RBI restriction on SBM bank

[anirban.choudhuryanirban.choudhury is verified member.]

Received a notification from Niyo global that international transactions are banned on niyo global sbm card due to latest ban on SBM
However domestic transaction will not be impacted.

It’s a big news for those currently travelling abroad and are using their niyo global card only

 

[Chaitanya-a]

Received a notification from Niyo global that international transactions are banned on niyo global sbm card due to latest ban on SBM
However domestic transaction will not be impacted.

It’s a big news for those currently travelling abroad and are using their niyo global card only

Fancy banks like SBM are prime example of 'Naam bade Darshan chote'. Most of the time transactions get stuck.
Fi Money powered by Federal bank is far better than this Niyo Global. Literally zero failure observed.

 

[xiddy]

I have used Niyo every day for two months outside India. Didn't face a single issue.
Time to get a Fi card I guess.

 

[Venky]

Can you please share the screenshot of the text? I recommended this card to my sister and she is waiting to board her flight right now. 🥲

 

[Chaitanya-a]

Can you please share the screenshot of the text? I recommended this card to my sister and she is waiting to board her flight right now. 🥲

 

[anirban.choudhuryanirban.choudhury is verified member.]

Can you please share the screenshot of the text? I recommended this card to my sister and she is waiting to board her flight right now. 🥲

 

[anirban.choudhuryanirban.choudhury is verified member.]

I have used Niyo every day for two months outside India. Didn't face a single issue.
Time to get a Fi card I guess.

True
For the last 1 year I have been using it for all my international trips , for a matter of fact I just used it day before yesterday in my Dubai trip. I also have FII and Jupiter both, but I think the User interface of niyo global is much better than FII with the currency converter and atm locator it is really handy in international trips

 

[Venky]

I am gonna get my behind kicked. 🥲

 

[anirban.choudhuryanirban.choudhury is verified member.]

Even my vested account is impacted due to this 🙁

 

[xiddy]

True
For the last 1 year I have been using it for all my international trips , for a matter of fact I just used it day before yesterday in my Dubai trip. I also have FII and Jupiter both, but I think the User interface of niyo global is much better than FII with the currency converter and atm locator it is really handy in international trips

Does Jupiter have 0 forex markup as well?

 

[xiddy]

Even my vested account is impacted due to this 🙁

Can't even use vested remit. I guess I'll have to open a DBS account as well.

 

[gabu]

Remittances we can understand but what's rbi concern with int txn?
Obviously competition is problem who are lobbying govt via rbi. As most international txn share is taken by nio with every other travel YouTuber recommending it.

 

[anirban.choudhuryanirban.choudhury is verified member.]

Does Jupiter have 0 forex markup as well?

For pro account 0 forex uphill spend of 25k and then 3.5%

 

[anirban.choudhuryanirban.choudhury is verified member.]

Remittances we can understand but what's rbi concern with int txn?
Obviously competition is problem who are lobbying govt via rbi. As most international txn share is taken by nio with every other travel YouTuber recommending it.

Niyo global is a perfect international card , the conversion rates I have been getting was also very good and the convenience of currency converter in app and ATM locator , it’s a petty they have to suffer because of SBM. Still I would prefer them over FII for international travel once RBI lifts the ban or they find any other banking partner. I also loved their card design

 

[Venky]

The timing could not have been worse 🥲

Any other card that anyone can recommend for upcoming international travel with 0% forex fee?

 

[xiddy]

Fi card. I have personally never used it though.

The timing could not have been worse 🥲

Any other card that anyone can recommend for upcoming international travel with 0% forex fee?

 

[anirban.choudhuryanirban.choudhury is verified member.]

The timing could not have been worse 🥲

Any other card that anyone can recommend for upcoming international travel with 0% forex fee?

FII card as of now

 

[akshayhs]

The timing could not have been worse 🥲

Any other card that anyone can recommend for upcoming international travel with 0% forex fee?

Get the IDFC wow card if you're looking for credit. It's a secured card but 0% forex markup

 

[Venky]

Get the IDFC wow card if you're looking for credit. It's a secured card but 0% forex markup

I already have an IDFC credit card. Will it let me get a second card?

 

[akshayhs]

I already have an IDFC credit card. Will it let me get a second card?

No harm in trying 🙂 Since it's a secured card you might. I'm not too sure