Niyo Global
Zero forex markup claim with a savings account, bundled travel services, and Visa Signature access.
TL;DR
Strong all-in-one travel card with no issuance fee, 7% savings interest, and bundled travel services. Not truly zero-cost (Visa rate includes 0.5-1.5% margin), but excellent value for most travelers.
Key Takeaways
- Niyo uses Visa's exchange rate with zero additional markup — effective cost is 0.5-1.5% above mid-market, significantly cheaper than bank cards at 3.5-4.2%.
- The 7% savings interest on your balance earns ₹7,000/year on ₹1 lakh — nearly double most Indian savings accounts at 2.7-4%.
- Bundled travel ecosystem (eSIM, insurance, visa assistance, flight bookings) makes it the best all-in-one card for first-time international travelers.
- No issuance fee. International ATM withdrawals cost ₹423 + GST (~₹499) per transaction. An Annual Maintenance Charge of ₹423 + GST applies if your Average Monthly Balance is below ₹5,000 (effective July 1, 2025).
What Niyo Global Offers
Niyo Global is a neobank product offered in partnership with SBM Bank India, providing a Visa Signature debit card that claims zero forex markup for international transactions. The account also offers up to 7% interest on your savings balance — significantly above the 2.7-4% most regular Indian savings accounts from SBI, HDFC, or ICICI offer. On a ₹2 lakh balance, the difference between Niyo's 7% and SBI's 2.7% is ₹8,600 per year in additional interest. Beyond the card, Niyo bundles a comprehensive travel ecosystem that no other forex card in India matches: flight bookings with competitive pricing, visa assistance for popular destinations (US, UK, Schengen, Thailand), complimentary travel insurance covering medical emergencies and trip disruptions, hotel bookings, eSIM for international data in 100+ countries (₹300-500 for 7 days vs ₹1,500+ for airport SIM cards), and doorstep forex delivery for cash currency. It is positioned as a one-stop app for Indian outbound travelers, and for first-time international travelers who find managing multiple apps overwhelming, this bundled approach is genuinely valuable. The Niyo Global card is accepted in 180+ countries through the Visa Signature network, which also provides complimentary benefits like purchase protection and extended warranty on eligible purchases. The card supports contactless payments and can be managed entirely through the Niyo app — instant blocking, transaction alerts, and spending analytics.
The Truth About 'Zero Markup'
Niyo claims zero forex markup, and this requires careful understanding of what that means and what it does not. The card applies Visa's exchange rate, not the mid-market (interbank) rate that Wise uses. Visa builds a margin into its rates — typically 0.5-1.5% above mid-market, depending on the currency pair and time of day. For USD/INR, Visa's rate tends to be about 0.5-0.8% above mid-market. For less liquid pairs like INR/THB or INR/JPY, the margin can stretch to 1-1.5%. Niyo does not add any additional markup on top of Visa's rate, which is genuinely better than the 3-3.5% markup most Indian bank cards charge on top of the Visa/Mastercard rate. But it is not zero cost — the margin is built into the rate rather than shown as a separate fee. Let us put numbers to it: on a USD 1,000 transaction (₹83,000 at mid-market), Niyo's effective cost through Visa's rate is approximately ₹415-664. Compared to HDFC credit card at 4.13% (₹3,428 in fees), Niyo saves ₹2,764-3,013. Compared to Wise at ~1.16% conversion fee (₹963), Niyo can be slightly cheaper or slightly more expensive depending on the day — the difference is typically within ₹300-500. The bottom line: Niyo's 'zero markup' claim is technically accurate (no Niyo-added markup), but the total conversion cost is not zero. For most travelers, Niyo costs 0.5-1.5% effectively — dramatically better than bank cards, roughly comparable to Wise, and slightly more expensive than Scapia's Mastercard rate (0.2-0.5%).
7% Savings Interest and Other Benefits
The 7% savings interest is a real standout feature and a legitimate reason to choose Niyo even if you use another card as your primary travel card. If you keep ₹1 lakh in your Niyo-SBM savings account, you earn ₹7,000 per year — compared to ₹2,700-4,000 at SBI, HDFC, or ICICI. On ₹3 lakh, the annual interest is ₹21,000 vs ₹8,100-12,000 elsewhere. This is especially useful if you are saving up for a trip and want your travel fund to earn maximum interest while you plan. The 7% rate is offered by SBM Bank India, which is an RBI-regulated scheduled commercial bank. Your deposits are covered by DICGC insurance up to ₹5 lakh, the same protection as any other Indian bank. The interest is paid quarterly and credited to your account automatically. The bundled travel services deserve individual evaluation: - eSIM: covers 100+ countries with data plans starting at ₹300 for 7 days. This is significantly cheaper than buying local SIM cards at airports (THB 299-599 in Thailand, EUR 10-30 in Europe) and more convenient — activate before you land. - Travel insurance: complimentary with card issuance, covering medical emergencies, trip cancellation, and baggage loss. Coverage limits vary — check the current policy document in the Niyo app. For comprehensive coverage (especially medical evacuation), standalone insurance from ICICI Lombard or Bajaj Allianz is recommended as a supplement. - Flight and hotel bookings: available within the Niyo app. Prices are competitive but not always the cheapest — always cross-check against MakeMyTrip, Google Flights, or direct airline websites before booking through Niyo. - Visa assistance: Niyo partners with visa processing services for US, UK, Schengen, and popular Asian destinations. Useful for first-time applicants who want guidance on documentation.
