Niyo Global Card Detailed Review after 6 Months Use || Best Forex Card?
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- เผยแพร่เมื่อ 31 ส.ค. 2022
- 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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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.
@PoojaG_PG Hi I hope you had a good peaceful trip, Can you please share How was your experience with the Niyo Credit card during your trip.
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
@bekifayti- I loved your content but quite disappointed with this one. Most of the cons are wrong , I have visited Singapore , Thailand & USA there was no problem at all. The good part was, I was able to top up card using any UPI app with just the PIN no dependency on SMS. Regarding 5% tax you are showing that’s it’s a expense whereas it’s not you get return in your ITR filing as it’s TCS . So please don’t portray this a expense. People look at you for correct info . Please maintain that. Thanks
Exactly Best Forex Card without any doubt...
@@amitkrdey306 can you please share your experience with this card.
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!
ज्यादा होशियार बनरा क्या🤣🤣
This channel always shares half info and is not reliable.
@@allisonburger4972 Gawar
Yes even my Bob forex card charged me 5 percent TCS for 65k inr forex bought in euro. So will i get the money refund
@@viki19910 If you file your Income Tax returns, your Tax Payable will be reduced by the amount already paid as TCS
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.
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.
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.
I will just use for lounge access😁😁😁 ultimately saare cards ki buying reason yehi reh jaata hai😀
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.
Outstanding explanation. Thank you madam
Super thanks for sharing such useful info about this card....explained in super detail....now its simpler to decide if to go for this card....really super helpful....thanks...have a good one...
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..
Thanks for this information
Does this card work in Thailand
@@dipak1428 yep
Hey thanks for all the details. Does it work well in Europe mainly Italy France and Belgium?
After international trip .. should we have to keep a minimum Balance in account?
*hey what's wrong with slice now, before they won't charge any extra amount if i split the bill into 3 months but now they are charging?*
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.
correct
Can we get refund of the tcs of 5% above 7.5 lack?? If we file it returns!?
I just want to say OMG 😨 fabulous explanation
Love your videos ❤️. Can please do a video on which is the best card for international use.
Hi, Your video is very informative.
If I order my card in India and want to use it only in the India, Do I load USD on the card ? If yes, Are there any charges except currency conversion charge to load USD on the card?
With the RBI clamping down on SBM, sadly this is not there at least for the short term
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.
is passport necessary for opening this account?
My stan chart tm informed me their forex card also has 5% tcs. Acceptability is not of niyo but of visa/mastercard
Really helpful video, I was thinking of getting this card for my one way travel to Canada, as The no conversion charge attracted me the most, but still after hearing the cons I am having second thoughts on this, Any suggestion for this would be really appreciated, thanks again for this educational video!
Go for one card it has 1% mark up fee, still far less than other cards, plus it is a credit card so no need to top up and burn your wallet in advance. Other for a safer side go for a forex card with minimum amount in it.
First use Niyo, if it fails, go for one card, then last forex card.
Both niyo and one card are free of cost.
Forex will burn your wallet so go for minimum amount.
I didn't understand 4:31 Is it means if I swipe the card at a shop and it will take 3 days for the amount to be transfer from my account to the merchant account ?
3rd point is so worng, why are you comparing only USD? Compare EUR and GBP too they have depreciated so theres profit there
Hi @bekifaayati, Thanks for the information.
Can you also suggest, which card to get for international travel for a week?
(Debit Niyo Global Card or Credit Niyo Global Card)
Dont give incomplete info, TCS can be refunded when filing ITR
And wt if we r not filling itr
@@sparshmalpotra8411 if you spend more than 2L on abroad travel you are required to file ITR…
If you’re still not filing then you can’t claim back the TCS.
TCS will also be applicable on forex cards also
@@kanishkgiri6429 nd wt if we r now living in canada
@@sparshmalpotra8411 then you can’t have niyo card as they don’t have NRE/NRO accounts. Holding regular resident accounts as an NRI is a violation of FEMA law.
However If you still have TDS or TCS deducted on any payment you can file your ITR in India and claim a refund of the entire amount
Its a VISA card and uses visa exchange rates , so acceptability is not an issue. I used it in USA. The DCB issued niyo card does not give any interest
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
can you use this in Vietnam. I already have bitpay card for thailand and singapore..
I am just going to travel as a student and I need the card for the following 2 months max. Should I get the NIYO Global Card or some other bank's card?
Samajhdaari wala video. Keep it up.👍
@kaku arora - useless negative point for transaction delay - if i do my transaction on 20th feb 2022 - i will complete the transaction on 20th feb 2022 only - stop worrying about future currency rates.
