I have a Jupiter savings account (not Pro, as I cannot maintain 10k INR minimum balance). I see that normal savings account does not have any forex markup fee waiver, but even Pro accounts have a waiver only up to INR 1 Lac per month. When youโre in a foreign land for 3 months or more, the expenses can go up real quick. Even Fi (which has same banking partner as Jupiter) offers no-limit zero forex charges. Could we see that in Jupiter too, someday? Zero forex is important to students studying abroad, and capping it to just 25000 or even 1 lac is NOT sufficient measure towards forex free.
If Jupiter has same banking partner as Fi, why is it unnecessarily giving advantage of competition to its competitor? Moreover, the older 5% cashback on international transactions has also stopped. Isnโt is a completely lose-lose situation now?
Seems like you need to understand how this business works before you should make comments like thisโฆ
Zero forex p&l doesnโt makes sense if users donโt keep very high balances ( upwards of 5 lac+ avg balances) as each txn is loss making. I canโt comment about competition and their choice of making losses on certain segments.
Maybe youโre contradicting yourself from your first and last statement, with all due respect. I may not know your business but I am a student studying abroad and very well know how quickly that 3.5% adds up. And honestly, I donโt think that other businesses that do implement uncapped zero forex are โmaking lossesโ in this segment. VISA is getting very popular for charging the lowest currency interchange fee as well as MDR, and there are tons on banks here in the Emirates, especially neobanks that implement the zero forex condition too. In India, from whatever I know, Fi Money, Niyo Global and NiyoX are similar neobanks that offer uncapped zero forex.
Now at this point you may ask me to leave and use their services, and to be very honest, Iโm doing that. I just tried Jupiter for the sake of trying the VISA Signature card that it offers (just like Niyo Global), but at this level, I donโt see any difference in the services offered. I saw older blogs when Jupiter used to offer 5% international cashbacks while implementing standard forex markup charges, which might be a good thing, but as of now, removing that benefit and implementing capped markup waiver (and that too, on a very low end of 25k for a Pro account, which is way too low).
You may consider studying the average international expenditure of a student, that has the lowest expense and you may not even call it a waiver anyway
So maybe, instead of blaming me, you may start seeing whatโs happening around you. And a tip: Possibly banning me after seeing this comment wonโt get you anywhereโฆ Iโm already leaving this platform for good, soonโฆ This community had some nice people too, one of them helped me in onboarding when I got stuck, many thanks and loads of respect to them!
Chill brother He is the Founder and CEO. every company in india wants to make money so We canโt blame anyone! I also closed my account for low efforts in CS and regulations issues.
Jupiter and Fi both have COns. Fi is interested in blocking account investing that money somewhere else and earning from there. Jupiter is also blocking accounts but not as Fi. Here on community Team is there and ready to help even you can reach the Higher levels officers.
Update (March 6, 2023). I take my words back for Fi and apologise for my conduct. The current situation demonstrates how transparency can be a major factor in determining the trust of a customer on a company. I didnโt know that the companies which advertise zero forex are making losses in this segment, which brought us here, where Fi has suddenly revoked zero forex for normal customers, which makes the words said by @Jiten true.
