Niyo Global card

raksrules said:
Is it really worth the effort? I mean INR -> USD -> AED ? Why not only INR -> AED ? Genuinely curious. I know long back also people used to me what you told here.

Damn. After reading all that, feels like it is better to eat the forex markup charges by spending from a reputed bank's credit card.
Click to expand...
I'm also surprised and tempted to get the card.
Every time to shop something on ebay I have to take help of my sister to ask her to purchase on my behalf and then I transfer her in inr.
Though I shop once in 2 months or so.
Btw if this a debit card as we have to load money in it for shopping.
 
raksrules said:
Is it really worth the effort? I mean INR -> USD -> AED ? Why not only INR -> AED ? Genuinely curious. I know long back also people used to me what you told here.

Damn. After reading all that, feels like it is better to eat the forex markup charges by spending from a reputed bank's credit card.
Click to expand...
Picking up USD works as its a stronger universal currency and can be used across countries with whatever is leftover.
I agree with going with usual other than this card. Dont want to end up in a soup abroad.
 
raksrules said:
Is it really worth the effort? I mean INR -> USD -> AED ? Why not only INR -> AED ? Genuinely curious. I know long back also people used to me what you told here.

Damn. After reading all that, feels like it is better to eat the forex markup charges by spending from a reputed bank's credit card.
Click to expand...
Guess you already posted there then about the AED query. Not sure how much you can trust the replies from a community team on a forum but it is better to have a backup in place.
 
I'll chime in with my experience.

Got my Niyo card in 2019 and used it everywhere in Hong Kong. Card wasn't declined anywhere, could withdraw money at any ATM (DBS, HSBC) without a hitch. Was free at the time too.

Used it again in Thailand Feb 2020 and had no issues again, ATM withdrawal worked flawlessly even in a remote village.

Friends got cards too on my recommendation and the SBM variant worked flawlessly in NYC.

Can't sing enough praises for the card honestly.
 
For same SBM Niyo card someone in FB group posted that it didn't work for them at multiple occasions in Europe this year. So always ha e a backup also.
 
fullysharpened said:
I'll chime in with my experience.

Got my Niyo card in 2019 and used it everywhere in Hong Kong. Card wasn't declined anywhere, could withdraw money at any ATM (DBS, HSBC) without a hitch. Was free at the time too.

Used it again in Thailand Feb 2020 and had no issues again, ATM withdrawal worked flawlessly even in a remote village.

Friends got cards too on my recommendation and the SBM variant worked flawlessly in NYC.

Can't sing enough praises for the card honestly.
Click to expand...
Thats great!
Read here that now it charges 100bucks for atm withdrawal overseas, is it true? I dont bother but better to be clear.
Also, is Niyo an individual co. or an affiliate of some parent bank.
 
nRiTeCh said:
Thats great!
Read here that now it charges 100bucks for atm withdrawal overseas, is it true? I dont bother but better to be clear.
Also, is Niyo an individual co. or an affiliate of some parent bank.
Click to expand...
Equitas Small Finance Bank for NiyoX and SBM for Global. These are fintech startups that do nothing except act as an intermediary by maintaining the app and introducing new products. The card issual or provision of finance is done by other partners. Mostly, these are lesser known entities who operate on small commissions.

When you have issues, it goes spectacularly wrong because of the involvement of so many parties as opposed to a traditional bank. Also, you cannot directly raise an issue with the RBI ombudsman for these companies.
 
Last edited:
t3chg33k said:
Guess you already posted there then about the AED query. Not sure how much you can trust the replies from a community team on a forum but it is better to have a backup in place.
Click to expand...
Yes, I will load money in Niyo on need basis only and if it fails (transaction at POS or so), I will use my HDFC / IDFC credit card instead.
puns said:
Picking up USD works as its a stronger universal currency and can be used across countries with whatever is leftover.
I agree with going with usual other than this card. Dont want to end up in a soup abroad.
Click to expand...
Are you saying that say I want to take 2L INR in cash, I should convert this to USD and then to AED? Also where do I convert this to AED? Because INR-USD I will have to do here with book my forex etc.
I just tried something on bookmyforex.....

