Some unkown charges have been levied on my Niyo Global Debit Card

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.

Hey @Pranav_Rai! Kindly allow us some time to have this checked for you.


Hey @Deepak ,
Can you let me know when can I get an update on this. Its already been more than a week.

Hey @Pranav_Rai! Regret the delay. We are having this checked with the bank and it’s taking slightly longer time than expected. We’d request you to allow us some more time and we will help you with this.


Hey @Pranav_Rai! We appreciate your patience. On your behalf, we have got this checked with the bank. Here is the explanation shared by the bank.

" For SUR/14042022/673546/Fondation Cite Geneve - Customer did a POS transaction on 14th Apr 2022 for Rs 55429.82 (676.5 CHF) with the merchant Fondation Cite Geneve Geneve CH. We have received a settlement for Rs 57296.71. Hence, we debited the difference amount of Rs 1866.89 customer account on 16th Apr 2022."


Hey @Deepak . I don’t get it. If I did a transaction of Rs. 55429.82 and as zero mark up fees is claimed. How is it that you are getting settlement for more amount.
Also what about the two additional transaction which sum upto zero. How is it that the bank is doing transactions on my account without my permission.

Right now, for the foreign transaction, we only get to see the INR amount. There should be an information regarding what exact exchange rate or foreign currency amount that was charged on that particular transaction. This will increase the transparency on your claim of zero markup fees. I am currently seeing that I have charged extra amount that getting to know that there is settlement differences that is levied on my transactions.

Hey @Pranav_Rai! To let you know, Niyo Global by SBM does not have any mark-up fee for international transactions. Upon further investigation, the bank has clarified that the extra debit occurred only after the merchant settlement. You may check the same with the SBM bank at 1800 103 3817. And contact the merchant to understand the reason for the extra settlement.

@Deepak … IMHO, this is a pathetic response. How can one go back to the merchant if especially one is a traveller. I acquired the Niyo card with a lot of enthusiasm and if this is the kind of experience, i wouldn’t even want to touch it with a barge pole.

@Pranav_Rai - Terribly sorry to hear the inconvenience and mental tension you have been subjected to.

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True. That’s a bad response