Disclaimer – The card discussed in this article is not technically a “Forex Card” but card that offers “Zero Forex Markup”
Are you someone who frequently travels abroad for business trips, vacations, or higher studies? If yes, then you must be aware of the high surcharges and fees on international transactions. But what if we told you that there is a way to save up to 5% on every international transaction? Yes, you heard it right! The Niyo Global Forex Card, launched by Niyo Solutions in partnership with Equitas Small Finance Bank, offers zero forex markup charges on international transactions in more than 130 currencies.
Equitas Bank has revised International ATM withdrawal charges to INR 499 + GST per withdrawal which is an exorbitant increase from INR 110+ GST. We are yet to revise our blogpost accounting for the that update but we have revised our ratings on the basis of the same.
About latest update regarding atm abroad charges – Niyo Product / Niyo Support – Niyo Community (goniyo.com)
In this blog post, we will take a closer look at the features and benefits of the Niyo Global Forex Card and how it can make your international travels more convenient and affordable.
What is Niyo Global Equitas Zero Forex Card or Niyo Global Equitas?
The Niyo Global Forex Card is a Debit Card from a digital savings account in partnership with Equitas Small Finance Bank that offers up to 7% interest on your savings and zero forex markup charges on international transactions. It is exclusively offered to Indian passport holders who have a Niyo Global digital savings account. The card is available in both physical and virtual variants, but the virtual card allows only online domestic transactions.
The Truth About 7% Interest Rate in Niyo Equitas Forex Card
The smartly advertised 7% interest rate on Niyo Equitas Forex Card zero balance savings account is only applicable when your Average Daily Closing Balance is above INR 5 Lakhs.
Features and Niyo Global Card Benefits
The Niyo Global Forex Card comes with a host of features and benefits that make it an ideal travel companion for international travelers. Here are some of the key features and benefits of the card:
- Zero forex markup charges: With the Niyo Global Forex Card, you can save up to 5% on every international transaction as there are no forex markup charges. You just pay the Visa exchange rates that apply to your international payments.
- High Interest Savings Account: You can earn up to 7% interest per annum on your savings account balance with the Niyo Global digital savings account.
- Insurance cover: The money in your Niyo Global account up to Rs.5 lakh is covered by the Deposit Insurance & Credit Guarantee Corporation (DICGC), an RBI subsidiary.
- Niyo Global Minimum Balance: This is also a zero-balance account with no charges for not maintaining any balance in the account.
- Smart Mobile Application: The Niyo Global card comes with a best-in-class mobile application that offers various smart features such as global ATM locator, live currency converter, 24×7 customer support, complimentary lounge access, exclusive customized deals, global coins rewards program, instant cash, real-time updates, lock-unlock-block card feature, manage card limits, and more .
- Tax Collected at Source (TCS) exemption: International travelers can spend up to ₹7 lakh without worrying about paying TCS. However, any spends above this threshold will attract TCS as per the latest announcements.
Niyo Global Card Lounge Access
No lounge access on Equitas Debit Card Variant: It is important to note that the Niyo Global Forex Card offered in partnership with Equitas Small Finance Bank does not provide complimentary lounge access. However, the Niyo Global SBM Debit Card and Credit Card do offer complimentary lounge access.
Update 14/07/23 – 7:00 PM – FREE lounge access is now available! 🤩 One complimentary airport lounge access every quarter at international terminals in India on Equitas debit card!
Niyo Global
Niyo Global Equitas Account Opening – How To Apply Niyo Global Card
Getting a Niyo Global Forex Card is easy and hassle-free. Here are the steps you need to follow:
- Download and install the Niyo Global application on your smartphone.
- Use your Aadhaar, PAN, and Indian Passport to complete the KYC process.
- Once your account is up and running, you will get an instant virtual Niyo Global card that will allow you to make online domestic transactions.
- Order a physical Niyo Global card and it will be delivered in just 2 – 3 days.
Eligibility Criteria for the Niyo Global Forex Card
To be eligible for a Niyo Global Forex Card, you must meet the following criteria:
- You must be an Indian citizen of 18+ years of age.
- You must have a valid Aadhaar, PAN card, and an Indian Passport.
Fees and Niyo Global Card Charges
Here are the fees and charges that apply to the Niyo Global Forex Card:
- There is zero forex markup on international transactions with the card.
- Zero Joining Fee
- Zero Annual Fee For the Saving Account
- INR 199 + GST Annual Maintenance Charges for the Physical Debit Card
- INR 499 + GST International ATM withdrawal charges (was earlier INR 110+ GST)
- Domestic ATM withdrawal charges – 3 free withdrawals in a month and INR 21 + GST from the 4th withdrawal.
- TCS is exempted on international spends up to Rs. 7 Lakhs in a financial year and 20% TCS is applicable beyond Rs. 7 Lakhs.
Niyo Global Card Review Equitas – Conclusion
The Niyo Global Forex Card is an excellent travel companion for international travelers from India. With its zero forex markup charges, high-interest savings account, insurance cover, smart mobile application, TCS exemption, and more, it offers convenience and affordability.
Niyo Global Debit Card by Equitas Small Finance Bank
A closer look at the features and benefits of the Niyo Global Forex Card by Equitas Bank and how it makes your international travels convenient.
Product Brand: Niyo Global
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Pros
- Zero forex markup charges: With the Niyo Global Forex Card, you can save up to 5% on every international transaction as there are no forex markup charges. You just pay the Visa exchange rates that apply to your international payments.
- High Interest Savings Account: You can earn up to 7% interest per annum on your savings account balance with the Niyo Global digital savings account.
- Insurance cover: The money in your Niyo Global account up to Rs.5 lakh is covered by the Deposit Insurance & Credit Guarantee Corporation (DICGC), an RBI subsidiary.
- Zero Balance: This is also a zero-balance account with no charges for not maintaining any balance in the account.
- Smart Mobile Application: The Niyo Global card comes with a best-in-class mobile application that offers various smart features such as global ATM locator, live currency converter, 24×7 customer support, complimentary lounge access, exclusive customized deals, global coins rewards program, instant cash, real-time updates, lock-unlock-block card feature, manage card limits, and more .
- Tax Collected at Source (TCS) exemption: International travelers can spend up to ₹7 lakh without worrying about paying TCS. However, any spends above this threshold will attract TCS as per the latest announcements. Lounge Access, 1 per quarter.
Cons
- The smartly advertised 7% interest rate on this savings account is only applicable when your Average Daily Closing Balance is above INR 5 Lakhs.
- High International ATM Withdrawal Charges
