Fintech enterprise NiYO is offering its NiYO Global Card with a unique feature — no forex mark-up — to Indian students travelling overseas for higher studies. The move is aimed at capturing a major share of the international student segment.
According to the Ministry of External Affairs, an estimated 7.5 lakh Indian students were studying in 90 countries as of July 2018. The US continued to be the preferred destination for higher studies followed by Canada and Australia.
One of the key benefits of NiYO Global Card is that, students who use the card for any forex payments such as university application fees, GRE/GMAT, visa payment, course fees or any other payment do not have to pay any currency exchange premium and international transaction fees, unlike a regular forex card/credit and debit card. INR is loaded on to the card and is converted at the prevalent VISA exchange rate, translating into a savings of 4-5% on the transaction amount. This gives students the convenience of using the card when in India and abroad.
Besides this cost-effective feature, the NiYO Global Card also offers instant digital onboarding and convenient loading from the user’s bank account via NEFT/IMPS.
NiYO Co-founder and CEO Vinay Bagri said, “Our endeavour is to make international payments and transactions on NiYO Global Card as smooth, flexible and convenient as possible for students going abroad for higher studies. It is the safest form of carrying foreign currency, offering an all-inclusive forex solution that fulfils all the requirements of the student community. Unmatched features, such as no mark-up, instant loading and reloading, 24/7 WhatsApp support and advanced security, makes the NiYO Global Card and App ideal for students, as they can focus on their education without worrying about how to get, spend and save on forex during their stay overseas.”
Students using NiYO Global Cards will have complete control on transactions and security through the NiYO global mobile app. With real-time transaction notifications, locking/unlocking or blocking the card, and resetting ATM PIN in seconds, the app ensures that students are always in control of their funds.
NiYO currently has a presence in all Tier 1 cities and is in the process of expanding to Tier 2 and Tier 3 cities, where it sees substantial student volumes. According to the RBI, overseas tuition and hostel fee spends rose 44%, from $1.7 billion in 2013-14 to $2.8 billion in 2017-18, which will serve to make the NiYO GlobalCard popular among Indian students travelling abroad for higher studies.