Niyo Global Cards vs. ICICI Forex Card Rates - Which Will Win Your Wallet?
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Blog Outline
In today’s interconnected world, international travel and online transactions have become integral to our lives. Many individuals opt for prepaid travel cards to facilitate seamless financial transactions abroad. The Niyo Global Card and the ICICI Forex Card are two popular choices in this domain. In this blog, we will delve into a detailed comparison to help you decide which card suits your needs better.
Niyo Global cards offer travellers and students heading abroad a convenient and secure way to make payments in foreign currency, all at no extra charges. These INR-based cards give you easy access to funds on the go, allowing you to make payments in 150+ countries.
On the other hand, the ICICI Bank Forex Card offers features such as cash withdrawal, emergency cash assistance, and balance inquiry with ease.
Read on to learn more about the differences between the Niyo vs ICICI Forex card to ensure you have the best travel card in your wallet when you fly abroad next time.
Niyo Global Cards vs ICICI Bank Forex Card
The Niyo Global cards are an excellent choice for those who need a convenient and hassle-free way to make forex payments at zero cost and manage money efficiently during travels abroad. These cards offer several benefits ranging from convenience and savings to security.
Firstly, Niyo Global cards (debit and credit cards) allow you to load your cards with just INR and make payments in 130+ currencies. These cards give you great flexibility, eliminating the need for loading different currencies. No matter whether you are travelling to one country or your adventures include country-hopping or layovers at airports in different countries, you can use the Niyo Global cards to make payments in just about any currency. These cards also provide excellent exchange rates at zero forex markup fees, making it an economical choice for Indian travellers and students flying abroad.
The Niyo Global cards are safe and secure with a chip-and-PIN system to protect the cards from fraud and theft. You can also use the safety features in the Niyo Global app to temporarily Lock/Unlock the entire card or select payment modes to secure your card. You can also permanently block the card if it is lost or stolen. The real-time updates make it super easy to keep tabs on your spending efficiently, allowing you to stay within budget.
Did you know? You can even pin your account balance to be displayed in a currency of your choice. This is extremely helpful when you want to gauge if you have sufficient balance to cover expenses abroad.
The ICICI Bank Forex Card offers various benefits, including multiple currencies, no exchange rate fluctuation, no need to open a new bank account, and round-the-clock customer service.
The table below distinguishes between the two cards.
Also, compare the Niyo Global Card vs Yes Bank Travel Card with us.
Niyo Global Card vs ICICI Bank Forex Card
| Feature/ Benefit | Niyo Global Cards | ICICI Bank Forex Card |
| Conversion Fee | Zero forex markup*saves up to 5% each time | 3.5% + GST |
| Currencies Supported | Load in INR and spend in 130+ currencies.Use in 150+ countries, India too. | Can load a max. 15 currencies. Transfer money instantly from one currency wallet to another at 2.5% fee of the transfer amount |
| Cashback | Earn Global Coins on domestic spends. Unlock & redeem them for cashback globally. | None |
| ATM Withdrawals | Withdraw local currency from ATMs in 150+ countries through various banks, not just one! | Customers can access their funds from any ICICI Bank ATM worldwide. |
| Extra Perks | – Free lounge access– Swift card delivery in 2-3 days – TCS-free spends up to ₹7 lakh | Joining benefits include vouchers, lounge access, or liability coverage depending on card variant |
| None | ₹150 + GST | |
| Reloading fee | None – Use UPI/IMPS/NEFT | ₹100 + GST |
| ATM Fee + GST (International) | Niyo Global Credit Card – ₹300 Niyo Global Equitas – ₹110 Niyo Global DCB – ₹300 | Varies depending on the currency you withdraw |
| Replacement Card | ₹249 + GST | Lost in India – $3; Lost outside India – $20 |
| Inactivity Fee | None | ₹500+ GST every 180 days if the card remains inactive |
| Insurance | Up to ₹5 lakh by DICGC | Free travel insurance covers air accidents, missed flights, lost travel documents, plane hijacking, baggage delay, and lost & counterfeit card liability |
| Travel Assistance | Connect 24×7 for assistance | Free emergency cash delivery. Concierge services at a fee. |
| Card Variants | – Niyo DCB Global Debit Card– Niyo Global Equitas Debit Card– Niyo Global SBM Credit Card | Sapphiro Forex Prepaid Card– Coral Forex Prepaid Card– Student Contactless Forex Prepaid Card – Multi-Currency Forex Prepaid Card |
How to apply for a Niyo Global Card?
Applying for a Niyo Global Card is quite simple and straightforward.
- Download the Niyo Global app from Appstore or Play Store
- Verify your Mobile No. and Email ID
- Select a bank to open an account: DCB Bank, Equitas Small Finance Bank, or SBM Bank (India)
- Complete your KYC with PAN, Aadhaar, and Passport File No.
- Your account will be activated with an instant Virtual Card for online transactions!
- Physical card gets delivered within 2-3 days
How to apply for an ICICI Forex card?
You can apply for it online with your Aadhaar Card and income proof. It takes seven days to reach you. You may be asked to visit the place physically for KYC.
Niyo V/S ICICI Forex Cards for Students
The trend of international learning is growing, and so are the varieties of forex cards made for the relevant reasons. ICICI Student Forex Card lacks customer care services as it follows the general bank timings and a student might need assistance anytime. For a hassle-free experience, the Niyo Global Card is more advisable for a student versus getting an ICICI student forex card
The inactivity fee for 6 months on the ICICI Travel Card is ₹500, and the wallet-to-wallet transfer fee is 2.5%.
The Niyo Global Card, on the other hand, has no such charges.
Wrapping up the Niyo Global Card vs. ICICI Forex Card debate
To wrap up the Niyo Global Card vs. ICICI Forex card debate, the Niyo Global Card is totally worth considering as it offers free airport lounge access, zero forex markup charges, cashback, and can give you discounts on hotels and much more for lesser cost as compared to the ICICI Forex Card. Along with these added advantages, it is also easy to get and simple to maintain.
Frequently Asked Questions
After comparing several Forex cards, it is seen that the Niyo Global Card offers more advantages when put to international use. Apart from zero forex markup, you can enjoy 24×7 customer assistance, free access to airport lounges, no joining or reloading fees and access to 130+ currencies in 150+ countries.
Niyo Global Cards in partnership with the DCB Bank, Equitas Small Finance Bank and SBM Bank (India) offer zero forex markup and more exciting benefits for travellers. The no charge option while depositing money, no charges while withdrawing, no processing fees and above all free lounge access turns it to be the best.
Niyo Global Card ensures better customer care for students and is hassle-free as compared to the ICICI student Forex card, for example.
The zero forex markup benefit saves students up to 5% on College Application Fees, Visa Fee & Tuition. Pay up to 5% lesser on your Housing Deposit & Rent abroad. Save almost 5% on your Monthly Transportation Pass. Groceries cost lesser with Niyo Global Card.
It’s easier for you/your folks back home to transfer money easily 24X7 in INR with UPI apps/IMPS/NEFT without worrying about currency conversions.
You can get the physical card quickly in 2-3 days.
ATM withdrawals abroad are made easy with low fees and a global ATM Locator to find one close by wherever you are.
The Niyo Global Card is the perfect partner for Indian travellers and students heading overseas. With the Niyo Global Card, you can just load money in INR and spend it in 130+ currencies worldwide without having to worry about loading different currencies.
Certainly! Yes, you can use the Niyo Global Card at ATMs. Insert the card, enter your PIN, select the account and amount, and complete the transaction. Be aware of any associated fees and withdrawal limits. Ensure your card is loaded with sufficient funds before use.
