RBI restriction on SBM bank

[Walter White]

Niyo global is a perfect international card , the conversion rates I have been getting was also very good and the convenience of currency converter in app and ATM locator , it’s a petty they have to suffer because of SBM. Still I would prefer them over FII for international travel once RBI lifts the ban or they find any other banking partner. I also loved their card design

Apart from the few bugs and glitches on their app, Niyo Global has been a fantastic product. Too good to be true considering it doesn't even charge joining or annual fee and no need to maintain any balance.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Got another notification

 

[Kiranonlinee]

The timing could not have been worse 🥲

Any other card that anyone can recommend for upcoming international travel with 0% forex fee?

Try indusind signature exclusive u can get tha card without exclusive account fee 1999+ gst

Zero forex markup , free atm txns world wide, 1050rs by rp redemption every month If u r able to spend 1.1L on this card

 

[iNokia]

Fancy banks like SBM are prime example of 'Naam bade Darshan chote'. Most of the time transactions get stuck.
Fi Money powered by Federal bank is far better than this Niyo Global. Literally zero failure observed.

Last i heard fi closed accounts abruptly for users.

 

[xiddy]

Looks like NiyoX is a tie-up with Equitas Small Finance Bank and should still be working fine. Their card however comes with a small charge.

 

[xiddy]

They are also partnered with DCB.

 

[Chaitanya-a]

Last i heard fi closed accounts abruptly for users.

Because Fi is allowed only to working individuals. Those who have given false info have faced this account freezing.

 

[Walter White]

Latest update from Niyo:

 

[Chaitanya-a]

Latest update from Niyo:View attachment 9546

Same as IDFC WoW. Zero forex markup, Visa Infinite card.

 

[sourpai]

For those who are looking at zero markup fees, wouldn't IDFC WoW suffice? It also gives 1% cashback via points. Taking this card is also relatively easy and can be taken as second card if you have one primary IDFC card. What is the advantage of going to Niyo / Fi Cards?

I mean this is apart from cards like Infinia (GVP) / Magnus / Reserve etc. which are better rewarding overall but come with some markup fees

 

[shubham__0720]

Niyo Global and Fi 'Debit cards' are good. They have better interface and Niyo even gives 1 complimentary lounge access per quarter which is quite good for a free card.

But Niyo 'credit card' doesn't seem attractive. Don't know why would someone take this card.

They dont have rewards system , which is the main drawback..

 

[Chaitanya-a]

They dont have rewards system , which is the main drawback..

In this competitive time, they should've given a reason to take their credit card. Don't know why this is launched.

 

[xiddy]

I used the niyo debit card to withdraw a lot of cash really fast and with minimal charges when abroad. This card won't allow me to do that, so not really that useful for me. If it was unsecured, then I would have gotten it.

 

[iNokia]

I am sure they working behind the scenes to change banking partners for their global debit card. probably take a month.

 

[xiddy]

They already have tie ups with different banks. Niyo Global is already available with DCB, and NiyoX is with equitas.

 

[MrRobot]

I am a little confused with this notification. I am looking at a zero forex card just to use on foreign transactions like paying for digital goods (VPS, Software), I already have IDFC Wow Credit card, but needed another one as a backup. I know about Jupiter and FI, but I have recently moved my permanent residence and both do not have a capabilities to change my permanent address, plus read a lot of account freezing horror stories.

Now I tried this Niyo Global Card, it is offering me a card against an FD but it is from SBM Bank, my query is, is this limitation by RBI now removed or is it still in place, googling this isnt giving satisfactory information.