This Article was fact checked and last updated for accuracy on November 3, 2025 by Mani Karthik
Here’s something nobody told me when I moved back to India in 2017.
You need different cards for different purposes.
One card for India. One card for when you visit the US.
I learned this after paying ₹8,400 in forex markup fees during my first trip back to California.
That was painful.
Fi Money and Niyo Global keep showing up in my inbox. People ask which one to get.
The answer? It depends on where you spend money.
Let me explain.
The Core Difference Nobody Talks About
Fi Money is a neo bank for living in India.
Niyo Global is a travel card for spending abroad.
They’re not competitors. They solve different problems.
Think of it like comparing a pressure cooker to a toaster. Both cook food. Different foods.
| Feature | Fi Money | Niyo Global |
|---|---|---|
| Primary Use | Daily banking in India | International travel/forex |
| Partner Bank | Federal Bank | Yes Bank (SBM for new) |
| Account Type | Savings Account | Forex Account |
| Target User | Residents | Travelers/NRIs |
When I first saw both apps, I thought they were similar.
They’re not.
Here’s what this really means: If you’re living in India full time, Fi Money makes sense. If you travel internationally even twice a year, you need Niyo Global.
My Real World Testing
I used both cards during a three month period.
Month one in India. Month two traveling to the US. Month three back in India.
The results surprised me.
Using Fi Money in India
Daily transactions were smooth.
Grocery shopping. Bill payments. UPI transfers. Everything worked.
I earned Fi Coins on spending. Set up automated savings for my next US trip.
The app showed me I was spending ₹12,400 monthly on food. That number made me uncomfortable.
We started cooking more.
Similar to how Jupiter and Fi Money both help track spending, but Fi does it with more depth.
Using Niyo Global in the US
This is where Niyo shined.
Landed in San Francisco. Needed to buy groceries at Whole Foods.
Used my Niyo Global card. Transaction went through. Zero markup fees.
The same purchase with my regular Indian debit card? Would have cost me 3.5% extra.
On a $200 grocery run, that’s $7 wasted.
Multiply that across two weeks. Meals. Gas. Shopping.
Niyo saved me approximately $180 over two weeks.
That’s ₹15,000 saved just on forex markups.
💡Tip: If you’re visiting the USA in 2025, get Niyo Global at least two weeks before your trip. Card delivery takes time.
The Forex Factor
Here’s where most people lose money without realizing it.
Standard bank cards charge 3% to 3.5% forex markup.
Some premium credit cards charge even more.
Niyo Global charges zero forex markup.
Let me break down a real scenario.
| Expense | Amount (USD) | Regular Card Cost | Niyo Global Cost | Savings |
|---|---|---|---|---|
| Hotel | $600 | ₹52,380 | ₹50,760 | ₹1,620 |
| Meals | $400 | ₹34,920 | ₹33,840 | ₹1,080 |
| Shopping | $500 | ₹43,650 | ₹42,300 | ₹1,350 |
| Total | $1,500 | ₹130,950 | ₹126,900 | ₹4,050 |
Calculations based on ₹84/USD exchange rate with 3.5% markup for regular cards.
That’s ₹4,050 saved on just $1,500 spending.
Over a two week US trip where you spend $3,000 to $5,000? You’re saving ₹8,000 to ₹14,000.
That’s a domestic flight ticket saved.
When I calculated this for my family’s summer trip, my wife immediately asked why we didn’t have this card earlier.
Good question.
Daily Banking Features
Fi Money wins here easily.
| Feature | Fi Money | Niyo Global |
|---|---|---|
| UPI Payments | Yes | Limited |
| Bill Payments | Yes | No |
| Automated Savings | Yes | No |
| Spending Analytics | Detailed | Basic |
| Interest on Balance | 7.00%* | 4.00%* |
*Rates as of November 2025
Fi Money is designed for everyday life in India.
You can pay your electricity bill. Set up SIP investments. Track your spending by category.
Niyo Global is designed for one thing. Spending money abroad without bleeding forex charges.
It does that one thing extremely well.
Everything else? Basic at best.
“I tried using Niyo for daily expenses in India. Terrible experience. Then I used it in Dubai. Best card I’ve ever used.” – Feedback from BackToIndia community member
The NRI Angle
This is where it gets interesting for returning NRIs.
If you’re moving back to India but visiting the US regularly, you need both.
Fi Money for your life in India. Niyo Global for trips back home.
When I moved back in 2017, I kept my US bank account active. Used that card for US trips.
Big mistake.
US banks started charging foreign transaction fees because I was using an Indian address.
