Is Niyo Global Card Safe? Benefits & Detailed Review

Is Niyo global card Safe

Traveling abroad and the hassle of changing currencies always go hand in hand. And the heavy markup fee on Forex cards adds salt to the wound… Thanks to Niyo Global Card which offers zero forex markup charges without any TCS (tax collected at source). This leads to an obvious question- Is Niyo Global Card safe?

Is Niyo global card Safe

For that, we need to thoroughly review the card with its benefits and downsides. Here we go!

(A) What is the Niyo Global Card?

The Niyo Global Card is a smart travel card for people who travel abroad often. It’s like a digital wallet that comes with some great perks. Niyo Solutions teamed up with Equitas Small Finance Bank to make this happen. With this card, you can earn interest on your savings, up to 7%, which is pretty awesome! 

Plus, when you use it to buy stuff overseas, you don’t get charged extra fees for converting currencies.

Now, who can get their hands on this card? Well, it’s exclusively for folks with an Indian passport who also have a Niyo Global digital savings account. Whether you’re traveling for work, going on vacation, or studying abroad, this card is for you.

And there are two versions of the card- 

  • Virtual Niyo Global Card
  • Physical Niyo Global Card

The virtual one is for online shopping within India. But if you opt for the physical card, you can use it in stores, online worldwide, withdraw cash from ATMs anywhere, and even access airport lounges at international terminals in India. It’s like having your money travel with you wherever you go!

(B) Features & Benefits

Benefits of Niyo Global Card

Let’s delve into the unique features of Niyo Global Cards that are super beneficial for travelers-

  • No Extra Charges for International Transactions up to Rs.7 lakh: Forget about extra charges! With the Niyo Global card, there’s zero forex markup, meaning you save money on every transaction, whether it’s shopping, dining out, or booking flights. However, you can spend up to Rs.7 lakh only without any TCS.
  • Instant Account opening with Digital Debit Card: Opening a savings account is a breeze with the Niyo Global App. You’ll get a digital debit card instantly for all your online purchases. Want more benefits? Just ask for a physical debit card which is delivered within 2-3 days.
  • Fee-Free Loading Anytime, Anywhere: No loading fees here! Since it’s a digital account with a unique IFSC and account number, loading your account using RTGS/NEFT/IMPS is absolutely free, anytime, anywhere.
  • Convenient Tap and Pay Facility: Tap and pay your way through checkout with the Niyo Global card. It’s quick, it’s easy, and it’s contactless, making your shopping experience smoother and faster.
  • Free Fund Transfers: And here’s a bonus – no charges for fund transfers! Whether it’s RTGS, NEFT, or IMPS, you can transfer money for free, anytime, anywhere.
  • Luxurious Airport Lounge Access: Enjoy the high life with complimentary access to airport lounges at major airports across the country. It’s all about making your travel experience luxurious and hassle-free.
  • Enhanced Security Features: Security is a top priority with the Niyo Global app. Lock, block, or unlock your card or payment channels with ease for added peace of mind. And if your card is lost or stolen, you can block it permanently.
  • Round-the-Clock Customer Assistance: Need help? Niyo Global’s got your back with 24/7 customer assistance via in-app chat support.
  • Exciting Exclusive Offers: Get ready for exciting offers! From exclusive discounts on hotels and flights to deals from local and global merchants, there’s something for everyone on the Niyo Global app.
  • Specialized Assistance Services: And if that’s not enough, you can even request specialized services like assistance with immigration lines or help with your luggage. It’s all about making your journey as smooth and enjoyable as possible.
  • Global Coins: This is a special rewards program offering cashback in the form of global coins for referrals and domestic spending. While spending on international stuff, you can use these Global coins and redeem them for cash that will be directly transferred into your savings account.
  • Instant Cash: Are you in urgent need of extra cash? If yes, then you can get instant credit up to INR 5 lakh within the Niyo Global app. The good part? Pay interest only after using it.
  • Referral Bonus: For every successful referral both of you (sender & receiver) will get 2,500 Global Coins worth INR 250. 

