Comparison • 1 MAR, 2023

Niyo Zero Forex Markup Card vs ICICI Forex Card for Indians

Compare Niyo zero forex markup card vs ICICI Forex Card to find out which is best for Indian travellers seeking zero forex markup, cashback and travel perks abroad.

Niyo Cards vs. ICICI Forex Card Rates - Which Will Win Your Wallet?

In today’s interconnected world, international travel and online transactions have become integral to our lives. Many individuals opt for prepaid travel cards to facilitate seamless financial transactions abroad. The Niyo Card and the ICICI Forex Card are two popular choices in this domain. In this blog, we will delve into a detailed comparison to help you decide which card suits your needs better.

Niyo cards offer travellers and students heading abroad a convenient and secure way to make payments in foreign currency, all at no extra charges. These INR-based cards give you easy access to funds on the go, allowing you to make payments in 180+ countries.

On the other hand, the ICICI Bank Forex Card offers features such as cash withdrawal, emergency cash assistance, and balance inquiry with ease.

Read on to learn more about the differences between the Niyo vs ICICI Forex card to ensure you have the best travel card in your wallet when you fly abroad next time.

Niyo Cards vs ICICI Bank Forex Card

The Niyo cards are an excellent choice for those who need a convenient and hassle-free way to make forex payments at zero cost and manage money efficiently during travels abroad. These cards offer several benefits ranging from convenience and savings to security.

Firstly, Niyo cards (debit and credit cards) allow you to load your cards with just INR and make payments in 130+ currencies. These cards give you great flexibility, eliminating the need for loading different currencies. No matter whether you are travelling to one country or your adventures include country-hopping or layovers at airports in different countries, you can use the Niyo cards to make payments in just about any currency. These cards also provide excellent exchange rates at zero forex markup fees, making it an economical choice for Indian travellers and students flying abroad.

The Niyo cards are safe and secure with a chip and PIN system to protect the cards from fraud and theft. You can also use the safety features in the Niyo app to temporarily Lock/Unlock the entire card or select payment modes to secure your card. You can also permanently block the card if it is lost or stolen. The real-time updates make it super easy to keep tabs on your spending efficiently, allowing you to stay within budget.

Did you know? You can even pin your account balance to be displayed in a currency of your choice. This is extremely helpful when you want to gauge if you have sufficient balance to cover expenses abroad.

The ICICI Bank Forex Card offers various benefits, including multiple currencies, no exchange rate fluctuation, no need to open a new bank account, and round-the-clock customer service.

The table below distinguishes between the two cards.

Niyo Card vs ICICI Bank Forex Card

Feature/ Benefit	Niyo Cards	ICICI Bank Forex Card
Conversion Fee	Zero forex markup* saves up to 5% each time	3.5% + GST
Currencies Supported	Load in INR and spend in 130+ currencies. Use in 180+ countries, India too.	Can load a max. 15 currencies. Transfer money instantly from one currency wallet to another at 2.5% fee of the transfer amount
Cashback	Earn Niyo Coins on referrals, etc. Redeem them for travel bookings.	None
ATM Withdrawals	Withdraw local currency from ATMs in 180+ countries through various banks, not just one!	Customers can access their funds from any ICICI Bank ATM worldwide.
Extra Perks	- Free lounge access abroad^# - Swift card delivery in 3-5 days - TCS-free spends up to ₹10 lakh	Joining benefits include vouchers, lounge access, or liability coverage depending on card variant
Reloading Fee	None - Use UPI/IMPS/NEFT	₹100 + GST
International ATM Fee	DCB Niyo Debit Card - ₹425 + GST Niyo SBM Debit Card - ₹423 + GST Niyo SBM Credit Card - ₹423 + GST or 2.5% of the transaction amount, whichever is higher	Varies depending on the currency you withdraw
Replacement Card	₹249 + GST	Lost in India - $3, Lost outside India - $20
Inactivity Fee	None	₹500+ GST every 180 days if the card remains inactive
Wallet-to-Wallet Transfer Fee	NA	2.5%
Insurance	Up to ₹5 lakh by DICGC	Free travel insurance covers air accidents, missed flights, lost travel documents, plane hijacking, baggage delay, and lost & counterfeit card liability
Travel Assistance	Connect 24x7 for assistance	Free emergency cash delivery. Concierge services at a fee.
Card Variants	- DCB Niyo Debit Card - Niyo SBM Debit Card - Niyo SBM Credit Card	- Sapphiro Forex Prepaid Card - Coral Forex Prepaid Card - Student Contactless Forex Prepaid Card - Multi-Currency Forex Prepaid Card

*VISA exchange rates apply | ^#T&C apply

Also, compare the Niyo Card vs Yes Bank Travel Card with us.

Wrapping up the Niyo Card vs. ICICI Forex Card debate

To wrap up the Niyo Card vs. ICICI Forex card debate, the Niyo Card is totally worth considering as it offers free airport lounge access^#, zero forex markup* charges, cashback, and can give you discounts on hotels and much more for lesser cost as compared to the ICICI Forex Card. Along with these added advantages, it is also easy to get and simple to maintain.

Download Niyo App

Frequently Asked Questions

After comparing several Forex cards, it is seen that the Niyo Card offers more advantages when put to international use. Apart from zero forex markup*, you can enjoy 24×7 customer assistance, free access to airport lounges abroad^#, no joining or reloading fees and access to 180+ currencies in 150+ countries.

Niyo Cards in partnership with the DCB Bank and SBM Bank (India) offer zero forex markup* and more exciting benefits for travellers. The no charge option while depositing money and above all free lounge access abroad^# turns it to be the best.

Niyo Card ensures better customer care for students and is hassle-free as compared to the ICICI student Forex card, for example.

The zero forex markup* benefit saves students up to 5% on College Application Fees, Visa Fee & Tuition. Pay up to 5% lesser on your Housing Deposit & Rent abroad. Save almost 5% on your Monthly Transportation Pass. Groceries cost lesser with a Niyo Card.

It’s easier for you/your folks back home to transfer money easily 24X7 in INR with UPI apps/IMPS/NEFT without worrying about currency conversions.

You can get the physical card quickly in 2-3 days.

ATM withdrawals abroad are made easy with low fees and a global ATM Locator to find one that doesn’t charge the ATM Provider Fee.

The Niyo Card is the perfect partner for Indian travellers and students heading overseas. With the Niyo Card, you can just load money in INR and spend it in 130+ currencies worldwide without having to worry about loading different currencies.

Certainly! Yes, you can use the Niyo Card at ATMs. Insert the card, enter your PIN, select the account and amount, and complete the transaction. Be aware of any associated fees and withdrawal limits. Ensure your card is loaded with sufficient funds before use.