Student Travel Card by Niyo Global
If you are a student getting ready to travel abroad to study at an international university, managing your payments in foreign currency in the best economical way possible must be on the top of your list. It is a major decision that needs careful planning so you don’t pay too much in charges and fees. Also, If you are enrolled in an exchange program where you study in different countries every semester, it could be a hassle to deal with different currencies each time. You don’t have to worry, Niyo Global can handle them all.
What are the international payment options available when you travel abroad?
Having to spend in foreign currency comes with its own set of challenges. While there are several options you can pick from–carrying cash in foreign currency, international debit card, credit card, travellers cheque, etc. All these options come with varying risk, fees and charges.
- Carrying a lot of cash is risky and expensive at the same time.
- International debit or credit cards come with exorbitant fees which is why people avoid using them internationally unless there is an exigency
- Travellers cheque is outdated in this fast paced digital world
Do students need a forex card or a travel card?
The simple answer is—NO!
Read on to find out why and what option works the best for you.
Opening a bank account abroad takes a little while. Considering the pandemic situation around the world, students are now required to book an appointment with the bank to complete the account opening formalities. Considering the large number of incoming students on campus every year, it takes quite some time to get a slot and the account opening takes a while. As a student without a steady income and bank account, it can become difficult for you to manage your regular expenses.
Once you cross the hurdle of account opening, the next challenge is receiving money into your account in the local currency. Until you start working on-campus and receive a steady flow of funds into your account, you might have to transfer funds from back home which could be a tedious process. While students forex card comes in handy during this period, it comes with a high cost of transaction. Your Niyo Global card can come to your rescue while paying for your tuition fees, meal plans, regular expenses, etc. at zero forex markup.
If you’ve been looking to get a forex card for student, you’d realize how many different charges and high fees it comes with. While a student forex prepaid card can help take care of your foreign exchange needs, it usually has several charges such as:
- Loading/Unloading fee: Since a forex card is a prepaid card and the amount is loaded in a lump sum, foreign exchange conversion happens on the entire amount being loaded. In case there are funds left unused on your card and you intend to withdraw it, a foreign exchange fee is applied to the unused balance. Meaning, you pay a foreign exchange fee twice for that particular unused balance (while loading and unloading).
- Inactivity fee: Several forex cards charge a fee for maintaining it active while your card is not in use. This could add up as an unnecessary overhead.
- Locked amount without interest: Since the money in a forex card is not linked to any bank account, the amount is basically parked in a card without earning interest.
- Unavailability of funds instantly: After reloading, prepaid travel cards can take up to three days to make funds available in them. This could become a problem when you are out of money while abroad.
Niyo Global Students Card
We recognize the various challenges an outbound student faces and our Niyo Global account is here to handle them all effortlessly.
Niyo Global, an innovative digital banking solution for the students, in partnership with State Bank of Mauritius (India) Ltd. and VISA, brings to you an interest-earning, INR-based savings account with a zero forex markup international VISA Signature Debit Card to take care of all your banking needs while you study abroad. In addition to helping you save big on international transactions, this account enables you to transact in foreign currencies whether you are abroad or in India.
You can load your account in INR (Indian Rupees) and your Niyo Global card will auto-convert the amount into local currency whenever you make a purchase. Given the widespread VISA network around the world, the Niyo Global card is accepted in 150+ countries and has the best acceptance rate for 100+ currencies.
You can self-onboard through the Niyo Global app for Android or iOS and have access to your account with the capability of using it instantly for making online purchases with a virtual VISA Signature debit card and order your physical card to fully enjoy the various benefits your account has in store for you.
If you are looking for a forex card for international students, look no further—the Niyo Global card is the most economical way to get all your international payments sorted worldwide!
Niyo Global is not just a card but interest-earning savings account that you can continue to use abroad and earn interest on your account balance.