Fees and Limitations
There is no issuance fee, which is a genuine advantage over HDFC ForexPlus (₹500 issuance) and Axis Multi-Currency (₹300 issuance). However, an Annual Maintenance Charge (AMC) of ₹423 + GST applies if your Average Monthly Balance drops below ₹5,000 (effective July 1, 2025). Maintaining at least ₹5,000 in the account avoids this charge entirely. International ATM withdrawals cost ₹423 + GST (~₹499) per transaction. This is a fixed fee regardless of the withdrawal amount or ATM network. In Thailand, the mandatory Thai bank ATM fee of THB 220 applies on top of Niyo's ₹499 fee, making each withdrawal cost approximately ₹1,005. For ATM-heavy travel, INDIE by IndusInd (free ATM withdrawals) or Wise (free up to USD 200/month) are cheaper options. The account requires completing full KYC with SBM Bank India, involving Aadhaar verification (via DigiLocker or physical), PAN verification, and video KYC. The process is fully digital but can take 1-3 business days. Some users in Tier 2 and Tier 3 cities report delays — start the process at least a week before your trip. One limitation: the Niyo DCB credit card variant (a separate product from the Niyo Global debit card) requires a fixed deposit of at least ₹5,000 as collateral. The Global debit card does not require any FD. Make sure you are applying for the correct product — the Global card (SBM Bank partnership) is the one with zero forex markup. The card is accepted in 180+ countries on the Visa network. For Mastercard-only merchants (rare but they exist in parts of Europe), you will need a backup card.
Who Should Get Niyo Global
Niyo Global is the strongest choice for three specific user profiles. Profile 1 — The first-time international traveler: If you are going abroad for the first time and want everything in one app — card, insurance, eSIM, flight bookings, visa help — Niyo eliminates the complexity of managing 5-6 different services. The app walks you through pre-trip preparation and provides real-time spending tracking in local currency and INR. The 7% savings interest means your travel fund grows while you plan. Profile 2 — The annual vacationer spending ₹1-5 lakh per trip: At 0.5-1.5% effective cost, Niyo saves ₹5,000-15,000 per trip compared to a standard bank card. The bundled insurance and eSIM add another ₹2,000-5,000 in value. For one or two trips per year, Niyo offers the best combination of cost savings and convenience. Profile 3 — The savings-focused user: If you maintain a significant savings balance (₹2-5 lakh) and want maximum interest while also having a travel card ready, Niyo's 7% savings rate earns ₹14,000-35,000 per year — ₹6,000-20,000 more than a standard SBI or HDFC savings account. The travel card is a bonus on top of genuinely superior savings returns. Niyo is NOT the best choice for: users who want the absolute cheapest exchange rate on large amounts (Wise is cheaper for amounts above ₹50,000), credit card users who want purchase protection and a credit period (Scapia is better), or users who need affordable ATM withdrawals (INDIE by IndusInd offers free ATM withdrawals). But for the all-in-one travel ecosystem, Niyo is unmatched in India as of March 2026.
Pros & Cons
Pros
- No issuance fee — AMC waived if balance exceeds ₹5,000
- 7% savings interest on your balance — significantly above market
- Full travel ecosystem: flights, insurance, eSIM, visa, hotels in one app
- Accepted in 180+ countries via Visa Signature network
- No additional markup beyond Visa's exchange rate
Cons
- Visa rate includes a hidden margin (0.5-1.5%) — not truly zero cost
- ₹423 + GST (~₹499) per international ATM withdrawal
- Bundled travel booking may not always offer best prices
- KYC process with SBM Bank can be slow or complex for some users
Compare Niyo Global vs All Providers
Frequently Asked Questions
Does Niyo Global really have zero forex markup?
Niyo applies Visa's exchange rate without adding its own additional markup. However, Visa's rate itself includes a margin above the mid-market rate — typically 0.5-1.5%. So while Niyo's claim is technically accurate (no Niyo markup), you are still paying a built-in margin through Visa's rate. It is far cheaper than standard bank cards (3-3.5% markup) but not truly zero cost.
What is the difference between Visa rate and mid-market rate?
The mid-market rate (used by Wise) is the midpoint between buy and sell rates on global currency markets — what you see on Google or XE.com. Visa's rate adds a small margin above this, which is Visa's profit. For a USD 1,000 transaction, the difference is roughly ₹800-1,500 depending on the day. You can check Visa's rates at usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html.
Are there hidden charges I should know about?
The main 'hidden' charge is the Visa exchange rate margin (0.5-1.5%). International ATM withdrawals cost ₹423 + GST (~₹499) per transaction — a flat fee regardless of the amount withdrawn. Additionally, an Annual Maintenance Charge of ₹423 + GST applies if your Average Monthly Balance falls below ₹5,000 (effective July 1, 2025). Maintain at least ₹5,000 in the account to avoid this.
Is Niyo Global worth it compared to Scapia or Wise?
It depends on your use case. Scapia is a zero-markup credit card (better for credit users, but no rewards on international spends). Wise gives true mid-market rates but costs ~1.16% on conversion. Niyo sits in the middle — Visa rates with no extra markup, plus a very useful bundled ecosystem. If you value convenience and the 7% savings interest, Niyo is excellent. If you're optimizing purely for the cheapest exchange rate on large amounts, Wise is better.
How do I apply for Niyo Global?
Download the Niyo app, complete your KYC using Aadhaar and PAN, and open a savings account with SBM Bank India through the app. The card is delivered within a few days. The account opening is fully digital and typically takes 15-30 minutes.