Are you planning to study abroad? Or do you want to have a relaxing holiday in the country of your dreams? Well, whatever is the reason, if you are flying internationally it’s the best time to apply for an international travel card.
One of the most challenging problems we encounter while planning a trip abroad is choosing the perfect travel card. You need to clearly understand your travel card’s benefits, facilities, charges, and coverages before choosing them.
So, here’s a complete 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 you should choose for your next international trip.
Federal Card VS Niyo Global Card: Complete Comparison
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.
Let’s first have a quick glance:
| Niyo Global Card | Federal Bank Forex Card |
| Applying online is more accessible. However, you need to wait sometime to get the physical card. | Getting the physical card in hand demands your visit to a branch and collect the card in person. |
| The card will get delivered to you at your address. | You need to collect the card at your preferred branch in person. |
| You can use any method to reload the Niyo card for IMPS/NEFT/RTGS/online banking. | You will need to visit the online portal and reload money. |
| You can use Niyo Global Card at all sectors for online money transactions. | You can use the forex card at ATMs, POS and in all merchants using mastercard. It is restricted in most of the cases. |
| Zero forex currency charges. | It is not free. |
What is a federal bank multi-currency card?
Federal Bank forex card is a prepaid travel card that makes your money available during your international travels easily. You can load multiple currencies on it.
What is Niyo Global Card?
Niyo Global Card is very popular among travelers and students who are going abroad from India.
It’s a prepaid debit card denominated in Rupees. In simpler terms, you can load the Niyo Global Card in rupees, supporting multi-currency loading. You can use this Niyo Global Card in ATMs, PoS machines, and all online transactions within and outside India.
Ease of Applying for both cards
Federal Bank Forex Card
The process of obtaining the Federal Bank Forex Card is complicated. You may need sometime to decipher the process.
The documents you must 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 have two global travel cards from Niyo: an SBM(State Bank of Mauritius) or a DCB(Development Credit Bank).
In both cases, they will only provide the card to you after opening a new DCB/SBM Niyo checking account. The bank will then perform the necessary KYC verification of the individual. It takes less processing time in the bank to deliver your forex card after you have submitted all the necessary documents and the fund.
They can easily send the card to your designated address.
Online Application for cards
Apart from first going in person on banks, you can apply for both travel cards online from the comfort of your house.
Federal Bank Forex Card
For the federal bank 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 procedure for federal bank forex card apply online is lengthy and timetaking. 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 forex Card(SBM) online, you must first download the Niyo Global App. Then submit all the documents to complete the KYC, such as your Aadhaar card, PAN card, and Indian Passport. Your account will get ready for online transactions with a virtual card in a few minutes.You will get your physics Niyo Global Card using the online application within five to seven days. You are not required to visit the bank physically and this fact saves lots of time.
Reloading the Card
Federal Bank Forex Card
For the reload process for federal bank multi-currency cards you need to visit the official site and tap on the Forex Card option. Then you need to enter the 16-digit number of your forex card and hit Reload. You will get asked to enter details like the card reloads, the form and personal verification details. It is indeed a lengthy process.
Niyo Global Card
You can transfer money to relevant bank accounts via IMPS/NEFT/RTGS/online banking to your Niyo Global Card to reload the card on the go.
You can load money directly as INR. It will benefit more if 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 Forex card by Federal Bank 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 before the price is completed. VISA network exchange rate only applies (close to the interbank rate) for online transactions abroad. Please note that 5% TCS (withholding tax) will get levied on each transaction you make with the card.
To shop online, you can use the forex card at all merchants that accept MasterCard cards. Know exactly how much your purchase will cost by using the forex card in the currency trading on the online site. So, it will not charge an undisclosed exchange rate fee, unlike using a domestic credit or debit card.
Fees
Federal Bank Forex Card charges
The federal bank forex charges are as follows,
| Fees | USD | GBP | EUR | AED |
| Balance enquiry from ATM | 0.50 | 0.50 | 0.50 | 1.75 |
| Inactivity Fee | 5.00 | 3.25 | 3.75 | 18.25 |
| ATM fee per withdrawal | 2.00 | 1.25 | 1.50 | 7.25 |
Insurance fee: Rs 150+ Taxes
Reload Card: Rs 100+ Taxes
Cross currency charges: 3%
Balance enquiry through online portal: free
Niyo Global Card Charges
The Niyo Global Card charges are as follows,
| Joining fees | INR 200 at the time of issuance |
| Annual Maintenance Charges | INR 500 |
| ATM Cash Withdrawal | INR 20 per transaction |
| International ATM Cash Withdrawal/non-Cash Transaction at ATM | INR 100 – 149 + GST + charges levied by the ATM network / ATM bank (if any) |
| Reissue of Lost, Stolen or Damaged Card | INR 200 – 250 |
| International ATM Balance enquiry Transaction Fee | INR 100 + GST + charges levied by the ATM network / ATM bank (if any) |
Benefits and Features
Federal Bank Forex Card
Federal bank forex cards offers the option to Check balances, account statements, change PINs, and block and unblock cards.
Complimentary features include :
- Access to airport lounges at select airports in India and abroad
- Concierge service via Visa Network
Niyo Global Card
The Niyo app has features such as a currency converter, ATM locator, block/block/unblock cards, transaction history, balance inquiry, statement and more.
Complimentary features include:
- Access to airport lounges.
- Concierge service provided by VISA Network
- 5% interest per annum on the account balance.
- Cash in case of emergency,
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 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, using or swiping the card at POS, and all online transactions are super easy with the Niyo global card. Plus, you will have more complimentary features using Niyo Global Card. So, if you are a student or someone who will stay in foreign countries for a long time, the Niyo Global card will be more helpful.
