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Niyo Global Card vs. Federal Forex Card: Guide for Indians
Niyo Global Card vs. Federal Bank Forex Card: Which One Will Win Your Wallet?
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Are you planning to study abroad? Are you planning your dream vacation? Well, whatever the reason, if you are flying internationally, it’s the best time to apply for an international travel card.
Choosing the perfect travel card is one of the most challenging decisions we encounter while planning a trip abroad. You need to clearly understand your travel card’s benefits, facilities, charges, and coverage before choosing them.
So, here’s a comparison between India’s leading travel cards, the Niyo Global Card and the Federal Bank Forex Card. We will compare these based on features, usage, charges, withdrawal limits, etc. Read till the end to know which one suits you the best for your next international trip.
Niyo Global Card Vs. Federal Forex Card
Here is a complete and detailed comparison of the Niyo Global card and the Federal Bank Multi-Currency Card, considering the practicality of owning and using both cards abroad:
| Features | Niyo Global Card | Federal Bank Forex Card |
| Cross Currency Charges | fff;">Nil | <td style=“background-color:|
| Currencies Supported | <td style=“background-color:||
| Card Issuance Charges | <td style=“background-color:||
| Reloading Fees | <td style=“background-color:||
| ATM Withdrawal Fees (international) | <td style=“background-color:
What is a federal bank multi-currency card?
Federal Bank Forex card is a prepaid travel card that easily makes your money available during international travel. You can load multiple currencies on it.
What is Niyo Global Card?
Niyo Global Card is very popular among travellers and students who are going abroad from India.
It’s an INR-based international card that lets you spend in 130+ currencies across 150+ countries, including India. You can use the Niyo Global Card in ATMs, PoS machines, and all online transactions within and outside India.
Ease of Applying for both cards
Forex from Federal Bank
The process of obtaining the Federal Bank Forex Card may be slightly time-consuming.
The documents you need to apply for the Forex card are a copy of your Passport, visa, airline ticket, and card insurance application form.
Niyo Global Card
You can pick from/all 3 zero forex travel cards from Niyo Global: a Secured Credit Card by SBM Bank (India), a debit card by Equitas Small Finance Bank, and a debit card by DCB Bank.
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Online Application for cards
You can apply for both travel cards online from the comfort of your home.
Federal Bank Forex Card For the Federal Forex card, you first must visit their official website and click on the Forex Card segment on the home screen. Then you must enter all the needed details along with the application form for the Forex card. The online Federal bank forex card application procedure may be lengthy and time-consuming. After submitting all the documents online, you must visit their branch for in-person verification. Then you can collect your card. Niyo Global Card
To apply for Niyo Global Card, follow these simple steps:
Download the Niyo Global App
Verify your Mobile number & Email ID
Pick a zero forex card of your choice
Verify your Passport & Aadhaar details
Capture a quick selfie
Enter Personal & Nominee details
Complete your 3-minute Video KYC
You will get your physical card within 3 days
Reloading the Card
To apply for Niyo Global Card, follow these simple steps:
Download the Niyo Global App
Verify your Mobile number & Email ID
Pick a zero forex card of your choice
Verify your Passport & Aadhaar details
Capture a quick selfie
Enter Personal & Nominee details
Complete your 3-minute Video KYC
You will get your physical card within 3 days
Forex Card from Federal Bank
To apply for Niyo Global Card, follow these simple steps:
Download the Niyo Global App
Verify your Mobile number & Email ID
Pick a zero forex card of your choice
Verify your Passport & Aadhaar details
Capture a quick selfie
Enter Personal & Nominee details
Complete your 3-minute Video KYC
You will get your physical card within 3 days
Niyo Global Card
You can add money to Niyo Global bank accounts 24X7 via UPI/IMPS/NEFT/RTGS at no extra charge.
You can load money directly as INR and conversions are taken care of by your Niyo Global card at the time of transaction. This comes in handy when you are abroad and need more funds on your Niyo Global Card. Recharge quickly so that you can spend your money abroad easily.
Card Usage Abroad
Federal Bank Multi-Currency Card You can use the Federal Bank Forex card worldwide at ATMs bearing the MasterCard approved mark and MasterCard merchants such as stores, restaurants, and online. Enter your PIN or sign as requested by the merchant. If the ATM asks you to select an account or card type, you should choose the Credit option. No transaction fee gets incurred for swiping a Forex card for payments at a merchant establishment (POS). Niyo Global Card You can use the Niyo Global Card for online transactions abroad and in India, as it is a rupee-based card. While making a foreign currency payment online, the INR balance on the Niyo card will be converted to foreign currency at the time of the transaction. Only the VISA network exchange rate applies (close to the interbank rate) for online transactions abroad.
To shop online, you can use the Niyo Global Card at all merchants that accept MasterCard cards. You can use the in-app Currency Converter tool to know the live exchange rate to know upfront exactly how much your purchase will cost.
Benefits and Features
Federal Bank Forex Card
Federal bank forex cards offer the option to Check balances, and account statements, change PINs, and block and unblock cards.
Complimentary features include:
- Complimentary access to airport lounges at select international terminals in India
- Earn 1% cashback as Global Coins
The Niyo Global app has features such as a currency converter, ATM locator, option to temporarily lock/unlock card and payment channels, view transaction history and statements, and much more.
Final Verdict
After comparing the Niyo Global Card and the Federal Bank Multi-Currency Card, we can confidently say that the Niyo Global Card is better than the latter for international trips. Applying for the card online is more accessible than the Federal Bank Forex Card. Card usage abroad comes with multiple options like withdrawal at ATMs, and using the card at POS, and all online transactions are super easy with the Niyo global card. Plus, you will have more complimentary features using the Niyo Global Card. So, if you are a student or someone who will stay overseas for a long time, the Niyo Global card may be more helpful.
Frequently Asked Questions
- Is the Niyo Global card safe to use?
Yes, the Niyo Global card is very safe to use. The card can be managed with the Niyo Global app, and the card itself is secured with a chip and PIN.
- Can I track my transactions with the Niyo Global card?
Yes, you can! You can use the Niyo Global app to manage and track all your transactions in real time.
- What are the fees associated with the Niyo Global card?
The Niyo global card has zero forex markup fees and does not charge for opening an account. However, The fees charged to a user are international ATM withdrawals and the issuance of a lost or damaged card.
- Is the Niyo Global card better than the Federal Bank Forex card?
The Niyo Global or Federal Bank Forex cards would work depending on your preferences and needs. It is important to weigh each card’s pros and cons before deciding.