Please make a video on top gold investing (Digitially) apps in India..........Love all your videos.
For my case, the pros outweigh the cons of this card, thanks for making everything clear about the card.
Complete knowledge gap. TCS will be charged for FOREX card also however it can be adjusted with your tax liability. Secondly, the example shown for Cons with transaction rate is incorrect. You have not considered the 5% interest the person will earn when such interest is not available in forex card.
Also, the interbank rate of 20th july 2022 will not be charged, it will be more than that around 1-1.25% which is the VISA exchange rate. The concept of NIL FOREX conversion charge doesn't exist for any products offered by NIYO.
You doing great work ma'am 🤗
Best Bank for regular savings account ?
5% is TCS and can be claimed for refund, 2-3% charge on other cards cannot.
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.
A plane ticket is always the answer, who cares what the question is? Happy to see you travelling smart with Niyo Global.
I haven't heard something more unrelated than this statement.
@@aditya_das 😂😂😂
Is niyo accepted in bali and Indonesian islands?
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
Can we withdraw cash from international ATMs in their local currency at zero forex charges?
I came across "hdfc hajj umrah card" on website. I am hdfc account holder. Can u compare this card with niyo global?
I'll be visiting Saudi Arabia in few days.
Tia
If you're using it for some days then it won't matter much
I will be visiting Europe for a period of 20 days. And yes, i have opted for this card.
hey same is with me, will you be carrying cash or some other card?
Which card is best for foreign travels on trips plz suggest
Shinhan Bank Global card (PWM) is as good as Niyo Global Card..These two Foreign Neo Banks in India are doing Great Revolutionary Operations for General Public..😅😅😅😊😍
Is this good to travel europe? Like Germany and Austria?just for 15days?
Is niyo card not issued to pune residents, and they say it is issued to Mumbai, Chennai, hyderabad, bangalore and Delhi only.... Please help.... Thanks
Can I use Niyo card to make forex payments within India?
Can we withdraw cash any ATM in this card..?
As ive seen/used, Niyo Global has like .4% fee As this is the Visa Exchange Fee. for POS etc
No joining fees and no annual fees for now🤦🏽♂️
Hi. Thanks for video. I have seen on some other websites, that there is a surcharge levied on this card of 8.99% when we withdraw AED from ATM. Can you please mark your remarks...
Always ready to be your smart travel companion 👀
dont get this card, they held my remitted money for months, they wont let me talk to team or give propper reply after months of begging for my own money i had to recall my own transaction and lost over 10,000 rs on transaction charges
Hi I just want to know if I withdraw money from atm by this card and after 45 days it will charge me interest of it?
Good to know about this - Thanks 😊
Can u tell us other cards which have zero markup charges without the cap of 7Lakhs in a year. Pls revert on this
she has no clue what she is even talking about. will make random videos for views lol.
use any debit/credit/forex card, do any kind of foreign transaction, you will have to pay 5% tcs on amount above 7L, which can be refunded when filing ITR.
no way to escape from the tcs .
@@rheakapur7416does any credit card launched by niyo at that time, any other forex card without limit of 7 lac
Please give us a clear review how credit card company traps customers?
While calculating Forex card conversation, you missed considering GST.
where you see yearly charge 499rs??
WRONG INFOMATION!! The TCS tax of 5% is a Government tax, no single entity can just randomly set a value and change that. Not just forex cards, but even bank remittance has 5% TCS tax.
TCS of 5% is available as credit. It is temporary blockage but refund can be claimed by filing tax return in India.
Does this card accepted in Bangalore international airport lounge?
Most awaited
One question. If there is certain balance left in our Niyo card at the end of our foreign trip, can we transfer that back to our indian bank account ? Any extra fee / charges on that ? Kindly guide
yes you can
@bekifayti- I loved your content but quite disappointed with this one. Most of the cons are wrong , I have visited Singapore , Thailand & USA there was no problem at all. The good part was, I was able to top up card using any UPI app with just the PIN no dependency on SMS. Regarding 5% tax you are showing that’s it’s a expense whereas it’s not you get return in your ITR filing as it’s TCS . So please don’t portray this a expense. People look at you for correct info . Please maintain that. Thanks
Me planing to go to Singapore so is there any problem with forex ?
She only knows about US and USD... Lol
Rest things pe research nahi kiya isne... Actually practical experience bhot zaroori hota hai.
@bekifayti ab lockdown over ho gaya hai to fata fat graduation karo chutti lo and thoda foreign trip le kar aao.
Thanks for this information 😊. We have this card and are going to use this for our Thailand travel ..and this girl scared us..