However, to avail of all these benefits, you must be eligible for the Niyo Global Card. We will talk about the eligibility criteria later. For now, let’s look at some other benefits of this card-

  • Insurance Benefits: You can enjoy the insurance cover worth Rs.5 lakhs provided by the Deposit Insurance & Credit Guarantee Corporation (DICGC), an RBI subsidiary. Also, the cardholder is not liable for fraudulent transactions after reporting the loss of the card to the bank.
  • Accepted Everywhere: The Niyo Global Card, with its INR value, is accepted worldwide including India. It can handle international payments in over 130 currencies. In other words, the merchants who accept VISA cards also accept the Niyo Global Card.

Whether you’re traveling or making online purchases, this card ensures a seamless experience without unnecessary charges.

(C) Cons of Niyo Global Card

Now let’s look at the flip side of this card. Niyo Global hasn’t given any official information about the following stuff-

  • Movie & Dining
  • Rewards Rate
  • Reward Redemption
  • Golf
  • Spend Based Waiver
  • Fuel Surcharge

Also, this card doesn’t provide international lounge access

(D) Eligibility Criteria and Application Process

Eligibility Criteria for Niyo Global App

Eligibility for the Niyo Global card is straightforward. To get one, you need to fulfill the following criteria-

  • Indian Citizen
  • Aged above 18 years old
  • Aadhaar Card
  • PAN Card
  • Indian Passport

These will allow you to open a Niyo Global digital savings account and grab hold of a Niyo Global Card. You don’t need to pay any kind of Initial Deposit for this Niyo global Equitas product.

Now let’s talk about the application process-

  • Download and Install the Niyo Global App.
  • Complete the KYC process with valid documents
  • Upon successful registration, you’ll receive a virtual Niyo Global card for domestic transactions.
  • The physical Niyo Global Card will be delivered in the next 2-3 working days.

(E) Fees for Niyo Global Card

  • No joining fee or annual fee for the card.
  • Enjoy zero forex markup on international transactions.
  • Adding money to your card won’t cost you a penny.
  • For international ATM withdrawals, there’s a charge of Rs.110+ GST.
  • Domestic ATM withdrawals are free for the first three transactions in a month, then Rs.21+GST from the 4th withdrawal.
  • TCS (Tax Collected at Source) is waived off on international spending up to Rs.7 Lakhs per financial year, and 20% TCS applies beyond that.
  • The add-on Card Fee is Rs.235.

(F) Transaction Limits

Category for the TransactionLimit
ATM WithdrawalsRs.1 Lakh (per transaction)
Fund Transfer during the Cooling PeriodRs.25,000
Fund Transfer post Cooling PeriodRs.5 Lakh
POS (Point of Sale) and E-Commerce TransactionsRs.7.5 Lakh (per transaction)
Contactless TransactionsRs.5000 (per transaction)
UPI TransactionsRs.25,000 (per transaction)
Fund transfer per beneficiaryRs.1 lakh (per day)
Transactions Limits in Niyo Global Card

(G) Security Features: Is Niyo Global card safe?

In this section, we will dive into the security features of Niyo Global Card to determine whether it is safe or not! So, here are the key security features-

  • Stay in the loop with real-time updates: Keep tabs on your card balance and transactions as they happen, so you’re always in the know.
  • Take control with lock-unlock-block: Worried about unauthorized transactions? You can temporarily lock or unlock your entire card or specific payment channels you don’t use often. And if your card goes missing, you can permanently block it to keep your account secure.
  • Set limits for peace of mind: Manage your digital savings account like a pro by setting limits on withdrawals and locking payment channels like card swipes and online payments. This way, you’re always in control of your finances.
  • Insurance for added protection: As discussed earlier, your money in the Niyo Global account, up to Rs.5 lakh, is covered by the Deposit Insurance & Credit Guarantee Corporation (DICGC), an RBI subsidiary. This ensures that even in unforeseen circumstances, your funds are protected.

So, is the Niyo Global Card safe? Absolutely! With real-time updates, lock-unlock-block features, customizable limits, and insurance coverage, your money is well-protected and secure.

In the end, we would like to thank you for giving your precious time to read this article. If you have used Niyo Global Card, then please share your experience in the comment section below!

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Published By: Supti Nandi
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Usha Sharma
Usha Sharma
3 months ago

Yeah this card is amazing to use for travel purpose. Have been using it.

Adhyan Vashisht
Adhyan Vashisht
3 months ago

A relief for the people like us who frequently travel.