My younger son got his first debit card in 2019.
He was 13. We were living in Bangalore. I wanted to teach him money management early.
The problem? Every time he used my HDFC card for anything international, the forex charges killed me. 3.5% plus GST. That’s almost 5% gone on every transaction.
I started looking for better options.
That’s when I found two apps promising better global banking. Fi Money and Niyo.
Both called themselves neobanks. Both promised modern banking. But their approaches were completely different.
I’ve been using both since 2021. My family uses them for different purposes. My US born son prefers one. My wife uses the other.
After three years of real usage across multiple international trips, here’s what actually works.
What is Fi Money?
Fi launched in late 2020. They partnered with Federal Bank.
The app is built around insights and automation. Smart savings. Spending analytics. Rule based money management.
I opened my Fi account in March 2021. Took about 10 minutes.
What interested me was the global aspect. They promised competitive forex rates. Multi currency spending without the insane markups Indian banks charge.
I tested this on my Dubai trip in 2022. Spent about ₹80,000 through my Fi debit card.
The forex markup was around 2.5%. Better than HDFC’s 3.5%. But not amazing.
The app showed me exactly how much I spent and where. That transparency was new.
Bold tip: Fi Money works if you want an all in one banking solution that occasionally handles international transactions. Not if travel is your primary use.
What is Niyo?
Niyo took a different approach. They focused purely on making international spending painless.
They partner with banks like Equitas and SBM Bank. But you don’t really interact with those banks. Everything is through Niyo’s app.
I got my Niyo Global card in 2019. Before Fi even existed.
The promise was simple. Zero forex markup. Use it anywhere in the world. Pay exactly the interbank rate.
Sounds too good to be true. But I tested it extensively.
Singapore 2019. Thailand 2020 (just before pandemic). London 2022. Dubai twice. USA thrice.
The zero markup claim is real. I’ve checked every statement. Compared with Google’s exchange rate. It matches.
This isn’t just about one or two transactions. I’ve spent over ₹15 lakh internationally through Niyo across five years.
Similar to how I save on international money transfers, picking the right card saves thousands on travel spending.
Head to Head Comparison
Let me show you what matters for actual global usage.
| Feature | Fi Money | Niyo Global |
|---|---|---|
| Primary Focus | Complete banking solution | International travel and spending |
| Partner Bank | Federal Bank | Equitas Small Finance Bank / SBM Bank |
| Forex Markup | 1.5% to 2.5% | Zero (0%) |
| Account Type | Full savings account | Prepaid card with savings account |
| Monthly Maintenance | Free | Free |
| ATM Withdrawals Abroad | ₹150 after 5 free domestic | Varies by card variant (usually 3 to 5 free per month) |
| Supported Countries | Anywhere Visa works | 150+ countries |
| Loading Money | Any bank transfer | UPI, NEFT, IMPS |
| Real Time Notifications | Yes | Yes |
| Spending Analytics | Advanced insights | Basic transaction history |
| Customer Support | 9 AM to 9 PM chat | 9 AM to 9 PM email and chat |
Sources: Fi Money website, Niyo official site, personal transaction records
The table tells part of the story. Real world use tells more.
Last year my wife and I went to Europe. Two weeks. Total spend around ₹3.5 lakh.
I used my Fi card for the first week. Total forex charges came to about ₹7,000.
I switched to Niyo for the second week. Same spending level. Forex charges? Zero.
That ₹7,000 difference paid for two nice dinners in Paris.
The catch? Niyo is purely for spending abroad. Fi is for complete banking with occasional travel.
Cost Breakdown for Travelers
Money saved is money you can spend on better experiences. Let me show you real numbers.
| Spending Scenario | Fi Money Cost | Niyo Global Cost | Your Savings |
|---|---|---|---|
| Weekend Dubai trip (₹50,000 spend) | ₹1,250 forex markup | ₹0 | Save ₹1,250 |
| Two week USA vacation (₹3 lakh spend) | ₹7,500 forex markup | ₹0 | Save ₹7,500 |
| Monthly international subscriptions (₹5,000) | ₹125 monthly = ₹1,500 yearly | ₹0 | Save ₹1,500 yearly |
| Business trip to Singapore (₹1.5 lakh spend) | ₹3,750 forex markup | ₹0 | Save ₹3,750 |
| Student studying abroad (₹2 lakh monthly spending) | ₹5,000 monthly = ₹60,000 yearly | ₹0 | Save ₹60,000 yearly |
These numbers come from my actual usage and statements from 2021 to 2024.
When I moved back from the USA in 2017, I didn’t know about Niyo. I used my HDFC credit card for everything international. Lost at least ₹30,000 in unnecessary forex charges that first year alone.
You don’t have to make the same mistake.
Quote from my experience:
“The first time I used Niyo in Singapore, I kept checking the exchange rate obsessively. Was convinced there had to be a catch. Three years later, still no catch.”
Features That Actually Matter for Global Use
Both apps have features. But which ones help when you’re traveling?
For Fi Money:
What works globally:
The Visa debit card works in most countries. Never faced acceptance issues except in one small cafe in rural France.
Real time spending notifications in INR. You know immediately what you spent in rupees. No confusion about exchange rates while traveling.
The app works offline to show your balance and recent transactions. Helpful when you don’t have data roaming.
What doesn’t work well:
The forex markup eats into your budget. On a ₹2 lakh trip, you lose ₹5,000 just in currency conversion.
No way to lock favorable exchange rates. You pay whatever the rate is at transaction time.
Limited control over international spending. No separate limits or controls for foreign transactions.
For Niyo:
What works exceptionally well:
Zero markup is genuinely zero. I’ve tested this across 8 countries. It’s real.
You can load money just before travel. Convert INR to the amount you need. No need to maintain balance year round.
