Niyo Global Card vs. Federal Bank Forex Card: Which One Will Win Your Wallet?
Blog Outline
Are you planning to study abroad? Are you planning your dream vacation? Well, whatever the reason, if you are flying internationally, it’s the best time to apply for an international travel card.
Choosing the perfect travel card is one of the most challenging decisions we encounter while planning a trip abroad. You need to clearly understand your travel card’s benefits, facilities, charges, and coverage before choosing them.
So, here’s a comparison between India’s leading travel cards, the Niyo Global Card and the Federal Bank Forex Card. We will compare these based on features, usage, charges, withdrawal limits, etc. Read till the end to know which one suits you the best for your next international trip.
Niyo Global Card Vs. Federal Forex Card
| Features | Niyo Global Card | Federal Bank Forex Card |
| Cross Currency Charges | Nil | 3% |
| Currencies Supported | Load in INR and spend in 130+ currencies. Use in 150+ countries | 8 currencies (US Dollar, Pound, Euro, Saudi Riyal,UAE Dirham, Canadian Dollar, Australian Dollar & Singapore Dollar) |
| Card Issuance Charges | Niyo Global Credit Card by SBM Bank – ₹0Niyo Global Debit Card by Equitas Bank – ₹199+GST (refundable) Niyo Global Debit Card by DCB Bank – ₹0 | ₹150+GST |
| Reloading Fees | None – Use UPI/IMPS/NEFT | ₹100+GST |
| ATM Withdrawal Fees (international) | Niyo Global Credit Card by SBM Bank – ₹300+GSTNiyo Global Debit Card by Equitas Bank – ₹110+GSTNiyo Global Debit Card by DCB bank – ₹300+GST | Varies based on countries |
What is a federal bank multi-currency card?
What is Niyo Global Card?
Niyo Global Card is very popular among travellers and students who are going abroad from India.
It’s an INR-based international card that lets you spend in 130+ currencies across 150+ countries, including India. You can use the Niyo Global Card in ATMs, PoS machines, and all online transactions within and outside India.
Ease of Applying for both cards
The process of obtaining the Federal Bank Forex Card may be slightly time-consuming.
The documents you need to apply for the Forex card are a copy of your Passport, visa, airline ticket, and card insurance application form.
Niyo Global Card
You can pick from/all 3 zero forex travel cards from Niyo Global: a Secured Credit Card by SBM Bank (India), a debit card by Equitas Small Finance Bank, and a debit card by DCB Bank.
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Online Application for cards
You can apply for both travel cards online from the comfort of your home.
To apply for Niyo Global Card, follow these simple steps:
1) Download the Niyo Global App
2) Verify your Mobile number & Email ID
3) Pick a zero forex card of your choice
4) Verify your Passport & Aadhaar details
5) Capture a quick selfie
6) Enter Personal & Nominee details
7) Complete your 3-minute Video KYC
8) You will get your physical card within 3 days
Reloading the Card
To apply for Niyo Global Card, follow these simple steps:
1) Download the Niyo Global App
2) Verify your Mobile number & Email ID
3) Pick a zero forex card of your choice
4) Verify your Passport & Aadhaar details
5) Capture a quick selfie
6) Enter Personal & Nominee details
7) Complete your 3-minute Video KYC
8) You will get your physical card within 3 days
To apply for Niyo Global Card, follow these simple steps:
1) Download the Niyo Global App
2) Verify your Mobile number & Email ID
3) Pick a zero forex card of your choice
4) Verify your Passport & Aadhaar details
5) Capture a quick selfie
6) Enter Personal & Nominee details
7) Complete your 3-minute Video KYC
8) You will get your physical card within 3 days
You can add money to Niyo Global bank accounts 24X7 via UPI/IMPS/NEFT/RTGS at no extra charge.
You can load money directly as INR and conversions are taken care of by your Niyo Global card at the time of transaction. This comes in handy when you are abroad and need more funds on your Niyo Global Card. Recharge quickly so that you can spend your money abroad easily.
Card Usage Abroad
To shop online, you can use the Niyo Global Card at all merchants that accept MasterCard cards. You can use the in-app Currency Converter tool to know the live exchange rate to know upfront exactly how much your purchase will cost.
Benefits and Features
Federal bank forex cards offer the option to Check balances, and account statements, change PINs, and block and unblock cards.
- Complimentary access to airport lounges at select international terminals in India
- Earn 1% cashback as Global Coins
Final Verdict
Frequently Asked Questions
Yes, the Niyo Global card is very safe to use. The card can be managed with the Niyo Global app, and the card itself is secured with a chip and PIN.
Yes, you can! You can use the Niyo Global app to manage and track all your transactions in real time.
The Niyo global card has zero forex markup fees and does not charge for opening an account. However, The fees charged to a user are international ATM withdrawals and the issuance of a lost or damaged card.
The Niyo Global or Federal Bank Forex cards would work depending on your preferences and needs. It is important to weigh each card’s pros and cons before deciding.
