Tips to Use Leftover Foreign Currency in India
- 10min Read
Blog Outline
Completing a whole trip abroad without using cash is tough. You might end up with foreign currency notes or coins because you withdrew too much or got gifts from friends or family overseas. After each trip, there’s a good chance you have some leftover foreign currency. So, it’s important to know how to exchange foreign currency notes in India that you didn’t spend in the foreign country you visited.
Tips To Handle The Leftover Foreign Currency In India
1. Encash Forex Card or Exchange Currency Notes
However, it’s important to note that their rates might not always be real-time or transparent when dealing with banks. On the other hand, online forex platforms offer live and transparent exchange rates ,ensuring you get the best foreign currency exchange rates.
2. Avoid Waiting for the Currency Value to Increase
3. Keep The Foreign Currency For Your Next Trip
4. Keep as a Souvenir or Gift to Family and Friends
5. Shop at Duty-Free Stores
How Do I Sell the Leftover Foreign Currency Notes in India?
Niyo Global Card – Your Global Travel Partner
Niyo has joined forces with the State Bank of India to simplify handling foreign currency. They provide a user-friendly INR-based digital savings account that you can manage yourself. This account includes a VISA Signature Debit Card with ZERO forex markup. The card is connected to the easy-to-use Niyo Global app, making your banking experience seamless while travelling abroad. The Niyo Global card is a great option if you’re looking for convenience.
- ZERO forex markup
- VISA Signature Debit Card
- Complimentary domestic and international airport lounge access in India
- 7.5% Interest* p.a. on savings with a monthly payout
- Works at VISA-accepting merchants in 150+ countries
- Load in INR and spend anywhere
- Integrated Niyo Global app
- Real-time in-app currency converter
- In-app nearby ATM locator
- 24×7 Support
- Concierge services (powered by VISA Signature)
What is Forex Card
A Forex Card, also known as a Travel Card, is a prepaid card crafted for travel convenience. Users preload it with a specific amount of foreign currency before their trip, enjoying the benefits of enhanced security through chip and PIN protection. One of the key advantages lies in the potential absence or reduction of forex conversion charges, making it a cost-effective alternative to traditional payment cards. Beyond its financial advantages, Forex Cards are widely accepted globally, functioning seamlessly at merchants, ATMs, and online platforms. Users can lock in exchange rates when card loading, offering protection against currency fluctuations. Additionally, the benefits extend to practical features such as balance inquiry, reload options, and expense tracking, making Forex Cards a secure and efficient solution for managing finances while travelling internationally.
What are the Benefits of Forex Card: Niyo Global Card
The Niyo Global card is like a supercharged version of a forex card, offering all its features and benefits, but with some improvements! If you don’t travel to the same country often, you might wonder what to do with the leftover currency. Check the below comparison of Niyo Global card and forex card.
for your next trip. What are your options in such a scenario?
| Niyo Global card | Forex card | |
| 1. | The Niyo Global digital savings account and card are linked, so funds are available instantly. Reloading funds to your account is a matter of minutes. | Prepaid forex cards could take up to 3 days to make funds available in them after reloading. This could be a problem when you are out of money abroad. |
| 2. | Niyo Global is an interest-earning savings account. Your money earns up to 7.5% interest* p.a. and gives monthly interest payout. | The money available in a forex card is not linked to any bank account and it doesn’t earn any interest for you. |
| 3. | There is no joining or account activation fee at the time of opening a Niyo Global account | Forex cards usually charge an activation fee |
| 4. | Only the amount that is utilized to make payments goes through currency conversion. The remaining amount in the account continues to earn interest. | The entire amount loaded on a forex card is charged with conversion charges at the time of loading irrespective of whether you use it or not |
| 5. | Only the VISA exchange rate is applied to all currency conversions. Niyo doesn’t charge any fee. | Exchange rates vary across different forex cards. It is recommended to check with the service provider |
| 6. | There are no charges for loading/unloading/transferring funds via NEFT/RTGS/IMPS | At the time of unloading any unused balance in the forex card, a currency conversion charge is levied to convert the amount back to INR |
| 7. | Niyo Global is an INR-based card that auto-converts the transaction amount into the local currency at the time of purchase. There’s no need to load different currencies. The in-app currency convertor can do the math for you! | Forex cards come with a limitation of the number of currencies that can be loaded into them |
| 8. | Niyo Global is a zero balance account that comes with a promise to not charge a fee for not maintaining a balance in your account. | Forex cards usually charge an inactivity fee to keep your card active |
| 9. | The Niyo Global account comes with a virtual VISA Signature debit card that’s issued instantly at the time of account opening to use for all online purchases.A physical card can be ordered for use at POS, ATM transactions, accessing airport lounges, etc. | Forex card comes with only one card. Occasionally, some may offer a backup card too. |
| 10. | As the Niyo Global card is loaded with INR, it works in India too | Forex cards work only in countries depending on the currencies loaded on it |
| 11. | The Niyo Global card provides complimentary airport lounge access at international terminals across India | ❌ |
| 12. | Niyo Global provides VISA Concierge services (powered by VISA Signature)–a digital personal assistant with access to world-class experiences and exclusive privileges | ❌ |
| 13. | In-app exclusive offers on flight, hotel and car rental bookings, etc. can save you a lot so you can enjoy the other finer things in life | ❌ |
| 14. | Should you need cash any time while you are abroad, the in-app nearby ATM locator can come to your rescue | ❌ |
| 15. | Should you need assistance with your account, you can connect with us 24×7 through our in-app live chat | ❌ |
Niyo Global Card is a fantastic way to handle leftover foreign currency in India. It aims to make banking easy for travel or study and helps manage expenses during international trips effectively. You won’t have to deal with the hassle of carrying cash or paying hefty fees on regular debit or credit cards. If you’re looking for the best forex card in India, Niyo Global is the answer. Download the Niyo Global App for Android or iOS, and you can get started immediately. The Niyo Global card can be your best friend on international trips. Happy travels!
