Best Forex Card in India – Niyo Global Card

Money Management on a Foreign Trip is one very important aspect. Different countries have different currencies. A traveler has to keep in mind various things about Foreign currency.

How much cash to carry? What is the current conversion rate? Bank Forex Charges?  International transaction fee?

In all my International Travels I have always battled with the above questions in my mind. Before the influx of Card Payment in India, carrying a stash of cash was the only option. There are mainly three types of cards :

Credit Cards

Very convenient in one’s own country. Safe to use. No fear of money being stolen from the card as payment of expenses made done on a later date. Till that time one can contact the Customer service. Not too great when it is used to withdraw cash from ATMs, especially in a Foreign Land, a huge currency conversion rate is levied up to almost 4-5 %. In India the lowest conversion rate is offered by the premium HDFC Bank Credit Cards only i.e. 2% when I last checked.

Debit Cards

Convenient in one’s own country. Not as safe as credit cards, money in the debit card is debited from one’s account instantaneously. Chances of Frauds are more. Convenient to withdraw cash from own country ATMs as well as in Foreign Land. Currency conversion rate depends upon the Card Issuing Bank. Often there are limits to how much one can withdraw at a time, it applies in Foreign Country ATM too. SBI charged a flat rate of INR 750 on each withdrawal of NPR 5000 in Nepal. That is pretty steep as per me.

Forex Cards

These are mostly Prepaid Cards loaded with Foreign Currency of your choice. Forex Cards are issued by Banks as well as various other Travel and Finance Management Companies. Forex Cards can be of type Single Currency or Multi-Currency. Single Currency Forex Card holds only one currency like the US Dollar or Euro or Japanese Yen or any other. Whereas a Multi-Currency Forex Card can hold multiple currencies, the amount of each currency can be variable. As per me, these are the best Forex Cards in India:

Axis Bank Multi-Currency Card

This is issued by Axis Bank. I had to approach my nearest branch to apply for it. One needs to show a Passport, PAN card and outward Foreign Travel Air Ticket for applying for the first time. Issuance of Card and loading of Currency is instantaneous. If one has an Axis Bank account then, the issuance of this Card is easier. One can load up to 16 currencies on this card. All currencies can be in variable amounts. One or more currency can be loaded at a time. While using this card if one currency gets over, payment will be automatically made with the next available currency.

Pro of Axis Bank Multi-Currency Card

• Offers lockin of Forex rate. Suppose I bought USD today for INR 72 a dollar; after a few days when I am traveling in the US, the INR exchange rate for each dollar becomes 73 or more, I still will be able to use the dollars loaded in the card at the previous rate I bought them for.
• It offers multiple currencies to be loaded at the same time. If I am traveling to multiple countries on a single trip, I will not have to think about exchanging currency for my next destination.

Cons of Axis Bank Multi-Currency Card

• The forex conversion rate of Axis Bank is high. Today USD 1 = INR 72.62, where Axis Bank is offering USD 1 = INR 75.25.
• To load the card on the go, one needs to have an Axis Bank account with Netbanking activated. Otherwise one has to physically visit a branch to load it where one has to fill forms and other formalities.
• After a trip, leftover Foreign currency keeps lying in the card, to transfer it bank to account, one has to again pay the bank Forex conversion fee.
• Due to the maintenance of Bank Severs, the services to this card is often paused. I have faced it thrice.
• No APP-based option of blocking the card or changing of the pin is available.

Niyo Global Card

This card is issued by Finnew Solutions Private Limited, a Mumbai Based Finance Management Company. I only needed to show the PAN Card and Employer’s ID to get it. Issuance and activation of Card are instantaneous. A well-informed executive comes to your place of residence or employment to deliver and activate the card. This is a Prepaid INR card that is one can only load Indian Rupee in it. There is much more, read on.

Pro of Niyo Global Card 

• Loading the card is super easy from the Niyo Global App, both NEFT & UPI options are there.
• It can be used globally in more than 150+ countries as well as in India as an ATM and POS card.
• One can use it in any currency with Zero Forex Markup Fee. That day’s VISA exchange rate is applicable.
• Use at merchant POS terminals worldwide accepting VISA
• Use it for online transactions in 150+ currencies
• Withdraw cash at ATMs all over the world
• Unused money can be transferred back to the bank account
• Track expenses realtime using NiYO Global App
• Lock/unlock card on the move using NiYO Global App
• Reset PIN instantly using NiYO Global App
• 24/7 Whatsapp priority service
• No joining and renewal fees, currently being issued for free
• No charges for loading the card, however, your bank may charge for IMPS/NEFT
• No foreign currency markup fee and Visa exchange rate are applicable for foreign currency transactions
• No ATM withdrawal fee, however, the bank that the ATM belongs to might have their own fees associated with withdrawals
• This card can be loaded with INR 2 Lac per transaction. The daily loading limit via NEFT is up to 5 Lac. Enough to cover any time of travel I guess.

Cons of Niyo Global Card

• This card can not be used in Nepal & Bhutan, I learned the hard way while traveling to Nepal.
• Can not take advantage of Forex Lockin. Rates of currencies go up and down all the time, but according to me the rates mostly goes up. Especially USD to INR.

My Verdict

Niyo Global Card is the best Forex Card I have used so far. This card makes carrying Foreign currency easy breezy. I used this card in Thailand, Jordan, and Hong Kong without any issue. The fact that this card is controlled by an App is super cool, gives the customer control over the card even in case if the card is lost or stolen. The card was accepted by all merchants without any glitches. As soon as the transaction was done, it used to show up in the NiYO Global app with the amount in both foreign currency as well as approximate INR. The transactions used to get settled in 2-3 days and the exchange rate of that time was applicable. Hence, due to fluctuation in currency exchange rates, there used to be some debit or credit of amount.

My Bonus Tips

While traveling abroad, always opt to get charged in that Country’s Local Currency instead of INR at POS terminals and ATM machines to avoid foreign currency markeup fee.

You can use the Niyo Global Card to pay for stuff bought in foreign currency from the Foreign Websites. Only load the amount to be used, that way no fear of Card Frauds. On Foreign Webistes the facility of OTPs is not there.

How to get a Niyo Global Card?

This card is currently being issued to Indian Citizens holding a valid PAN card and address proof (Aadhaar, Passport, etc.).

You can apply online for this card using my referral link below:

Using the above link, both of us will get Rs. 500 on doing the first international POS transaction of Rs. 1,000, which is not available otherwise.

Once you fill-up the form, you will be contacted by their executive for fixing an appointment. Their executive will visit your place to scan the documents using their mobile app. Hence you need to keep the original documents with yourself during the appointment. Once document collection is done, the executive will handover you the card kit which contains the following:

• NiYO Global Card
• ATM Pin
• Welcome letter
• Most important terms and conditions

You should be able to login to NiYO Global app post KYC approval and card activation which happens the same day in the night. Post that you can transfer funds to your card using Account Number and IFSC code displayed in the app.

If you want to read more detailed info on Credit/Debit/Any other Card head to https://cardinfo.in/

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