Indian travellers save Rs 840 mn in forex with Niyo global card

Indian travellers saved up to Rs 840 million in foreign exchange (forex) in the past year, according to a report by Niyo Global. The report highlights the popularity of the Niyo Global card, which is now accepted in more than 147 countries.

The top five destinations for Indian outbound travellers over the past year were the United Arab Emirates (UAE), Thailand, Singapore, and Indonesia, with Vietnam being the most off-beat and popular destination. Indian students pursuing their education abroad favored the United States, Great Britain, Canada, Australia, and Germany as their top choices.

78 per cent of Niyo Global customers enjoy the luxury of free airport lounge access before their trip. Using the card, Indian travellers saved on an average Rs 5,000 in every Rs 1 lakh spent. A remarkable 56 per cent of the customers opted for both Niyo Global credit and debit cards for international travel, and amongst them, 72 per cent of them preferred the debit card for transactions and ATM withdrawals.

The report also sheds light on the leading spending categories: for travellers - retail goods, restaurants, and apparel and accessories took the lead, while students primarily allocated their funds to professional services like visa, administrative charges, entrance exams fee, food and grocery, and accommodation. Summer and holiday season were identified as peak season for travel

Talking to Bizz Buzz, Vinay Bagri, Co-founder and CEO, Niyo said, “1.5 million people own the card and over one million of them are active at all times. Helping international travellers and students save on forex has been our most predominant endeavour and nothing makes us happier than seeing our customers get their real value for money on their international travels.”

We’re seeing some very interesting trends in travel when it comes to destinations and experiences. Hence, we keep evolving the product and offer newer things like our latest feature to get free airport lounge access across the globe, he said.

Sai Sankar, Chief of Business – Global Banking, Niyo, said, “As per industry reports, last year, Indians made ten million foreign trips for leisure and over $30 billion was spent on overseas education by students. Outbound travel by Indians will continue to be on a constant upswing with estimates of over $42 billion per year on international travel and $80 billion by 2024 for students.”

This indicates that saving on forex will be imperative now more than ever and we’re certain that the firm will continue to be their preferred choice. To cater to the growing needs of Indians for their international travels, we’re constantly expanding our features suite and are excited to offer innovative, all encompassing travel banking solutions, he said.

In compiling this study, Niyo analysed data of travellers representing a demographic breakdown of 62 per cent male and 38 per cent female customers, with the majority of them identifying as salaried individuals, followed by students and self-employed individuals. Furthermore, the report revealed that 59 per cent of travellers embarked on their journeys for leisure, 24 per cent for educational pursuits, and 17 per cent for business endeavours.

Nikhil Apte, Chief Product Officer, Product Factory (Health), Royal Sundaram General Insurance said, “Travel insurance isn't just a safety net; it's the cornerstone of worry-free exploration. On this World Tourism Day 2023, let's celebrate how travel enriches our lives as Indians. It's not merely about destinations; it's about connecting with diverse cultures, expanding horizons, and embracing the unknown.”

Travel insurance is the ally that ensures every step of your journey is secure. From unexpected mishaps to medical emergencies, it stands as a shield, allowing you to explore with confidence. At Royal Sundaram, we recognize the vital role it plays in supporting the travel requirements of Indians, making every adventure a cherished memory, he added.