Indian fintech company NiYO has started offering its NiYO Global Card with no forex mark-up fee to benefit the students studying abroad.
Students can use the card for making forex payments without paying any currency exchange premium and international transaction fees.
Indian currency is loaded on to the card and then converted at the prevalent VISA exchange rate. This provides added convenience to the card users when in India and abroad.
With the card, NiYO aims to cater to the large number of Indian students studying in foreign countries.
As of July 2018, around 750,000 students were pursuing their education in 90 foreign countries, the company quoted Ministry of External Affairs data.
Additionally, the NiYO Global Card enables instant digital on-boarding. The cardholders can also load money in the card from the bank account via NEFT/IMPS.
They can control their transactions through the NiYO global mobile app. Through the app, the customers can lock/unlock or block the card and receive real-time transaction notifications.
They can also reset their ATM PIN through the app.
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.”