamless payments in the local currency, and offers special zero markup interbank-linked rates. With exclusive features and benefits, including zero issuance/annual/reload/unload fees and Free Int’l SIM, the BookMyForex card outshines the Scapia credit card in every aspect. For a more detailed take on this, read further.

Overview of BookMyForex Forex Card and its Key Features

When it comes to seamless transactions overseas, the BookMyForex card stands out as a superior choice. The prepaid cards allow users to load actual foreign currency at a locked-in rate, offering a distinct advantage over traditional credit cards. 

What sets the BookMyForex card apart is its unique proposition – loading foreign currency at interbank rates, the live and transparent exchange rates. The conversion of INR into foreign currency happens at zero markups over the base interbank rates, allowing users to make the most of their money.

Users can load multiple currencies onto the card simultaneously, providing flexibility for travel across various destinations. Once loaded, the card can be used for payments or cash withdrawals in the local currency of the destination country. Overall, the card is a smart choice for those who seek transparency, security, and optimal value during their international journeys. Here’s why the BookMyForex card is your ultimate travel companion:

  • Available at exact interbank rates with zero markups 
  • Can be loaded with 14 different currencies
  • Zero rate fluctuations once the card is loaded, unlike a credit card
  • Free International SIM for Unlimited Incoming calls & WhatsApp chats with the card
  • Simple and easy online booking process for the card
  • Same-day doorstep delivery of the card
  • Zero issuance, reload, unloading, or annual charges
  • Card is Chip & PIN secured and comes with free insurance cover
  • Instant reloads & hassle-free unloads
  • Easy spend management via the BookMyForex app

Overview of Scapia Credit Card and its Key Features

The Scapia Credit Card is a co-branded travel credit card resulting from a collaborative effort between the Federal Bank and the fintech firm Scapia. The card boasts zero forex markup on international payments and provides unlimited lounge access within India on a minimum spend of Rs. 5,000 each month. 

However, the Scapia credit card, issued by Federal Bank, is subject to a peculiar policy. For instance, if you currently hold any other credit card from Federal Bank, including those from fintech partners like Fi or OneCard, or if you have an existing loan with the bank, your application for the Scapia credit card will not be approved. 

Recently, the fintech startup also received backlash for abruptly reducing credit limits. Several customers claim that their credit limit was significantly reduced, making their Scapia credit cards useless. Allegedly, it has been reported that Scapia received instructions from Federal Bank to lower the credit card limit or even disable the cards of some users who have not been actively transacting.

Some customers’ limits were reduced from a whopping ₹8 lakh to just ₹20,000 and there was no in-app notification or any other sort of notification regarding this decision. Consider a situation in which a person is already traveling and is dependent on this credit card. What will that individual do in a foreign country? The move is considered irresponsible by many customers.

Now with each card swipe, consumers are likely to earn Scapia Coins; however, these coins can only be redeemed on the Scapia app. Note that many credit cards offer more flexibility than Scapia and provide options to transfer reward points to partner programs or opt for cashback, in addition to redeeming on their own platform. There is no reward redemption or convenience fee at the moment, however, it’s worth mentioning that such fees could be introduced in the future. Let’s take a look at the key features of the Scapia credit card and determine if it truly offers value:

  • No Forex markup fees on international spends 
  • Zero joining and renewal charges 
  • Domestic lounge access by spending Rs. 5,000 each month
  • Substantial rewards in the form of Scapia Coins
  • Digital onboarding process, but card issuance is subject to approval
  • Expect to receive the physical card within 2-5 days
  • Easy spend management via the Scapia app
  • Instant in-app repayment option
  • No joining or recurring benefits are available

BookMyForex Forex Card vs. Scapia Credit Card: A Comparative Analysis

Now, let’s delve into a comprehensive comparison between the BookMyForex Forex card and the Scapia credit card to understand why the BookMyForex Forex card emerges as the superior choice for international travel!

Card Issuance & Delivery

BookMyForex offers a 24*7 online booking process for their Multi-Currency Forex Card, ensuring quick and efficient issuance. Only a few relevant documents are needed while booking the order, such as a passport, airline tickets, etc.  The card is delivered on the same day, providing convenience to users. 

Obtaining a Scapia Credit Card involves a lengthier process, with delivery taking up to 5 days. The issuance of the Scapia Credit Card is dependent on your Federal Bank’s peculiar policy, your credit score, current employment, and income, making the application process more tedious compared to the simplicity offered by BookMyForex.

Markup Fee

BookMyForex’s Multi-Currency Forex Card is best in terms of markup fees, as it is linked to live and transparent interbank rates with zero markup. Scapia Credit Card also boasts zero markup, however, note that even with a credit card claiming zero markup, it’s crucial to understand that this zero markup applies to rates provided by the network, not the interbank rate. Network rates often carry up to a 1% premium compared to the interbank rate.

Exchange Rate Stability

BookMyForex’s Forex Card offers protection against rate volatility, shielding users from any rate fluctuations. Once you load money onto a Forex card, the rate gets locked in. This means that you are certain about the conversion rate you are paying with the card. Credit cards like Scapia when used abroad lack protection against currency volatility. The INR exchange rate keeps fluctuating against foreign currencies and since the conversion occurs at rates prevailing at the transaction time, it potentially results in unforeseen costs for users.

