Niyo Global Card

Niyo Global is an Indian fintech travel card designed specifically for Indian travellers and students studying abroad. Launched by BankOpen (Niyo's parent company) in partnership with SBM Bank India and issued on the Visa network, the Niyo Global card gives Indian cardholders zero forex markup on international spending — a stark contrast to the 3.5-5% total foreign transaction cost (forex markup + GST on the fee) charged by most Indian bank debit and credit cards abroad.

The mechanics work as follows: Niyo Global is a prepaid card loaded in INR. When you load the card, the balance is held in INR. When you spend in a foreign currency, the conversion happens at the Visa exchange rate with zero additional markup from Niyo. There is no annual fee, no loading fee for bank transfers, and no foreign transaction fee. For Indian travellers spending USD, EUR, or GBP abroad, the saving versus a standard Indian bank card is typically 3-4% per transaction.

The ATM withdrawal experience is practical: free ATM withdrawals up to a monthly limit internationally, with a small fee above the limit. The limit is sufficient for moderate cash use during typical international trips.

The card is loaded via NEFT/IMPS/UPI from any Indian bank account. This is a domestic INR transfer, so the only currency conversion is at the card usage point (when you swipe abroad), where the Visa rate applies with no Niyo markup. There is no separate international wire involved.

RBI compliance is built into the product: the card operates within the FEMA framework for Indian residents and has all required KYC compliance built into the onboarding process (PAN card, Aadhaar, video KYC). The card cannot be used for capital account transactions (buying foreign real estate, investing abroad through the card) — it is a travel spending card only.

For Indian international students, frequent business travellers, and leisure travellers who regularly spend in foreign currencies, Niyo Global is one of the most cost-effective Indian-issued international cards available. It does not replace the need for a US or UK bank account for someone living abroad long-term, but for Indians travelling from India, the zero-markup model is genuinely excellent value.