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Niyo Forex Card Review: Features, Charges, and Which is Right for Your Trip?
Forex cards have become essential for international travelers and students. They offer a secure and more affordable option compared to traditional cards. These cards are highly popular due to their convenience and security.
This Niyo Forex Card review brings you through a comprehensive look at its variants, features, charges and how it works. We'll also introduce you to the Wise Travel card, which allows you to hold 40+ currencies in on card and spend without any forex markups or hidden fees.
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What is a Niyo Forex Card?
The Niyo Forex Card, also known as the Niyo Zero Forex Card, is a popular option for international travellers and students. The Niyo Forex card eliminates the charges that traditional credit or debit cards often impose from currency conversion fees, offering users the benefit of zero forex markup.
SBM Bank and DCB Bank issue the Niyo Forex cards as an international debit or credit card. The Niyo forex card is available in three variants.2
DCB Niyo Debit Card
DCB offers the Niyo Debit Card, which is like a regular debit card linked to your savings account. You can use it for international transactions overseas at zero markup fees. Free airport lounge access is available on spending 50,000 INR every quarter. Interest up to 7.5% per annum is available on the savings balances.
Niyo SBM Credit Card
SBM Bank offers a credit card variant, which is like your regular international credit card. The bank decides your credit limit based on your credit rating. You can use it for international payments abroad. This card does not have any annual maintenance fees. You get interest up to 6.5% per annum on linked fixed deposits with SBM Bank.
Niyo SBM Debit Card
Niyo SBM Debit Card is a regular debit card linked to your savings account, issued by SBM Bank. You can use it for international transactions overseas at zero markup fees. Free airport lounge access is available on spending 50,000 INR every quarter. Interest up to 7.5% per annum is available on the savings balances.
How does the Niyo forex card work?
Let us briefly understand how the Niyo forex card works.4
- The Niyo Forex Card lets you load the card with Indian Rupees (INR), and the card manages the conversion at the point of sale.3
- Swipe your card at establishments that accept Visa cards in 180+ countries
- You can also withdraw cash in foreign currencies from ATMs abroad.
Is Niyo Forex Card safe?
SBM Bank and DCB Bank issue Niyo forex cards, and your money is safe with these reputed banks. The Deposit Insurance Credit Guarantee Corporation insures your deposits up to Indian rupees 500,000 INR. The Reserve Bank of India regulates all forex transactions.
Niyo Forex Card vs Wise Travel card: Features
Let’s discuss the Niyo global forex card features that could help you spend wisely and maximise your international savings.6 We’ll also compare it alongside another forex card, the Wise Travel card.
| Card type | DCB Niyo Debit Card Niyo SBM Debit Card | Niyo SBM Credit Card | Wise Travel card |
|---|---|---|---|
| Currencies supported for holding | INR | INR | 40+ currencies including USD, EUR, and AED |
| Loading Methods | Via UPI (Unified Payment Interface) or bank transfer using the Niyo app | Not applicable because of the revolving credit limit | Bank transfers via RTGS, NEFT and IMPS |
| Exchange Rate | VISA exchange rate at the time of each transaction | VISA exchange rate at the time of each transaction | Interbank rate at the time of loading |
| Other travel perks | Lounge access on quarterly international spends of 50,000 INR | Lounge access on quarterly international spends of 50,000 INR | Unlimited free ATM withdrawals up to 200USD monthly |
Niyo Forex Card vs Wise Travel card: Charges
Niyo forex cards differ from traditional international debit and credit cards because of the zero markup fee. Let’s discuss Niyo forex card charges and other transactional fees.9
| Card | Niyo forex cards | Wise Travel card |
|---|---|---|
| Loading fees | No loading fees | A transparent load fee applies for every card load |
| Foreign transaction fees | Zero forex markup fee | Zero forex markup fee |
| Card issuance fee | Nil | INR 460 + GST, waived until 10 Feb 2026 for Indian addresses |
| Monthly fees or annual Maintenance fees10 | DCB Niyo Debit Card: 499 INR + GST @ 18%, but waived on maintaining an average quarterly balance of 5,000 INR Niyo SBM Credit Card: Nil Niyo SBM Debit Card: 423 INR + GST @ 18%, but waived on maintaining an average monthly balance of 5,000 INR in savings or fixed deposits for 3 months | No fees |
| ATM Withdrawal fee11 | Three free withdrawals in local currency from ATMs abroad Subsequent withdrawals DCB Niyo Debit Card: 425 INR + GST @ 18% Niyo SBM Credit Card: 423 INR + GST @18% or 2.5% of the transaction amount, whichever is higher Niyo SBM Debit Card: 423 INR + GST @ 18% | Unlimited free ATM withdrawals per month, up to a total of USD 200 (or equivalent) Above limit, $1.40 USD (or equivalent) + 3.25% of the withdrawn amount |
| Currency conversion fee | Zero | Currency conversion fee will be displayed transparently |
| Card Replacement Fee12 | 249 INR + GST @ 18% | INR 430 + GST, waived until 10 Feb 2026 |
Niyo Forex Card’s exchange rate
The Niyo Forex Card's primary feature is its zero forex markup fee. This means the banks issuing the card do not add an extra commission on top of the rate provided by the card network. It’s important to note that the Visa rate may include a small, implicit margin set by the Visa network itself so it’s best to compare against the interbank rate, the rate you see on Google. Wise takes a simpler approach when it comes to currency conversion and always uses the interbank rate with a small, transparent variable conversion fee, so you know exactly what you’re paying for. You can see how the exchange rate compares below.