Features and benefits of Niyo Global
Niyo Global is the best student travel card that comes with a full-fledged savings bank account, zero forex markup international debit card, and a mobile app with compelling features:
- Zero forex markup: Forex markup is usually charged by a bank on top of the transaction amount when you make an international transaction. Other forex cards charge a markup of up to 3-5% over the current forex rates whenever you make an international transaction. No matter where you use your Niyo Global card, there will be no markup fee. Only VISA exchange rates apply to all transactions. You tend to save 3-5% on forex charges with each transaction.
- Load in INR, Spend in 150+ countries: You can load your Niyo Global card in INR before you travel, or even while you are in a foreign land. Niyo Global auto-converts the amount to your local currency and can be used to pay at POS/online with VISA-accepting merchants, and for ATM transactions in 150+ countries, including India. So no matter which country you plan to study in, your Niyo Global card will come in handy, not to mention you/your folks back home can transfer money to your account in INR without having to worry about converting it to your local currency.
- 100% digital onboarding: Enjoy seamless account opening with the Niyo Global app– no hefty paperwork or visits to the bank required. You can just download the Niyo Global app and the simple intuitive steps will guide you through the self-onboarding process
- Instant account opening: The light and fast Niyo Global app ensures quick account opening so you can dedicate more time to plan other aspects of your travel and study What’s more? You can immediately load your account and start using it for online transactions.
- Zero balance savings account: You don’t need to maintain a specified monthly balance at any time. It’s however better to have at least ₹10K in your account so it’s ready to use at any time.
- Up to 5% interest P.A.*: While you focus on your assignments and grades, your account balance continues to grow with the perks of Niyo Global. The interest is calculated on the daily end-of-the-day balance and credited to your account monthly.
- Savings account balance of up to ₹2 lakhs earns an interest of 3.5% p.a.
- Any incremental amount above ₹2 lakhs up to ₹5 lakhs yields an interest of 4% p.a.
- All incremental amount above ₹5 lakhs yields an interest of 5% p.a.
- In-app Currency Convertor: This gives you a real-time currency rate at any point in time so there are no surprises later. Note: VISA exchange rates apply to all transactions.
- ATM locator: There’ll be situations where you might need a small change to pay for bus fare or other needs. The in-app nearby ATM locator helps find one wherever you might be in the world so you can be prepared with cash in the desired local currency.
- Real-time tracking: The Niyo Global app helps you keep track of all your transactions the moment you make them. Your transactions are always listed in the local currency and updated with each payment, to help you keep track of your funds.
- Enhanced card controls: The Niyo Global app brings you enhanced security provided by the Lock/Unlock/Block card features. To add to the safety and security of your card, the app lets you temporarily lock your entire card or just some payment channels to control your transactions, or even block your card permanently in case it’s lost or stolen.
- Zero transaction fees: Your fund transfers via IMPS/NEFT/IFT do not attract an additional fee. You can make these transactions 24×7 from anywhere.
- International VISA Signature Debit Card: Your Niyo Global account comes with two kinds of debit cards:
Virtual: An instant virtual VISA Signature Debit Card which can be used for online transactions as soon as you open your digital savings account with partial-KYC (pending biometric verification).
Physical: Soon after opening your account, you can order a physical Tap & Pay international VISA Signature Debit Card. This card can be used for contactless payments at POS, ATM withdrawals, Online transactions, and Airport lounge access (powered by VISA Signature).
- 0% commission mutual fund investments: With Niyo Global, you’ll get a Niyo Money account created for you with no additional effort! Use Niyo Money to import your portfolio and start investing in mutual funds, stocks and more, whenever you want.
- 24×7 In-app support: You never have to worry about your finances. Should you need assistance with your account, you can reach out to us 24×7 via in-app live chat.
- Exclusive in-app offers: We have curated offers for you on hotel and flight bookings and more. Check out exclusive offers with domestic & international merchants on the Niyo Global app.
- Concierge services: VISA Concierge–powered by VISA Signature–is a 24X7 digital personal assistant and lifestyle guide that gives you access to extraordinary experiences and exclusive privileges. You can download the Visa Concierge app to view your exclusive local and overseas privileges and benefits.
- Meet and assist service: You can get customized services such as assistance through immigration queues, help with your baggage, or arriving at your destination in style.
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