I put wanting USD in currency notes and as per rate of 80.167, I input $$ as 2495 and it gave Rs. 2,00,016.67 which I will pay.
Now you saying that I take this 2496 USD and get AED which will probably net me more than the 2L I am paying (in AED money)?

If so, I am still confused as to what place I should get the money exchanged? Because right after landing too I will need AED to say pay for SIM or hail a taxi. Yes I can probably use Niyo / other CC but cash may be required as well.
 
Last edited:
fullysharpened said:
I'll chime in with my experience.

Got my Niyo card in 2019 and used it everywhere in Hong Kong. Card wasn't declined anywhere, could withdraw money at any ATM (DBS, HSBC) without a hitch. Was free at the time too.

Used it again in Thailand Feb 2020 and had no issues again, ATM withdrawal worked flawlessly even in a remote village.

Friends got cards too on my recommendation and the SBM variant worked flawlessly in NYC.

Can't sing enough praises for the card honestly.
Click to expand...
KYC required to get Niyo card?
 
lockhrt999 said:
What does it mean?

www.moneycontrol.com

MC Explains: Why did RBI bar SBM Bank from the Liberalised Remittance Scheme?

LRS is a programme that allows individuals in India, including minors, to freely remit up to $250,000 per financial year.
www.moneycontrol.com www.moneycontrol.com

Can you guys confirm that your cards are working for international transactions?
Click to expand...
1674582483271.png


1674582502883.png


And this ban is only for this bank and not a worry factor for other operating banks.
 
nRiTeCh said:
View attachment 158538

View attachment 158539

And this ban is only for this bank and not a worry factor for other operating banks.
Click to expand...
Niyo global now a days runs with SBM.
--
I contacted Niyo Global support and they told me that the card is working at the moment. Transactions are going through. On top of that, they told me to be cautious and take out sufficient cash from nearby ATM. (Assuming I was abroad).

I don't like where this is going. What's a good alternative to Niyo Global that I can get within a week?

---
I think Niyo is the direct target.

m.timesofindia.com

SBM Bank barred from remittance scheme - Times of India

Times of India brings the Latest & Top Breaking News on Politics and Current Affairs in India & around the World, Cricket, Sports, Business, Bollywood News and Entertainment, Science, Technology, Health & Fitness news & opinions from leading columnists.
m.timesofindia.com m.timesofindia.com
 
Last edited:
lockhrt999 said:
Niyo global now a days runs with SBM.
--
I contacted Niyo Global support and they told me that the card is working at the moment. Transactions are going through. On top of that, they told me to be cautious and take out sufficient cash from nearby ATM. (Assuming I was abroad).

I don't like where this is going. What's a good alternative to Niyo Global that I can get within a week?

---
I think Niyo is the direct target.

m.timesofindia.com

SBM Bank barred from remittance scheme - Times of India

Times of India brings the Latest & Top Breaking News on Politics and Current Affairs in India & around the World, Cricket, Sports, Business, Bollywood News and Entertainment, Science, Technology, Health & Fitness news & opinions from leading columnists.
m.timesofindia.com m.timesofindia.com
Click to expand...
This is forex remittance. Do the online international purchases made using the card fall in this category ?
 
ibose said:
This is forex remittance. Do the online international purchases made using the card fall in this category ?
Click to expand...
Yes, I think so. I remember this $250k limit from the days of crypto.

--
Latest on this,
A person familiar with the matter said RBI has asked the bank to ensure that only those customers who hold accounts with the bank should be allowed to do remittance business. This is to prevent those customers who are referred by the fintech partners from undertaking these transactions through the bank, the person added.
Click to expand...

People using Niyo fall in the later category. Niyo is a fintech product that uses SBM.

source
 
Last edited:
Right. Niyo cards are finally blocked from international transactions.

Any alternative, guys? I'm traveling in near future.
 
Back
Top