HDFC Forex Card vs Niyo Global Card

Are you tired of worrying about currency conversion rates and hidden fees while traveling abroad? With the advancement in technology, it is now possible to carry multiple currencies in a single card, eliminating the need to carry cash or exchange currency every time you travel.  In this article, we will compare two of the most popular forex cards available in the market – the HDFC Forex Card and the Niyo Global Card. By the end of this article, you will have a clear understanding of the features, benefits, and drawbacks of these two forex cards. You’ll be able to make an informed decision on which card is the best for your international travel needs. Whether you’re a frequent traveler or just planning a one-time trip, you’ll find this article to be a valuable resource in making the right choice for your needs.  So buckle up and get ready to know everything about the HDFC Forex Card and the Niyo Global Card – the two best forex cards in the market!

Importance of Forex Cards for International Travel

Forex cards have become a popular choice for travelers due to their ease of use and cost-effectiveness. Some of the benefits of using a forex card for international travel include:

1. Convenient: Forex cards are easy to use and can be used anywhere in the world where the card network is accepted. They also come with the added security of chip and pin technology.

2. Cost-Effective: Forex cards offer competitive exchange rates, eliminating the need to pay exchange fees and hidden charges.

3. Safe and Secure: Forex cards are a safe and secure way to carry money abroad, as they can be easily blocked in case of loss or theft. Additionally, some forex cards offer insurance coverage for lost or stolen cards.

4. Easy to Manage: Forex cards offer real-time monitoring and tracking of transactions, making it easy to manage your expenses while traveling.

Overview of HDFC Forex Card and Niyo Global Card

HDFC Forex Card

The HDFC Forex Card is a prepaid, foreign currency travel card offered by HDFC Bank. It is designed to make international travel convenient and hassle-free for customers. The HDFC Forex Card is a multicurrency card and can be loaded with multiple currencies, making it a versatile card for travelers.  The card is protected from misuse and currency fluctuations and is as good as cash when traveling abroad. According to the HDFC Bank website, the card offers various benefits including the ability to safely and easily manage expenses while traveling abroad. The HDFC Forex Card comes with a range of fees and charges, which can be viewed on the HDFC Bank website. Additionally, the card offers online services to make it easier for customers to manage their cards while on the go. The HDFC Bank website also explains that a multicurrency card like the HDFC Forex Card can be used in multiple currencies without incurring high cross-currency charges.

Niyo Global Card

The Niyo Global Card is a next-generation forex card that allows you to access and manage multiple currencies from one single card. The Niyo Global Card is a debit card that is linked to a savings account, allowing you to conduct foreign currency transactions while traveling.  The card offers 24/7 customer support and a user-friendly mobile app for easy account management. Additionally, the Niyo Global Card offers travel insurance, concierge services, and cashback on purchases made with the card. It is based on the Indian rupee and is accepted in over 150 countries, including India, in ATMs, PoS machines, and for online transactions. The card can be loaded in INR from anywhere using IMPS/NEFT/UPI without any charges. The card also comes with a digital savings account that pays up to 5% interest on your savings.  The Niyo Global card eliminates the need to carry large amounts of foreign money and makes foreign currency transactions more cost-efficient. The Niyo Global App is a digital-first solution that comes with features to assist with almost all travel needs, including real-time currency rates and conversion.  The Niyo DCB Global Card is another variation of the Niyo Global Card and comes with a linked domestic Indian DCB bank account and a Visa card that can be used worldwide.

Features and Benefits

HDFC Forex Card

Here’s a list of features and benefits of the HDFC Forex Card:

• Protection from foreign currency fluctuations:

The exchange rate is locked when the currency is loaded into the card, providing protection against fluctuations in foreign currency price.

• Multiple currency options:

The HDFC Bank Multi Currency ForexPlus Card allows you to carry multiple currencies in a single card. 22 currency wallets are available.

• Convenient usage:

Think of a forex card as a prepaid travel card that you can use just like a credit or debit card to pay for expenses in a local currency abroad. You can also withdraw local cash from an ATM.

• Online currency management:

You can conveniently add a currency, transfer the balance from one currency to another, and make online purchases and transactions abroad without additional charges.

• Secure transactions:

The ForexPlus card features an EVM Chip and PIN for secure transactions at retail outlets and the ability to change your ATM PIN online. You can also temporarily block or unblock your card.

• Lock-in exchange rate:

You can lock in the exchange rate, which is usually the same rate as the day the card is first activated. This is a major advantage of forex cards for students.

• Cheapest way to carry foreign currency:

As per HDFC Bank, a forex card is the cheapest way to carry and pay in foreign currency internationally. It is safer than cash, cheaper than other cards, and more convenient as an option.

• Easy to get and reload:

Forex Cards can be easily obtained from HDFC Bank and can be reloaded online or through phone banking services. Additionally, you can avail of emergency cash assistance 24×7.

