Hey niyo, just got my niyo sbm card. I want to know if my card is ready for all modes of international transaction or I need to do something to activate it (other than lock/unlock). Also please tell me about the limit of free forex markup ( in INR) in a year.? And what do we mean by the term year here? Is it the current financial year ending on March 31st. Or it is one year from when I got this card ( for example 16 sep 2021 to 15 sep 2022) plz do clarify
Hey @Abcd_Efgh ! Welcome to Niyo community. We’re happy to have you aboard
After you receive the debit card, you can start to use your Niyo Global by SBM Visa Signature Debit card once you set the PIN for the card. Before you go ahead and make a transaction, disable all the card locks, i.e make sure that all the card locks are in ‘green colour’. Also, don’t forget to set the set the card limits for the respective modes of transaction.
There’s no limit for Forex transactions. The Zero Forex Markup is applicable for all the transactions made via your Niyo Global Visa Signature debit card. However, there are TCS charges applicable if you cross INR 7,00,000. Here’s how it works, say you do cross the 7 lac mark in a financial year. Now, for all the transactions that you do, you will be charged 5% of the transactional value.
Hope this helps! Do reach out to us incase you have further queries.
May I also request you to take part in the Feature Request > Niyo SBM thread? All suggestions are welcome