Niyo Global: The Niyo Global Card is a card that can be loaded with INR at any time, from anywhere. It eliminates the need to carry a lot of foreign currency.
Powered by Smart Banking One Card are a few facts about the Niyo Global Card.
"Smart Banking One Card"—up to 5% per year in interest on a savings account that pays out interest on a monthly basis Smart Banking One CardZero forex markup travel card.
One card for smart banking and free access to airport lounges.
One Card, Smart Banking, and a Smart App
Real-time transaction tracking is provided by Smart Banking One Card.
Real-time in-app currency converter and Smart Banking One Card.
Niyo Global is a high-interest savings account from SBM Bank India and Niyo that comes with an international VISA Signature debit card and offers zero forex markup on all international transactions.
The Niyo Global card, which is based on Indian Rupees (INR), is the most cost-effective and convenient way to make payments in more than 100 different currencies, regardless of whether you are traveling abroad for business, pleasure, or higher education.
Travelers from other countries are subject to transaction fees and surcharges for international payments. With each use of the unique zero forex markup feature, you can save up to 5% in forex markup, which adds up to significant savings over the course of your time spent abroad.
This isn't all! From India, you can use the Niyo Global virtual card to make online purchases from international retailers. You can make the most cost-effective transactions with VISA-accepting merchants in India and abroad with this versatile card.
Take advantage of Niyo Global by SBM Bank India and join us on an adventure around the world.
Check out the brand-new features of Niyo Global. VISA and SBM Bank India are behind Niyo Global. The best digital savings account and zero forex markup* card in India are available together, assisting Indian passport holders traveling abroad with all of their banking requirements and more.
The Niyo Global smart app opens up possibilities you never knew you had, and it was made specifically for our digitally savvy customers.
Zero forex markup means that you won't have to pay any extra fees to make international payments. Your forex transactions are only affected by the VISA exchange rate, and nothing else!
Monthly interest of up to 6.5%:
Earn up to 6.5 percent per year to add to your savings. and receive monthly interest payments. Global ATM locator: If you need to withdraw cash in local currency, the Niyo Global app has an ATM locator that lets you find the closest ATM anywhere in the world. Real-time data: The Niyo Global app shows you real-time currency exchange rates throughout the day. Before you make a transaction, use the app to check the value of your currency conversion online.
The ideal travel card offers complimentary access to airport lounges in India's domestic and international terminals, exclusive travel deals, a quick currency exchange rate, live in-app customer chat support 24 hours a day, 7 days a week, and a lot more.
Best-in-class app: Through a straightforward and simple app, you can get hassle-free banking services from anywhere. One of the app's many security features lets you lock and unlock your card with a single tap, making you feel more secure.
Make an application for your Niyo Global Card: You can get your Niyo Global Card from SBM Bank India from the convenience of your own home. The Niyo Global smart app makes it easy, quick, and paperless to open an account.
1. Install the Niyo Global application.
2. With your PAN, Aadhaar, and Indian Passport, complete the KYC steps.
3. A virtual card that you can use for online purchases will be ready for use in your account.
4. Simply place an order for a physical card and deposit 5,000 yen into your savings account.
5. Within 5-7 days, you will receive your actual card.
Note that the source of this information is the respective website; it does not claim to be personal, and the author is acknowledged.
*SBM Bank India is completely safe with your money. This money can be withdrawn or used at any time after your card order is placed.
Go Global, Help Local: Tell your friends and family about Niyo Global and give them the opportunity to earn 5% interest per year*. savings account and a travel card with no forex markup* Not only that, but you can also earn up to 200 per converted referral.
Enjoy Niyo's world-class bespoke offerings like never before. Make the most of your savings account with your Niyo Global Card at SBM Bank India.
Frequently Asked Questions: What is a Niyo Global Card?
When you travel, you can make transactions in foreign currencies with the Niyo Global card, which is based on INR. It is your ideal travel accomplice for the accompanying reasons: It is a card that can be loaded with INR at any time and from any location.
Is Niyo Global RBI legitimate?
A spokesperson for Niyo confirmed that its international debit card carries restrictions. In collaboration with SBM India, a bank regulated by the RBI, our SBM Niyo Global program offers an international debit card and savings account.
Is the Niyo Global Card costless?
Niyo never charges a fee. Niyo Global is a card based on Indian Rupees that automatically converts the amount paid for a purchase into the country's currency. There is no requirement to load additional currencies.
What bank offers niyo?
