Goodbye to forex mark-ups

Travellers don’t have to pay any forex mark-up fee with the NiYO Global Card, and they get state-of-the-art security features that has App-like instant lock/unlock and block facility. The cardholder is the only one in charge of controlling usage.

Hazel Jain

The Indian fintech start-up NiYO, with its NiYO Global Card, is the most talked-about payments card amongst the out-bound traveller. The reason behind its growing success is the fact that it is the singular travel card that takes care of all international transactions for Indians busy flying abroad. Firstly, travellers do not have to pay any forex mark-up fee with the NiYO Global Card and secondly, they get state-of-the-art security features on the card and App-like instant lock/unlock and block facility.

A forex card can eliminate the lack of any transparency on foreign exchange charges vis-à-vis a credit or debit card transaction

Vineet Sethi, Chief Marketing Officer, NiYO Solutions, says, “A forex card can eliminate the lack of any transparency on foreign exchange charges vis-à-vis a credit or debit card transaction.”

But with the NiYO Global Card, the traveller not only enjoys transparency but also incurs no additional cost on the forex markup against any transaction. He continues, “In case of a forex card, you purchase it and then load foreign currency for international purchases. As you might know that against these purchases, you are charged a mark-up that you have to pay. In addition, upon return to India, you have to go to a bank to convert the unutilised forex into INR, and against this process, you are again charged a mark-up. Hence, you actually pay mark- up fee twice.” The NiYO card is a rupee-denominated prepaid debit card to make international transactions cost-efficient.

The NiYO Global Card and App are, in fact, the safest ones. The card has been designed with cutting-edge technology with features that ensure the highest standards of security. The card- holder can use it as and when the need arises, but otherwise can keep it locked so long as desired. Also, the card owner may choose to lock card for card-not-present transactions. Hence, the card cannot be used to carry out any online transaction unless the PIN is entered. Therefore, the cardholder is the only one in charge of controlling its usage.

Moreover, the company has designed a NiYO Global application to augment the sense of security. The NiYO Global App can be used while abroad to find out existing exchange rate during time of transaction, find out the nearest ATM and so much more. Post-return, one can continue using the card. Apart from this, the cardholder can avail attractive discounts from various e-commerce players for shop- ping, dining and lifestyle.