Emergency - Niyo Global Card not working in Thailand ATMs?

[ramkumar_y]

My brother is on Honeymoon trip to Thailand. Before going he got Niyo Global Forex Card as per my advice and loaded amount in that account. But when he tried to use the card after activation in POS & ATM, they transactions are continuously declined.
When he asked Niyo first, they said must be some Transaction limit issue. But again when he tried everything and contacted them, he's informed that "Niyo Global Forex Card can't be used due to 20% TCS rule by RBI".

I know 20% TCS rule is coming from July 1. But why now the transaction is not going through? What are the alternate ways to get hard cash?

 

[gurbina]

It's a very hard lesson but you always need backup payment methods whether that's a debit or credit card, preferably from a different financial institution specially when going overseas.

As for this issue, I highly doubt they blocked all international transactions but if they do it could be for compliance/tax liability until they have a system in place.
But again, this might be as dumb as the initial decision of charging 20% TCS without the 7L threshold, which even then it's still unreasonable when PAN is provided. This almost like no PAN tax rates. It's hard to go any higher than 20%.

 

[CMG]

Did RBI lift Niyo Global Forex Card LRS transaction ban?

https://www.sbmbank.co.in/smart_banking/pdf/Important-Announcement-LRS.pdf

RBI restriction on SBM bank

Received a notification from Niyo global that international transactions are banned on niyo global sbm card due to latest ban on SBM However domestic transaction will not be impacted. It’s a big news for those currently travelling abroad and are using their niyo global card only

www.technofino.in

 

[metal_heart]

They had sent a communication (infact multiple) that from 16/Mar, this card can not be used internationally. I did an international trip in early march and I was aware of this even then. I am not aware, if this has been rolled back since then. So this CARD IS USELESS INTERNATIONALLY.
Wonder why you were dependent on it? I am even more surprised on response from Customer Care.

 

[ramkumar_y]

@metal_heart Unaware of this since I hold only a Niyo DCB card and my brother too got his Niyo SBM Card recently before 10 days only.

Till today morning, Niyo support was saying him again and again to check Limits in app for International Transaction decline.

 

[CARDBITRAGE]

Niyo SBM DC has been banned for international transactions. Only their CC works overseas. However, Niyo cards issued from other banks are working.

 

[ramkumar_y]

@BLK Fortunately he got Niyo CC against FD too. Asked him to increase limit and try withdrawing using CC.

 

[gurbina]

Forex card that doesn't do forex transactions.
So why do they onboard customers or let them reload as per usual if it is banned? Wonderful company. Last time 2 friends got stuck as they only brought this card and it stopped working, even reloads weren't working and they hadn't brought cash.

 

[CARDBITRAGE]

Forex card that doesn't do forex transactions.
So why do they onboard customers or let them reload as per usual if it is completely useless?

It's technically a zero forex charge debit card that is issued with their savings account.

 

[CMG]

Is it possible to switch issuing back from SBM to DCB?

 

[CARDBITRAGE]

Is it possible to switch issuing back from SBM to DCB?

Nope. You will have to open a new account. They also have a tie-up with Equitas small finance bank through their product NiyoX.

 

[RockingROL]

Hello, I am planning a trip to Thailand in December 2023 and I was just wondering if Niyo Forex from DCB will work there or will it have the same issue as mentioned above. I am unable to get in touch with Niyo Global customer care.

 

[ramkumar_y]

Hello, I am planning a trip to Thailand in December 2023 and I was just wondering if Niyo Forex from DCB will work there or will it have the same issue as mentioned above. I am unable to get in touch with Niyo Global customer care.

Yes. Niyo DCB works.

Only SBM Debit cards are banned.

 

[004archit]

Yes. Niyo DCB works.

Only SBM Debit cards are banned.

What is cheap withdrawal the cash in Thailand from atm using Niyo debit card (dcb or equitas bank) or convert INR or dollar at money exchange in Thailand if any one has experience in both?

 

[ramkumar_y]

What is cheap withdrawal the cash in Thailand from atm using Niyo debit card (dcb or equitas bank) or convert INR or dollar at money exchange in Thailand if any one has experience in both?

ATM is convenient and better. Just make sure to withdraw in THB and don't accept currency conversion option in ATM machine.

Since there's fixed withdrawal charges, do in bulk.

 

[CARDBITRAGE]

What is cheap withdrawal the cash in Thailand from atm using Niyo debit card (dcb or equitas bank) or convert INR or dollar at money exchange in Thailand if any one has experience in both?

The cheapest option for cash is always atm withdrawals barring a few countries. In Thailand look for Aeon or Krungsai bank. Aeon is the cheapest if I recall correctly.

 

[MilesMax]

What is cheap withdrawal the cash in Thailand from atm using Niyo debit card (dcb or equitas bank) or convert INR or dollar at money exchange in Thailand if any one has experience in both?

Last time I visited in July, Every ATMs out there charged extra fee for withdrawal. Even the ATMs that are listed on the Niyo Global App. 220thb per withdrawal. I use the DCB variant.

I would suggest you to take USD from India and then convert to THB there when you get good rates. Mostly in the city.
Even though it's double conversation, this works the best for most Asian countries.

In case you did find an ATM that doesn't charge additional fee of 220 which is very unlikely (unless anything has been changed after July), don't convert the USD, keep it for your next trip or convert it back in India.