All set to travel abroad, visa, travel plan, itinerary, and leave but still struggling with which card can be your right partner during your travel beyond your nation’s boundary?
At least you managed to segregate two cards- State bank Forex card and Niyo Global and it is now under huge confusion; which one is better?
Wish to learn the pros and cons of the two!
Hello readers, this blog will guide you through every detail of using these cards, ending with the conclusion of which is most suitable in most cases.
SBI Forex Card
An SBI forex card is a government-based card with 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 SBI Forex cards, as it will be a convenient and secure way to bring cash abroad for travelers or students.
This card is available in eight currencies- the Saudi Riyal (SAR), Dollars (USD), Pound Sterling (GBP), Euro (EUR), Australian Dollar (AUD), Japanese Yen (YEN), Canadian Dollar (CAD) and Singapore Dollar(SGD).
Pros and Cons of SBI Forex Card
Now let us go through the pros and consequences of using this card in detail.
- Multiple Currencies:
Users can load various currencies on this credit card, such as dollars, rupees, dirhams, euros, etc.
- Reloadable SBI Forex Card:
SBI forex card benefits you by providing a facility for reloading the card. SBI’s FTC branches easily top up your card from anywhere. If you want to reload your SBI Forex card, you must present a valid passport and form A2 to the FTC branch of SBI.
- Lost/Stolen Facility:
The State Bank of India’s card services department will immediately cancel your SBI Forex card if someone steals it or it gets lost and provides you with an additional one.
- ATMs Availability:
With the availability of ATMs in other countries, you can easily withdraw your money using the MasterCard facility.
- Long wait after loading:
SBI forex card makes you wait for a long time after loading the currency you choose to spend or use.
- Numerous charges:
Talking about SBI forex card charges, it is full of transaction charges, currency conversion charges, convenience charges, forex markup charges, etc. It contains hidden charges too. It charges nearly 3.5 to 4 percent of charges per transaction.
Niyo Global Card
Niyo Global cards are debit cards partnered with SBM Bank India and Visa. It is in partnership with SBM Bank. It is an interest-earning savings account associated with Niyo Global’s zero forex markup. It is a type of card accepted by merchants in 150+ countries with zero balance savings account providing Up to 6.5% interest P.A.
This card comes with the feature of Tap and Pay for contactless payments. It provides you with a dedicated app to manage your transactions conveniently.
Pros and Cons of Niyo Global Card
Now let us understand in detail the merits and demerits of using this card.
- Joining Fees:
There is no joining fee with Niyo global card for the first year. After one year, some charges amounting to Rs 249 with GST.
- No charges:
If you apply for a Niyo global card, there will be no charges for adding or withdrawing INR through NEFT. Furthermore, there are no currency conversion, cross-currency conversion, or forex markup charges associated with the account.
- 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 are good to go with your card.
- Online registration:
You can easily download its application from the app store or play store. Then you will interact with its very simple interface. You will have an application form to apply for a Niyo Global card with a small deposit of Rs. 5000.
- Block and lock card:
If your card is misplaced or lost, Niyo Global provides the facility of both block and lock features through mobile application within seconds.
- Withdrawal Limit:
Niyo Global bank allows ATM cash withdrawals of INR 1,00,000 and POS transactions of INR 7,50,000. If you make contactless payments, you can do INR 5,000 / transaction. And it allows you up to an amount of INR 7,50,000 to pay through online payments.
Exposed to currency Fluctuation:
The global foreign exchange market is constantly subject to fluctuations in exchange rates, which makes currencies inherently volatile.
2. Load money by Credit Card:
Not possible to load money using a credit card
The battle of Niyo forex Card vs SBI Forex Card goes a long way, but the Niyo Forex Card seems to win the battle.
Niyo forex Card vs SBI Forex Card
So, here is the difference between the two particular cards mentioned.
|Basis of Difference||Niyo forex Card||SBI Forex Card|
|Ease of getting the card||It requires a process of KYC through DCB or SBM bank, whose branch availability is less, thus making it a little difficult compared to the SBI Forex card.||It also requires KYC to provide a card on the same day of the application.|
|Reloading of card||You can easily load your currency and use it through any mode of payment.||SBI Forex Cards apply a lot of time after loading the currency, which makes it difficult to spend or use.|
|Charges for Reissue of Lost, Stolen or Damaged Card||It costs you an amount of around INR 200 – 250.||It costs you an amount of around INR 100 – 250.|
|ATM Cash Withdrawal||INR 1,00,000||INR 2000 per transaction within an overall monthly limit of ₹10,000.|
|Ease of closing the account||Niyo forex Card is slightly difficult to close as compared to SBI forex card but surely you will never feel to close it.||SBI Forex Card is easy to close.|
Each card has its advantages and disadvantages. To confirm a comparison which is the best suitable will only depend upon what you require or want from that particular card.
Compared to the above points, you can easily choose the card that suits you the best.
From my point of view, If taken from the point of view of travellers, Niyo Forex Card is the best suitable for them as compared to the charges like SBI Forex rates, annual and maintenance costs, along with the facilities it provides you. Although obtaining a card might be somewhat difficult from SBI Forex Card. Apart from this, the Niyo Global card benefits you in many factors.
Ques 1. Can NIYO cards be used for international transactions?
Ans. Irrespective of your geographical location or where you live, you can pay with your Niyo Global card at merchants of international websites. It means that overseas merchants and online courses are now easier to purchase online if you intend to learn from them.