Table of Contents
- 1 What is Niyo Global Card/ Niyo Card?
- 2 Important Information about Niyo
- 3 Niyo Global Card Benefits
- 4 Niyo Global Card Eligibility
- 5 Documents Required for Niyo Forex Card
- 6 Niyo Customer Care Number
- 7 Niyo Card Charges
- 8 Niyo Global Card Reviews
- 9 Niyo Global Card Spending Limits and Validity
- 10 Why You Should Choose Niyo Global Card
- 11 How to Apply for Niyo Global Card
- 12 Conclusion
- 13 Niyo Global Card FAQs
Niyo, in partnership with SBM Bank, provides a savings bank account with a Niyo global Card which can be used worldwide as a debit card by a traveler or student.
What is Niyo Global Card/ Niyo Card?
Niyo Global Card is an INR-based international debit card that can be used to make a transaction in a foreign land.
All your transactions are done in foreign currency by converting INR into the local currency of that country.
Niyo card is issued on the basis of a saving account that earns up to 5% interest on your savings.
Important Information about Niyo
| Niyo Global Founders | Vinay Bagri and Virender Bisht are the co-founders of Niyo. |
| Niyo Global App | Click Here |
| Niyo Card Login | Click Here |
| SBM Bank Full Form | State Bank of Mauritius |
| Play Store Rating | 3.5 star rating on Google Play Store |
| Play Store Download | 500K+ downloads on Google Play Store |
| Niyo Bank Address | Incubex Nestavera Indiranagar # 728, Grace Platina,4th Floor, Chinmaya Mission Hospital Rd, Indira Nagar 1st Stage, Bengaluru, Karnataka 560038 |
Niyo Global Card Benefits
- Widespread Acceptance: Niyo forex card is accepted in more than 150 countries.
- Earn Interest: Generally, a forex card doesn’t come with a saving account but with Niyo Global Card, you get a saving account that earns interest for you. See the table below.
Niyo Global Interest Rates Saving Account Balance Interest Rate per Annum Up to ₹2 Lakhs 3.5% ₹2 to ₹5 Lakhs 4% Above ₹5 Lakhs 5% - ATM at your fingertips: You can find ATM nearest to you by using Niyo Global App.
- Lock and Unlock Feature: You can lock or unlock your Niyo global forex card, whenever you want.
- Card Limits: You can set limits on your ATM withdrawal and online payments.
- Live Currency Converter: Niyo Global App provides you with a real-time currency converter feature that helps you find out how much you are going to pay.
- Airport Lounge Access: Complimentary lounge access at domestic and international airports in India.
Niyo Global Card Eligibility
Nationality: Indian
Age: You should be above 18 years of age.
Employment: Self employed/ Salaried/ Students
Documents Required for Niyo Forex Card
- PAN card
- Aadhar Card
- Valid mobile number and Email Id
- Passport
Niyo Customer Care Number
Niyo Global Card Customer Care: 1860 258 6496
Niyo Customer Care Email Id: global@goniyo.com
Niyo Forex card is issued in partnership with SBM Bank. So here are SBM customer care details.
SBM Customer Care Number: 1800 103 3817
SBM Bank Email Id: customercare@sbmbank.co.in
Niyo Card Charges
See the below table for Niyo global charges.
| Niyo Debit Card Charges | |
|---|---|
| Joining Fee | NIL |
| Annual Fee | NIL |
| Average Monthly Balance Required | NIL |
| Electronic Fund Transfer through NEFT/RTGS/IMPS/IFT | NIL |
| Passbook Issuance and Statement Printing | NIL |
| Phone Banking and Net Banking | NIL |
| International POS Transaction | NIL *VISA rates are applicable. |
| Reissuance of Card | ₹250 + GST |
| Minimum Amount Required for Debit Card Issuance | Minimum ₹5000 |
| Cheque Return (Deposited) | ₹350 |
| Cheque Return (Issued) | ₹350 |
| International Cash Withdrawal and Balance Inquiry | ₹100 per transaction |
| ATM Transaction charges at any ATM in India per month | Own Bank ATM – Free & Unlimited Other Bank ATM – 5 free transactions in a month (after this, ₹20 will be charged per transaction) |
Niyo Global Card Reviews
Dhruv Saxena: The app in itself is great, very easy to use, all your options are mostly on the main screen so you don’t have to navigate a lot, quick to open the account, and would recommend this if you’re looking for a digital bank account. The card they offer has good Domestic lounge access, which is good, as long as the terms of these cards aren’t changed in the coming years it’ll be good for forex use.
