Niyo Forex Card Review: Features, Charges, and Which is Right for Your Trip?

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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.

What is a Niyo Forex Card?

The Niyo Forex Card, also known as the Niyo Zero Forex Card, is a popular choice for international travelers and students looking to save on overseas spending. Its primary appeal lies in the "zero forex markup" feature, which means Niyo waives the 1-3% foreign transaction fee typically charged by traditional banks.

However, it is important to note that "zero forex" refers only to the bank's service fee. While this fee is removed, transactions are processed at the Visa network rate, which includes a small, built-in spread over the interbank rate seen on Google. This means a minor margin remains embedded within the exchange rate itself, a hidden cost that you may not realise you're are paying. We'll explain more on this later.

Currently, the Niyo Forex Card is issued in partnership with SBM Bank and DCB Bank, and is available in three distinct 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. 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 to help you decide if it's right for you.⁶ We’ll also compare it alongside another forex card, the Wise Travel card.

➡️ Learn more about the Wise Travel card

Niyo Forex Card vs Wise Travel card: Charges

Here's Niyo forex card charges and other transactional fees to keep in mind.⁹

Niyo Forex Card’s exchange rate

While Niyo markets its cards with as "zero forex markup", it is important to distinguish between the bank’s foreign transaction fee and the actual exchange rate used. When you use a Niyo card, the issuing bank waives the 1-3% transaction fee typical of traditional cards. However, transactions are settled at the Visa network rate, which often includes a small, implicit margin compared to the interbank rate seen on Google.

In contrast, Wise utilises a more transparent model. In addition to having no forex markup, it always provides the interbank rate and separates its costs into a small, upfront variable fee. Because Niyo's cost is embedded within the exchange rate itself, your INR may get slightly less foreign currency than it would with Wise’s interbank rate, as you can see below. Furthermore, as an INR-based card, Niyo converts your money at the live rate the moment you swipe, whereas Wise allows you to hold 40+ currencies to lock in favorable rates before you travel.

*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.

Overall, the Niyo Forex Card is a decent choice if you value the familiarity of an INR-linked account and perks like airport lounge access and. However, since the card only holds INR, you remain vulnerable to unfavorable daily exchange rate fluctuations, and you may be paying a hidden "network spread" on every swipe due to the exchange rate used.

If you want to be prepared for your trip without the unexpected surprises, the Wise Travel card may be a better fit for you. It allows you to hold 40+ currencies, meaning you can convert your funds when the exchange rate is in your favor and lock in your budget for the destination you're heading to. You also get the interbank bank for all your conversions ensuring you're not paying any hidden costs. Plus, Wise offers better flexibility for overseas ATM withdrawals, for when you need cash.

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 (limited time launch offer, while stocks last)! 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.

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