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- Travellers cheque is outdated in this fast paced digital world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.
Eligibility and documents required to apply for a Niyo Global account
Are you a resident Indian 18+ years old? Do you plan on travelling abroad to study? Do you have your PAN, Aadhaar, and access to your Aadhaar-linked mobile number? Are you looking for the best student forex card in India? If you answered YES to all of these questions look no further, Niyo Global is the perfect match for you!
You can download the Niyo Global App for Android or iOS and sign up for a Niyo Global by SBM account right away without having to visit a bank branch. It’s all you need to take care of spending in foreign currency at the best possible rates while studying abroad.
Note: You can open a Niyo Global account even if you are an existing customer of the SBM Bank (India) Ltd.
Steps to signup for a Niyo Global account
Opening a Niyo Global account through the unassisted 100% digital onboarding process through the app is quick and easy. Just follow these simple steps:
- Download the Niyo Global App for Android or iOS
- Enter your Mobile number and validate it by entering the OTP you receive on your mobile number.
- Enter your Email address and validate it by a Single Sign-on or by entering the OTP you receive on your Email ID.
- Enter your PAN
- Enter your Aadhaar number and fill in the OTP received on your Aadhaar-registered mobile number to complete the Aadhaar-based KYC.
- To confirm your identity, we will make sure your PAN and Aadhaar details match.
- We check if you have a valid CKYC entry using PAN and Aadhaar details. If found, you continue.
- Enter your File Number (passport file number is usually found at the bottom of the address page or last page)
- Passport verification is done once we verify your passport number.
- It’s selfie time! Capture your live photo.
- Update your Personal Details
- Select your Communication Address (where you want your card to be delivered).
- Add a Nominee (make sure it’s someone you trust).
- Accept the Terms and Conditions and your account will get created instantly.
- Presto! You’re now ready to travel in style
|
Schedule of fees and charges for Niyo Global Card |
||
|
Sr.No. |
Particulars |
Fee |
|
1. |
Joining fee |
Free |
|
2. |
Annual fee |
Free |
|
3. |
Account loading |
Free |
|
4. |
International POS and Ecom transactions exceeding ₹7 lakhs in a given financial year |
5% is charged as TCS on the incremental amount exceeding ₹7 lakhs More Details |
|
5. |
Reissue of lost, stolen or damaged card |
₹250 + GST |
For more details about the fees and charges associated with Niyo Global, check Schedule of Charges
|
Niyo Global card |
Forex card |
| The Niyo Global savings account and card are linked, so funds are available instantly. Reloading funds to your account is a matter of minutes. | Prepaid forex cards could take up to 3 days to make funds available in them after reloading. This could be a problem when you are out of money abroad. |
| Niyo Global is an interest-earning savings account. Your money continues to earn up to 5% interest* p.a. even while you are busy focusing on your studies | The money available in a forex card is not linked to any bank account and it doesn’t earn any interest for you. |
| There is no joining or account activation fee at the time of opening a Niyo Global account | Forex cards usually charge an activation fee |
| Only the amount that is utilized to make payments goes through currency conversion. The remaining amount in the account continues to earn interest | The entire amount loaded on a forex card is charged with a currency conversion charge at the time of loading irrespective of whether you use it or not |
| VISA exchange rate is applied to all currency conversions. Niyo doesn’t charge any fee. | Exchange rates vary across different forex cards and a forex markup of up to 3.5% may be charged. It is recommended to check with the service provider |
| There are no charges for loading/unloading/transferring funds via NEFT/RTGS/IMPS | At the time of unloading any unused balance in the forex card, a currency conversion charge is levied to convert the amount back to INR |
| Niyo Global is an INR-based card that auto-converts the transaction amount into the local currency at the time of purchase. There’s no need to load different currencies. The in-app currency convertor can do the math for you! | Forex cards come with a limitation of the number of currencies that can be loaded into them |
| Niyo Global is a zero balance account that comes with a promise to not charge a fee for not maintaining a balance in your account. | Forex cards usually charge an inactivity fee to keep your card active |
| The Niyo Global account comes with two types of international VISA Signature debit cards: A virtual card issued instantly at the time of account opening to use for all online purchases. A physical card can be ordered later for use at POS, ATM transactions, accessing airport lounges, etc. | Forex cards come with only one card. Occasionally, some may offer a backup card too. |
