A significant challenge for every global traveler is figuring out how to make purchases in a foreign currency in the most convenient, stress-free, and economical manner possible. You may choose from various payment methods, such as hard money, a foreign-currency debit or credit card, a forex card, a traveler’s check, etc.
Niyo Forex Card vs Axis Bank Forex card is the driving topic in this blog and you will get all the possible details about them here.
These two prepaid travel cards offer a convenient and secure way to carry foreign currency for international travel.
Axis Bank Forex Card is a prepaid travel card from Axis Bank that allows you to carry up to 16 currencies in one card conveniently. Niyo Global Card is a multi-currency prepaid travel card which will enable you to carry up to 100+ currencies in one card. Both cards provide a safe and secure way to carry your foreign currency while traveling abroad but somewhere you will feel Niyo Card superior on the go. Let’s take a detailed dive to learn more about each card.
Comparison: Axis Forex Card Vs Niyo Global Card
|Features||Niyo Global Card||Axis Forex Card|
|Number of currencies||150+||Up to 16|
|Cashback on international transactions||Up to 2%||Up to 5%|
|Foreign transaction fees||No||Yes|
|Annual maintenance fee||No||Yes|
|Bank withdrawal fees||No||Yes|
|Rewards / Deals program||Yes||Yes|
|Cross-currency charge on foreign currency transactions||No||Yes (3.5%)|
|Access to exclusive offers||Yes||Yes|
|Online application process||Quick and easy||Quick and easy|
All about Niyo Global Card
The Niyo Global Card is a prepaid debit card designed to simplify the stay during international travel for making payments in multiple currencies. It offers various features and benefits, such as cashback, reward points, and discounts. Almost 3 million merchants worldwide accept this card, including online retailers. With this card, you can manage spending, track transactions, and convert currencies.
Niyo Global Card also offers many features that make it an excellent option for international travel. It allows you to avail of cashback offers, lounge access, and global assistance services. The card also comes with a complimentary insurance cover, which you can use for online purchases.
Niyo Global Card also has a 4-digit PIN and advanced encryption technology to secure your payments.
Niyo Global Card Charges
Niyo Global Card charges may vary depending on the card type and the associated services. However, some of the most common charges include the following:
- Annual Maintenance Fee: You have to pay this charge annually for using the card.
- Transaction Fees: After every transaction, this fee is chargeable.
- ATM Fees: Pay this fee when you use the card at an ATM.
- Foreign Transaction Fees: Pay this charge only if you make foreign purchases with the card.
- Cash Advance Fees: This is chargeable when you use the card to make a cash advance.
Niyo Global Card does not charge any currency conversion fees on international transactions.
Niyo Global Card bank withdrawal charges
Niyo Global Card does not charge any fees for bank withdrawals. It is one of the green flags you might be looking for while choosing a global Forex card. Tell me, who doesn’t like saving up on the extra charges?
Niyo Global Card benefits
Niyo Global Card offers a variety of benefits, including:
- Cashback of up to 2% on all international transactions
- Zero foreign transaction fees
- Instant international transfers
- Access to a range of exclusive offers
- 24/7 customer service
- Secure online account access
- Free international ATM withdrawals
- Quick and easy online application process
- No minimum balance requirements
- Access to over 80 currencies worldwide
Cons of Niyo Global Card
- Customer Support: Sometimes customer support provided by us is limited and needs to be faster to respond to inquiries. It can be a problem for those who need help or have an issue with their account and yes we are improving this day by day to give our users a better experience.
- No Rewards Program: The Niyo Global Card offers no rewards program or points system. It can be a problem for those who want rewards or points for their purchases. But we do offer global offers, coupons and deals which a user can use to avail discounts on various platforms.
Check all these points before you apply for a Niyo Forex Card.
Niyo Global Card is ideal for those who travel frequently and need a convenient way to manage their money. It is a prepaid travel card used to make purchases in over 150+ countries and territories. It allows you to load multiple currencies onto one card, helping you to save time and money when you travel. It also provides a secure, convenient, and affordable way to access your money abroad. The card also offers a range of features, such as 24/7 customer service, real-time transaction updates, detailed transaction history, and more.
