HDFC Forex Card Rates vs Niyo Global Card: Which One Will Win Your Wallet?
- 11min Read
Blog Outline
Are you tired of worrying about currency conversion rates and hidden fees while travelling abroad? With technological advancement, it is now possible to carry multiple currencies in a single card, eliminating the need to have cash on you or exchange currency every time you travel. In this blog, we will compare two of the most popular travel cards available in the market – the HDFC Forex Card and the Niyo Global Card. You will clearly understand the features, benefits, and drawbacks of these two travel cards. You can decide which card is the best for your international travel needs. Whether you’re a frequent traveller or just planning a one-time trip, you’ll find this article valuable in making the right choice for your needs. So buckle up and get ready to learn everything about the HDFC Forex Card and the Niyo Global Card.
Importance of Forex Cards for International Travel
Forex cards have become popular for travellers due to their ease of use and cost-effectiveness. Some of the benefits of using a forex card for international travel include:
- Convenience: Forex cards are easy to use and can be used wherever a card network is accepted. They also come with the added security of chip and pin technology.
- Cost-Effective: Forex cards offer competitive exchange rates, eliminating the need to pay exchange fees and hidden charges.
- Safety and Security: Forex cards are a safe and secure way to carry money abroad, as they can be easily blocked in case of loss or theft. Additionally, some Forex cards offer insurance coverage for lost or stolen cards.
- Easy to Manage: Forex cards offer real-time monitoring and tracking of transactions, making managing your expenses while travelling easy.
Niyo Global Forex Card Benefits
Here’s a list of features and benefits of the Niyo Global Card:
- Zero Forex markup: The Niyo Global card comes with zero Forex markup, making transactions cost-efficient for bookings, tuition fees, dining, shopping, etc.
- Free Lounge Access: Indulge in the comfort and luxury of airport lounges at international terminals across India. Simply use your Niyo Global card at the lounge for verification and commence your journey with style.
- INR-based international card: The Niyo Global card is an INR-based international card that can be loaded from anywhere and anytime in INR. It is accepted in 150+ countries and can be loaded with 130+ currencies.
- Earn 1% Cashback as Global Coins: Accumulate rewards in the form of Global Coins every time you use your card for online and offline transactions in India. Unlock and redeem these coins for attractive cashback options worldwide.
- Rapid Card Delivery: Receive your card at your doorstep within a swift 3-5 day timeframe.
- 27×7 Customer Support: Niyo Global Cards provides 24/7 in-app customer support to assist you, regardless of your location around the globe.
- Referral benefits: Refer Niyo Global to friends and family for a chance to earn up to ₹200 and experience the benefits of a 7.25% interest p.a. savings account with zero forex markup.
- Dedicated mobile app: The Niyo Global card provides a dedicated app with features such as a currency converter, ATM locator, transaction history, balance inquiry, and account statement.
Niyo Global Card Variants
The Niyo Global Card is a digital savings account offered by Niyo in partnership with SBM Bank India, Equitas and DCB Bank to make global banking easier for travellers.
| Niyo’s Suite of Products: A Comprehensive Features Comparison | |||
| FEATURES/BENEFITS | Niyo Global Credit Card | Niyo Global Equitas | Niyo Global DCB |
| Works for international transactions | ✔️ | ✔️ | ✔️ |
| ZERO forex markup | ✔️ | ✔️ | ✔️ |
| Lounge access* | ✔️ | ✔️ | ✔️ |
| TCS | No TCS applicable | No TCS upto 7L | No TCS upto 7L |
| Reward Program (Global Coins) | ✔️ (Card spends + Refer & Earn) | ✔️ (Refer & Earn) | ✔️ (Refer & Earn) |
| Earn Interest Rate Upto | ✔️ (7% – FD backed credit card) | ✔️ (7.50% – Savings account) | ✔️ (7.25% – Savings account) |
| Joining fee | Nil | Nil | Nil |
| Maintenance Charges/Annual fee | Nil | Nil | Nil* |
| Card issuance charges | Nil | ₹199+GST (Refundable*) | Nil |
| International Money Transfer | ✖️ | ✖️ | ✔️(DCB Remit) |
| Visa Network | Visa Platinum | Visa Platinum | Visa Platinum |
ATM withdrawal charges (International) | ₹300+GST | ₹110+GST | ₹300+GST |
ATM withdrawal charges (Domestic) | ₹300+GST | ₹21+GST (Non Equitas ATM’s) Applicable after 5 free withdrawals* | ₹21+GST* |
| Replacement Fees | ₹249 (including GST) | ₹199 + GST | ₹249 (including GST) |
The Niyo Global account comes with an integrated app, offering a range of features and benefits. The account is 100% digital, with instant onboarding and no monthly balance requirement. The card offers tap and pay, airport lounge access, real-time currency conversion, and enhanced security.
