NiYO Global Forex Card Review: Best For International Travel
What is NiYO Global Forex Card?
For a basic idea, you can understand that it is a card of INR denomination and can be used across more than 150+ different countries, including your own country, India. This card can be filled and refilled anytime and anywhere through NEFT / IMPS using any bank account and that too without any additional transfer charges. The NiYO Global App is the facility that you get along with the card. This app gives you the convenience to manage your card anytime on the go through your mobile. And you can also get access to many other useful and exciting features. It works very similar to your visa’s debit card and provides you with many facilities like online transactions Global point of sale and access to ATMs.
Top Features that make the NiYO Global Forex Card the best forex card for international trips:
Now let us have a look at all the features that will catch your attention and want you to go on a foreign trip right away with this card.
Card with INR denomination
What usually happens is, if you are on a trip to foreign countries, you opt for a forex card, and then you need to load the local currency of the place that you visit. This card saves you from this hassle. Using this card, you just have to load Indian Rupee through your bank account, and you can use it across 160 different currencies, and there is no need to pay a penny for the conversions. It saves you from the stress of exchanging your currency.
Easy transfers
You can transfer your money into this card in the same way you do your bank transfers. You can use NEFT/IMPS occupy to transfer money into your ‘NiYO Global forex card.’
No additional charges
This feature of NiYO Global Forex Card is definitely a good USP. As per the latest updates, there is nothing that you have to pay for joining. Also, there is no annual fee and neither any hidden charges. Moreover, the website does not have any plans to charge any fees in the near future. Also, there isn’t any additional fee/charge on loading, reloading, or unloading money from this card.
Lower rate of exchange
When you generally Google about the exchange rates, what it shows is a nominal amount. But the actual amount that you need to pay is somewhat different. It is because MasterCard or Visa charge a fee above the nominal fee and sometimes the bank or card provider also charges above the fees that you are paying to Visa or MasterCard. It makes a huge difference between what you see and what you have to pay. But this one, the NiYO Global forex card of the Visa, charges only Visa fees above the nominal charges. It does not include any bank fees. Also Read: 11 Best Forex Cards in India 2020 [Review]
Free mark-up fees
Usually, the banks first charge you currency conversion fees. If you have some amount of money in one currency and you want to use some amount of it in other currency, then you will have to pay an additional fee for that, this is called the mark-up fee. The ‘NiYO Global card’ does not charge you any amount for the currency conversion. You can use your money in any currency without paying a penny of mark-up charge.
Visa not required for to get your forex card
Generally, the forex card providers ask you for a valid visa of the country to which you are traveling to, unless Visa on arrival is available, to provide you with a forex card. But for this card, you don’t have to provide any Visa. It is one of the most beneficial features of getting your hands on this card.
Unlimited and free ATM withdrawals
Yes, what you read is absolutely correct. The new global forex card does not have any limits on your visits to ATM. Also, there is no limit on the amount that you can withdraw. And above all, all of it is completely free of cost. Just be careful while making ATM transactions, the ATM may ask you to convert the currency for you, but you have to decline that and choose the local currency, and the ‘NiYO Global Forex Card will internally handle the rest of the conversions’. Also, some ATMs charge a fee irrespective of what you choose, so keep an eye on that too.
The NiYO Global app
As mentioned earlier, when you avail of the facility of getting this forex card, you will be given access to a special “NiYO Global” mobile app. By using this app, you can manage all your card transactions. You can also block your card if you lost it somewhere, or you just want to disable the transactions so that you can avoid being a victim of online fraud. This app also gives you the facility to reset your PIN-code and also provide 24X7 priority customer service on WhatsApp.
What are the charges involved?
As we have already mentioned, currently, the NiYO Global Forex Card is being issued free of cost. It does not have any joining fees or renewal charges. Also, you don’t have to pay anything to transfer money into your forex card. However, you may be charged by your bank for using their facilities of IMPS or NEFT. You do not have to pay a single penny as the mark-up fee, but you will definitely have to pay the visa exchange rates that are applicable to the transactions of currency overseas. To use the forex card in the ATMs, again, you do not have to pay any fees, but the bank, whose ATM you are using, may charge you some amount to let you use their ATM. Also, after your foreign trip is over, if any funds are remaining in your NiYO Global card, you can transfer them back to your account, this feature is the best USP of this card.
The Spending Limit:
Every card has a spending limit on various types of transactions as well as on a timely basis, like daily, monthly, or yearly. Let us have a look at the spending limits of ‘NiYO Global Forex Card.’
For credit or top-up, the limit is ₹10 lakhs per transaction. The daily and monthly limit is also ₹10 lakhs, and the yearly limit is ₹25 lakhs. If you swipe your card to pay to any merchant, per transaction limit is ₹5 lakhs only. The daily transaction limit, as well as the monthly transaction limit, is ₹10 lakhs. And the yearly transaction limit is ₹25 lakhs. This is the same for online transactions as well. When you avail of the services of using an ATM and withdraw cash, your per transaction limit is ₹1 lakh only. The daily transaction limit is also ₹1 lakh, the monthly transaction limit is ₹2 lakhs, and the yearly transaction limit is set to be ₹5 lakhs. If you perform fund transfers, then you can only transfer up to ₹2 Lakhs per transaction. The daily transaction limit is set as ₹5 Lakhs. And the monthly and yearly transaction limit is as per the available balance in your forex card.
All of the limits provided are quite liberal and will be sufficient for most of the people traveling overseas.
How to get your NiYO Global Forex Card?
The minimum eligibility criteria are that you have to be an Indian citizen, having a valid PAN card, and an address proof, which can be Aadhar Card, Passport, etc.
You can apply for this card online through the official website. An executive will contact you to fix an appointment Official personnel will visit you to complete the formalities of KYC and verification of your original documents and will scan and store them through the mobile application. After successful verification, the executive will give you a kit, which will be having the brand new NiYO Global forex card, the ATM pin for that card, a welcome letter, and the documentation which will contain all the terms and conditions, which you should definitely read very carefully.
The same day your card will be activated after the approval of your KYC. Then you can also be able to login to the “NiYO Global” app. Now, your card is ready to use. You can transfer money into your card using the provided account number and IFSC code, which will be displayed in the NiYO Global app.
Pros & Cons
Pros:
There is no joining fee No amount will be charged on adding or withdrawing INR via NEFT No forex mark-up fees and currency conversion charges. Accepted worldwide With the help of VISA Network, it has worldwide acceptance both offline and online. One can easily transfer the leftover money back into any bank account in India, or you can withdraw it from the nearest ATM with no additional charges. You can easily track expenses, transfer money, block/unblock card from the NiYo Global App.
Cons:
While traveling, you may sometime face the issue where you may not receive email OTP but only an OTP on SMS. You cannot load money using your credit card.
Also Read: 10 Best Credit Cards for Travel in India 2020 Final Verdict: The “NiYO Global Forex Card” is definitely a must-buy if you are going on an international trip soon. There is no reason to not use this card, as the company is not charging any additional fee as well as providing so many benefits. And this card will simplify your forex transaction and make your travel stress-free.
