Global travel card launched by NiYo, at zero additional cost, scores over existing forex cards, but it still needs to be tested for the value proposition As far as convenience is concerned, the global travel card scores over existing forex cards. Ltd, launched a global travel card earlier this year. The company claims that a traveller having a NiYo global travel card will not need any other multi-currency forex card while travelling abroad for making international transactions.
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All this at zero additional cost to you. We take a closer look at the card and its features. While travelling abroad, forex cards are an effective option as they eliminate the lack of transparency on foreign exchange-related charges on a credit and debit card. As a user of a forex card, you are certain about the conversion rate you are spending at.
According to Vinay Bagri, co-founder and chief executive officer of NiYo, the NiYo card makes the transactions further cost-efficient for a consumer. In case of a forex card, you first have to purchase a card, then load the foreign currency on it. There is a mark-up that you are charged. While abroad, you spend some part of the money loaded on the card. Upon return, you again need to go back to your bank to convert the remaining forex into rupees and will be charged a mark-up again.
This double charging of mark-up can be a sizeable chunk of money for most users," he said.
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Even if you get a card completely online, documentation like submitting your passport, visa and tickets for travelling abroad, is required at the time of buying a card as well as at the time of reloading or unloading it, Bagri said. 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. So you can keep the NiYo card completely locked unless you want to use it.
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You can also lock only card-not-present transactions, which means that the card cannot be used for online transactions where a PIN is not required. Also, when you use the card abroad, you will be charged the existing exchange rate at the time of transaction; this is also shown and updated live in the app.
A regular forex card, on the other hand, is loaded at the conversion rate applicable at the time of loading the card. You will then be required to submit your KYC know-your-customer documents in person to a company representative. It must be clearly understood that the Card is only facility to the Cardholder to make payment to merchants and the HDFC Bank holds out no warranty or makes no representation about quality, quantity, value, delivery or otherwise, howsoever regarding goods or services, and any such disputes should be resolved by the Cardholder with the merchant directly.
Changes in Card Balance : The Customer may be entitled for credit in the Card account in case of reversal of transaction no cash shall be refunded to the Cardholder. Transaction Limits are set out on website www.
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The Cardholder can view these changes online at Ebixcash. The Cardholder will be notified in accordance with applicable law. The Card issued to you is valid for a period of 5 five year or for a period printed on the card. The Card will expire on the expiration date mentioned on the Card.
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Card Balance : the Cardholder may utilise the Card Balance by due and proper use of the Card, in accordance with these terms and condition. No interest is payable to the Cardholder. Irregularities : The Cardholder will inform EbixCash for any irregularities or discrepancies that exist in the transaction details at a merchant establishment within 30 days of the transaction processed.
If no such notice is received during this time, EbixCash will assume the correctness of the transaction. The Cardholder will be deemed to have seen and accepted the changes 24 hours after they are available online at www. Call us at our customer Care centre No. Enjoy unsurpassed value at over intriguing and prestigious properties around the world for a range of tastes and budgets — from boutique gems to celebrated hotels and resorts.
Account will be debited after the allotment of shares. If any information furnished by the applicant is incorrect, the Bid is liable to be rejected and the Bank shall not be liable for losses if any. Start From.
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