| Niyo Global card provides complimentary airport lounge access at international terminals across India | Forex cards don’t provide such perks |
| Niyo Global provides VISA Concierge services (powered by VISA Signature)–a digital personal assistant with access to world-class experiences and exclusive privileges | No, not this perk either |
| In-app exclusive offers on flight, hotel and car rental bookings, etc. can save you a lot so you can enjoy the other finer things in life | Forex cards don’t provide such perks |
| Should you need cash any time while you are abroad, the in-app nearby ATM locator can come to your rescue | No, not this perk either |
| Should you need assistance with your account, you can connect with us 24×7 through the in-app live chat | Forex cards don’t provide such perks |
Testimonials of users
“Niyo Global card has been very convenient for my sister who studies abroad and she
highly recommends I get one for myself too. The best part about this card is that my parents can transfer money at any
point in time, most importantly without any markup. So, you end up saving on the university fees as well. With 24*7
in-app support, you know that help is always a simple message away. In simple words, this is the best card one can
have while travelling abroad to study.” – Varanya
“I’m currently pursuing Masters in Management
from SKEMA Business School, Paris. Getting a Niyo Global card was hassle-free. While I was in India, I used it to pay
the fee for the GMAT Online Exam and the advance for my accommodation in Paris. Travelling in France is expensive.
Renewing my monthly transport pass via Niyo Global Card is as convenient and easy as can be. Groceries and daily needs
are an unavoidable expense and would have burned a hole in my pocket without this card. My journey here would have
been much more expensive if I had not opted for the Niyo Global Card.” – Akash
FAQs
- How do I load money into the Niyo Global card?
Niyo Global is a digital savings account with a unique account number and IFSC. You can load this account via NEFT/IMPS/RTGS/UPI.
- What is the validity of the Niyo Global card?
The Niyo Global card is valid for 5 years.
- Can I load the Niyo Global card with any foreign currency?
You just need to load your Niyo Global card in INR (Indian Rupees) and the rest is taken care by your card. Every time you make an international transaction, the INR amount gets converted to the corresponding foreign currency. That way, only the amount required to make a transaction is converted into foreign currency and the remaining amount in your account continues to earn interest.
- Is Niyo Global better than a debit or credit card?
The Niyo Global card is certainly better than a debit or credit card provided by other banks. While the Niyo Global card itself is an international debit card, it comes with numerous compelling features that make it the best option for students travelling abroad.
- Why is Niyo Global the best students forex card?
Managing finances to fund international tuition fees is already stressful. The high exchange rates and lack of transparency with the charges burden international students even more.At Niyo, we aim to be the perfect travel companion to students and make their experience as hassle-free as possible, with zero forex markup, zero balance account, complimentary lounge access, in-app security, smooth user experience, seamless transactions, and 24X7 in-app customer support. Your journey with Niyo Global can start right here in India and it can accompany you throughout your stay abroad. The convenience of the INR-based zero forex markup card is numerous, not to mention the huge savings it’ll bring along with each transaction.
- Are there any limits on how much can be spent using a Niyo Global Card?
The Niyo Global card is accepted by all VISA-accepting merchants across the globe and can be used for domestic and international card swipe/contactless payments at POS, cash withdrawals or balance enquiries at ATMs, and for online transactions. Your account and card come with certain limits on transactions such as:
|
Category |
Daily Limits |
| ATM cash withdrawal | INR 1,00,000 |
| POS Transaction Contactless payments | INR 7,50,000 INR 5,000/Transaction |
| Online Transactions | INR 7,50,000 |
|
Fund Transfers |
|
| Within cooling period (30 minutes) | INR 25,000 |
| Outside cooling period | INR 5,00,000 |
- How long does it take for the Niyo Global card to be delivered?
Once you place an order for your physical card, depending upon your location, it would take about 7-10 days for the debit card to be delivered. However, while you wait for your physical card to arrive, the in-app virtual debit card can be used to make online transactions the moment you onboard.
- Which is the best forex card for USA?