The Niyo Global card is an ideal solution for international travel and provides a seamless and cost-efficient banking experience. The Niyo Global Card has the following fees:
- Joining Fee: Free
- Annual Debit Card Fees: Free
- Account Loading: Free
- 5% TCS on International POS & Ecom Transactions exceeding ₹7 lakhs per year
- Reissuance/Replacement Fee:
- For the Niyo Global Equitas Debit card, it is INR199+18% = INR 234.82
- For Niyo Global DCB Debit card: INR 249 (Including GST)
- Likewise for Niyo Global Secured Credit Card, it is: INR 249 (Including GST)
- Cash Withdrawal & Balance Enquiry:
- Niyo Global Credit Card – ₹300+GST
- Niyo Global Equitas – ₹110+GST
- Niyo Global DCB – ₹300+GST
HDFC Forex Card Benefits
Here’s a list of features and advantages of the HDFC Forex Card:
- Lock-in exchange rate: You can lock in the exchange rate, which is usually the same rate as when the card is first activated. This is a significant advantage of Forex cards for students.
- Multiple currency options: The HDFC Bank Multi Currency ForexPlus Card allows you to carry multiple currencies in a single card. Twenty-two currency wallets are now available to be loaded.
- Convenient usage: Think of a Forex card as a prepaid travel card that you can use, like a credit or debit card, to pay for expenses in a local currency abroad. You can also withdraw local cash from an ATM.
- Online currency management: You can conveniently add a currency, transfer the balance from one currency to another, and make online purchases and transactions abroad without additional charges.
- Secure transactions: The ForexPlus card features an EVM Chip and PIN for secure transactions at retail outlets and the ability to change your ATM PIN online. You can also temporarily block or unblock your card.
- The cheapest way to carry foreign currency: As per HDFC Bank, a Forex card is the cheapest way to carry and pay in foreign currency internationally. It is safer than cash, more affordable than other cards, and more convenient.
- Easy to get and reload: Forex Cards can be easily obtained from HDFC Bank and reloaded online or through phone banking services. Additionally, you can avail yourself of emergency cash assistance 24/7.
A. HDFC Forex Card Variants
The HDFC Forex Card rates differ depending on the variant chosen by the customer.
B. Regalia ForexPlus Card
The HDFC Regalia ForexPlus Card is a single-currency forex card with zero cross-currency markup charges in US dollars. It offers two complimentary lounge access per quarter in international airports in India. The card provides a range of insurance covers for a worry-free travel experience. The card can be reloaded using multiple online and offline modes, providing emergency cash delivery assistance worldwide.
The Regalia Forex Card has the following fees:
- Card issuance fee: ₹1000 plus GST per card
- Reload fee: ₹75 plus GST per transaction
- Transaction charges: This HDFC Forex card rates for transactions include USD 4.00 for ATM cash withdrawal and USD 0.50 for balance enquiry, with a daily limit of USD 5000
- The maximum limit for loading the card is USD 250,000 in a financial year under the Liberated Remittance Scheme.
The Regalia Forex Card offers the following benefits:
- Complimentary Virtual International Student Identity Card worth ₹999
- Exclusive discounts at over 1,50,000 outlets worldwide
- Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
- Complimentary international airport lounge access in India.
C. The Forex Multicurrency Platinum ForexPlus Chip Card
This HDFC multicurrency Forex Card has 22 currency wallets, allowing users to load and use different currencies. The card protects against foreign exchange rate fluctuation, making it convenient for international travel. The card has comprehensive insurance coverage and offers various reloading options, including online reloading. Emergency cash delivery assistance is available globally in case of card loss or malfunction.
The Multicurrency Platinum ForexPlus Chip Card has the following fees:
- This HDFC Multicurrency Forex Card has an issuance fee of ₹500 plus GST per card
- Reload fee: ₹75 plus GST per reload transaction
- Transaction charges: vary based on currency, including fees for ATM cash withdrawal, balance enquiry, and daily withdrawal limit
- Cross currency charges: 2% cross currency markup for transactions in different currencies, 2% cross currency markup for the wallet-to-wallet transfers
- Limit of the amount that can be loaded: USD 250,000 in a financial year
The Multicurrency Platinum ForexPlus Chip Card offers the following benefits:
- Complimentary Virtual International Student Identity Card worth ₹999
- Exclusive discounts at over 1,50,000 outlets worldwide
- Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
- Special VISA offers on travel, sightseeing, hotels, and shopping through the HDFC Bank Forex Card on the VISA Network.
