When I moved back to India in 2017, I still had money sitting in my US accounts. I needed a way to spend internationally without getting killed by forex fees.
That’s when I discovered these new age banking apps.
My wife was skeptical at first. She preferred the old school way of using credit cards and dealing with banks. But after our first trip to Dubai in 2018, she was convinced.
The savings were real.
Today, I’m comparing two popular options for NRIs and frequent travelers: Niyo Global and Revolut.
What is Niyo Global?
Niyo Global is an Indian fintech that partners with traditional banks to offer zero forex markup cards.
It’s essentially a prepaid card linked to an account.
You load money in INR. The card converts it when you spend abroad.
The big draw? Zero markup on forex conversions. Most Indian banks charge 3-5% markup on international transactions.
I’ve been using Niyo Global since 2019 for my international trips.
💡 Tip: Niyo Global works best if you’re India-based and travel occasionally. It’s not a full banking solution.
What is Revolut?
Revolut is a UK based digital bank that operates in multiple countries including India.
It offers multi currency accounts, cards, and a host of other financial services.
You can hold money in 28+ currencies. Spend anywhere. Exchange at interbank rates (up to a limit).
I tried Revolut during my London trip in 2020. The experience was smooth but the setup took longer than expected.
The app is slick. The features are extensive. But it can feel overwhelming if you just need basic international spending.
Head to Head Comparison
Let me break down the key differences in a simple table.
| Feature | Niyo Global | Revolut |
|---|---|---|
| Forex Markup | Zero markup on transactions | Zero markup up to monthly limit (then 0.5-1%) |
| Supported Currencies | Spends in 150+ countries, holds only INR | Hold and spend 28+ currencies |
| Account Type | Prepaid card with savings account | Full digital bank account |
| India Availability | Fully available for Indian residents | Available but limited features in India |
| ATM Withdrawals | Free up to certain limits (varies by partner bank) | Free up to monthly limit (usually ₹15,000-20,000) |
| KYC Process | Simple, fully digital | Can be complex for Indian users |
| Card Delivery | 7-10 days to Indian address | 2-3 weeks, sometimes delayed |
| App Experience | Simple, focused on travel | Feature rich, can be overwhelming |
| Customer Support | India based, responsive | Chat only, slower for Indian users |
Sources: Niyo Global official website, Revolut India
The data tells one story. Real use tells another.
When I was in Singapore last year, my Niyo card worked flawlessly at every merchant. No questions asked.
My friend who used Revolut faced issues at two restaurants. The card was declined even though he had balance.
Here’s the catch: Revolut is amazing in Europe and UK. But in Asia, Niyo Global has better acceptance.
Cost Breakdown
Money matters. Let me show you the actual costs.
| Cost Factor | Niyo Global | Revolut |
|---|---|---|
| Annual Fee | Zero (some variants ₹500-1000) | Free tier available, Premium ₹650/month |
| Forex Markup | 0% | 0% (fair usage), then 0.5-1% |
| ATM Fees | ₹150-200 after free limit | Free up to limit, then 2% |
| Top up Fees | Usually zero | Zero for most methods |
| Inactivity Fee | None | Can apply after 12 months |
| Card Replacement | ₹100-200 | ₹350 |
If you’re a light traveler making 2-3 international trips a year, Niyo Global is cheaper.
If you travel every month or need multi currency features, Revolut might justify the premium tier cost.
I spent about ₹5 lakh internationally last year across both personal and business trips. With Niyo Global, I saved roughly ₹15,000 in forex markup alone compared to my old HDFC credit card.
That’s real money.
Similar to choosing between money transfer services, the right banking app depends on your usage pattern.
📊 Quick stat: Indian travelers lose an estimated 3-5% on every international transaction due to hidden forex fees. That’s ₹3,000-5,000 on a ₹1 lakh trip.
Features That Actually Matter
Both apps have fancy features. But what do you really need?
For Niyo Global:
What I love: Zero forex markup is genuine. I’ve checked my statements multiple times.
The card works everywhere Visa works.
Loading money is instant through UPI.
What could be better: You can’t hold foreign currency. Everything settles in INR.
Limited banking features. It’s purely for spending abroad.
For Revolut:
What I love: Multi currency wallets are brilliant. I keep some USD and EUR ready.
The app shows real time exchange rates.
You can send money internationally within the Revolut network for free.
What could be better: The free tier has monthly limits that can catch you off guard.
Customer support for Indian users is hit or miss.
Some merchants in Asia don’t recognize the card.
When I was setting up my NRE account, I wished these apps existed back in 2010. Would have saved me thousands in fees.
🧠MK’s Take: If you’re India based and want simple international spending, go with Niyo Global. If you’re an NRI managing money across countries, Revolut offers more flexibility.
Which One Should You Choose?
The answer isn’t one size fits all.
Choose Niyo Global if: You’re based in India and travel 2-4 times a year.
You want zero complexity and zero fees.
You mostly travel to Asia, Middle East, or USA.
You want instant card delivery and easy KYC.
Choose Revolut if: You’re an NRI managing money in multiple countries.
You need to hold foreign currencies.
You travel frequently to Europe or UK.
You want additional features like stock trading, crypto, etc.
You’re okay paying for premium tiers.
I personally use both. Niyo Global is my primary travel card. Revolut is my backup and I use it for holding some USD.
Think of it like having multiple credit cards. Each serves a different purpose.
Quick Recap:
✅ Both offer better rates than traditional banks
✅ Niyo Global is simpler and India focused
✅ Revolut offers more features but with complexity
✅ Your choice depends on travel frequency and needs
My Real Experience
Last month I was in Thailand for a conference. Total spend: about ₹80,000.
I used Niyo Global for most transactions. Zero issues. The conversion rate was within 0.2% of what I saw on Google.
I tried using Revolut at one restaurant. It got declined. The waiter looked confused. I switched to Niyo Global and it went through.
This isn’t to say Revolut is bad. It’s just that in Southeast Asia, acceptance can be spotty.
When my elder son starts college in the US next year, I’m planning to get him a Revolut account. The multi currency feature will help him manage both INR and USD easily.
For now, for India based folks, Niyo Global remains my top recommendation.
Both these apps are way better than carrying forex cards from banks or using international credit cards with 3-4% markup. If you’re still doing that, you’re leaving money on the table.
Similar to how I saved money by choosing the right money transfer service, picking the right international banking app can save you thousands annually.
If you’re unsure about which option works for your specific situation, drop your question in our BackToIndia Facebook group. The community has NRIs from all over sharing real experiences.
TLDR
Niyo Global: • Zero forex markup, simple to use • Best for India based travelers • Works great in Asia, Middle East, USA • No monthly fees • Limited to spending only (can’t hold foreign currency)
Revolut: • Multi currency accounts, extensive features • Best for NRIs and frequent travelers • Strong in Europe, UK • Has free and paid tiers • More banking features but complex
Bottom line: Niyo Global for simplicity and India focus. Revolut for multi country money management.
My recommendation: Start with Niyo Global. Add Revolut later if you need advanced features.
Sources: