International travel cards are helping in the transformation of the world into a global village. With their innovative features that make international travel convenient, secure, and easier on the pocket, travel cards are paving the path to bring the world closer. The Niyo Global card is an innovation that came into existence in 2016 to serve the needs of global travelers and international students. With 5 million customers and growing, Niyo Global has successfully secured its position as one of the best international accounts for travelers.
What Is The Niyo Global Card?
Let us break down the various elements of Niyo Global and see what provides it an edge over the rest.
The excitement of international travel comes along with dilemmas, especially concerning foreign currency payments. World travelers often face difficulty finding an overseas transaction method that is easy, seamless, and cost-efficient. The multiple options currently available, such as carrying cash in foreign currency, Debit cards, Credit Cards, Forex Cards, or traveler’s cheques, come with their own limitations, risks, fees, and charges. Finding a payment method that is the best suited for you gets challenging, but not anymore! Niyo Global is a truly ‘global’ card specially designed to cater to the needs of travel enthusiasts and vagabonds.
Niyo Global, in collaboration with SBM Bank India and VISA, created the Niyo Global card six years ago to address the issues of foreign currency transactions. It is a highly specialized travel card that aims to make the global banking requirements for travel, study, and beyond a seamless experience. Niyo is similar to an International Prepaid Card in the sense that you can load your Niyo Global digital savings account in INR and transact money in the local currencies of over 150 countries. Well, we have just scratched the surface as Niyo Global is, in fact, a Pandora’s box of benefits.
If you are a travel junky whose suitcases are always packed or a student pursuing higher studies abroad, choosing Niyo Global will transform your experiences. Less stress and more splurges are what this card can provide.
Why Do You Need The Niyo Global Card?
With the plethora of innovative financial tools claiming to solve all your financial issues and worries, how do you decide whether Niyo Global is the right choice? Well, let us help out!
Do You Travel or Plan to Travel Abroad?
If the answer to the above question is an affirmative yes, you should apply for your Niyo Global card as soon as possible. When you transact purchases using your usual Credit or Debit card abroad, the card issuer automatically does the currency exchange based on the current FOREX rate. However, in return for convenience, the credit company will charge an overhead fee of anywhere from 1 percent to 5.95 percent, which is reflected in your total withdrawal costs. This overseas fee is known as the Forex markup fee. The increase in surcharge adds up to become a gigantic amount, at times touching the three-four figures mark.
However, the Niyo Global card helps you dodge that problem. With a Forex markup fee, it allows you to transact payments on an international merchant’s PoS device or pay via an online seller’s payment gateway without extra currency conversion or Forex markup charges. Simply put, all avid international travelers, international students, or anyone planning a foreign trip should have Niyo Global handy to save money on their international trips.
Is Security Your Primary Concern?
Security concerns take the front seat for many people traveling abroad for the first time. Of course, traveling with loads of cash in foreign currency is troubling, as the prospect of losing the money or it being stolen is always at the back of the mind. Likewise, the security features of a conventional ‘domestically-used’ Debit or Credit card might not be enough to stop experienced scammers with a history of targeting international tourists.
Well, security worries have become a thing of the past, as Niyo Global is stringent when it comes to the safety of their customers’ money. To begin with, an all-in-one ‘global’ card means you do not have to carry multiple cards in your pocket and worry about their safety. Likewise, with features like lock/unlock/block the card, your hard-earned money stays safe. For instance, you can temporarily block the entire card or individual transaction methods, such as ATM withdrawals, card swipes, etc.
Furthermore, your Niyo Global account is insured for up to 5 lakhs under the ‘Deposit Insurance and Credit Guarantee Corporation (DIGGC),’ a wholly-owned subsidiary of the RBI. So, in a nutshell, if you constantly worry about your money’s safety overseas, then the Niyo Global card should be your go-to!
Do You Feel Anxious about Exchange Rate Fluctuations?
Exchange rate fluctuations have implications on everything: the health of the economy, international businesses, local entrepreneurs, students studying abroad, and of course, tourists. With the value of the Indian Rupee plunging to a new low each day, it is common to witness many people being worried about exchange rate fluctuations. The sudden or unforeseen rise in the currency exchange rate of your travel destination can make your international trip all the more expensive.
However, you can use Niyo Global’s exchange rate lock-in feature and help deal with the anxieties of currency rate fluctuations. When you load your Niyo Global card in INR, the money is loaded at a fixed rate that cannot be changed. As the rates are locked in, you are protected against currency fluctuations. For instance, if you have loaded USD 1000 in your Niyo Global card, its value will remain the same irrespective of changes in the INR-USD exchange rate.
Do You Want Your Account to Grow?
Niyo Global is not just a card that helps you in overseas transactions but also a savings account that adds up interest with a monthly payout. With an interest rate of up to 5 percent per annum, your Niyo account balance continues to grow and flourish while you enjoy your international travels or life abroad.
Moreover, your Niyo Global card may facilitate asset creation. During the Niyo Global onboarding process, a Niyo Money account is made for you with no extra effort. Thereafter, you can choose to import your existing investment portfolio and begin investing in ETFs, stocks, gold bonds, mutual funds, and so forth at your own pace.
Does Your Travel Checklist Include Multiple International Trips in a Year
If you are a globetrotter in the truest sense, with multiple international trips lined up yearly, then a Niyo Global card is a must-have. You can load your card in INR before traveling or even while you are in an international location. You do not have to worry about which currency to load on your card as Niyo automatically converts the INR amount to the local currency of the nation you have landed in. After that, you can use the card for transactions in ATMs abroad and VISA-accepting merchants. The primary benefit of using Niyo Global is that it is accepted by VISA-using merchants in over 150 countries. Thus, even if you hop from one country to another, you do not have to worry about currency conversion.
If the reasons mentioned above are not convincing enough for you, then other benefits of Niyo Global, such as an in-app ATM locator, rewards, airport lounge access, and instant account opening, will surely sweep you off. Therefore, after examining the factors that make Niyo Global a mandatory possession for international travelers, let us see how you can apply for your Niyo Global card.
How To Apply For A Niyo Global Card?
- If you are a resident Indian above the age of 18 years, you can simply sign up for a Niyo Global card with an SBM account.
- The only necessary documents include your PAN Card, AADHAR, and access to the AADHAR-linked mobile number for instant onboarding.
- Furthermore, you can download the Niyo Global App for iOS or Android and sign up for Niyo Global by using the SBM account. Thus, there is no hassle of visiting a bank branch. Furthermore, it is essential to note that you can open a Niyo Global account even if you are an existing user of SBM Bank’s services.
- Another exciting aspect of Niyo Global is that you get a digital Debit card after opening an account, which gives you the liberty to start using the account immediately for all online transactions. However, the physical card may take 7 to 10 working days to reach your doorstep after you place an order.
- Lastly, Niyo global also has excellent daily withdrawal limits, which are great for study-abroad students or frequent travelers. For instance, the daily limit for ATM cash withdrawal is INR 10000, for POS transactions is INR 750000, and for contactless payments INR 500. In addition, you can transfer funds of up to INR 5 lakhs from your Niyo Global savings account.
So, there we have it, a crisp overview of the reasons you need a Niyo Global card and how to apply for one from the comfort of your home.