The Niyo Global card comes with all the benefits of a forex card and much more to take care of making payments in the USA
You can load your Niyo Global account in Indian Rupees (INR) which makes it easier for you/your folks back home to transfer money to your account. Also, whenever you spend, the card will automatically convert the transaction amount to the United States dollar (USD). - Which is the best forex card for Indians in UK?
Niyo Global is your best option if you’re looking for a forex card to use in the UK.
|
Niyo Global card |
Forex card |
| The Niyo Global savings account and card are linked, so funds are available instantly. Reloading funds to your account is a matter of minutes. | Prepaid forex cards could take up to 3 days to make funds available in them after reloading. This could be a problem when you are out of money abroad. |
| Niyo Global is an interest-earning savings account. Your money continues to earn up to 5% interest* p.a. even while you are busy focusing on your studies | The money available in a forex card is not linked to any bank account and it doesn’t earn any interest for you. |
| There is no joining or account activation fee at the time of opening a Niyo Global account | Forex cards usually charge an activation fee |
| Only the amount that is utilized to make payments goes through currency conversion. The remaining amount in the account continues to earn interest | The entire amount loaded on a forex card is charged with a currency conversion charge at the time of loading irrespective of whether you use it or not |
| VISA exchange rate is applied to all currency conversions. Niyo doesn’t charge any fee. | Exchange rates vary across different forex cards and a forex markup of up to 3.5% may be charged. It is recommended to check with the service provider |
| There are no charges for loading/unloading/transferring funds via NEFT/RTGS/IMPS | At the time of unloading any unused balance in the forex card, a currency conversion charge is levied to convert the amount back to INR |
| Niyo Global is an INR-based card that auto-converts the transaction amount into the local currency at the time of purchase. There’s no need to load different currencies. The in-app currency convertor can do the math for you! | Forex cards come with a limitation of the number of currencies that can be loaded into them |
| Niyo Global is a zero balance account that comes with a promise to not charge a fee for not maintaining a balance in your account. | Forex cards usually charge an inactivity fee to keep your card active |
| The Niyo Global account comes with two types of international VISA Signature debit cards: A virtual card issued instantly at the time of account opening to use for all online purchases. A physical card can be ordered later for use at POS, ATM transactions, accessing airport lounges, etc. | Forex cards come with only one card. Occasionally, some may offer a backup card too. |
| Niyo Global card provides complimentary airport lounge access at international terminals across India | Forex cards don’t provide such perks |
| Niyo Global provides VISA Concierge services (powered by VISA Signature)–a digital personal assistant with access to world-class experiences and exclusive privileges | No, not this perk either |
| In-app exclusive offers on flight, hotel and car rental bookings, etc. can save you a lot so you can enjoy the other finer things in life | Forex cards don’t provide such perks |
| Should you need cash any time while you are abroad, the in-app nearby ATM locator can come to your rescue | No, not this perk either |
| Should you need assistance with your account, you can connect with us 24×7 through the in-app live chat | Forex cards don’t provide such perks |
- Which is the best forex card for students going to Europe?The Niyo Global card has everything you’re looking for in a forex card to take care of foreign currency transactions for students going to Europe. It has many more features and benefits that’ll make international payments safe, smart, and easier so the students can spend more time on their studies than worrying about handling payments abroad. You can load your Niyo Global account in Indian Rupees (INR) which makes it easier for you/your folks back home to transfer money to your account. Also, whenever you spend, the card will automatically convert the transaction amount to euro (€).
- Which is the best forex card for students going to Germany?The Niyo Global card comes with all the benefits of a forex card and much more to take care of international payments for students travelling to Germany. You can load your Niyo Global account in Indian Rupees (INR) which makes it easier for you/your folks back home to transfer money to your account. Also, whenever you spend, the card will automatically convert the transaction amount to euro (€).
- Which is the best forex card for Dubai from India?The Niyo Global card comes with all the benefits of a forex card and much more to take care of making payments in Dubai. You can load your Niyo Global account in Indian Rupees (INR) which makes it easier for you/your folks back home to transfer money to your account. Also, whenever you spend, the card will automatically convert the transaction amount to the United Arab Emirates dirham (AED, also known as the Emirati dirham).
Go Global with Niyo Global!
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