Fees & Charges

BookMyForex stands out with its Multi-Currency Forex Card, as it incurs zero issuance, reload, annual, and inactivity fees, along with minimal ATM withdrawal charges and replacement fees. While the Scapia Credit Card offers zero joining and renewal fees, it’s important to note that other charges may apply, such as cash advance fees, late payment charges, and interest charged on unpaid balances, thereby contributing to the overall cost of card ownership.

Fees & Charges

BookMyForex Card

Scapia Credit Card
Issuance Fees00
Annual Fee/Inactivity/Renewal Fee

Reissue of Lost, Stolen, or Damaged CardINR 250INR 200
International ATM Cash Withdrawal Fee


2.5% of the amount withdrawn or Rs. 500, whichever is higher
Interest Rates for Cash Withdrawal

No interest as it's a prepaid card41.88% (3.49% per month)
Late Payment Charges 0Up to Rs 1000
Over-limit Charges02.5% of the amount

Cash Withdrawal Limit

BookMyForex’s Multi-Currency Forex Card has an ATM withdrawal limit of $1000 or equivalent, setting a transparent limit for cash withdrawals. In comparison, Scapia Credit Card users have a cash withdrawal limit of up to 10% of the card limit. In terms of the withdrawal limit, neither option holds a specific advantage over the other. You can check the Withdrawal/Daily spends limits for both cards below:

Withdrawal LimitBookMyForex Forex CardScapia Credit Card
ATM cash withdrawal$ 1000 (equivalent)10% of the card limit
POS Transactions$ 7500 (equivalent)10% of the card limit
Contactless payments$ 40 (equivalent)10% of the card limit
Online Transactions$ 7500 (equivalent)10% of the card limit

Replacement in case of Loss of Card

BookMyForex offers the convenience of an add-on card for travelers, acting as a backup in case of loss of the primary Forex card. Replacement abroad is also possible within 3 days. In contrast, Scapia Credit Card lacks an easy replacement facility, potentially causing inconvenience to users in case of card loss. Replacement cards shall be issued at the discretion of the bank upon submission of an application and payment of a fee. Also, no add-on credit card is available for this card.

Interest Rates Applicability 

BookMyForex’s Multi-Currency Forex Card operates on a prepaid model, ensuring no interest charges. In contrast, Scapia Credit Card users may face interest charges on unpaid balances, ranging up to 3-4%, contributing to the overall cost of card usage. Hence, the BookMyForex card is evidently a better product in this regard.

Loyalty Points and Other Rewards

BookMyForex provides additional rewards such as a Free International SIM card and other amazing offers on dining/accommodation/travel. Scapia Credit Card, like many other credit cards, typically offers rewards and loyalty points, providing users with Scapia coins for card usage. Users can earn 10% Scapia coins on eligible online and offline spending. Additionally, by spending Rs. 5,000 monthly, cardholders gain unlimited access to domestic lounges.

Insurance Coverage

BookMyForex’s Multi-Currency Forex Card goes the extra mile by providing insurance coverage of up to 1.5 lakhs, offering users protection against lost card liability, skimming, phishing, counterfeiting, and internet banking fraud during their travels. In contrast, there is no information available on whether the Scapia credit card offers any insurance coverage along with the card.

Manage Card Security & Expenses via App

The BookMyForex App offers advanced security measures by allowing users to track expenses, reset ATM PINs, lock/unlock cards, and disable ATM/e-commerce/in-store transactions. The Scapia App also allows users to set transaction limits and manage permissions, hence providing robust control and security features. Both apps provide transaction notifications, ensuring easy expense tracking and offering complete control over each transaction and overall spending.

Parameters BookMyForex Forex Card
Scapia Credit Card
Card Issuance & Delivery EaseYesNo
Zero Markup FeeYesYes
Exchange Rate StabilityYesNo
Lower Fees and ChargesYesNo
Better Withdrawal LimitYesYes
Easy Replacement in Case of Loss of CardYesNo
Zero Interest Rates Applicability YesNo
Amazing Rewards & OffersYesYes
Insurance CoverageYesNo
Card Security & Expense ManagementYesYes

Final Verdict: BookMyForex Forex Card vs Scapia Credit Card

The BookMyForex Card clearly outperforms the Scapia Credit Card in every aspect. Hence, travelers seeking a seamless international travel experience can opt for the BookMyForex card, which offers zero issuance/reload/unload/annual charges, and true zero markup forex rates. The card provides the best savings, especially for those who will be living abroad for an extended period, as it is not affected by exchange rate fluctuations.

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Book My Forex Pvt. Ltd., a MakeMyTrip group company, is a currency exchange service provider authorised by the Reserve Bank of India (RBI). | License number : FE.DEL.FFMC/ U070/2013 | Insurance is the subject matter of solicitation | IRDAI Registration No. CA0429 | IRDAI | Cheques are subject to realization.

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