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Recently, a friend asked me which forex card is better in the market, Kotak Card or Niyo Global Card. Although I was sure that Niyo Global was the best forex card, I made a data comparison on both of them to convince him.

Kotak Card and Niyo Global Card are well-known cards in India, each offering their customers a range of financial products and services. This blog post will compare two of their most popular offerings: the Kotak Card and the Niyo Global card.


Let’s first examine the Kotak forex card. Kotak Multi Currency World Travel Card and Kotak Royale Signature Card are just two of the credit cards that Kotak Mahindra Bank offers. These cards provide several advantages, including cashback on both online and offline transactions, the waiver of fuel surcharges, and specials on dining and travel. Kotak Royale Signature Card is a premium card that gives extra benefits like higher reward points and special access to airport lounges.

The Kotak forex card is a fantastic option for local use, but there might be better options for traveling abroad. The Niyo Global card can be helpful in this situation. Niyo Card provides a multi-currency foreign exchange card called the Niyo Global card. For Indian students studying abroad for higher education, Niyo is providing its Niyo Global Card, which has the unique advantage of not charging a markup on foreign exchange. The Kotak Forex Card for students has a smaller section for that. The Niyo aims to take a significant portion of the market for international students. You can carry out transactions in several different currencies without paying conversion fees for currency exchange. You will be fine with fluctuating exchange rates when using the card to make purchases or withdraw cash in other nations. Another advantage of Niyo Global Card is its user-friendly mobile app, which allows cardholders to easily manage their account, view transactions, and track their rewards points. The app also offers real-time notifications and alerts, making it easy to keep track of account activity. You can apply for Niyo Forex Card easily. 

Pros and Cons:

Kotak Mahindra Forex Card:


  • Cashback on online and offline purchases
  • Fuel surcharge waiver
  • Discounts on dining and travel
  • You can redeem the reward points for various rewards


  • Not ideal for international travel as it incurs foreign exchange conversion charges
  • Higher annual fees and interest rates compared to Niyo Global card

Niyo Global Card: 


  • Allows for transactions in multiple currencies without incurring foreign exchange conversion charges
  • Pre-approved loan feature for emergencies
  • You can use it to withdraw cash at ATMs worldwide
  • Easy to activate and load funds through the Niyo app
  • Multiple layers of security to protect against fraud
  • Lower annual fees and interest rates compared to Kotak credit card


  • Limited rewards and cashback

While both the Kotak Forex Card and the Niyo Global card have pros and cons, the Niyo Global card is a better option for international travel because it can transact in multiple currencies without incurring foreign exchange conversion charges. Additionally, the Niyo Global card’s pre-approved loan feature and easy-to-use app make it a convenient option for emergencies. On the other hand, if you primarily use the card domestically and are looking for rewards and cashback, then the Kotak Forex Card will be a better option.

How to apply for Niyo Fore Card

  1. Install the Niyo Global application.
  2. Complete the KYC procedures using your Indian passport, Aadhaar, and PAN.
  3. A virtual card for usage with online purchases will be available in your account.
  4. You must deposit 5,000 into your savings account before ordering a physical card.
  5. Receive your physical card within a week or two.

How to apply for Kotak Mahindra Forex Card

  1. Access Net Banking. Select Forex Card by clicking More.
  2. Choose the currency, type the amount, and add any other information.
  3. Get the currency card delivered to your house or pick it up at the local branch.
  4. Verify and pay. 

Comparison Table: Kotak Card vs Niyo Global Card


Kotak Forex Card

Niyo Global Card

Ideal for

Domestic usage

International travel

Currency conversion

Incurs foreign exchange conversion charges

Permits transactions in multiple currencies without being charged for currency conversions.

Rewards and cashback

Offers cashback and reward points on purchases

Limited rewards and cashback

Pre-approved loan feature

Not available

Available for emergencies.

Ease of use

It can be used to withdraw cash at ATMs in India

It may be quickly activated and loaded with the Niyo app and used to withdraw money from ATMs anywhere in the world.

Annual fees and interest rates

Higher compared to the Niyo Global card

Lower compared to Kotak bank forex card


Multiple layers of security to protect against fraud

Multiple layers of security to protect against fraud

Due to its flexibility to conduct transactions in several currencies without being charged conversion fees for foreign exchange, the Niyo Global card is a preferable choice for international travel. The pre-approved loan feature and user-friendly software of the Niyo Global card make it a practical choice for emergencies. However, the Kotak Bank Forex Card will be a better choice if you primarily use your card domestically and seek points and cashback.

Charges: Kotak Card vs Niyo Global Card



Kotak Forex Card

Niyo Global Card

Annual Fees

Rs. 500 – Rs. 5000

Rs. 0 – Rs. 1000

Interest Rates

Typically higher than Niyo

Typically lower than Kotak

Foreign Exchange Conversion Charges

Incurred when used for transactions in foreign currencies (2-3% of the transaction amount)

No charges for transactions in multiple currencies

Cash Withdrawal Charges

Typically higher (2-3% of the withdrawal amount)

Typically lower (1-2% of the withdrawal amount)

Before making a choice, confirming the precise fees and card terms and conditions with the bank is best. According to the comparison above, the Niyo Global Card is more cost-effective because of its cheaper yearly fees, interest rates, and foreign exchange conversion expenses. Furthermore, the Niyo Global Card charges less for cash withdrawals than the Kotak Bank Forex Card.


Niyo Global is superior when considering the Forex card fees and the lower conversion rates. It is a typical savings account we can use to save money and spend it abroad. One of the main advantages of the NiYO Global Card is that, in contrast to the Kotak Mahindra Forex Card benefits, students using the card for any foreign transactions like University Application fees, GRE/GMAT fees, Visa payments, Sevis fees, course fees, or any other payment, need not pay any currency exchange premium or international transaction fees.

You can use any currency, and you don’t lose interest or foreign exchange fees if you don’t make a transaction with Niyo Card. You can lock our cards via the app for added security when not in use. It alleviates the security concerns associated with using a debit card outside India.

Obtaining a Niyo Global card is also simple. You can apply using the app with a PAN card and an Aadhaar number.

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