Fi Money Account Review & Niyo Comparison - Who has the best FX card?
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- čas přidán 4. 07. 2024
- In this video we're reviewing the Fi Money account from India and looking at how it compares to India's leading neobank Niyo Global. We'll look at who, out of Fi (epiFi) or Niyo, has the best card & account for traveling and saving money.
Use Monito's comparison engine to send money (it's free!) 👉 bit.ly/3Pjk2m2
Relevant links:
Fi's Fees 👉 fi.money/fees
Niyo's Fees 👉 static.goniyo.com/legal/Niyo_...
Monito is an independent comparison platform and publisher. Our product and service reviews - like this one - are produced independently by our employees, and recommendations given are our own.
Chapters:
0:00 Intro
0:41 Who are Fi and can I trust them?
1:34 Who can open a Fi account?
1:56 Fi account overview
2:54 Fi vs Niyo Global account fees comparison
4:32 Send money internationally Monito.com
5:18 Fi Money vs Niyo Global savings interest
6:53 Additional features - AskFi, FIT Rules & more
8:11 Mutual funds
8:48 Fi vs Niyo Global customer support
9:06 Fi & Niyo Global final comparison
Damn this is sensational.
Going for my 1st international trip and found this incredible video whoch helped me not only answer my question on travel card but also about savings and investment.
Amazing research and video.
You voice is so calm and soothing. Want to learn how to get such voice
Thanks! Glad you found the vid useful 🙂 ^Jonny
May I know which card you used and how was the experience ? I am travelling soon and confused between these 2.
@@tarangsharma123 Niyo is better as they provide Visa Signature card instead of Visa Platinum which Fi offers.
The additional feature in niyo global are the live currency rate , Atm locator and lounge access which are not available in Fi. The comparison does not include points which are in favour of Niyo 😝. This is not a comparison video, this is a fi money promotional video.
I respectfully disagree. I did not include those additional benefits because I felt they didn't relate to the cards FX properties. Do you believe the ATM locator and lounge access make the Niyo account better?
Yeah but you only get lounge access in Indian airports. So that is not very beneficial in my opinion.
While opening account in niyo global it asking passport file number. Is it safe to share the number?
Great presentation. SImple and straight to the point!
Thank you Amazuber! ^Jonny
Really impressed by how well studied and well put you made this video dude! Keep it up
Thanks! ^Jonny
Very informative. I would like add important information to this. Fi basically allows us to open a digital account with minKYC. As per RBI, user can have only one minKYC at a time. Saying that, if we already have an minKYC account with other bank, Fi will not allow us to create account with them. Probably user will get an message "Unfortunately, you seem to have a Minimum KYC account created with one of your other bank accounts. Please update your KYC records with that bank." in such cases. It is my personal experience. I am urging to complete my video KYC with paytm in order to resume my account opening process with Fi. :)
Since sbm niyo global debit card is of no use now. What will be th3 best alternative where we can load money in wallet and use it in different county?
Great video, thanks for this information ! One quick question - At 4:04 what do you mean when you say 'always decline the currency conversion at the ATM'. Can you please elaborate on that a bit?
Hey Apurba, sure thing! I'm referring to when withdrawing money abroad, for example outside of India. The ATM will likely ask if you wish to convert the currency through the ATM or your bank. ATM owners use this as an opportunity to give you a poor exchange rate and to profit. By declining the conversion you are letting your bank or card provider take care of the exchange rate, this will be better and likely save you money. Hope that helps :) ^Jonny
Excellent presentation. Please come up with more such videos and comparisons. You are very good at this... Hope to see move videos
Thank you! Will do! ^Jonny
@@Monitodotcom Super!
Update: I just opened the account with FI after watching your video. It helped me make the decision
That's great to read and for me, that is mission accomplished! Hope you enjoy the account and once you've used it, feel free to let me know your feedback. ^J
Thank you sir I am gone open account on fi ❤❤❤❤
Most welcome! ^Jonny
Wow great inputs, also share few banking tips for indians who travel abroad
Cheers mohan! Let me see what I can do! ^Jonny
Niyo lounge access is limited to 1 hour. My wife and I faced many issues with POS transactions in the UK. This time we are both going to try Fi
Thanks for sharing Kevin, they only give you 1 hour!? That's ridiculous!
So which one is better ! Niyo credit card or fi etc, I think global card is canceled!
I don’t know if they have lounge access, but for transactions, works like a charm
@@kevinthomas1026 which one better ! Or are both good.
@kevinthomas1026 Have you tried Fi in the airport lounge? How was your experience?
Hey Monito. Loved the video. Well put together. I just got my Canadian study permit. Hence, as an international student going there for two years of study, would NIYO be a good option for me?
Hey Joshua! Thanks for the love and congrats on the studies.
Niyo would be a great option, you could top it up with INR and use it to spend money in Canada fee-free and with great FX rates.
Just be aware of withdrawing CAD and if you do so remember to note my advice and that you will incur fees. Not really anyway around it though. All the best and good luck with the studies. ^Jonny
@@Monitodotcom Thanks Jonny. I highly appreciate your prompt reply. Will surely use Monito in the near future. A+ 🙏🏽
Thank you sir, it is much appreciated.
New charges applicable.
Video please or link. Ty
Bro the bgm 😌
bro I'm really fascinated, any story behind creating videos on companies in India being a foreigner? Do u like India?
Hey Vishal, truth be told we just love neobanks and Fi Money is exciting and cool so I wanted to review it. ^Jonny
Very helpful ♥️🙏
Thank you Dhruv!
Great video 🤘🤘
Thanks Shalin!
