Niyo Global Debit Card - Forex card by SBM Bank
The Niyo Global card, which is based in India, provides the most affordable and practical method of making payments in more than 100 currencies, regardless of whether you are going abroad for employment, leisure, or higher education.
The Niyo Global card serves as one of the most popular and trusted international travel cards, that aims at meeting the growing demand for convenient and economical banking solutions.
SBM Bank India has partnered with Niyo to introduce Niyo Global, a premium savings account offering high interest rates. It comes with an international VISA Signature debit card that provides zero forex markup on all international transactions globally.
Payments made overseas are subject to surcharges and transaction fees. During your time abroad, you can save a significant amount of money by taking advantage of the special zero forex markup feature, which can save you up to 5% on forex markup on every usage.
This debit card offers you the most economical means of conducting smooth transactions with VISA-accepting merchants both domestically and internationally. Read on to learn more about the features and benefits of the Niyo Global Card.
What is Niyo Global Card?
Niyo Global card is designed for the latest generation of international travellers. This zero forex markup smart travel card focuses on eliminating the hassles involved in managing foreign currency while travelling.
- It fuses the features and benefits of a forex card and a debit card at no additional fee. It provides the best acceptance rate for more than 100 different currencies.
- It comes with an integrated Niyo app to help you access and manage your card conveniently.
- Besides the zero foreign exchange markup, the top feature of the Niyo Global card is that it converts INR to any other currency automatically with each transaction.
- This card makes it simple to shop online from an international website as well as travel abroad.
Types of Niyo Global Card
The Niyo Global VISA Signature debit card is available in two different types:
Virtual VISA Signature debit card
This card is issued in-app upon Niyo Global enrolment and is immediately usable for online transactions. To use it, you need to load your account.
Physical VISA Signature debit card
- The physical card enables you to access additional features and benefits of your account.
- It is used to make purchases at point of sale (POS) terminals, withdraw money from ATMs, and gain access to airport lounges all over India.
- You can order your physical card and make a first deposit to your account of Rs.5,000 when the account is activated.
- You can withdraw this amount at any time after you order the card.
Features and Benefits of Niyo Global Card
The features and benefits associated with the Niyo Global card are as follows:
Zero forex markup: The Niyo Global card has no forex markup which makes it cost-effective for all transactions such as shopping, flight bookings, dining out, tuition payments, etc.
Instant opening of savings account: The Niyo Global App facilitates the quick opening of a savings account. You will receive a digital debit card that you can use for all your online purchases right away. To avail additional Niyo Global account benefits, you can request a physical debit card.
No loading fees: Since the account is digital with a unique IFSC and account number, there are no loading fees. You can load your account from any place at any time using RTGS/NEFT/IMPS without any loading charge.
Tap and Pay facility: With the Niyo Global card, you can make contactless payments at merchants. This facilitates faster transactions and a shorter waiting time at checkout.
No charges for fund transfers: You can transfer money through RTGS/NEFT/IMPS for free at any time and from any location.
Complimentary access to airport lounges: The Niyo Global card allows you to have a luxurious travel experience by offering access to airport lounges at domestic/international terminals of major airports across the country.
Improved security: The Lock/Block/Unlock features of the Niyo Global app provide enhanced security. You can temporarily lock your whole card or individual payment channels to ensure safety. The card can be blocked permanently if it is stolen or misplaced.
24X7 customer assistance: If you have any issues with your account, you can contact Niyo Global via the 24X7 in-app chat support.
Exciting offers: You can enjoy exclusive discounts and offers on booking hotels and flights. Exclusive deals from both local and global merchants are available on the Niyo Global app.
Meet and assist service: You can request specialised services, including help getting through immigration lines, assistance with luggage, etc.
Why is Niyo Global Card Preferred by Students
The initial step in preparing for your study overseas is obtaining a global card. The card functions similarly to a credit or debit card, allowing you to transfer money, make payments, withdraw cash, etc. However, the distinction between a debit/credit card and a global card is that the latter can be used to load foreign currencies to make payments while travelling abroad.
Most international students now prefer to make international payments using Niyo Global cards. This is because of Niyo Global card’s distinctive features and amenities geared towards students.
Eligibility Criteria for Niyo Global Card
To apply for the Niyo Global card, you need to fulfil the following eligibility conditions:
- You must be a resident of India.
- You must be over the age of 18 years.
Documents Required for Niyo Global Card
The following documents are needed to apply for the Niyo Global card:
Fees and Charges for Niyo Global Card
The fees and charges associated with the Niyo Global card are mentioned in the table below:
Type of Charge | Amount |
Average monthly balance | NIL |
Joining fee | NIL |
Annual fee | NIL |
International POS and e-commerce transactions above Rs.7 lakh in a year | TCS of 5% is applied to any amount that exceeds Rs.7 lakh |
Initial funding needed to issue debit card | A minimum IP of Rs.5,000 |
Transaction alerts | NIL |
Cash withdrawal at international ATMs | Rs.200 per transaction |
Balance enquiry | NIL |
Reissuance of stolen/damaged/lost debit card | Rs.249 plus GST |
How to Apply for Niyo Global Debit Card
The steps to open a Niyo Global account are listed below:
Step 1: Install the Niyo Global App on your Android or iOS device.
Step 2: Signin by entering the OTP received to your Mobile Number and Email Address and validate it.
Step 3: Enter your PAN and Complete your Aadhaar-based KYC by entering your Aadhaar number and the OTP sent to your Aadhaar-linked mobile number.
Step 4: Niyo Global will look for valid CKYC entries with the PAN and Aadhaar information you provided.
Step 5: Enter your passport file number and validate it.
Step 6: Now, Update your personal information and choose your communication address.
Step 7: Once you Nominate a person, Your Niyo Global account will be ready to use
Step 8: You will be issued a virtual card once your account is ready. You can also obtain a physical card within 5-7 days by loading Rs.5,000 in your savings account and placing a card order.
Spending Limits of Niyo Global Card
The spending limits for the Niyo Global card are mentioned in the table below:
Category | Limit |
Top-up of account | No limit |
ATM transactions | Rs.1 lakh per transaction |
Card swipe | Rs.7.5 lakh per transaction |
Online transactions | Rs.7.5 lakh per transaction |
Contactless transactions | Rs.5,000 per transaction |
UPI transactions | Rs.25,000 per day |
Fund transfer within cooling period (30 minutes) | Rs.25,000 per transaction |
Fund transfer per beneficiary | Rs.1 lakh per day |
FAQs on Niyo Global Debit Card
- Does the Niyo Global card provide airport lounge access?
Yes, Niyo Global cards grant free access to airport lounges at international terminals in India and airports worldwide.
- How do I add money to my Niyo Global card?
You can add money to your Niyo Global card by logging into the Niyo Global app and selecting the ‘Add Money’ option.
- Is the Niyo Global card a foreign exchange card?
The Niyo Global card is essentially a better version of a forex card. This debit card is linked to the Niyo Global digital savings account, which has no forex markup. When compared to a forex card, it has a lot more benefits and features.
- Can I obtain a Niyo Global card if I don't intend to travel abroad?
Yes, you can sign up for Niyo Global and receive your card even if you do not have any immediate plans for overseas travel.
- What are the eligibility criteria to open a Niyo Global account?
All resident Indians over the age of 18 years can open a Niyo Global account. Existing customers of SBM Bank (India) Ltd. can also open a Niyo Global account.
- Can I use the Niyo Global card to withdraw cash from an ATM in a foreign country?
Yes, the Niyo Global card operates on the VISA network and can be used to make cash withdrawals from ATMs all over the world.
- What is the difference between a forex card and a Niyo Global card?
There are zero forex markup fees applied to transactions performed with the Niyo Global card, which sets it apart from other forex cards. When you make an international transaction, you will have to pay a 3.5% markup over the current exchange rate. However, when it comes to the Niyo Global card, there aren’t any additional fees.
- Is there a limit to the amount that can be loaded on a Niyo Global card?
No, there is no limit to the amount that can be loaded on a Niyo Global card.
- Which bank provides the Niyo Global card?
In collaboration with Niyo, SBM Bank India offers the Niyo Global card which is a Visa Signature debit card.
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