Niyo Global: Undoubtedly the best forex card currently available

Staying with my recent Singapore visit, another way I saved money was on my forex card. While searching for forex cards I came across this unique offering from Niyo Global.

This card promises forex conversion at Visa rates without any mark-up, currency conversion charges or taxes. I used this card extensively in Singapore and being a Visa card it was accept everywhere without any issues. 

Does it really charges Visa rates without any charges? YES!
 

To be sure, I swiped my Amex credit card (will review it soon) and Niyo Global card on the same day while in Singapore. While Amex charged me INR 53.21/ SGD, Niyo charged me INR51.12/SGD. Approx. 4% lower. As tabulated below, Niyo didn’t charge me any currency conversion charges (typically 3.5%) and applicable GST (18% on CCC), thus saving ~4% on every transaction. 

 

Just to be sure that there are no hidden charges, I checked the rates Niyo charged me with the Visa rates from here, and voila! The rates did match. 😃

The card is currently being offered absolutely free of cost with a validity of 5 years, thus see no harm in taking one. 

More about the card: 

Niyo offers the card as a prepaid debit card, wherein you load the card in INRs and can swipe it anywhere in the world. So, let’s just say you happen to swipe the card in Singapore, you will be only charged SGD/INR. Later on, if you happen to swipe the card in Japan, you will be charged JPY/INR rate. There are no cross currency conversion charges too. One can use the card in India as a debit card too on any PoS.

Pros:

• Joining Fees: NIL. Currently being offered absolutely free of cost.
• No charges on adding or withdrawing INR via NEFT.
• No CCC, cross currency conversion or forex mark up
• Can be used in any country of the world
• Being on Visa network, it has worldwide acceptance, both online and offline
• Can be used as debit card in India for shopping.
• Mobile app to manage card. One can track expenses, transfer money, block/unblock card easily using the app easily.

Cons:

• While using for an online transaction in Singapore, I didn’t receive email OTP but only an OTP on SMS (Read here, on how to get free SMS on your India number while traveling).  
• Not possible to load money using credit card.

Apply for the card using my referral by clicking here and get INR100 as activation bonus. 😊