Deposit foreign currency cash into savings account

Hi, I will be traveling to Thailand, and I need to carry 20000 Thai Bhat for Visa on Arrival process. I am pretty sure that I wont be able to utilize all of these since I have pre-booked my itinerary.

My doubt is that can I deposit the extra Thai Baht cash into my niyo global account? Can I deposit the cash in ATM or I need to visit branch?? What about the forex rates applicable ?


Hey @Naman321! If you are holding a Niyo Global SBM account, please note that you will always load only INR to your account. Whenever you make an international transaction, INR in your account will be converted to that country’s local currency based on the live Visa exchange rate. You can view the exchange rate in your Niyo Global app under the Currency Converter option.

So I believe that you need not worry about depositing cash at ATMs or visiting any branch. There’s no forex fee on international transactions. For international ATM withdrawals, you will be charged Rs.100+GST as a transaction fee from the SBM bank side.

Thanks Deepak for the reply.

So in a nutshell,

INR → Foreign Currency is possible and also supported by Niyo Global SBM through withdrawal at ATM and POS transactions.

But foreign currency cash cannot be deposited into Niyo Global SBM account.

Please correct me if my understanding is wrong.

Thanks again.

Yes, @Naman321! INR → Foreign Currency is possible.
Foreign currency cash cannot be deposited into the Niyo Global SBM account by visiting the SBM branch. However, it can be transferred online. To know more about it, you may read here: Receiving International funds to Niyo SBM accoun - #2 by Deepak

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Hi, I am travelling to Thailand and I need to carry 20K Thai Baht Cash for Visa On Arrival process. Most of this money will be unused since I have already pre-booked my itinerary.

I was wondering if I can deposit this extra Thai Baht cash back into my SBM account. If yes how and where can it be done? What about the charges?