Niyo Global Forex Card

Here’s a list of features and benefits of the Niyo Global Forex Card:

1. Real-time currency rates: Check the real-time currency rates and instantly convert currency using the Niyo Global app.
2. Zero forex markup: The Niyo Global card comes with zero forex markup, making transactions cost-efficient for bookings, tuition fees, dining, shopping, etc.
3. INR-based international card: The Niyo Global card is an INR-based international card, which can be loaded from anywhere and anytime in INR.
4. Referral benefits: Refer Niyo Global to friends and family for a chance to earn up to INR 200 and experience the benefits of a 5% interest p.a. savings account with zero forex markup.
5. Ideal for students: Niyo Global is the best student travel card with a savings bank account, international debit card, and a mobile app with zero forex markup.
6. Global acceptance: Niyo Global card is accepted in 150+ countries and 100+ currencies with up to 5% interest p.a. on savings with monthly payouts.
7. No markup charges: The Niyo Global card has no markup charges and is convenient to fund via IMPS/NEFT/UPI. It is accepted in 150+ countries.
8. Dedicated mobile app: The Niyo Global card provides a dedicated app with features such as a currency converter, ATM locator, transaction history, balance inquiry, and account statement.

HDFC Forex Card Variants

• Regalia ForexPlus Card

The HDFC Regalia ForexPlus Card is a single-currency forex card that is available in US dollars and has zero cross-currency markup charges. It offers 2 complimentary lounge access per quarter in international airports in India. The card offers a range of insurance covers for a worry-free travel experience. The card can be reloaded using multiple online and offline modes and provides emergency cash delivery assistance around the world.  The Regalia ForexPlus Card has the following fees:

• Card issuance fee: INR 1000 plus GST per card
• Reload fee: INR 75 plus GST per transaction
• Transaction charges: USD 4.00 for ATM cash withdrawal, USD 0.50 for balance enquiry, with a daily limit of USD 5000
• Maximum limit for loading the card is USD 250,000 in a financial year under the Liberated Remittance Scheme.

The Regalia ForexPlus Card offers the following benefits:

1. Complimentary Virtual International Student Identity Card worth INR 999
2. Exclusive discounts at over 1,50,000 outlets worldwide
3. Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
4. Complimentary international airport lounge access in India.

• Multicurrency Platinum ForexPlus Chip Card

The HDFC Forex Card is a multi-currency forex card that comes with 22 currency wallets, which allows the user to load and use different currencies. The card provides protection against foreign exchange rate fluctuation, making it convenient for international travel.  The card comes with a comprehensive insurance coverage and offers various reloading options, including online reloading. In case of card loss or card malfunction, emergency cash delivery assistance is available globally.  The Multicurrency Platinum ForexPlus Chip Card has the following fees:

• Card issuance fee: INR 500 plus GST per card
• Reload fee: INR 75 plus GST per reload transaction
• Transaction charges: vary based on currency, including fees for ATM cash withdrawal, balance enquiry, and daily withdrawal limit
• Cross currency charges: 2% cross currency markup for transactions in different currency, 2% cross currency markup for the wallet to wallet transfers
• Limit of amount that can be loaded: USD $250,000 in a financial year

The Multicurrency Platinum ForexPlus Chip Card offers the following benefits:

1. Complimentary Virtual International Student Identity Card worth INR 999
2. Exclusive discounts at over 1,50,000 outlets worldwide
3. Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
4. Special VISA offers on travel, sightseeing, hotels, and shopping through the HDFC Bank Forex Card on the VISA Network.

• ISIC Student ForexPlus Card

The HDFC Bank ISIC Student Forex Card is a dual-purpose card that combines a forex card and an internationally recognized student identity card (ISIC). The ISIC card is recognized by various organizations and universities around the world and provides access to over 150,000 discounts and offers in 130 countries relevant to student life.  The Forex Card provides a secure way to carry currency while traveling abroad and offers insurance covers, including protection against misuse, road/rail accident, air accident, loss of checked-in baggage, loss of personal documents, and loss of cash in transit.  The ISIC Student ForexPlus Card has the following fees:

• Card issuance Fee: INR 300 + applicable GST per card
• Reload Fee: INR 75 + applicable GST per reload transaction
• Transaction charges: vary based on currency, including fees for ATM cash withdrawal, balance enquiry, and daily withdrawal limit
• Maximum loading limit: USD $250,000 in a financial year (as per Liberated Remittance Scheme)

The ISIC Student ForexPlus Card offers the following benefits:

• Exclusive discounts at over 1,50,000 outlets worldwide
• Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
• Special VISA offers on travel, sightseeing, hotels, and shopping through the HDFC Bank Forex Card on the VISA Network.