@@kenildobariya no problem at all. Do visit Marina Bay in the evening for fire cracker show . Enjoy
@@shekhkhalid7693 always have second option mate. You never know
There is no major cons as such you described int the thumbnail.... 😅😒
Can anyone tell me if niyo card is not eligible in thailand then which forex card is good after niyo?
Thanks for giving me such informative video and it was worth it to watch :)
Try SBI Forex Card.
@Netflix Entertainment I have used it for 2 years and had an issue just once which was solved over the phone. It's not the best in the market but it's okay for me
I use Jupiter and FI card which is Far better...But when i spent on indian they send me mail for every transaction but abroad they did not send me mail alert of transaction and also my sim was not activate so i can not check my balance
What about your experience on fi & Jupiter card in Foreign country??
@@realme6841 I am very much happy with use of this both card instead of using credit card...Only one thing bad for every card that I did not receive transaction mail regarding my transaction.I have no sim card so mail I check but no mail coming ..One word I am happy
.
2. Tcs is refundable after filling itr
3. No 2-4 days
.
Today i got my new Neo global card.
Recently Ministry of Finance tweets about TCS charges. And said there is no LSR charges above 7 lacks.....
After few months usage and POS transaction I found out that they are adding 7%+ GST on forex conversion charge which is already 2-3% more than any other cards, or forex cards.....The gimmick of no markup is balanced in Forex conversion. Please correct me anyone if I am getting it wrong.
Example - 1 AED was 22..33 and Niyo was charging 23.83 for conversion and my ICICI was charging 23.33 for loading.
As far as I know Niyo has no part in the conversion rate...that is decided by Visa in real time during the transaction
Sbm neo card is now blocked by RBI. Can you suggest me another 0 forex charge card?
Madam,
I have been deposited (SBM bank)rupees Five thousand through online,dated 12.05.2023 but still I didn't get a physical card.
Please suggest what to do? Whom has/ have to call or correspondence.
How much annual or issuing fees..?🙄🥺
Aare didi TCS is not the expense.. we can get refund of it while filing return.. yeh sab bataya karo na
Thanks for saving me from this card :D
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🤨
Worst experience from Niyo website. I updated all details and verified kyc etc and towards the end it said pin code not serviceable. Time waste
I have used this card in Thailand , and it is works
Can it be used for international lounge access in india?
If i am going abroad for 2 years shoudl i use this card???? Or can i do one thing till 7 lalh can i use this card and after that can I use normal forex card so that in results i can take the benefits of niyo till 7 lakhs ruppees?????
Hi Can I use My Niyo global bank statement at VFS for Funds Evidence is it valid??
Should I get it as I am student and need airport access frquently?
Great eye opening video
Niyo is now blocked by RBI .There is no more international transactions till further notice..
Even in forex card if you purchase forex more than 2.5 lacs you need to pay TCS of 5%
Can i use this card in Kazakhstan without any problem??
Cons mein Price appreciation ka logic illogical hain...
Ye Pos/Cons kuch bhi ho skta hain...
you should mention whether tcs is refundable or not when you file your itr. incomplete info
I am using NIYO global card here in Dubai it’s working properly but limit is the only issue that is 7Lakhs. After that it is killing me with 5% tax, can u suggest with best debit card for long use with less markup charges😇
Boss need an info. If google shows 1 AED= 21.70 INR, then 1AED ATM withdrawal in Dubai, how much Niyo will deduct from balance & what are other charges, just need to know the complete picture
7 laks fully used by atm withdrawal??
@@AbhijitPattanayak did u go Dubai ?? How much was the atm charges ?
Best Forex cards par ek video banaiye 🔥
International transactions are paused on Niyo global Debit card from 26 jan 2023. now this review is no more helpful
How is TCS a con ?
If i am paying Income tax, i will get this amount adjusted in my IT.
And this is basis RBI guidelines, i guess all the cards will have to comply, they just dont announce it outright.
Is it good for traveling Dubai? Just one trip
i just use this card last week in canada. I make an payment of 1500cad but they charged me 1600cad when talked with customer care they told 100cad for tax. Don't use the card
Tks for True information i m going to apply soon
Go with the traditional card.
what is your suggestion I go to long time stay in abroad
I already have a sbm bank account.. May I do another bank account?
do it
7 lacs limit you are talking is per per person or we can say per pan card. This TCS from govt. And you are comparing this with 2-3% tax of forex cards which is per transaction from very first transaction. And on top of it if you are making International payment more than 7 lacs regardless for whatever reason, you'll get charged 5% TCS. So this tax is applicable for all forex cards too.