Niyo Global Card vs. YES BANK Forex Card: Which One Will Win Your Wallet?
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Blog Outline
In the world of digital money, nothing can stop you from spreading your wings to fly domestically or internationally! Forex cards are made to ensure savings as they include specialised services at a foreign exchange markup charge whenever you purchase using the card’s loaded currency.
With the rows of new cards, Niyo Global Cards turn the game into a fantastic and unbeatable one. Niyo is the pioneer of zero forex markup cards in India. Our DCB Niyo Global card with zero forex markup, launched in 2018, revolutionised how Indian travellers make forex payments with an INR-based card and saved along the way!
Find out why Niyo Global Cards might be a better travel card than the other cards currently on the market.
All about YES BANK Forex Card
YES BANK Forex Card is a prepaid card used to make payments while travelling abroad. You can make payments in any foreign currency at merchant outlets, withdraw cash from ATMs, etc.
Features of YES BANK Forex Card:
- Easy to use and convenient: The card is easy to use and can be used to make payments in foreign currencies.
- Secure: Your funds are safe on the YES BANK Forex Card, protected by chip & PIN. The card comes with Lost Card Liability and counterfeit Card Liability Insurance in case of unauthorised transactions.
- Hassle-free: No need to worry about carrying cash while travelling abroad.
- Multi-currency: YES BANK multicurrency travel card allows you to load and pay in 15 currencies into one card for a travel-friendly experience.
- Access to funds: After loading/reloading, it takes about one business day for funds to become available on your card.
- Cash withdrawal: Withdraw cash from 2.4 million ATMs globally at a nominal fee.
- Online transactions: You can use the card to make online transactions.
- Limited Accessibility: The YES BANK Forex Card doesn’t work in India; it is usable only in select countries.
- Activation & Reloading: You must visit the bank branch and submit documentation to get a Forex card. You are required to visit the bank branch to reload money.
- High Forex Markup Rates: YES BANK Forex rates come with a relatively high markup of 2.75% (MCTC Forex Card) of the transaction value for their MCTC Visa Card, which can make it an expensive option.
- 24×7 Customer Support: Contact Centre in India and international toll-free service in four countries to help you with your forex card issues.
How does the YES BANK Forex multicurrency travel card login work?
To log into YES BANK’s Forex card, visit the official website of YES BANK and click on the ‘Login’ button. Enter your card details and click the ‘Login’ button, followed by the One-Time Password (OTP) for authentication. Once authenticated, you can access your account and manage your Forex Card.
Also, compare the Niyo Global Card vs ICICI Bank Travel Card with us.
All about Niyo Global Card
Niyo Global Cards are zero forex markup travel cards that help travellers manage their travel expenses abroad more efficiently and securely. They allow users to withdraw local currency at over 1 million ATMs worldwide and free online transfers. It also allows users to manage their money and track their spending on the go. The card is accepted by millions of merchants worldwide, making it the perfect choice for Indian travellers who need to pay in multiple currencies.
Did you know? You can pin your account balance in your local currency wherever you are! This helps in gauging your expenses and available balance much more efficiently.
Features and Benefits of Niyo Global Cards
- Zero Forex Markup Fee: While most banks and forex service providers charge a fee for allowing you to make foreign transactions, Niyo Global Cards do not charge a cross-currency conversion charge or markup fee for the convenience of making payments in a foreign currency. The zero forex markup benefit of Niyo Global cards helps you save up to 5% every time you make a payment abroad.
- Free Lounge Access: Relax and enjoy the comforts and luxury of airport lounges at international terminals in India. Just swipe your Niyo Global card at the lounge to authenticate it and begin your journey in style.
- Wide Acceptance: Niyo Global Cards are accepted at millions of merchant outlets and ATMs. Just load your cards in INR and use them in 150+ countries without worries about loading multiple currencies. Niyo Global cards have the best acceptance rate for 130+ currencies.
- Real-Time Exchange Rates: Niyo Global cards provide real-time exchange rates. The nifty in-app Currency Converter tool helps you find live exchange rates so you always know how much you’ll pay.
- Global Coins as Rewards: Earn rewards as Global Coins with each card swipe and online transaction made in India. Unlock and redeem these coins for impressive cashback globally.
- Swift Card Delivery: Get your physical card delivered to your doorstep within 3-5 days.
- TCS-free Transactions: There is NO TCS charge on spends made with the Niyo Global Card when you are abroad. Also, you can make TCS-free transactions up to ₹7 lakh/FY.
- 24X7 Customer Support: Niyo Global Cards come with 24X7 in-app customer support to help you no matter where you are in the world.
