International travel, whether for study or leisure, can become expensive when you factor in foreign‑exchange (forex) fees. Traditional debit or credit cards often levy up to 5% forex markup, turning every foreign spend into an added cost. Fortunately, fintech players like Niyo have introduced zero forex markup cards that let you spend abroad without that surcharge. In this blog, we explore why such cards matter, highlight their offerings, and discuss how they benefit students and frequent travellers.
What does zero forex markup mean?
A zero forex markup card is one where you pay no extra percentage above the base (VISA) exchange rate when you make foreign transactions. It enables you to load in INR and spend across several countries at zero forex markup.
In simpler terms: unlike traditional cards that tack on a markup (or “spread”) of up to around 5%, zero markup cards use the prevailing foreign exchange rate (as set by VISA), without the extra fee.
Why are zero forex markup cards especially useful for students and travellers?
Let us understand why zero forex markup credit cards and debit cards can be useful for students and travellers:
Huge savings on international spend
If you’re a student studying abroad or a frequent traveller, you’re likely to make many swipes for food, books, accommodation, travel, and more. Eliminating the markup fee across all these transactions results in serious savings.
Ease of managing money
With zero markup cards like Niyo’s, you load money in INR via UPI or bank transfer. This avoids the hassle of converting to foreign currency in advance (as with multi-currency travel cards) and avoids the risk of losing out if rates move.
Interest on idle balance
Some cards offer attractive interest rates on your INR balance. For students, especially, this means your money works harder even when it’s not being spent immediately.
Useful travel perks
Beyond just low cost, the best forex card in India with zero markup often brings travel‑friendly features. For instance, Niyo offers airport lounge access for international spending above certain thresholds. Also, the Niyo app includes tools like an ATM locator and a real‑time currency converter.
Why choose Niyo zero forex markup cards?
Niyo’s zero forex markup cards, designed for both students and frequent travellers, combine the best of debit and credit functionalities. It has a focus on zero forex markup and seamless international usage. Here’s an in‑depth look at the features offered:
Zero forex markup on international transactions
All Niyo Global cards allow users to spend abroad without paying any additional forex markup. Whether you are shopping, dining, or paying for accommodation internationally, your transactions are processed at the prevailing VISA exchange rate, helping you save significantly on every foreign spend.
Multi-currency global acceptance
Users can load Indian Rupees (INR) onto their Niyo card and spend in over 130 currencies across more than 180 countries, eliminating the need to convert money in advance. This ensures convenient, real‑time spending anywhere in the world.
Travel perks and lounge access
Frequent travellers benefit from airport lounge access when international spending exceeds certain thresholds (typically ₹50,000 per quarter). This feature enhances comfort during layovers and long-haul flights.
International ATM withdrawals
Niyo cards support cash withdrawals abroad, though a nominal fee applies. The charges range from approximately ₹423–₹425 + GST per transaction, depending on the bank partnership. Some student variants even allow up to 3 free ATM withdrawals per quarter, helping reduce costs for essential cash access.
Student-specific benefits
Niyo has tailored solutions for students going abroad, including:
- Zero-fee international money transfers are useful for paying tuition or rent overseas.
- Free eSIM with 1 GB international data, ensuring connectivity from the moment you land abroad.
- Welcome bonuses in Niyo Coins and special perks like free ATM withdrawals.
- Interest accrual on card balance to make the most of idle funds.
App-based control and security
All Niyo cards are managed via the Niyo mobile app, which offers real-time control over spending, card locking/unlocking, PIN management, and instant transaction notifications. The app also provides tools like ATM locators, currency converters, and 24/7 customer support, adding convenience and security for international users.
Things to watch out for
Whilethe best forex card in India with zero markup are compelling, students and travellers should keep some caveats in mind:
Network fees may still apply
Even though the markup is zero, the card still uses VISA exchange rates. Some fintechs may incur a slight spread because payment networks like VISA or Mastercard build in a small margin.
ATM withdrawal charges
While card spending may be free of forex surcharge, withdrawing cash abroad can incur fees. For instance, Niyo’s DCB debit variant charges ₹425 + GST for international ATM withdrawals.
TCS considerations
Depending on your card and spending, you may be subject to Tax Collected at Source (TCS). For some Niyo cards, there’s a TCS limit of around ₹7 lakh for international spends.
Credit‑card caveat
The Niyo credit card is secured, meaning you must deposit a fixed amount in an FD, which becomes your credit limit. This is not the same as a traditional unsecured credit card, so you must evaluate whether tying up your capital in an FD is acceptable.
Regulatory risk
Historically, there have been some regulatory issues: for example, in 2023, the RBI restricted some foreign-transaction capabilities of SBM Bank debit cards. Though Niyo has made updates, such possibilities merit consideration and checking recent user experiences.
Conclusion: Is Niyo the best forex card for students and frequent travellers?
In many ways, yes. For students heading abroad and frequent travellers alike, Niyo’s zero forex markup cards offer a powerful combination of cost savings, convenience, and flexibility:
- Save every time you swipe or spend abroad
- Avoid the inconvenience of carrying multiple currencies
- Keep your INR in a high‑interest account, rather than converting prematurely
- Use travel tools in the app (ATM locator, converter, card control)
- Benefit from extras like lounge access or free eSIM (if eligible)
That said, no card is perfect for every individual. If you often rely heavily on cash withdrawals abroad, you’ll want to check ATM withdrawal fees carefully. If you’re applying for the credit variant, make sure you’re comfortable locking money in an FD. And always stay up to date on TCS rules or any regulatory changes.
Final word
For students planning to study abroad and travellers who want to minimise costs without compromising convenience, zero forex markup cards are a game‑changer. Among them, Niyo’s zero‑markup suite stands out as one of the best forex cards in India, especially given its flexibility, global reach, and travel‑friendly perks. If you’re serious about saving on international spending, it’s definitely worth considering.
Get your Niyo zero forex card today and save on every international spend!
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