| Niyo’s exchange rate | Wise’s exchange rate (interbank rate) | |
|---|---|---|
| INR to USD | ₹1 INR = 0.01127 USD | ₹1 INR = 0.01129 USD |
| INR to EUR | ₹1 INR = 0.009716 EUR | ₹1 INR = 0.009754 EUR |
| INR to SGD | ₹1 INR = 0.01466 SGD | ₹1 INR = 0.01472 SGD |
*As seen on 19th Nov 2025
How to apply and use Niyo Forex Card
Applying for the Niyo forex card is simple. You will need to download the Niyo app on your smartphone.16
- Step 1: Download the Niyo Forex app from Google Play or the App Store. Alternatively, you can visit the Niyo website and submit your details (name and pin code). Click on “Get Card.” Scan the QR code to download and install the Niyo Forex app. Select the correct variant, Niyo Global SBM or Niyo Global DCB.
- Step 2: Complete the digital KYC process by submitting your PAN and Aadhar details. SBM does a video KYC, whereas DCB has a physical verification procedure.
- Step 3: Open a savings account with the chosen bank (SBM or DCB Bank).
- Step 4: Order your card. There are no fees for joining or delivery. You can get the physical card within 3 to 5 days. Some cities offer 1-day delivery.
- Step 5: Load the amount in Indian rupees (INR) via UPI, NEFT, or IMPS. It means funding the savings account because your Niyo Forex card is linked to your savings account.
Summary: Is Niyo Forex Card good for travelling?
Let’s discuss the pros and cons of the Niyo Forex card to decide if it’s right for you.
| Pros | Cons |
|---|---|
| Can load directly in INR Use wherever Visa cards are accepted No forex markup charges | Need to open a savings account with SMB or DCB Bank Visa exchange rate may not be as good as interbank rates No protection from exchange rate fluctuations |
Overall, the Niyo Forex Card is a great choice for those who are already account holders with SBM or DCB Bank, leveraging the ease of INR loading. However, since the card does not allow you to hold specific foreign currencies, you remain vulnerable to unfavorable daily exchange rate fluctuations. If you prefer to lock in a rate by pre-loading a desired currency in advance, the Wise Travel card, with its multi-currency feature, may be a better alternative.
Meet the Wise Travel card: 40+ currencies in one card, with no forex markups or hidden fees
With no hidden markups, the Wise Travel card is a smart way to spend abroad. You'll always get the real interbank exchange rate for conversions across 40+ currencies. Wise's transparent, low pricing, plus no foreign transaction fees or forex markups, usually means you are getting the best value for your money.
The fully digital account opening and vKYC process allows you to sign up from the comfort of your home, and there are no annual or monthly fees either. Simply order your card, show proof of your travels, load your funds, and you're all set. Plus - card orders are currently free to Indian addresses (only until February 10, 2026)! A physical Wise card enables you to make secure chip and PIN payments and get some free ATM withdrawals while you're overseas. You can also instantly freeze or unfreeze your card in the app anytime for peace of mind.
Wherever your travels take you, the Wise Travel card is the only forex card you'll need to make spending internationally simpler and cheaper.
Sources:
- What is a Niyo Forex Card
- SBM Niyo Debit and Credit cards and DCB Niyo debit card
- Primary Difference between Niyo forex cards and Indian banks’ forex cards
- How the Niyo forex cards work
- The Niyo forex card is safe
- Features and benefits of the Niyo forex card
- Interest earned on the Niyo forex card
- Niyo rewards programs
- Niyo forex card charges
- Annual maintenance fees waiver
- ATM withdrawal fee
- Niyo forex card replacement fee
- Conversion rate Niyo forex card
- Comparison with Axis Bank rate
- Comparison with Wise rate
- Order your Niyo Forex card
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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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