D. ISIC Student ForexPlus Card
The HDFC Bank ISIC Student Forex Card is a dual-purpose card that combines a Forex card and an internationally recognized student identity card (ISIC). This HDFC student forex card is recognized by various organizations and universities worldwide and provides access to over 150,000 discounts and offers in 130 countries relevant to student life. The Forex Card provides a secure way to carry currency while travelling abroad and offers insurance covers, including protection against misuse, road/rail accidents, air accidents, loss of checked-in baggage, loss of personal documents, and loss of cash in transit. The ISIC Student ForexPlus Card has the following fees:
- These HDFC Forex Card rates include an issuance fee of ₹300 + applicable GST per card.
- Reload Fee: ₹75 + applicable GST per reload transaction
- Transaction charges: vary based on currency, including fees for ATM cash withdrawal, balance enquiry, and daily withdrawal limit
- Maximum loading limit: USD 250,000 in a financial year (as per Liberated Remittance Scheme)
The ISIC Student ForexPlus Card offers the following benefits:
- Exclusive discounts at over 1,50,000 outlets worldwide
- Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
- Special VISA offers on travel, sightseeing, hotels, and shopping through the HDFC Bank Forex Card on the VISA Network.
- Hajj Umrah Card
This HDFC student forex card has several benefits, allowing students to have a stress-free environment while transacting in a foreign country.
The HDFC Hajj Umrah Forex Card is a single currency forex card designed for pilgrims visiting Hajj and Umrah in Saudi Arabia. The card is loaded with only SAR (Saudi Riyal) currency and can be reloaded using various online and offline modes and has a 24×7 Global Customer Assistance Service. The card also comes with complimentary insurance coverage and SMS/email alerts for easy tracking of transactions. The card is valid for five years from the date of card issuance. This HDFC Forex Card rates include the following fees:
- Card Issuance Fee: ₹500 per card
- Reload Fee: ₹75 per card
- Reissuance/Replacement Fee: ₹100 per card
- Cross currency charges: 2% markup on transactions in a currency different from the one on the card, with exchange rate based on VISA/MasterCard or mid rate, and charges for using GCAS facility.
- Maximum loading limit: USD 250,000 in a financial year (as per Liberated Remittance Scheme)
The Hajj Umrah Card offers the following benefits:
- Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
- Special VISA offers on travel, sightseeing, hotels, and shopping through the HDFC Bank Forex Card on the VISA Network.
Comparison between HDFC Forex Card vs Niyo Global Card
| Feature | Niyo Global Card | HDFC Platinum ForexPlus Chip Card |
| Joining Fee | Free | INR 500 plus GST |
| Annual Debit Card Fees | Free | Free |
| Account Loading | Free | INR 75 plus GST per transaction |
| Forex Markup | Zero | 2% (Cross Currency Markup) |
| Load Currency | INR | 22 Currencies, including AED, AUD, and USD |
| Interest Earnings | Upto 7.5% per annum | N/A |
| Insurance Coverage | N/A | Comprehensive |
| Emergency Cash Delivery | N/A | Yes |
| Tap & Pay | Yes | Yes |
| Enhanced Security | Yes | Yes |
| Offers & Discounts | In-app Offers & Access to Concierge Services | Exclusive discounts at over 1,50,000 outlets worldwide |
| Student Identity Card | N/A | Complimentary Virtual International Student Identity Card worth INR 999 |
| Reloading Options | Online, via Niyo App | Online, via HDFC Bank NetBanking |
Conclusion
Ultimately, the best card for international travel depends on your specific needs and preferences. If you want a cost-effective and seamless banking experience, the Niyo Global card is a good option. However, the HDFC Forex card is the way to go if you need comprehensive insurance coverage and exclusive discounts. It is essential to carefully weigh the pros and cons of each card and choose the one that best fits your needs.
Frequently Asked Questions
The HDFC Forex Card charges fees depending on the card issued. Some standard rates include issuance fees, reload fees and transaction fees.
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.
The banks partnered with Niyo Global Card are SBM, Equitas, and DCB Bank. Niyo is also partnered with Visa to ensure a stress-free travel experience.
The Niyo Global app enables users to set up an account with ease. You will also need to set up your KYC account.