All about Axis Bank Forex Card
When it comes to convenience, the Axis Forex Card offers a host of features that make it an ideal choice for international travel. It allows you to avail of cashback offers, lounge access, and global assistance services. You can also use the card for online purchases, and it comes with a complimentary insurance cover.
When it comes to security, both cards offer secure and encrypted transactions. The Axis Forex Card has a 4-digit PIN and a chip that ensures secure transactions.
Axis Bank Forex Card charges vary based on the type of Forex Card. The following are the applicable charges for different Forex Cards offered by Axis Bank:
- Multi-Currency Forex Card: There is a one-time issuance fee of ₹500 and a reload fee of ₹100. Additionally, there is a cross-currency charge of 3.5% on foreign currency transactions.
- Borderless Prepaid Card: There is a one-time issuance fee of ₹500 and a reload fee of ₹100. Additionally, there is a cross-currency charge of 3.5% on foreign currency transactions.
- Travel Currency Card: There is no issuance fee, and a reload fee of ₹50. Additionally, there is a cross-currency charge of 3.5% on foreign currency transactions.
- Student Forex Card: There is no issuance fee, and a reload fee of ₹50. Additionally, there is no cross-currency charge on foreign currency transactions.
Axis Bank currency conversion charges fee of 2.50% of the transaction amount. This fee can be charged in two ways: a flat fee of Rs.30 or a percentage of the transaction amount. The bank also charges a foreign exchange markup fee of up to 2.50%, depending on the converted currency. It also charges a fee for outward remittance of up to Rs.2500.
Axis Bank Forex Card Benefits
Some Axis Bank Forex Cards benefits are:
- Zero Cross-Currency Charges: Axis Bank Forex Cards enable you to transact in foreign currency with no cross-currency charges.
- Emergency Cash Assistance: Axis Bank Forex Cards have access to 24×7 emergency cash assistance across the globe.
- Easy Reload: You can easily reload your Axis Bank Forex Card with foreign currency from anywhere.
- Cash Withdrawal: You can withdraw cash from any Visa/Mastercard ATM globally.
- Cashback: You can get up to 10% on your Axis Bank Forex Card.
- No Hidden Charges: The currency conversion charges are minimal, and there are no hidden charges.
- Security: Your Axis Bank Forex Card is protected with chip and PIN technology to ensure the highest levels of security.
Axis Bank Forex Card cash withdrawal charges
- Domestic ATM cash withdrawal charges: INR 75/ transaction
- International ATM cash withdrawal charges: 3% of the transaction amount
These charges are subject to change from time to time. Please check the Axis Bank website for the latest charges.
Cons of Axis Forex Card
The cons of the Axis Bank Forex Card are as follows:
- High Fees: The fees associated with using the card can be higher than other cards. It may be due to the foreign exchange rate or other factors.
- Limited Usage: The card is only acceptable at specific locations and merchants.
- No Cash Withdrawal: The card cannot be used to withdraw cash from ATMs, which may be inconvenient for some users.
- Exchange Rates: Exchange rate fluctuations can affect the card’s value, which can be problematic if you travel to a country with an unstable currency.
- Card Activation: Card activation before use can be a hassle.
Which is better: Niyo Global or forex card?
It depends on your individual needs. Niyo Global is a digital banking platform that allows you to send, receive and manage money from anywhere in the world. It’s also integrated with popular services like Google Pay and Apple Pay. Forex card allows you to store multiple currencies and use them for making payments abroad. It is most useful for frequent travelers looking for a convenient and secure way to carry money abroad. Somewhere Niyo Global does the task of Forex Card, so indeed, it is a better option.
Which bank provides forex cards best?
Choosing the best forex cards depends upon your need. Generally, comparing fees, exchange rates, and other features can help you to make a decision. Popular options include Niyo Global Card, Axis Bank Multi-Currency Forex Card, HDFC Bank ForexPlus Card, InduslandBank Forex Card, ICICI Bank Travel Card, and SBI Foreign Travel Card.