Niyo Global Card is the next generation card that offers many benefits not available in the current Credit/Debit card for foreign expenses. NiYo is a band of Finnew Solutions Pvt. The company claims that a traveler having a NiYo global travel card will not need any other multi-currency forex card while traveling abroad to make international spending without any cost. Here is the detailed review of this card.
Table of Contents
Niyo Global Card Charges
- Joining Fees:
- Annual Fees:
The best part about Niyo Global Card is that there are
no joining and annual fees at all. ( Now Changes has been levied) This is different from standard credit, which charges at least Joining or Annual fees( Some regular cards have no joining and annual fees).
Niyo Global card benefits
Withdraw cash at ATMs all over the world without any charges( Update: Nil for the first transaction every month and From second transaction onwards chargeable at the rate of INR 100 plus taxes + charges at actuals, as levied by network/acquiring Bank.
- Load money in card via IMPS/NEFT/UPI without any charges
- Acceptable at all merchants in the world, accepting VISA.
- Zero Forex Markup Fees.
- This card can be used in India and the world. ( Update: INR 20 per transaction charges for Non-DCB Bank ATM Cash Withdrawal (Domestic) – Fee.
- The remaining balance in the card can be transferred back to the bank after a foreign tour.
- Track expenses using NiYO Global App in realtime.
- You can Reset PIN instantly using NiYO Global App
- 24/7 Whatsapp priority service for Niyo Global cardholder.
- No minimum balance or low balance fines
- Realtime notification alerts of transactions
- Features such as ATM locator and travel insurance included with the card
Niyo global forex card features
Its Co branded card
Niyo Global forex card is a co-branded card issued by Finnew Solutions Pvt and DCB bank on the VISA platform. Finnew Solutions Pvt is Banglore based startups, and DCB Bank Limited is a new generation private sector scheduled commercial bank in India.
NO Fees at All
The best part about this card is, there are no charges at all. The menu started to be issued in 2019, and to date, the company is following the same policy for orders. And Apart from this, there are no hidden charges.
You can reload 1000 USD at one time. However, you do not need to load money in the card 1000 USD at one time. You may load money as per your need. Normally bank charges some fees while loading cash in the card, but this card does charge any fees for loading money. These are the best features of this card.
No Need of VISA
If you are traveling abroad and applying for a forex card, you need to give VISA and Passport to the forex card issuing bank. However, you do not need a VISA for applying for this card.
Settlement within 2-3 Days.
If you use this card for a foreign transaction, the transaction will show in the NiYO Global app with an amount in foreign currency and approximate INR. The transactions will be settled in 2-3 days. The fluctuation in currency exchange rates will be credit or debit in-app.
Excellent customer support
- Niyo Global Card provides excellent customer support
- Whatsapp chat is available 27*7
- Niyo Global card customer care number is 1860 258 6496
- More detail about customer service
Pros and Cons of Niyo Global Card
- No charges at all
- Can be used in India and abroad.
- The purely paperless application process
- The Forex rate instantly is shown in the Forex Global card App.
- There is a compliance concern. You can not send more than $250,000 abroad in any one financial year. If you breach this limit, the reporting responsibility lies with you.
- The low acceptance rate in some countries like Thailand.
- Unclear disputes related problem
How to apply for Niyo Global card
The application process for this card is straightforward. This card is being issued to Indian Citizens holding a valid PAN card and address proof. You can apply for this card from the below link. Apply for this card.
My Credit Card Club Rating and Summary
This card is excellent for convenience; this card scores over the existing forex card. The feature of monitoring your spending in real-time through the Global Forex card app and the instant lock and unlock feature through the app is essential for you. Apart from this card, do not charge any charges from you. Update: Earlier this card had no carrying cost, but now you need to Pay Rs.200 per year.
This card does not have a pre-determined exchange rate like any other forex card is a dampener. Since the Niyo Global card comes at no extra cost, you can try carrying it while traveling abroad, along with a forex card. However, you can save more if you use this card along with a premium credit card like Hdfc Bank Infinia Credit Card.