Niyo Global Card Detailed Review after 6 Months Use || Best Forex Card?

Niyo Global Card Detailed Review after 6 Months Use || Best Forex Card?

You would've heard a lot of good things about Niyo Global Card - That is is the Best Forex Card with ZERO forex fees and that you should get this card immediately. But reality is a bit different!

Niyo Global may not be the best card for you in a lot of cases - watch this video to understand the detailed review of Niyo Global Card

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[iservicetech]

Hi I’m using 2 forex cards ( Niyo and FI ) in Dubai from last 3 months and not get any charges on my purchase, If you use your cards in any stores or shopping mall or any government office, you don’t have to pay any charges and you will get confirmation SMS on your phone how much money is debit from your account instant, Even I don’t use cash if they accept cards.

But if you withdraw money from ATM then you have to pay withdraw charges ( not instant ) they will charge you later for this.

So please don’t misguide people in social media. If you don’t know about it.

[sashanksuraiya]

Heyy, I am a CA Student, and the con you mentioned about 5% TCS is a govt. mandate. TCS paid gets reduced from the tax payable when one files his ITR. Thus, a person is not incurring any additional charge by using this card!

[RupinderDhamija]

The third con is not a con in reality, it's just something to be cautious of. If there's a possibility of currency getting expensive then there's probability of getting cheaper also. Especially when we're talking fluctuations withing 2 days

[PoojaG_PG]

Considering that I plan to not be expending in USD but actually local currency, which can fluctuate either way and I'm buying the card at the last moment, not months in advance (to be able to make a profit on an average trend of depreciating rupee or appreciating USD), I'm going for local currency. I do not wish to be paying double conversion charges - first INR to USD, and then USD to local currency. So yup, Niyo it is for me. For backup, just in case it doesn't read in certain situations, I'm going to be using my regular credit card.
All this is for an upcoming leisure trip to EU.

[tanujsaraogi]

TCS is not really an expense. It is basically prepaid tax levid on expense similar to TDS which is levied on income and fully adjustable against tax liability for the year.

[vvajay]

Initially I didn't like the FD thing with the "Credit" card - that the bank isn't giving any credit to the customers. However, later when I compared it with CC or FC, I found it to be way cheaper. So, put money in FD, travel abroad, let the bill come, pay, and withdraw all FD amount.
I think a delayed settlement happens with CC also, in which banks always choose to take higher conversion rates. With FC, this is kind of benefit as the amount is locked - but, when you want to withdraw the amount in INR, you'd get lower conversion amount. Hence, all in all, financially speaking, it is very good card.
Not sure about the non-acceptance in countries or at some POS.

[PriyaSharma]

I used it in 2020 especially for payment on ebay and abroad shopping websites, they accept niyo...and because of low current exchange rates it was beneficial., i was impressed by the mere 15p extra they charge per dollar...which is so low as compared currency exchange places... Ease of loading card from bank account via UPI also helped me so much in Europe, NO OTP required..
App lock off and on is so helpful if we lose card.
The only con after using it from jan 2020 till mid 2021 is that it capped me at 7lacs per year and all transactions are reflected in ITR filing govt website...but TDS refund can be claimed after filing ITR at end of financial year..

[RupinderDhamija]

You can get the tcs back when filling taxes. This may not be a con for everyone. But the 2-3% forex charges on other cards, wo gayo to gayo.

[sachinhj]

I will just use for lounge access😁😁😁 ultimately saare cards ki buying reason yehi reh jaata hai😀

[pankajgarg]

Mam
5% tax explained by you is NOT EXPENSE. This is TCS. All TCS paid is credited to your PAN card. You can get refund after filing Annual IT return. Do not misguide people. Further Rs 7 lac is a reasonable limit for 1 person per year. In case you want to go beyond that then use spouse card, children card etc.

[go_niyo]

A plane ticket is always the answer, who cares what the question is? Happy to see you travelling smart with Niyo Global.

[anubhavpabby]

Hey the thing you mentioned that TCS is charged only on Niyo global card is wrong. It is charged on all forex cards with 5% tax in accordance to the RBI Rule.

[autoloanexpertbyrahulrana]

dosto galti se use mat karna ish card ko befkoof banate hai mere sath 90000 ki fraud hua h or inka na koi office hai na koi call centre

[kartikey]

For my case, the pros outweigh the cons of this card, thanks for making everything clear about the card.

[Utkarsh_Kumar_Rai]

Using Neo from last 7 months in all international travel. No issues so far....yes you get stuck when the servers are under maintenance. And this maintenance has now become frequent. These updates happen mostly on Friday, so if ur in a Islamic country where Friday is a day for outing...u may get stuck.

[vaishnavirajhans]

I will be visiting Europe for a period of 20 days. And yes, i have opted for this card.

[aishwarya]

Being USD at all time high this is the worst time to buy currency at higher exchange rate and buying Niyo Global Credit Card makes even more sense now

[stevenspellberg]

1st one definite letdown. 2nd one is RBI mandate and 3rd one fluctuations may not be too big always so overall may not be as impactful cons as expected. 1 lounge access per quarter for a free card is good . Overall can give a shot

[TANUJJAIN-mplf]

This Debit card is not working in Dubai, this is now just a debit card accessable only in India, No transaction in Dubai possible
firstly they say that it will work in uae if you deposit of 5000, but when i deposit 5000 they are saying that for transactions in Dubai you have to take another niyo global credit and if you transfer 5000 in credit card that amount will became an Fixed deposit and it only can be withdrawn after one month & credit card limit only 5000 or the amount of Fd you create, So finally when you transfer amount it is not usable in debit card
all international transactions are possible with credit card & that too with terms & conditions, Pls take care Niyo team for the same🤨

[prabhs-officialchannel]

I have used this card in Thailand, and it is works