- Security and Safety: Niyo Global Cards are protected with Chip & PIN and have multiple security features. You can temporarily lock/unlock your entire card or select payment channels to keep your card safe. You can also choose to block your card permanently via the Niyo Global app in case it is lost or stolen.
How do I log in to manage the Niyo Global card?
Log in to your Niyo Global app by entering your “Passcode”. Tap on the card image on the homepage you want to manage.
Niyo Global Card currency conversion charges
The Niyo Global cards are INR-based, meaning you load the card with INR and that amount is auto-converted to the local currency of where you make a transaction. Niyo does not charge any fee for the convenience of making forex transactions in 150+ countries, meaning you can save up to 5% in forex charges with the zero forex markup benefit of Niyo Global cards. Only the VISA exchange rate is applied to all transactions abroad.
Comparison: Niyo Global Card Vs YES BANK Forex Card
| Feature | Niyo Global Cards | YES BANK Forex Card |
| Conversion Fee | Zero forex markup – only VISA exchange rates apply | 2.75% (Multi Currency Travel Card MCTC) |
| Currencies Supported | Load in INR and spend in 130+ currencies. Use in 150+ countries, India too. | Only 15 currencies. Doesn’t support foreign payments in India. |
| Cashback | Earn Global Coins on domestic spends. Unlock & redeem them for cashback globally. | None |
| Lounge Access | Free at international terminals in India# | None |
| ATM Withdrawal Fee | ₹300 + GST | Varies across currencies |
| Annual Maintenance Fee | None | ₹100 |
| Loading & Reloading Fee | None + Add money easily via UPI, IMPS, NEFT | ₹100 + Branch visit |
| Funds Availability | Immediate | 1 day |
| Refund Fee | None | ₹75 |
| DCC (Dynamic Currency Conversion) | Disabled for your convenience | May be charged |
| Insurance | Up to ₹5 lakh by DICGC | Lost & counterfeit card liability |
| Account Opening Process | 100% online, quick, easy. Minimal documentation. | In-person bank visit with paperwork. |
| Offers | Exclusive card offers | None |
| Overall Benefits & Convenience | Superior | Average |
Key Takeaways
Niyo Global Cards and YES BANK Forex Cards offer convenient and secure payment methods in foreign currencies. These cards are accepted at major establishments worldwide. After measuring all the pros and cons, we have concluded that Niyo Global Cards have more advantages over the YES BANK Forex Card, such as zero currency conversion fees, low ATM withdrawal fees, complimentary airport lounge access, ease of INR-based international debit and credit cards, and cashback rewards. Niyo Global cards are a great choice for those seeking a secure, cost-effective way to make payments in foreign currency. Travel with no worries with Niyo Global cards!
Frequently Asked Questions
Niyo Global cards are offered by Niyo, a Bangalore-based leading and established fintech operating for over eight years. Niyo pioneered zero forex markup cards in India and revolutionised the way Indian travellers manage forex payments and save with zero forex markup on all spending abroad. They are a regulated financial institution member of the Reserve Bank of India with various services, including digital banking, wealth management, and more. 2 million+ users trust Niyo Global cards and have had positive experiences to share with fellow travellers.
Based on the comparison between Niyo Global cards and the YES BANK travel card, the Niyo Global cards prove the best travel partner for all your forex needs and excellent travel experience.
The perks of Niyo Global cards outweigh those of a YES BANK Forex Card Niyo Global offers zero currency exchange fee. Niyo Global cards offer many features, such as INR-based cards with multi-currency support, cashback rewards, and easy reloading options and immediate availability of funds. Ultimately, the best way to decide which card is better for you is to compare the features and fees offered by both providers.
YES BANK is a multicurrency travel card allowing you to load 15 foreign currencies. Some Yes Bank Forex rates include Card issuance fees, reloading fees, refund fees, Forex markup fees, Cash advance fees, ATM withdrawal fees, and Dynamic Currency Conversion fees.
The YES BANK travel card has limited accessibility since it can work for only 15 currencies. It cannot be used in India.
On the other hand, the zero forex markup Niyo Global cards can be loaded with INR and seamlessly used to pay in 130+ currencies in 150+ countries… all without worrying about loading multiple currencies.
Yes, bank forex rates are known to be on the higher side as compared to Niyo Global cards. The YES BANK forex card rate today is ~2.75% of the transaction amount as a markup fee. The Niyo Global cards, on the other hand, have zero forex markup benefits, meaning no foreign transaction fees are charged on all international spends.
