The Niyo Global Card represents a cutting-edge solution in the financial industry, providing numerous advantages over traditional Credit and Debit cards for international expenditures. Developed by Finnew Solutions Pvt, Niyo aims to revolutionize the way travelers manage their finances while abroad.
With the promise of eliminating the need for multiple foreign currency forex cards, the Niyo Global Travel Card enables users to conduct international transactions seamlessly and without incurring additional costs.
In this comprehensive review, we will delve into the features and benefits of this innovative card, empowering our readers to make informed decisions about their financial choices while traveling overseas.
Key Features
- Zero Forex Markup Card with VISA exchange rate.
- Add money in INR via IMPS/NEFT/UPI.
- Works in 150+ countries.
- Complimentary airport lounge access across India.
- 5% Interest p.a.* on savings account with monthly interest payout.
- Integrated Niyo Global app to manage card and account
What is the Pros and Cons of Niyo Global Card?
Pros:
- Zero forex markup.
- Accepted globally (150+ countries).
- Complimentary airport lounge access.
- 5% interest p.a. on savings account.
- Integrated Niyo Global app to manage card and account.
- Cashback of up to 2% on all international transactions.
- No foreign transaction fees.
- Instant international transfers.
- Access to a range of exclusive offers.
- 24/7 customer service.
- Secure online account access.
- Free international ATM withdrawals.
- Quick and easy online application process.
- No minimum balance requirements.
- Access to over 80 currencies worldwide.
Cons:
- Charges a 5% TCS on international transactions exceeding INR 7 lakhs per year.
- Some users have reported issues with the card not working in certain countries.
Niyo Global Card Charges
| Types | Charges Amount |
|---|---|
| Joining Fees | Rs.200 |
| Annual Fees | Rs.200 |
| Loading charges | Nil |
| Domestic Cash Withdrawal Fees | DCB ATM : Nil Non DCB ATM : Rs.20 |
| International ATM cash Withdrawal |
A. Nil for first transaction every month. B. Second Transaction onwards Rs.100+ Charges. |
| International ATM Balance Enquiry Fee |
Rs.50+ Charges |
| Account Closure Charges | Nil |
| AQB Charges | Nil |
| Annual Maintenance Charges | Nil |
| Check all terms & Conditions | Terms & Condition |
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
The Niyo Global Forex Card is a collaborative product created by Finnew Solutions Pvt and DCB Bank, utilizing the VISA platform for seamless transactions. Finnew Solutions Pvt, a Bangalore-based startup, has joined forces with DCB Bank Limited, a contemporary private sector scheduled commercial bank in India, to provide this innovative financial solution for international travelers.
NO Fees at All
One of the most appealing aspects of the Niyo Global Forex Card is its complete absence of fees. Since its introduction in 2019, the company has maintained a consistent policy of offering the card without any charges.( Now Rs.200 issuance charges is applicabe)
Users can enjoy peace of mind knowing that there are no hidden costs associated with the card, ensuring transparent and straightforward financial management for international travelers.
Sufficient fund
With the Niyo Global Forex Card, you have the flexibility to reload up to 1,000 USD in a single transaction.
However, there is no obligation to load the entire amount at once; you can add funds according to your specific requirements.
Unlike many other cards, the Niyo Global Forex Card does not impose any fees for loading money onto the card.
This cost-saving feature, combined with its convenience and flexibility, makes it an ideal choice for international travelers seeking an efficient financial solution.
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.
When utilizing the Niyo Global Forex Card for international transactions, the details will appear within the NiYO Global app, displaying both the foreign currency amount and an approximate INR equivalent.
Transactions typically settle within 2-3 days, during which time any fluctuations in currency exchange rates will be accounted for and adjusted accordingly within the app.
This ensures that users are always aware of their spending and can effectively manage their finances while traveling abroad.
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
Pros
- 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.
Cons
- 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
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User Experiences
The Niyo Global Card has received mixed feedback from users. On one hand, many have appreciated its user-friendly nature, competitive exchange rates, and cashback offers, making it a convenient option for international travelers.
On the other hand, some users have encountered problems, such as the card not being accepted in specific countries, inadequate customer support, and unforeseen charges.
As with any financial product, individual experiences may vary, and it is essential to thoroughly research and consider multiple options before making a decision.
Comparison with Other Forex Cards
When comparing the Niyo Global Card with other forex cards, including DBS Bank Forex Card, HDFC Forex Card, Axis Forex Card, BookMyForex Card, and ICICI Bank Forex Card, several points of differentiation emerge.
The Niyo Global Card has been found to have lower fees compared to the HDFC Forex Card and is more cost-effective than the DBS Bank Forex Card. Additionally, the card offers superior benefits for international use compared to the ICICI Bank Forex Card.
In terms of charges, the Niyo Forex Card outperforms the BookMyForex Card, making it a more affordable option.
Furthermore, the Niyo Forex Card provides various advantages over the Axis Forex Card, such as being accepted worldwide and offering the convenience of online reloading.
Overall, the Niyo Global Card presents a competitive alternative to traditional forex cards, with its unique features and cost-saving benefits.
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.
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Unlike other forex cards with predefined exchange rates, the Niyo Global Forex Card does not impose a fixed rate, offering more flexibility for users.
As this card comes without any additional fees, it is worth considering carrying it alongside another forex card when traveling abroad.
Moreover, combining the Niyo Global card with a premium credit card, such as the HDFC Infinia Credit Card, could result in even greater savings and enhanced financial management during your international travels.
My suggestion don’t depend on this card only while travelling abroad. There is very low acceptance rate in other countries. I travelled in US for 15 days and surprisingly it didn’t work at any of of the shops, cabs and others. Fortunately, I had my HDFC credit card activated for international transactions which saved me because at many places cash was not accepted especially at cabs such as Uber and Lyft. Hence, be cautious and carry other cards as well along. Using this card may cost low but depending on this might be dangerous.
Thanks for sharing your experiance.
I withdraw money two time. Each time gives time out error and money is deducted. I have no money. I am totally depend on Niyo global card. I am not suggest to open this card. Because any thing happen wrong no one can help. Every one just give some timeline.
The card is absolutely useless. at present, i am stuck in USA. i tried to make payment about 16 times. on 11 times the payment was rejected.
i am constantly following up with the company but still the issue is not resolved. they close tickets raised after a few days.
YOU MUST AVOID THE CARD.
SHAILESH SHAH
I agree with Shailesh. Don’t ever take this card. I’m stuck in Sweden and Niyo global doesn’t work. My ticket is not resolved even after 4 days. SBM doesn’t take any responsibility either and redirects to Niyo. Except a chat, there is no way of contacting Niyo. Now, I’m concerned if my money is safe with Niyo or not.
I don’t generally post on social media. But, this is a serious issue hence posting it for other’s benefit.
A site like moneycontrol shouldn’t be even printing a positive review about such a Fintech.
I used the Niyo Global card in Thailand twice for amount withdrawal.They charged me around 500 rs for each transaction. Please don’t take this.