Niyo Global Forex Card Review
Niyo Global Forex Card
- Introduction
- What is the Niyo Global Forex Card?
- Highlights of the Niyo Global Forex Card
- Fees & Charges
- Eligibility Criteria and Documents to Apply for a Niyo Global Card
- How to apply for a Niyo Global card?
- What are the Spending Limits of the Niyo Global card?
- Does Niyo Global card actually charge VISA rates?
- Pros & Cons of the Niyo Global Forex Card
- Conclusion
- FAQs
Introduction
Are you looking for a Forex card to help you make more significant profits? If so, the Niyo Global Forex Card may be the perfect option.
This article will look at this card and see if it is worth investing in.
What is the Niyo Global Forex Card?
The Niyo Global card is an INR-based international card that helps you make transactions in foreign currencies while travelling.
A Perfect Travel Partner !!
- This card can be loaded in INR across the globe without any hassle. You can make the payment in the local currency of the country that you are currently in. There will be no DCC conversion charges. A real-time currency converter will help you with exactly how much you will be paying.
- You need not take a lot of cash in foreign currency. It is a debit card with a savings account offering up to 5% interest on your savings.
- This card has higher security and safety features than a regular debit/credit card. You can lock/unlock the card or specific payment channels from the Niyo Global app to completely control your funds.
- Since it is on the VISA network, thousands of merchants accept the Niyo Global card in more than 150 countries.
Many banks offer a Forex card service. Most of them do not have a requirement to have an account with them.
You get a savings account with a Niyo Global card that ensures your money is always working, even when you are on vacation.
Highlights of the Niyo Global Forex Card
Niyo Global Forex Card
- The card can be used to pay at VISA-accepting merchants in 150+ countries, including India.
- No Zero Forex Markup charges.
- Niyo Global App can be used to lock your card temporarily and unlock it whenever you want with a single tap.
- Industry best practices for security and encryption
- Provides the convenience of knowing your exact balance in your local currency. Your transactions are tracked in real-time, and you can always be up-to-date.
- Help is available to you 24X7 through in-app support. You are never far from assistance.
Fees & Charges
| Description | Fees & Charges |
|---|---|
| Joining Fee | Rs 200 + GST |
| Annual Fee | Rs 200 + GST |
| Reload Charges | NIL |
| Withdrawal Charges ( Domestic ) | DCB ATM : NIL Non-DCB ATM : Rs 20 |
| Withdrawal Charges ( International ) | NIL - For 1st transaction every month. Rs 100 - From 2nd transaction onwards |
| International ATM Balance Enquiry Fee | Rs 50 + GST |
| Average Quarterly Balance Charges | NIL |
| Account Closure Charges | NIL |
Eligibility Criteria and Documents to Apply for a Niyo Global Card
The applicant must be an Indian citizen and must be minimum 18 years old. Apart from that, these are the documents required for the application of a Niyo Global card:
How to apply for a Niyo Global card?
What are the Spending Limits of the Niyo Global card?
You can get a better idea of the spending limits of the card from the table below:
| Category | Per Transaction | Daily | Monthly | Yearly |
|---|---|---|---|---|
| Fund Transfer | Rs 2,00,000 | Rs 5,00,000 | According to Balance | According to Balance |
| ATM | Rs 1,00,000 | Rs 1,00,000 | Rs 2,00,000 | Rs 5,00,000 |
| Merchant (POS) Swipe | Rs 5,00,000 | Rs 10,00,000 | Rs 10,00,000 | Rs 25,00,000 |
| Online Transactions | Rs 5,00,000 | Rs 10,00,000 | Rs 10,00,000 | Rs 25,00,000 |
| Credit/Top Up | Rs 10,00,000 | Rs 10,00,000 | Rs 10,00,000 | Rs 25,00,000 |
Does Niyo Global card actually charge VISA rates?
In short – YES !! Niyo Global card does not charge Foreign Currency Markup (FCM) charges if you use it for transactions outside India.
Normally, these FCM charges are around 3.5%. And, on top of that, you have to pay GST of around 18%. But with a Niyo Global card, you don’t give these two charges.
Let’s understand this from the table below:
| Description | Charges |
|---|---|
| Base Fix Rate per USD | 79.87 |
| Currency Conversion Charges @ 3.5% | NIL |
| GST @ 18% on Currency Conversion | NIL |
| TOTAL | 79.87 |
You can verify these charges from the link below:
Pros & Cons of the Niyo Global Forex Card
Pros
- This card is available at a very minimal fee of Rs 200
- It can be used as a Prepaid Debit card in India
- You can load this card through IMPS/NEFT/UPI without any charges
- This card is accepted in more than 150 countries with no foreign currency markup charges
- You can use this card across the world at any merchant POS terminal accepting VISA cards
- You can withdraw cash through ATMs within India and outside India
- You can transfer the unused money back into the account
- Niyo Global app can help you to lock/unlock your card in emergency situations
Cons
- When doing transactions outside India, you can opt to get charged in native currency instead of INR; you will not be charged markup. But, sometimes, it does not happen. So, always carry a backup card.
Conclusion
If you’re looking for a Forex card with great features and an affordable price tag, then the Niyo Global Forex Card may be correct. The card offers no foreign currency exchange charges. The customer support team is available 24/7 to help you with any questions or issues.
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FAQs
What are the benefits of using the Niyo Global Forex Card?
There are several benefits of the Niyo Global Forex Card. The card provides customers with 24/7 customer support and no foreign currency markup charges. It can be used at any VISA-enabled POS terminal worldwide in more than 150+ countries.
Is there any Joining Fee & Annual Fee for the Niyo Global Forex Card?
Yes !! Now, customers have to pay the Joining/Annual Fee of Rs 200 + GST.
How do I apply for the Niyo Global Forex Card?
You can visit this link to apply for the card.
Is the Niyo Global card good for international students?
The Niyo Global card is better than other banks’ debit or credit cards. While the Niyo Global card is an international debit card, it has numerous fantastic features that make it the best option for students visiting abroad.