Prateek: Very immature app. Any feature hardly works as expected. Customer service is irresponsive. Forget about receiving my card for travel, I was not even able to order a card as the feature to scan and add money doesn’t work even after 10-15 attempts. Please don’t rely on such underdeveloped apps if you wish to have hustle-free travel. I would rather use other sources and pay 1-2% extra rather than blocking my money with such banks
Niyo Global Card Spending Limits and Validity
See the following tables for the detailed list of spending limit and validity of the Niyo Global Card.
| Category | Spending Limits |
|---|---|
| Account Top-Up | No limit |
| UPI Limits | ₹25000 per day |
| CARD LIMITS | |
|---|---|
| Category | Spending Limits |
| Card Swipe | ₹7.5 Lakhs per transaction |
| ₹7.5 Lakhs per day | |
| ₹50 Lakhs per month | |
| ₹2 Crores per year | |
| Online Transactions | ₹7.5 Lakhs per transaction |
| ₹7.5 Lakhs per day | |
| ₹50 Lakhs per month | |
| ₹2 Crores per year | |
| ATM Withdrawal | ₹1 Lakh per transaction |
| ₹1 Lakh per day | |
| ₹3 Lakh per month | |
| ₹7.5 Lakhs per year | |
| Contactless | ₹5000 per transaction |
| FUND TRANSFER LIMITS | |
|---|---|
| Category | Spending Limits |
| Within Colling Period | ₹25000 per transaction |
| 30 Minutes | |
| Fund Transfer | ₹1 Lakh per month |
| Per Beneficiary | |
Why You Should Choose Niyo Global Card
We compare some features of Niyo Global Card with other Forex Card in the market.
| Features | Niyo Global Card | Forex Card |
|---|---|---|
| Reloading The Card | You can reload your Niyo card instantly. | Prepaid Forex cards could take up to 3 days to make funds available to them. |
| Earning Interest | Niyo card is linked with a saving account, so your money continues to earn interest up to 5%. | Forex cards don’t give any interest amount. |
| Forex Markup | NIL | up to 3.5% |
| Loading Charges | Niyo doesn’t charge any fee for loading/unloading/ transferring funds via RTGS/NEFT/IMPS. | A currency conversion charge is levied. |
| Fee | There is no joining or annual fee. | You have to pay an activation fee for Forex cards. |
How to Apply for Niyo Global Card
Follow these steps to get Niyo Global Card.
Step1: Download the Niyo Global App from Play Store.
Step2: Enter your mobile number.
Step3: Fill in the OTP received on your mobile.
Step4: Click on “Continue with Google”.
Step5: Choose your Google account to proceed.
Step6: Click on “Start Account Creation”.
Step7: Enter your PAN details.
Step8: Enter your twelve-digit Aadhar number and then click on Next.
Step9: Another OTP will be sent to your registered mobile number, enter it manually and click on the “verify button”.
Step10: Confirm your basic details.
Stpe11: Niyo has verified your personal details and identity. Your account is being prepared.
Now click on the “Continue” button.
Step12: Now your account is ready, here you can check your account number, IFSC code, and customer id.
# If you want to get Niyo Global Card in physical form, you can click on the “Continue” button.
Follow the upcoming simple steps and then your Niyo card will be delivered within 2 working days.
You have to deposit Rs.5000 to get a physical card. After receiving the card, you can withdraw this amount.
Conclusion
If you go abroad occasionally and then come back to India, you should choose Niyo Global Card.
Because all your Niyo card amount is in INR and you can use it back in India after coming from abroad.
If you are going to study in the U.S. or any other country, you shouldn’t go with a Niyo card.
Because every transaction is done in a foreign land attracts 5% TCS (Tax Collected at Source). Every time a 5% deduction can derail a student monthly budget.
Niyo Global Card FAQs
A Forex card is like a debit card that can be used in a foreign currency to withdraw cash from an ATM or for purchase.
All transactions are done in the local currency of that particular country.
Vinay Bagri and Virender Bisht are the co-founders of Niyo, which was established in 2015.
What is the expiry of Niyo Card?
The expiry of Niyo Global Card is 5 years.
How does Niyo Forex Card work?
You can use the Niyo forex card to withdraw cash or for purchase in a local currency abroad.
First of all, you will have to load your Niyo Global card with INR and then you can use it in 150 countries around the globe.
Which bank provides Niyo Global Card?
Niyo Global Card is issued in partnership with SBM Bank and VISA.
What are the benefits of Niyo Global Card?
- Widespread Acceptance: Niyo forex card is accepted in more than 150 countries.
- Earn Interest: Generally, a forex card doesn’t come with a saving account but with Niyo Global Card, you get a saving account that earns interest for you. See the table below.
Niyo Global Interest Rates Saving Account Balance Interest Rate per Annum Up to ₹2 Lakhs 3.5% ₹2 to ₹5 Lakhs 4% Above ₹5 Lakhs 5% - ATM at your fingertips: You can find ATM nearest to you by using Niyo Global App.
- Lock and Unlock Feature: You can lock or unlock your Niyo global forex card, whenever you want.
- Card Limits: You can set limits on your ATM withdrawal and online payments.
- Live Currency Converter: Niyo Global App provides you with a real-time currency converter feature that helps you find out how much you are going to pay.
- Airport Lounge Access: Complimentary lounge access at domestic and international airports in India.
How do I load money into the Niyo Global card?
Your Niyo card is linked with SBM Bank digital saving account. You can load this account via NEFT/IMPS/UPI/RTGS.
How long does it take for Niyo Global Card to be delivered?
You just need to wait 7 to 10 days for the delivery of the card after placing an order.
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