Then they threatened to close my account for not maintaining minimum balance.
Niyo Global would have solved this. But it didn’t exist then.
If you’re still maintaining US investments after returning to India, Niyo helps with the occasional US spending without keeping a US bank account.
Quick Recap:
✅ Moving back to India? Get Fi Money for daily banking
✅ Visiting US twice a year? Add Niyo Global
✅ Want to close your US accounts? Niyo makes it easier
Account Opening Process
Fi Money took me 15 minutes.
Video KYC. PAN card. Aadhaar. Done.
Account activated in 24 hours.
Niyo Global took longer.
Had to upload passport. Proof of travel helped speed it up.
Card arrived in 7 days.
If you’re planning a US trip, apply for Niyo at least 3 weeks in advance.
Similar to how you’d plan for sending money from USA to India, timing matters with forex cards too.
Hidden Costs and Catches
Fi Money has no hidden costs I’ve found.
Zero balance account. No annual fees. No charges for basic banking.
Niyo Global has a few things to watch.
The card itself is free. But ATM withdrawals abroad have limits.
First transaction at international ATMs is free. After that, there’s a small fee.
Also, you need to load money before traveling.
Can’t just swipe and pay from your regular account. You preload the Niyo account with INR. They convert to USD (or other currency) when you spend.
This is actually good. Helps control spending.
My son used it during his college trip to New York. I loaded $500. He couldn’t overspend even if he wanted to.
Parenting win.
Which One Should You Get?
Get Fi Money if:
- You live in India full time
- You want better savings features than traditional banks
- You’re tired of your regular bank’s interface
- You want to optimize daily spending
Get Niyo Global if:
- You travel internationally even once a year
- You’re an NRI visiting India regularly
- You send your parents to the US and want to give them a safe spending card
- You’re tired of forex markup fees
Get both if:
- You’re a returning NRI who travels frequently
- You want to optimize both domestic and international spending
- You believe in having backup options
I have both.
Fi Money for everything in India. Niyo Global loaded and ready for my next US trip.
Is this overkill? Maybe.
Do I care? No.
The amount I save on one international trip pays for the effort of managing two apps.
Real Talk About Safety
Both are safe.
Fi Money is backed by Federal Bank. Your deposits are insured up to ₹5 lakhs by DICGC.
Niyo Global partners with Yes Bank and SBM Bank. Same insurance applies.
The apps are just interfaces. Your money sits with licensed banks.
If either app shuts down tomorrow, your money is safe with the partner bank.
This is similar to how NRE and NRO accounts work. Bank holds money. App provides access.
My Current Setup
Here’s exactly what I use and why.
HDFC Bank for salary and serious banking. Home loan. Fixed deposits. The works.
Fi Money for daily expenses. UPI payments. Small automated savings goals.
Niyo Global loaded with $1,000 for emergency US spending. My wife has one too.
HDFC Infinia for big purchases where rewards matter.
Four different financial products. Each serving a specific purpose.
When my friends ask why I need so many, I ask them why they have different shoes for different occasions.
Same logic.
The Bottom Line
Fi Money is not competing with Niyo Global.
They serve different needs.
Comparing them is like comparing mutual funds and stocks. Both help you invest. Different strategies.
Fi Money optimizes your life in India.
Niyo Global optimizes your spending abroad.
Get the one that matches your life.
Or get both and optimize everything.
That’s what I did.
Still confused? Ask in the BackToIndia community. Someone there has probably tested every possible combination.
Sources and References
All information verified as of November 2025:
- Fi Money official website: www.fi.money
- Niyo Global official website: www.goniyo.com
- Federal Bank partner disclosure: www.federalbank.co.in
- Yes Bank forex services: www.yesbank.in
- RBI guidelines on prepaid forex cards: www.rbi.org.in
Forex rates and features subject to change. Verify current details before applying.
TLDR Version
Fi Money:
- Purpose: Daily banking in India
- Best for: Residents who want smart savings and spending tracking
- Forex: Not designed for international use
- Cost: Free, zero balance account
- Interest: 7.00% on savings*
Niyo Global:
- Purpose: International travel and forex
- Best for: Anyone who travels abroad even once a year
- Forex: Zero markup on international spending
- Cost: Free card, load before travel
- Interest: 4.00% on loaded balance*
My verdict: Not competitors. Different use cases. Get Fi for India life. Get Niyo for international travel. Or get both and stop worrying about forex fees forever.
What I actually use: Both. Plus traditional bank. Plus premium credit card. Because financial optimization is not about minimalism. It’s about having the right tool for each job.
*Rates as of November 2025