Niyo vs SBI Forex Card - Which Will Win Your Wallet?

Niyo Card vs. SBI Forex Card: Which One Will Win Your Wallet?

All set to travel abroad with your passport, visa, itinerary, etc., but still trying to decide which international travel card would be the right partner for your foreign travels?

Forex cards have emerged as formidable players in the ever-expanding landscape of financial tools, offering a seamless bridge for globetrotters and international spenders. Understanding the nuances of forex cards is paramount if you’re navigating the complex currents of foreign exchange.

Well, at least you’ve managed to shortlist two cards - the State Bank Forex Card and the Niyo Card.

Need help to decide which one will be the right fit for your needs?

Keep reading to learn about these cards, including how to use them and the charges accompanying them.

Also, read more about the uses of forex cards.

SBI Forex Card

An SBI forex card, or State Bank Foreign Travel Card, is a prepaid foreign currency card that holds multiple currencies on one card. It’s a type of international card providing 24x7 global assistance, and like all other cards, this card is a chip and pin-protected card. Rather than cash, you can carry this SBI Forex card for students since it’s a more convenient and secure way to carry money abroad.

SBI forex card charges 3% per transaction for currency conversion and convenience. Using the SBI Foreign Travel Card may take a little time to load the currency.

Benefits of SBI Global Debit Card Benefits

Now, let us go through the pros of using this card in detail.

1. Multiple Currencies: You can load nine currencies on this credit card - the Saudi Riyal (SAR), Dollars (USD), Pound Sterling (GBP), Euro (EUR), Australian Dollar (AUD), Japanese Yen (YEN), Canadian Dollar (CAD) and Singapore Dollar (SGD) and United Arab Emirates Dirham (AED).
2. Reloadable SBI Forex Card: SBI Forex card also provides a facility for reloading your card. SBI’s FTC branches easily top up your card from anywhere. If you want to reload your SBI Foreign Travel card, you must present a valid passport and form A2 to the FTC branch of SBI.
3. Lost/Stolen Facility: The State Bank of India’s card services department will immediately cancel your Forex card if someone steals it or it gets lost and provides you with an additional one.
4. ATMs Availability: With the availability of ATMs in other countries, you can easily withdraw your money using the MasterCard facility at predetermined charges.

Niyo Card

Niyo cards are international debit and credit cards in partnership with SBM Bank (India), and DCB Bank. It is an interest-earning savings account and offer zero forex markup on international transactions. It is a type of card accepted by merchants in 180+ countries providing up to 7.25% interest p.a.

This card comes with the features of Tap and Pay for contactless payments. It provides you with a dedicated app to manage your transactions conveniently.

Benefits of Niyo Card 

Now let us understand in detail the merits and demerits of using this card.

1. Joining Fees: There is no joining fee for any of the Niyo cards.
2. No charges: If you apply for a Niyo card, there will be no charges for adding or withdrawing INR through NEFT. Furthermore, no currency conversion, cross-currency conversion, or forex markup charges are associated with the account, compared to the SBI Forex Card, which charges an amount to be paid.
3. Easy to load and quick to spend: You can easily load your money through UPI, NEFT, RTGS, etc. You just need to transfer from one bank account to another, and then you can go with your card.
4. Online registration: You can easily download Niyo app from the App Store or Play Store. Then you will interact with its straightforward interface.
5. Block and lock card: If your card is misplaced or lost, Niyo provides the facility of both temporarily locking or permanently blocking the card via Niyo app within seconds.
6. Withdrawal Limit: Niyo Card allows ATM cash withdrawals of ₹1 lakh and POS and ECOM transactions of up to ₹10 lakh per day. You can make contactless payments of ₹20,000 to ₹25,000/day.

The battle of Niyo Card vs SBI Forex Card goes a long way, but the Niyo Card’s beneficial features are better than having a Forex card.

Niyo Card vs SBI Forex Card

So, here is the difference between the two particular cards mentioned.

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

Conclusion

From a traveller’s point of view, Niyo Card charges are most suitable compared to SBI Forex Card charges, annual and maintenance costs, and the facilities it provides you. Obtaining a card from an SBI Forex Card might even take some time.