I have been using my Niyo Global Debit Card by SBM Bank for my foreign transaction in Geneva. I used my card for a hostel booking and the transaction happened smoothly.
After 2 days, I see that an additional amount of INR 1866.89 ~ CHF 23 has been deducted from card without my permission. I asked the customer care and they told me it is some subscription based charge. I have neither taken any subscription nor saved my card details anywhere on the internet. In fact, I have used this card mainly to do this booking, except some other minor grocery shopping. I asked the customer care to cancel this subscription and reverse the transaction , since it was done without my permission but they said that they cannot do it.
I also asked the merchant if they have charged me this extra amount , and they have said that this charge is not levied by them and showed me their records on my card.
A few days later I see two more transactions - one is credit of INR 15,097.92 ~ CHF 186 and other is debit of the same amount. Since they nullify to zero , so it not a major problem. But what is alarming is that debit transactions are happening on my account without my permission. This is extremely pathetic state of security on the card. And the fact that you are not able to cancel the subscription charges on the card is also highly dissatisfying. I have since disabled the international transactions on the card and now your card will be a piece of worthless plastic to me.
Kindly help me in reversing the illegal transaction that has happened on my account, since it was done without my permission.
Since the issue has been closed, so I cannot add any comments to the post. Hence I am adding an edit to my post. The response regarding the unknown charges by the Niyo Bank was highly unsatisfactory. Basically there is a delay from when the transaction happens and when the settlement occurs with the SBM Bank. If the currency exchange rates change in between this delay , the customer is charged an additional amount but never returned the money to customer if the currency rates change in the favour of the customer. The following post also has the similar issue explained -
In the post, it is mentioned that they debit or credit based on the difference in the settlement amount. But I don’t think, that Niyo bank credits anyone if there is foreign currency exchange rate change in the favour of the customer. At least I did not had any such credits, even though there were times when the currency rates changed in the customer’s favour.
In any case, as I had mentioned in the post, that I had stopped disabled the Niyo card. Instead as a backup I had also kept Fi debit card with me. I have been transacting using this for 1 month and so far had no problems whatsoever. So I will definitely recommend using Fi Debit Card if you are looking for an alternative.