Niyo Global Card vs. SBI Forex Card: Which One Will Win Your Wallet?
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Blog Outline
All set to travel abroad with your passport, visa, itinerary, etc., but still trying to decide which international travel card would be the right partner for your foreign travels?
Forex cards have emerged as formidable players in the ever-expanding landscape of financial tools, offering a seamless bridge for globetrotters and international spenders. Understanding the nuances of forex cards is paramount if you’re navigating the complex currents of foreign exchange.
Well, at least you’ve managed to shortlist two cards – the State Bank Forex Card and the Niyo Global Card.
Need help to decide which one will be the right fit for your needs?
Keep reading to learn about these cards, including how to use them and the charges accompanying them.
Also, read more about the uses of forex cards.
SBI Forex Card
An SBI forex card, or State Bank Foreign Travel Card, is a prepaid foreign currency card that holds multiple currencies on one card. It’s a type of international card providing 24×7 global assistance, and like all other cards, this card is a chip and pin-protected card. Rather than cash, you can carry this SBI Forex card for students since it’s a more convenient and secure way to carry money abroad.
SBI forex card charges 3% per transaction for currency conversion and convenience. Using the SBI Foreign Travel Card may take a little time to load the currency.
Benefits of SBI Global Debit Card Benefits
Now, let us go through the pros of using this card in detail.
- Multiple Currencies:
You can load nine currencies on this credit card – the Saudi Riyal (SAR), Dollars (USD), Pound Sterling (GBP), Euro (EUR), Australian Dollar (AUD), Japanese Yen (YEN), Canadian Dollar (CAD) and Singapore Dollar (SGD) and United Arab Emirates Dirham (AED). - Reloadable SBI Forex Card:
SBI Forex card also provides a facility for reloading your card. SBI’s FTC branches easily top up your card from anywhere. If you want to reload your SBI Foreign Travel card, you must present a valid passport and form A2 to the FTC branch of SBI. - Lost/Stolen Facility:
The State Bank of India’s card services department will immediately cancel your Forex card if someone steals it or it gets lost and provides you with an additional one. - ATMs Availability:
With the availability of ATMs in other countries, you can easily withdraw your money using the MasterCard facility at predetermined charges.
Niyo Global Card
Niyo Global cards are debit cards partnered with SBM Bank, Equitas and DCB Bank. It is an interest-earning savings account associated with Niyo Global’s zero forex markup. It is a type of card accepted by merchants in 150+ countries with zero balance savings accounts providing up to 7.5% interest P.A.
This card comes with the features of Tap and Pay for contactless payments. It provides you with a dedicated app to manage your transactions conveniently.
Benefits of Niyo Global Card
Now let us understand in detail the merits and demerits of using this card.
- Joining Fees:
There is no joining fee for any of the Niyo Global cards. Specifically, for the Niyo Global Equitas Debit Card, a nominal one-time upfront cost of 199+GST (Rs. 235 approx) is incurred upon card order. This amount is fully refunded immediately upon loading Rs. 1,000 or more in a single transaction. - No charges:
If you apply for a Niyo global card, there will be no charges for adding or withdrawing INR through NEFT. Furthermore, no currency conversion, cross-currency conversion, or forex markup charges are associated with the account, compared to the SBI Forex Card, which charges an amount to be paid. - Easy to load and quick to spend:
You can easily load your money through UPI, NEFT, RTGS, etc.
You just need to transfer from one bank account to another, and then you can go with your card. - Online registration:
You can easily download its application from the App Store or Play Store. Then you will interact with its straightforward interface. You will have an application form to apply for a Niyo Global card with a small deposit of ₹5000 - Block and lock card:
If your card is misplaced or lost, Niyo Global provides the facility of both block and lock features through mobile application within seconds. - Withdrawal Limit:
Niyo Global Card allows ATM cash withdrawals of ₹1,00,000 and POS transactions of ₹7,50,000. If you make contactless payments, you can do ₹5,000/transaction.
The battle of Niyo Global Card vs SBI Forex Card goes a long way, but the Niyo Global Card’s beneficial features are better than having a Forex card.
Niyo Global Card vs SBI Forex Card
| Basis of Difference | Niyo Global Card | SBI Forex Card |
| Cross currency fees | Zero | 3% + GST |
| Currencies supported | Load in INR & use to spend in 130+ currencies | Up to 9 currencies |
| Documents required | – Aadhaar Number– Passport File Number– Original PAN card | – Application form– Passport copy– PAN card copy– Foreign travel confirmation: Visa, Flight ticket, Foreign university admission letter, or any other document– Address proof if different from passport |
| Card variants | – Niyo DCB Global Debit Card– Niyo Global Equitas Debit Card– Niyo Global SBM Credit Card | – Multi currency VISA card– Single currency VISA card– Multi currency Mastercard card |
| Card issuance fee | Niyo Global Credit card – NilNiyo Global Equitas – ₹199+GST (Refundable*)Niyo Global DCB – Nil | ₹100 + GST |
| Reloading fee | None – Use UPI/IMPS/NEFT | ₹50 + GSTReload from bank branch from net banking |
| Unloading | No charge | Visa card: $5 (varies with the currency loaded on the card)Mastercard: ₹100 + GST |
| Ease of getting the card | Complete video KYC in 3 minutes within the app | It also requires KYC to provide a card on the same day of the application. |
| >Charges for Reissue of Card | ₹249 + GST | Free |
| ATM Cash Withdrawal Charge | Niyo Global Credit Card – ₹300Niyo Global Equitas – ₹110 Niyo Global DCB – ₹300 | Varies with the currency loaded + GST and ATM provider bank may charge a nominal fee |
| Perks | Free airport lounge access at select international terminals in India | None |
| Cashback | Earn 1% cashback as Gloden Coins. Unlock with spends abroad and redeem for cash into your savings account | None |
Conclusion
From a traveller’s point of view, Niyo Global Card charges are most suitable compared to SBI Forex Card charges, annual and maintenance costs, and the facilities it provides you. Obtaining a card from an SBI Forex Card might even take some time.
Frequently Asked Questions
The Niyo Global cards can be used for in-store payments, online payments at international websites, and ATM withdrawals in 150+ countries. It means that overseas merchants and online courses are now easier to purchase if you intend to learn from them.
- 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)
The process of setting up your account is extremely easy. Just follow these simple steps:
- Download the Niyo Global App
- Verify your Mobile number and email ID
- Pick a zero forex card of your choice
- Verify your Passport & Aadhaar details
- Capture a quick selfie
- Enter Personal & Nominee details
- Complete your 3-minute Video KYC
- You will get your physical card within 3 days!
Yes, you can reload funds onto your Niyo Global Card via UPI/IMPS/NEFT/RTGS at no extra cost. The funds are available to use instantly upon reloading (depending on the mode of fund transfer you use). This helps, especially when you are abroad and running short of funds.
Yes, the Niyo Global Card can be used for online transactions. It provides a secure and convenient way to make purchases on websites and apps.
