Niyo SBM International Money Transfer

Hello Team,
Is it possible to load money in INR in SBM global debit card and transfer it to an US Bank account? If yes, what charges are levied? TIA.

Hey @Mehul_Kumar ! Welcome to Niyo community. As of now you can’t perform outward remittance, but rest assured it is in our pipeline and will be launched in the upcoming months. Yes, you may load funds in INR via NEFT/IMPS/RTGS. You may perform international ECOM or POS transactions. No charges are levied. However, for international ATM transactions ₹100 + taxes (per transaction) apply, additionally, acquiring bank’s ATM charges apply. Hope this helps! If you have further queries, feel free to reach out again!

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@ashrithjain , I am a Canada bound International Student from Kolkata. my questions are below-

WILL MY PARENTS BE ABLE TO SEND ME MONEY ?? FROM THEIR INDIAN BANK??

IF I DO NOT NEED ANY EXTRA MONEY , CAN I SEND THE BACK ??

ANY CHARGES !!

Hi @souvik_chakraborty

You can load and unload funds in your Niyo Global SBM account through any Indian Bank account without any charges.

Hope this helps!
Bansari

1 Like

@Bansari How much is the maintenance cost for this Card. As , PREVIOUSLY NIYO GLOBAL CARD did not have any till 2020. Anything for NIYO SBM???

Hi @souvik_chakraborty,

The VISA Signature Debit Card comes with an Annual fee of ₹499 + taxes, from the second year onwards. There is no joining fees for the issuance of physical debit card.

Cheers!
Bansari

Hey @souvik_chakraborty ! To open a Niyo Global account, kindly download Niyo Global by SBM (https://play.google.com/store/apps/details?id=com.niyo.sbm) once downloaded, follow the on-screen steps and you should be able to onboard yourself. If you do experience any hiccups, reach out to us and we’ll be glad to help you!

Cheers,
Ashrith

@ashrithjain I WAS ALSO WONDERING , HAVE YOU ALL WITHDRAWN THE NIYO GLOBAL CARD COMPLETELY ??? IF NOT CAN WE ALSO AVAIL THAT ???

THANKSSSS !!! CHEERS !!

Hey @souvik_chakraborty ! We have currently paused the onboarding process for Niyo Global by DCB. Once we do start the onboarding process as we are undergoing product enhancement, we’ll notify you at the earliest!
If you need further assistance, feel free to reach out again!

Cheers,
Ashrith

Do taxes mean GST or any other taxes and any limit in cash withdrawal?

Hey @Kowshik_Sola ! Taxes means GST.

How do I convert the currency from INR to USD and loan in the card?

Hey @Yash_D ! Welcome to Niyo community. I’d like to inform you that as of now we don’t provide any type of credits. Stay noted that Niyo Global by SBM is a Zero Balance SA which comes with a Niyo Global VISA Signature ‘Tap & Pay’ Debit card. If you do need further information, feel free to explore our website at www.goniyo.com or if you need any assistance, feel free to reach out again!

Cheers,
Ashrith

Okay, so that means that If I have 5k loaded in niyo debit card… And I want to spend it in USD… How do I do it? Just tap and pay? I don’t need to convert INR to USD and store it in the card?

Hey @Yash_D ! You may load the card in INR and spend in over 150+ countries without having to pay any forex charges. You need not do anything. The currency will automatically be converted to the local currency of that particular country. You may check the latest VISA conversion rate of all the supported currencies in the Niyo Global by SBM app. Hope this helps!
If you need any kind of assistance, feel free to reach out again.

Cheers,
Ashrith

@ashrithjain & @Bansari I have paid 5K in Niyo SBM and got notified. But not showing up in the Aap. Moreover , where will I go to order the Card?? I can’t find any option to order the Card on MOB APP

Hello I’m a new member of Niyo Sbm debit card. I have a doubt since I’m planning to carry extra money with me in the niyo card to Canada there I want to take out the extra money and deposit in Canadian bank account is that possible? Like how much will I be charged if I take out a big amount at once?

Hey @L_S ! Welcome to :niyo_community: Community. We’re happy to have you onboard :airplane:.

Below are the charges applicable:

ATM Transactions in abroad: ₹118(incl. taxes)/txn
TCS charges: if you use ₹7,00,000 in a financial year, the transactions made further on will be charged 5% on the transactional value.

P.S: As per LRS limit, you can only use upto 2,50,000 USD per financial year.

If you do have further concerns regarding the same, please do reach out to us again! :sunglasses:

Cheers,

Sure so if I withdraw like 200000 Inr in one withdrawal I’ll just be charged 118 rs for taxes and no other costs?

Hey @L_S ! Along with that… the acquiring bank’s ATM might charge you additionally.