SBM Bank India powers Niyo Global, which is supported by VISA. The best digital savings account and zero forex markup* card in India are available together, assisting Indian passport holders traveling abroad with all of their banking requirements and more.
In Niyo Global, what is the minimum balance?
The Niyo Global VISA Signature 'Tap & Pay' Debit card can only be ordered with a 5,000 INR initial deposit. Additionally, because Niyo Global by SBM is a Zero Balance SA, there are no charges for non-maintenance.
Can Niyo Global be used in India?
The Niyo Global Card is a smart travel card with no foreign exchange markup for the new generation of global travelers. It eliminates the major issues they have with dealing with foreign currency while traveling. It is a card based on INR that is accepted in more than 150 nations, including India.
Who is the Niyo's owner?
Niyo's co-founder and CEO, Vinay Bagri, believes that businesses with a large market to capture for growth and positive unit economics will not experience a funding freeze.
Which is the best Niyo card?
The best Forex card is the NiYO Global card, which is dependable. After doing a lot of research on Google, I found this card, and it worked. After the documents had been collected, the card was given right away.
By introducing SME banking and a global forex card, NiYO raises the fintech pitch. Thirty-four-year-old Lakhan Yadav earns Rs 15,000 per month and had an account with a nationalized bank, but he struggled to keep a minimum balance. He was overjoyed when his SME employer offered him a digital salary account with zero balance from a fintech startup partnered with a private bank. He could use the speech-enabled feature or download the app and conduct business in his native tongue.
This is made possible by NiYO Solutions, a digital banking and fintech startup based in Bengaluru that recently received $35 million in Series B funding from Horizons Ventures, Tencent, and JS Capital LLC, among other investors. Over 75 million people, like Yadav, who work in small and medium-sized businesses (SMEs) and earn less than Rs 20,000 per month are the target audience for NiYO.
According to Vinay Bagri, founder and CEO of NiYO Solutions, "the biggest pain point for someone who is drawing less than Rs 15,000 per month is that most of the banks hardly see any profit in serving these customers because they don't have any credit history, are unable to maintain any balance, and are incapable of paying the minimum balance fee."
NiYO offers salary accounts and debit or prepaid cards to company employees through partnerships with banks like YES Bank and DCB Bank. The float generates revenue for the banks, and Niyo receives Rs 200 in annual fees per account. The NiYO app's back-end integration with HR management systems enables businesses to track benefits and file reimbursement claims.
It recently introduced a forex travel card that is 4 to 5 percent less expensive than other cards currently on the market. Global traveller businesses and blue-collar businesses are both significant opportunities on their own. Sanjay Swamy, co-founder of Priven Advisors, the investment advisor to Prime Venture Partners, an early investor in Niyo, states, "The company has a great start and an opportunity to be the leading neo bank in these segments."
Opportunity: In the MSMEs, organized, and semi-organized sectors of India, close to 100 million salaried individuals earn less than Rs 15,000 per month. NiYO currently has around one million users, and over the next two years, it plans to open five million more accounts for employees of small businesses.
The global Neo bank operates in two models: on digital licenses in nations that issue such licenses and in collaboration with existing banks. There are two distinctions from traditional banks. It is mobile-first banking without a branch. Second, the mobile app, which combines banking with travel, savings, and other experiences, is the primary banking experience. Customers typically receive transparent prices from them. Revolut, NuBank, N26, and Monzo are all examples of large global neo banks with values between $1 billion and $5 billion.
NiYO Global and NiYO Bharat are the two main businesses that NiYO Solutions owns and operates. With the NiYO Bharat app, users can open accounts with no balance, manage their income, benefits, payments, and investments, and lock and unlock the NiYO Bharat Payroll Card. There are no minimum balance requirements.
In contrast to a standard forex card or credit and debit card, NiYO's second offering is the NiYO Global Travel Card, which does not require users to pay any currency exchange premium or international transaction fees. It is, in essence, a rupee card that is converted at the VISA exchange rate, saving 4-5 percent on the amount of the transaction. A bank account can be used to digitally charge the card.
Revenue and the path ahead:
NiYO generates revenue for its forex card from annual fees and merchant discount rate (MDR) charges imposed on POS terminal-based transactions. By the end of FY20, NiYO wants to double its revenue and start selling products in Southeast Asia.
NiYO plans to achieve cash break-even and a 5% market share of the neo-banking industry by 2021.
Source:- Respective websites & companies.