Separate wallet for international spending. Your main account stays safe. Only the Niyo card is exposed while traveling.
The app shows transactions in both INR and foreign currency. Helpful for tracking actual spend versus budget.
What could improve:
It’s not a full bank account. You can’t receive salary here or set up EMIs.
Loading money takes a few minutes. Not instant like UPI between regular bank accounts.
No credit facility. It’s a prepaid card. You can only spend what you’ve loaded.
When you’re managing money across countries, having the right tools matters.
What this really means: Use Fi for everyday Indian banking. Use Niyo for international travel. They’re not really competitors.
My Real Usage Pattern
I use both. Sounds excessive but makes perfect sense.
Fi is my secondary banking account in India. I keep about ₹2 lakh here. Use it for online shopping. Subscriptions. Daily spending.
The analytics help me track where money goes. The autopilot saves ₹30,000 monthly automatically. That’s my emergency fund growing without effort.
For international travel? Always Niyo.
I keep a Niyo Global card specifically for this. I load money a day before traveling. Use it for everything abroad. Come back and withdraw remaining balance if any.
My wife does the same. She has her own Niyo card. Loads ₹50,000 when we travel. Spends without worry about charges.
My US born son got his Niyo card when he turned 18 last year. He visits his friends in California every summer. Uses Niyo there.
He tried using his regular ICICI debit card once. The charges shocked him. Switched back to Niyo immediately.
Think of it like having different shoes. Running shoes for jogging. Formal shoes for office. Flip flops for home. Each has a purpose.
Which One Should You Actually Choose?
The honest answer? Both. But let me explain when to use which.
Use Fi Money if:
You want a complete neobanking solution for India.
You travel internationally once or twice a year.
You value spending insights and automation.
The 2 to 2.5% forex markup is acceptable to you.
You want one app for all banking needs.
Use Niyo if:
International travel is frequent (3+ times a year).
You want zero forex markup, period.
You’re sending your kids abroad for education.
You have international subscriptions (Netflix US, Spotify, etc).
You work remotely and get paid in foreign currency.
I recommend everyone who travels internationally should have a Niyo card. The savings are too significant to ignore.
Keep Fi or any other neobank for your domestic banking needs.
My brother in Dubai visits India often. He uses Niyo when in India. Saves on forex both ways. Smart.
Quick Recap:
Fi is a complete banking solution with okay global features.
Niyo is a travel focused solution with zero forex markup.
Both are legitimate and safe.
Your travel frequency determines what you need.
Having both costs nothing and gives flexibility.
What About Other Global Options?
You might ask about traditional bank forex cards. Or credit cards with international benefits.
I’ve tried them all. HDFC ForexPlus card. ICICI Travel Card. Multiple premium credit cards.
None match Niyo’s zero markup. None.
Credit cards claim low forex charges. They charge 2 to 3.5% plus GST. That’s 2.5 to 4% total.
Forex cards from banks? Pre loaded cards with fixed exchange rates. The rate they give you is 2 to 3% worse than market rate. Plus loading charges. Plus unloading charges.
I’ve compared this over dozens of trips. Niyo wins every time for spending abroad.
Fi is better than traditional banks for domestic use. Better app. Better features. Similar international charges to good credit cards.
When you’re planning your return to India, setting up the right banking infrastructure early helps.
The Family Perspective
My family’s usage tells you everything you need to know.
I have both Fi and Niyo. Use Fi for India. Niyo for abroad.
My wife has Niyo only. She doesn’t need another banking app. Her ICICI account handles India. Niyo handles travel.
My elder son (US born, 20 years old) has Niyo. He travels between USA and India frequently. Saves him hundreds of dollars yearly.
My younger son (17 years old) just got his Niyo card. Planning his first international trip next month.
My mom (70 years old) has neither. She doesn’t travel internationally. Doesn’t need it.
Different needs. Different solutions.
The beauty of neobanks is choice. You pick what fits your life.
If you’re unsure about your specific situation, ask in the BackToIndia Facebook group. Thousands of people sharing real experiences about banking and travel.
My Honest Recommendation After 3 Years
Get a Niyo card even if you travel once a year internationally.
The card is free. Loading is free. No annual charges. Zero downside.
The savings on one international trip pay for the 10 minutes it takes to set up.
Use Fi or Jupiter for your Indian banking needs. Pick based on what features you value.
But for international spending, Niyo is unbeatable in the Indian market right now.
I’ve looked at alternatives. Tried competitors. Nothing comes close to genuine zero markup.
Will this last forever? Maybe not. Companies change policies. But as of November 2024, it’s the best option available.
TLDR
Fi Money:
Complete neobanking solution for India.
1.5 to 2.5% forex markup on international transactions.
Advanced spending insights and automation.
Good for occasional travelers.
Full savings account with Federal Bank.
Niyo Global:
Specialized for international travel and spending.
Zero (0%) forex markup confirmed over 5 years.
Prepaid card model, not a full bank account.
Best for frequent travelers or foreign subscriptions.
Free to maintain, load, and use.
Bottom line: Fi for daily banking in India. Niyo for any international spending.
My recommendation: Get both. Use Fi as your neobank in India. Use Niyo whenever you spend internationally. Combined, they cover all your needs.
Real savings: Zero forex markup can save ₹10,000 to ₹50,000 annually depending on your international spending.
Sources:
- Fi Money Official Website
- Niyo Official Website
- Federal Bank Official Site
- Equitas Small Finance Bank
- Reserve Bank of India Forex Guidelines
- Personal transaction records from Fi Money (March 2021 to October 2024)
- Personal transaction records from Niyo Global (July 2019 to October 2024)
- Family usage data across 15+ international trips
- User feedback from BackToIndia Facebook community