Quick Answer: Is NiYO A Credit Card?

How many days will it take to get forex card?

4 -5 daysIt takes about 4 -5 days to process and receive personalised forex cards.

The card can be reloaded with additional forex by filling up a reload form and submitting a cheque or a debit instruction for the required amount.

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An existing bank account is not required with the bank to obtain a forex card..

What is Forex card used for?

A forex card is a type of prepaid card in which you can load money in foreign currency. It is globally accepted, and you can either pay for your expenses using your forex card or withdraw cash in foreign currency at an ATM. Forex cards are largely divided into two types – single currency cards and multicurrency cards.

What is a NiYO card?

The NiYo card is more like a rupee-denominated prepaid debit card that you can use abroad unlike a forex card that is denominated in foreign currency. Users of NiYo card can also use the company’s app to monitor and control their card usage.

How do I get a NiYO card?

4 Easy Steps to Get Started Meet a NiYO agent to get your card and complete your KYC (Passport + PAN + Aadhar). Download the NiYO app and log in with your registered mobile number. Transfer money to your NiYO – DCB account via NEFT/IMPS. Use your card domestically and overseas with No Forex markup*.

Where can NiYO card be used?

The Niyo DCB Global card can be used to spend around the world wherever Visa is accepted. So whether you are at a shop, restaurant, hotel or cafe, you can just swipe the card like any other Visa card. You can also use this card for online spending too.

Is forex card better than credit card?

In the case of forex cards, the foreign exchange conversion rate is locked as soon as you load the money in to it. However, in the case of a credit card, the rates are applied at the time of the transaction, i.e., when you swipe your card. … A forex card gives customers protection from future currency rate fluctuations.

What is the limit of forex card?

$2.5 lakh per annum”The maximum amount which can be loaded is equivalent of $2.5 lakh per annum per individual for the purposes covered by the Liberalised Remittance Scheme (LRS) notified by RBI,” informs Bhaktha. If you are planning on going on a holiday abroad this summer, here is what you should know about prepaid forex cards.

Can I use forex card as credit card?

One of the easiest ways to carry and spend money on your travels abroad is a Forex Card. It’s as easy to use as a Credit Card or Debit Card and as widely accepted. It’s safer than cash, and one of the most cost-efficient ways of paying for your expenses.

Which forex card is best?

Below are some of the best forex cards in India that you might want to have a look at. YES Bank Multi-Currency Travel Card. Axis Bank Multi-Currency Forex Card. MakeMyTrip HDFC Bank ForexPlus Card. ICICI Bank Travel Card. HDFC Regalia ForexPlus Card.More items…

Can I load money from credit card to forex card?

To reload the card, you can visit a branch of the bank, fill the Forex Reload form or A2 form and submit a cheque or debit instruction for the amount to be reloaded. As an account holder, you can also use NetBanking to reload your card anywhere, anytime, even when you are abroad.

Is it cheaper to use credit card or cash abroad?

When you exchange cash, you get a significantly worse exchange rate than when you use a card. The difference can be as much as 6%. This is why using a card is better. However, you should not use a credit card to get money out of ATMs.

Can I get forex card same day?

You can apply in just three easy steps. If you are not a Savings customer, follow the steps outlined in the Forex Card online application form and, after successful completion, you can get your card delivered at your doorstep in three days. If you choose to personalise your card, you may have to wait for a week.