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Niyo Global Card 2022 Review

 





Niyo Global Card 2022 Review


Niyo is an Indian neobank that was founded in 2015 and with over 2 million customers and 800 employees 

They're actually india's fastest growing financial tech company while they have a number of banking products 

It has low fees and great exchange rates all combined with benefits such as free lounge access so if you have an indian passport and you like to travel 

Whether it's for work pleasure or to study abroad then definitely watch this video as it's likely this card and account will be right for you 

So when they launched global neo partnered with both sbm bank and dcb bank this means they offer both SBM Global and DCB Global and i can appreciate that this may already seem confusing but it's important to mention that they have two global accounts 

Now both in terms of functionality are basically the same except sbm global is a savings account that will give you up to five percent interest on deposits and this in my opinion makes the sbm global account the obvious choice 

It's also the only choice right now as neo are currently not on boarding new customers for their dcb global account so for that reason i'm just going to focus on sbm global and with sbm global you can spend fee free in over 150 countries and with over 100 currencies 

When you do spend money in a foreign currency you'll receive visas exchange rates which are more or less on par with the real mid market rate and this is a good thing because traditional banks typically take advantage of international transactions by offering consumers poor fx rates 

Basically so they can profit while we lose out however this isn't the case with the neo global account the sbm account is also totally free to open and includes both virtual and physical debit cards the physical card  

It comes with is a visa signature tap and pay that takes up to seven days to arrive and to get it you must deposit Rs 5000 through the visa airport lounge access program 

This account also comes with complimentary access to both domestic and international airport lounges in india and i believe you get four free lounge visits per year or one per quarter 

You'll also get access to visa concierge which is an app you can download according to visa's website this is a digital personal assistant and lifestyle guide that honestly seems like total fluff that is really just there to try and add value to the account the best things 

I could find are discounted restaurants and hotel offers in-app you will also get access to exclusive offers

Tese include up to 10 cashback with booking.com and 15 of toys at hanley's you'll also be able to make use of an atm locator as well as a live currency converter tool that uses visas exchange rates 

Which could be a good way of seeing exactly how much something is going to cost you before you make a transaction you can also manage your card spending by setting limits on physical card and online transactions as well as atm withdrawals neo also provides in-app 24-7 chat support 

As far as i can tell they also have phone support finally the account also has deposit insurance up to five luck or 500 rupees which is covered by the deposit insurance and credit guarantee corporation 

Which are a subsidiary of the rbi so you get all of this as well as the assurance that if anything were to happen to neo your money or well at least up to 500 000 rupees would be safe 

When it comes to earning interest with this account for balances up to two luck you'll earn an interest rate of 3.5 percent for balances above 200 000 rupees and up to 500 000 you'll earn an interest of 4 percent and for balances over 500 000 you'll earn 

5 this is calculated based on your balance at the end of each day and is paid out monthly i didn't look too deeply into this but as far as i can tell within both the public and private banking sectors of india the average range of interest rates for savings accounts is between two percent and six point five percent 

So this offer of five percent from neo is pretty good now the fees for this account are also pretty good it's a zero fee maintenance account which means it doesn't cost you anything to have and besides the fact that 

You'll have to deposit a minimum of 5 000 rupees to receive the card there's really not a lot else to pay for if you lose your physical card there's a fee of 249 rupees plus gst to replace it 

If you want to deposit money into the account then that's free from any indian bank account for atm withdrawals in india you can withdraw money for free and sbm bank atm while if you use another bank's atm 

You can withdraw fee free up to five times per month after which it's 20 rupees per withdrawal for international atm withdrawals there is a fee of 100 rupees plus gst so you're looking at a fee of around 118 rupees per withdrawal that's of course 

As long as you don't withdraw from an atm that charges which i know can be difficult to avoid so just try to withdraw money from an atm at a physical bank as that's most likely to be fee free also quick tip 

When withdrawing money abroad always decline the conversion at the atm and let your bank or in this case visa take care of the exchange rates this will basically save you a lot of money in hidden fees otherwise there aren't a huge amount of fees attached to this account 

I've also included an official document that has all of them in the description box below there are some transaction limits which includes a withdrawal limit of 1 million rupees per day as well as a limit of 7.5 million rupees for pos and online transactions contactless or tap and pay

As i believe it's referred to in india is up to 5 000 rupees per transaction and account holders are allowed to transfer a maximum of 5 million rupees per day to a beneficiary that's also just for accounts in India

As you can't currently transfer money internationally with neo although i did see a member of their community team mention that this would be available in the future so instead 

If you do want to send money internationally just use monito.com as our comparison engine will tell you who the cheapest and best provider will be for your transfer it'll only take a minute and may just save you some rupees on the google play store 

The reviews of the app and the account are pretty positive and it's been downloaded over a hundred thousand times a lot of customers reference how easy it is to use including topping up the balance as well as changing the pin number and locking it in case of security issues there was also a lot of praise for the app's user interface 

As well as its live currency converter tool and also neos customer support some reviews also mentioned how quickly they were able to register although on the flip side some also complained about 

How long this took with some customers even saying they waited over two weeks and was still not registered and in case this happens to you when they responded to these reviews neo said the best thing to do was to uninstall the app and start the registration process again 

As long as you don't have any issues like this registering for an account should be pretty straightforward and take less than five minutes you'll need your mobile number email address and pan number to complete the ckyc process which is basically an indian government initiative that allows neo to verify 

Your identity once that's done you'll need to enter your aadhaar number which i hope i'm pronouncing correctly and when that's complete and your identity verified 

You'll just need to take a selfie and update your personal details that also includes your address which is where your card will be delivered to so do make sure that's correct and then just go ahead and deposit 5 000 rupees

So you can get your card as quickly as possible and begin earning interest never travels but purchases goods from foreign companies you should find this card beneficial as 

It'll help you save on typically expensive international transaction fees all while earning a little extra money from the interest.


Also read: Axis Bank ACE Credit Card Review 

Also read: Axis Bank LIC Platinum Credit Card Review

Also read: Citi Double Cash Card Review 2022

Also read: HDFC Moneyback Credit card Life time free 

Also read: HSBC Revolution Credit Card Review



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