Personal Finance Tips

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

Yadana Chaw

08.12.25

Read time 6 minutes

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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.

Table of contents
What is a Niyo Forex Card? How does the Niyo forex card work? Niyo Forex Card vs Wise Travel card: Features Charges Niyo Forex Card’s exchange rate How to apply and use Niyo Forex Card Summary: Is Niyo Forex Card good for travelling? Meet the Wise Travel card: 40+ currencies in one card, with no 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 3–5% 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 many travellers may not realise they 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, 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

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	No fees	No fees
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%, (waived on maintaining an average quarterly balance of 5,000 INR) Niyo SBM Credit Card: Nil Niyo SBM Debit Card: 423 INR + GST @ 18% (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	Exchange rates may include an embedded spread	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

While Niyo markets its cards with a "zero forex markup" promise, 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 3–5% 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.

	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 contains a markup 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 and interbank rates, 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 (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.

🚀 Get a free Wise Travel card

Sources:

*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.