Overview of DBS India Remit service that provides remittances to India for DBS account holders in Singapore with a How-to Guide and expected costs.
The Niyo DCB Global Card is an innovative answer for global Indian travelers who don’t like to hassle with changing currencies. It comes with a linked domestic Indian DCB bank account that you can add money to, and a Visa card that can be swiped wherever Visa is accepted around the world. It is a primarily online account focused on spending globally that works directly with the Niyo app.
Read on to learn more about how this unique card works and if it can solve your global travel problems. But if you are in India and need an easy, fast and cheap way to send money internationally, look no further than Wise. And if you are looking for a card that is similarly global but with fewer fees, take a look at the Wise multi-currency account. The account and card provides you the same freedom but with the real exchange rate and no joining fee. Check the Wise website to see if the multi-currency account is available where you live.
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The Niyo DCB Global card is a digital account from the fin-tech company Niyo and DCB bank. You are provided a digital current account with DCB and a linked Visa card that you can load with Indian Rupees and then spend across the global Visa network.
The account works with the Niyo app, where you can load money, convert to the different currencies available, keep track of your balance, and monitor recent transactions. You can also keep an eye on the real-time exchange rates and convert when it is favorable through the app as well, wherever you are in the world.
To get started, the Niyo DCB Global card is only available to Indian citizens that have a valid PAN and Aadhaar card. To get started you can fill out the form on the Niyo website or send an email to email@example.com.
A Niyo sales representative will then reach out to you to set up a time to meet and do the KYC which will require seeing your PAN, Aadhaar, and a Passport. If all checks out, you will get your card to get started. This onboarding process however seems to only be available to Tier 1 & Tier 2 cities at the moment.
Once you are verified, you can download the Niyo app and log in with your registered mobile number to get started. As an account owner, you don’t need to maintain a minimum balance and the card is valid for 5 years.¹
The Niyo DCB Global card can be used to spend around the world wherever Visa is accepted. So whether you are at a shop, restaurant, hotel or cafe, you can just swipe the card like any other Visa card. You can also use this card for online spending too.
But before you get to swiping, let’s first look at how to go about filling your account. Your account with Niyo will have its own account number and IFSC code, and you can load it up with INR by NEFT, IMPS, or UPI. There are limits to how much you can load into your account but that will be outlined to you in your Welcome Kit.
Once you have loaded your account, you can convert your INR to other currencies. You can also send money from your Niyo account to any other bank accounts in India. But you can only send money to domestic Indian accounts, and not internationally.²
The Niyo DCB Global card gives you access to spending around the world, but there are a few fees attached to it. Primarily there is the joining fee of ₹200. There is also the same fee of ₹200 if you lose your card or it gets stolen. Plus there are some ATM withdrawal fees, which you can see in a later section.³
But one of the fees that you may not be able to see is in the exchange rate. The Niyo DCB Global card uses the Visa network’s exchange rates. So whenever you are converting or loading up on other currencies, you are getting the exchange rates set by Visa. This is a different exchange rate than the mid-market exchange rate. The mid-market exchange rate is the rate you see on Google, and the same one the banks use themselves. By setting their exchange rates slightly lower than the mid-market exchange rate, Visa and Niyo are able to sneak in a hidden fee in the difference. So you may be losing extra rupees to this hidden fee every time you convert money.
On top of this, you may be charged an FX Adjustment fee. Any international transactions are debited in real-time, but it can take 2 days to settle the transaction. Because there may be a change in the exchange rate within those 48 hours, you may be charged a fee for the difference.⁴
When travel might not be possible but you need to transfer money abroad from India, check out Wise. With just one low transfer fee and always the mid-market exchange rate, you can transfer money directly to local bank accounts in 60+ countries.
The account is completely free to sign up and can be done right from your computer or mobile. Wise is completely transparent with your transfer, so you will know the low fee, exchange rate, and estimated delivery to the account abroad right upfront. At a cost that is much less than most Indian banks. It is as easy as that.
And if you live in one of the currently supported countries, you can get a Wise multi-currency account that lets you send, spend and swipe around the world. You can hold over 50+ different currencies at one time, and it is all managed through the award-winning Wise app. Plus there are no joining fees and you can withdraw money at any ATM around the world for free up to ￡200 per month.
Are you in India and want to be one of the first to get a Wise multi-currency card? Join the wishlist today to get it first when it becomes available in India.
The Niyo DCB Global Card lets you take cash out from your account at ATMs that accept Visa/Plus Network. To find the nearest ATM to you, you can jump on the Niyo App and tap the ATM locator. The card, of course, works at any DCB bank ATMs in India.
But there are fees associated with using your Niyo DCB Global card at an ATM overseas. The first transaction every month you do abroad, whether for a cash withdrawal from an ATM Or a non-cash transaction, is free. But any cash withdrawals after that will be charged a fee of Rs. 100 + GST. There may even be additional charges by the acquiring bank.
In India, there are no fees at a DCB ATM, but any cash withdrawals from a non-DCB Bank ATM will be charged ₹20 per transaction.⁵
The Niyo DCB Global Card offers you access to the whole Visa network, which means you can load and spend in over 90 currencies. That equates to around 150 countries around the world, and it includes being able to use the card in INR in India. ⁶
Keep in mind that with all the currency options you get with this card, you will be getting the exchange rates set by Visa. This is not the same as the mid-market exchange rate, which the banks use themselves.
Sources used for this article:
- The Niyo DCB Global Card
- Uses for the Niyo DCB Global Card
- Charges & fees
- FX Adjustment
- Overseas ATMs
All sources checked as of 9 July, 2020
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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