• Hajj Umrah Card

The HDFC Hajj Umrah Forex Card is a single currency forex card designed for pilgrims visiting Hajj and Umrah in Saudi Arabia. The card is loaded with only SAR (Saudi Riyal) currency and can be reloaded using various online and offline modes and has a 24×7 Global Customer Assistance Service.  The card also comes with complimentary insurance coverage and SMS/email alerts for easy tracking of transactions. The card is valid for 5 years from the date of card issuance. The Hajj Umrah Card has the following fees:

• Card Issuance Fee: INR 200 per card
• Reload Fee: INR 75 per card
• Reissuance/Replacement Fee: INR 100 per card
• Cross currency charges: 3% markup on transactions in a currency different from the one on the card, with exchange rate based on VISA/MasterCard or mid rate, and charges for using GCAS facility.
• Maximum loading limit: USD $250,000 in a financial year (as per Liberated Remittance Scheme)

The Hajj Umrah Card offers the following benefits:

• Issuance fee waiver with a minimum loading of USD 1000 (or equivalent currency)
• Special VISA offers on travel, sightseeing, hotels, and shopping through the HDFC Bank Forex Card on the VISA Network.

Niyo Global Card Variant

The Niyo Global Card is a digital savings account offered by Niyo, in partnership with SBM Bank India and VISA, to make global banking easier for travelers. The Niyo Global account comes with a VISA Signature Debit Card and an integrated app, offering a range of features and benefits.  The card allows you to load funds in INR and spend in the local currency of over 150 countries, with no forex markup fee and up to 5% interest p.a. The account is 100% digital, with instant onboarding and no monthly balance requirement. The card also offers tap and pay, airport lounge access, real-time currency conversion, and enhanced security.  The Niyo Global card is an ideal solution for international travel and offers a seamless and cost-efficient banking experience. The Niyo Global Card has the following fees:

• Joining Fee: Free
• Annual Debit Card Fees: Free
• Account Loading: Free
• 5% TCS on International POS & Ecom Transactions exceeding INR 7 lakhs per year
• Reissuance/Replacement Fee: INR 249 + GST
• Cash Withdrawal & Balance Enquiry: INR 100 + GST fee for International ATM Transactions

The Niyo Global Card offers the following benefits:

1. Zero Forex Markup: The Niyo Global account offers a VISA debit card with no forex markup fee, allowing you to make cost-effective international transactions.
2. Load in INR, Spend Globally: The Niyo Global card can be loaded in INR and used in over 150 countries, automatically converting the currency for you. It also allows for online purchases from international websites.
3. 100% Digital Onboarding and KYC: The Niyo Global app allows for a seamless account opening process through your phone without the need for physical paperwork.
4. Interest Earnings and Zero Charges: The Niyo Global account is a zero-balance savings account that earns interest and does not have any loading or fund transfer fees.
5. Enhanced Features: The Niyo Global card offers contactless tap & pay, real-time currency conversion, enhanced security, in-app offers and access to concierge services, and 24/7 support.

Comparison between HDFC Forex Card vs Niyo Global Card

Feature	Niyo Global Card	HDFC ForexPlus Chip Card
Joining Fee	Free	INR 500 plus GST
Annual Debit Card Fees	Free	Free
Account Loading	Free	INR 75 plus GST per transaction
Forex Markup	Zero	2% (Cross Currency Markup)
Load Currency	INR	22 Currencies including AED, AUD, and USD
Interest Earnings	Upto 6.5% per annum	N/A
Insurance Coverage	N/A	Comprehensive
Emergency Cash Delivery	N/A	Yes
Tap & Pay	Yes	Yes
Enhanced Security	Yes	Yes
Offers & Discounts	In-app Offers & Access to Concierge Services	Exclusive discounts at over 1,50,000 outlets worldwide
Student Identity Card	N/A	Complimentary Virtual International Student Identity Card worth INR 999
Reloading Options	Online, via Niyo App	Online, via HDFC Bank NetBanking

Considerations for choosing the Best Card

1. Currency Availability: Depending on the country you’re traveling to, you need to make sure that the card has the currency you need. Both the cards, Niyo Global and HDFC Forex, offer a conversion service for over 150 countries.  With respect to loading the money, Niyo Global offers only INR option while you can load up to 22 currencies in the case of HDFC ForexPlus Chip Card.

2. Fees: It is important to compare the fees associated with each card before making a decision. The Niyo Global card has fewer fees compared to the HDFC Forex card, but it charges a 5% TCS on international transactions exceeding INR 7 lakhs per year. The HDFC Forex card has a card issuance fee and reload fee, along with transaction and cross-currency charges.

3. Features: The features of the card play a crucial role in determining the best option for your travel. The Niyo Global card offers a 100% digital onboarding process, no forex markup fee, tap & pay, and 24/7 support. On the other hand, the HDFC Forex card provides insurance coverage, online reloading options, and discounts at over 1,50,000 outlets worldwide.

4. Interest Earnings: The Niyo Global card is a zero-balance savings account that earns interest of upto 6.5% per annum, whereas the HDFC Forex card does not have this feature.

Final Verdict

Ultimately, the best card for international travel depends on your specific needs and preferences. If you are looking for a cost-effective and seamless banking experience, the Niyo Global card is a good option. However, if you need comprehensive insurance coverage and exclusive discounts, the HDFC Forex card is the way to go. It is important to carefully weigh the pros and cons of each card and choose the one that best fits your needs.