Searching for the most significant difference between Fi Money Card and Niyo Global Card!
Are there similar features between them forcing you to get clarification about what to choose?
Having jumbled thoughts?
Hello friends, Hope you all are doing great. Traveling is fun if you have the best set of things to make it easier, like the right Forex card. These days choosing the appropriate one can be time-consuming if you are sitting with a handful of names and are in a fix while comparing their pros and cons.
To simplify the process, we have already figured out the two popular cards, and while you will read it till last, you will be able to conclude which one is best.
Fi Money Card
Fi Money Card, founded in 2019, provides you with all the banking privileges Federal Bank offers. It is one of the biggest Neo banks in India. It is a digitized Visa Platinum debit card with an interest rate of 2.40% for less than five crores. Not only that, it offers free RTGS and NEFT transfers if done through net banking.
You get this card while opening a FI savings account. Only working professionals can open the account; students and non-salaried people are completely eliminated here. Maybe they will allow students to open an account after some time, but there is no announcement about it.
Pros and Cons of Fi Money Card
PROS:-
- Minimum Balance:
It does not have a limit or require a deposit amount to open an account. You can open it with zero opening balance. In addition, there is no restriction on maintaining any minimum average monthly balance.
- Type of Transactions:
It offers you to do online and contactless transactions hurdle free. It always provides free RTGS, NEFT, UPI and IMPS transfers.
- Globally Acceptance:
Fi money forex card is accepted worldwide. It has the facility of global acceptance wherever Visa is accepted.
- Digital Card:
Fi Money account holders can choose between a digital and a physical card. After completing the KYC process, you get a virtual debit card. You can only use it for online transactions within India.
CONS:-
- Spend Limit:
FI Money Forex Card allows you to spend an amount of maximum of Rs. 3 lakhs on your daily shopping, and the daily cash withdrawal limit is Rs. 50,000 only.
- Problem while withdrawing:
This card may cause problems while withdrawing money or investing through it. Many users have posted about this issue on social media and Google reviews.
- Freezing of account:
FI banks freeze the balance in the user’s account without describing any reason. It causes unnecessary problems during transactions, and due to it, many users have shifted to another bank.
- Eligibility only for working professionals:
The sad part is you can only open this account with a working portfolio. The only other option is if you can prove you earn more than five lakhs.
Niyo Global Card
Niyo Global is a debit card with zero balance savings account providing interest of 5 percent. You need only three things to apply for this card: PAN, Aadhaar Card and passport.
Its mobile application ensures that your transaction goes smoothly. It can help you to locate the nearest ATM and has a currency converter.
It provides Systematic Investment Plans (SIPs) starting at just ₹100 and direct mutual fund investments with zero commission.
Pros and Cons of Niyo Global Card
PROS:-
- No opening fees:
There are no opening charges, and you have to pay nothing to get the Niyo Global card. It is absolutely free of cost.
- Worldwide acceptance:
To be precise, this card is accepted globally, almost in more than 150+ countries.
- Forex conversion charge:
Generally, every card charges forex conversion charges, but the Niyo Card comes with zero forex conversion charges.
- Lounge access:
With this card, be ready to get free lounge access at the airports—no need to roam around or starve while you are waiting for your flight. Spend time at airport lounges for free.
- Block and unlock:
Niyo Global card offers the facility of blocking and unblocking their cards in case you end up losing them or if it gets stolen or damaged. You can do it through the app available on the Play Store.
- Live chat support:
There is a live chat feature available 24X7 inside the app, no matter where you are in the world.
CONS:-
- Reward
With this card, you get no additional rewards or cash bonuses, irrespective of the amount you spend.
By now, you would have understood that Niyo Global Card has more advantages than FI Money Card, but to add more evidence to the fact, let us segregate the differences with competitive points.
Fi Money Card VS Niyo Global Card
Basis of Difference | Fi Money Card | Niyo Global Card |
Banking Partner | Fi Money card partners with Federal Bank. | Niyo Global Card partners with SBM (State Bank of Mauritius). |
Who can sign up | Fi Money Card is only available to working professionals. | Unlike Fi, it is available to all types of individuals, including students. |
Registration fees | It neither charges any amount nor requires any deposit to get the card. | Niyo Global requires a deposit of Rs. 5000 to receive their card. |
Replacement card fees | The first replacement is free of cost and further Fi money forex charges an amount of Rs. 250 plus GST per card. | It charges an amount of Rs. 249 plus GST for the purpose of replacement. |
Non-Bank withdrawals | Fi Money card charges you Rs. 21 per withdrawal after five free withdrawals. | Niyo Global Card charges you Rs. 20 per withdrawal after five free withdrawals. |
Smart deposit and FIT rules | It offers you with the facility of FIT rules, Fi rewards and Smart deposits. | Niyo does not provide any of these facilities but get exciting offers on flight, hotel stay and much more. |
ATM accessibility | It does not allow you to access other ATM for free. | You can access any ATM freely. |
Wrapping up
A list of facts has proved the superiority of the Niyo Global Card over the FI Money Card. Choose it to avail yourself of 24X7 customer support, secured transaction, ease of use, access to 100+ currencies in 150+ countries, zero forex charges and much more.
