Niyo Global Card Review

I just got it a few days ago and made international shopping purchases with it. It's free although for some people, 2nd year is charged (not a big deal for me considering its benefits of 0% charges for international transactions. It works everywhere - PayPal, eBay, Amazon and works instantly. There is no delay. You get the Visa conversion rate which is the lowest in the industry so you don't really need to add it to PayPal (that would defeat the whole purpose of it).

See its schedule of charges here: https://static.goniyo.com/legal/Niyo_SBM_S...df

After getting the Niyo Global account, I downloaded the SBM bank mobile app and created a UPI ID (mobile number@sbmbank) from the app for Niyo Global account. UPI transactions work fine via that ID or by adding Niyo Global account to Paytm and setting the UPI PIN there. Net banking by SBM bank also works although it's a joke/too basic.

During a promotional call from Niyo Global, the person said they are making annual charges also free or considering it - for now there are no charges. But they got to find a way to make money somehow or they will go out of business and we will lose the benefits of 0 extra charges on international transactions. Get it, it's awesome really. So far I haven't faced any issues.

I have say I love it more than Fi money which recently blocked a huge number of people's accounts randomly for unknown, not convincing reasons - nice way to scare away existing users and potential new users. And Jupiter which has cap of ₹25000 on 0% charges beyond which it now charges. There's also OneCard credit card with 1% charge. Compared to all these, I found Niyo Global the best.

Also check this review: https://www.extravelmoney.com/blog/which-is-bet...

Niyo Global is not perfect.

For the SBM Bank Niyo at least, a flat 5% TCS (Tax collected at Source) charge is levied for foreign transactions > 7 lakh, as per Indian Government rules starting Oct 2020.

For DCB Bank Niyo, for every international transaction, flat 5% TCS (Tax collected at Source) was charged but if the total foreign exchange transactions in a financial year was < 7 lakh, it was refunded after 12 days. Otherwise, a refund could be claimed on the TCS charged at the time of filing tax returns.

So SBM Niyo Global is better.

I am using Niyo card for almost more than a month and I would say it is the best card to use for international spending. 

I moved to Sweden and this card is working flawlessly on all the POS machine, except for 1 time. But I think, thats ok. 

So even I worried about the TCS collection and I thought I will be charged every time I will swipe the card. But thats not the case, I have not charged not even once

Even Niyo global card is better than Forex card. 

Forex card charges you extra while loading card and unloading.

You can use below converter to find converted curremcy value 

https://usa.visa.com/support/consumer/travel-su...

Note: Change bank fee from 2% to 0%

Also you get interest on the money kept in account. 

Last month, I had taken a forex card from Niyo. They are the most pathetic organisation for money transfers. They claim that they’ll respond to you within minutes but don’t even expect them to contact you even after a week. I’ll explain everything that happened with me so that you guys beware about what you’re about to sign up. Firstly, I’m a student and had trusted Niyo Global and purchased a forex card from them. I moved to a completely new country and the least you expect is to lose about 1.50 lakhs in the first week itself. I had set a card limit of 5000 INR, but to my surprise, Niyo doesn’t even ask for a security pin or otp even if the transactions exceed that amount. There were random unauthorised transactions taking place which were three times more than my card limit. All these transactions were fraud and they don’t support you after you have purchased your card. After that, they have the audacity to simply text that they cannot do anything in this case! Their contact medium is only via mails or texts, and they never reply to these. So, don’t really rely on them or fall for this trap. I would like to give negative rating, if possible. Honestly, in my opinion, even if you get this card free, please don’t purchase it or use it. They don’t care about you or your money. I still haven’t gotten a reply from them even after sending dozens of mail. They won’t ever help you if things go wrong. Worst forex card ever!

Can Niyo Global card be controlled through a website or is it only through app? Does it have the option to temporarily block the card to protect it when not in use?

With Niyo I believe people tell that only keep the money you intend to use and keep refilling as needed thru IMPS or NEFT.

I have a trip coming up and will do that only. Like say put 10K in Niyo account and transact as needed and when balance gets low, again refill required amount.

For every student out there, signing up for NIYO can be one of the most disappointing experiences. It is horrible for transfers and withdrawals. My tuition fee amount has been stuck in that account since January and every time I reach out to the team, they give me an excuse and ask me to have patience. It is such a horrible bank and I regret signing up for this card. No wonder it’s closing now. If your amount is stuck too, file a complaint and get it transferred asap. 

This is the worst card ever. Do not use it if you are still using it. I am a student living in Australia and I signed up at this bank thinking that my money is secure. They’re nothing less than thieves. Since the time they have announced that debit card services are closing, they have blocked my money. They are not returning to any of my phone calls or emails. This is highly disappointing for me as a 20 year old. That is my tuition fee which is sick and no action has been taken. 

This is the worst card ever. Do not use it if you are still using it. I am a student living in Australia and I signed up at this bank thinking that my money is secure. They’re nothing less than thieves. Since the time they have announced that debit card services are closing, they have blocked my money. They are not returning to any of my phone calls or emails. This is highly disappointing for me as a 20 year old. That is my tuition fee which is sick and no action has been taken. 

I simply opened my Niyo account for onshore travel and the currency card. Prior to the account being opened, all aspects of account opening and the issuance of forex cards were successful and favourable.

They claimed in an email sent 24 hours later that the RBI had barred them from using their forex card and making overseas transactions. When I realised this, I asked to end all relationships and pay the $5,000 deposit I had made.

They spent a bloody three months telling many fairy stories. The only way to contact the staff is through the APP chat, which is like having parrots repeat the same thing every day.

I demand that these financial companies that the RBI has outlawed close their doors and cease harassing their clients.

Unreliable 

Please do not be dependent on this app for loan. You will see pre-approved cash loan.
When applied, it reflected 'This usually takes upto 15mins'. However even after 15 days I didnt get the disbursement. I have a family trip booked for 8 people to Singapore on 20th Feb. I was dependent on this loan as I had booked some extra stuff which I wouldn't have booked if this loan was not there. If I don't get it on time then my total trip will be a waste. Coz I have paid half the advance.