My fi card is not working in Philippines
At 4:02 Any way of knowing if the atm charges a fixed amout
Hey Mihir. ATM's SHOULD tell you if they have a fixed fee before you withdraw money. If they don't and it does not belong to a bank so the ATM isn't located at bank branch then I recommend if possible you don't use it. ^Jonny
Hey monito, can u compare niyo global and Thomas cook also in a video.
Sure Sai, let me take a look for you! ^Jonny
Hi,
Can you please confirm if i withdraw money in an international atm say for example in indonesia i would just be charged 100+gst. Won’t that foreign bank deduct some amount ?
Hi Shalini, the ATM may charge you a fee but this will only depend on which you choose to use. If you use an ATM that’s free then you’ll only pay 100+GST. Always look for ATMs at physical bank branches as these are typically free. ^Jonny
@@Monitodotcom Thanks!!
Hey Monito. Loved the video. Well put together. I am going to the UK for my master. Hence, as an international student going there for one years of study, would NIYO be a good option for me? or should I go with Fi? please help
Hey! Just to confirm, are you based in India? ^Jonny
Same doubt. I am from india
@@Ahalya4978 Niyo would be a great option!
While opening account in niyo global it asking passport file number. Is it safe to share the number?
Hey Imran, yes that is absolutely fine and part of the KYC. ^Jonny
@@Monitodotcom Yeah for kyc it asking adarcard, pan card details with passport file number. While sharing this passport file number it make any problem ?
I don't think that would make a problem Imran, but if you're in doubt then just reach out to their customer support :)
Finally
Sorry Sanjay, these videos take time :) ^J
Fi virtual debit card is free but in order to get physical card you have to pay Rs 299 plus 18%GST
Thanks for the update. ^Jonny
Would FI card work in Thailand?
Hey Jones! Yes it would absolutely work. Anywhere Visa is accepted in fact which is a lot of places including Thailand! ^Jonny
Niyo global is giving 5% intrest
one video was saying after 2 years niyo has charges for debit cards is this true?
This was true when they first opened the account but they've since removed the fee. ^Jonny
@@Monitodotcom thanks for clearing that
No problem, happy to help. Take care.
Which one is the best for international transaction?
Hey Adarsh, they’re pretty balanced when it comes to international transactions. If you’re a student then you’ll have to go with Niyo, otherwise go with whoever you feel has alternate benefits that you can use. If you want free lounge access then Niyo Global could be a better choice. ^Jonny
@@Monitodotcom thank you 😊
Anytime!
What's maximum upi transfer in niyo card per day?
Hey Adarsh! I believe the currency maximum UPI transfer limit with Niyo Global is ₹25K - Thanks ^Jonny
@@Monitodotcom I can increase this limit?
No I don’t think so, this article should help you out: www.goniyo.com/blog/what-is-niyo-global/
Niyo global credit or fi card which one best for travel international?
They’re both pretty much the same for international spending. Are you a student or professional? ^Jonny
@@Monitodotcom traveler
You'll have difficulty getting the Fi card as it's for 'professionals'. I would go with Niyo.
I read somewhere that the settlement of a transaction is made after a few days for niyo, which is when the amount is deducted based on the rate at that time
This can happen, with my Starling account it can take a couple days before a transaction is completed however the FX rate you receive will be the one available at point of sale. ^Jonny
Are you indian? I have one question any country citizen can create fi account like usa, russia, pakistan, and others?
Hey! No I'm not Indian, I'm based in the UK. To open an account with either Fi or Niyo you'll need to be an Indian resident. ^Jonny
done opening Fi ac after Niyo was banned by RBI
Hopefully only temporary while they find a new provider as the ban is for SBM and not directly against Niyo.
Yes I already have an account in Fi and now I also open the account in niyo global... according to me both features are more over same
The additional feature in niyo global is the live currency rate , Atm locator and lounge access which are not available in Fi .
Also in Fi we can do transaction via online Orr POS service upto limit to Rs5 lakh/day whereas in niyo global the limit is Rs7.5 lakh/ day
Thanks for sharing Mohit, especially as I couldn't discuss limits as they're only available through the app and Fi wouldn't share them over e-mail. That transaction limit is quite high, I could see that being an issue for a big spender. ^Jonny
@@Monitodotcom Your welcome and I thank you for the useful information that you always share 😄 as in September 2022 I will be travelling to the UK for my master's 🎓 with your content now I have a clear vision of which bank account I will be opening for my foreign expenditure. 💷💶💴💵💸🏧💰💳.
{Just a suggestion can you make a brief video in your channel regarding the best 🏦 bank accounts for foreign students in the UK}.
That's a great suggestion, I'll add it to my pipeline :) All the best with your masters! ^Jonny
While opening account in niyo global it asking passport file number. Is it safe to share the number?
This doesn't cover lounge access. Niyo Global gives domestic lounge access, 1 per quarter. I think Fi Money doesn't. Since both of them are travel cards, lounge access is a good to have facility, even if 1 per quarter. That saves the free lounge access of my other card.
Given dislike for fault information, 5000 can be without without any duction
Sorry Yogesh what do you mean? I don’t understand. ^Jonny
@@Monitodotcom you said minimum 5000 rupies deposit required to order debit card, but amount can be withdrawn without any deductions, so its a free card
Yeah, I mentioned in the video that Niyo requires you to deposit 5000 INR to receive the card, which is true. So how is that 'fault information'? ^J
@@Monitodotcom yes you mentioned but haven't mentioned this can be withdrawn, this will miss lead the information kind of fault information
But Yogesh isn’t it obvious that if you deposit money into your account it can also be withdrawn?
Swipe charges
?
Hey Waseem. I’m not sure I understand what fee you mean. Do you mean the fees that merchants get charged for using payment solutions by banks and credit card companies?
@@Monitodotcom yes
Those are at the discretion of the merchant and not Niyo or Fi.
NAMASTE