Niyo Global 2026 Update — Equitas Bank Partnership Ended, New DCB Bank / SBM Bank Niyo Global, What Existing Users Should Do
By Kabir Malhotra (Kabir Malhotra writes about how Indian travel buyers actually pay — UPI vs credit card vs forex card surcharges, reward-point math on the top travel credit cards, RBI tokenisation, EMI-on-flights and the small fees that compound across a year of bookings.) · Published · 8 min read
Critical update for Niyo Global users: the partnership with Equitas Small Finance Bank has ended, and the zero forex markup benefit has been discontinued on Equitas-issued Niyo cards. Equitas-backed Niyo users are now being charged 1.5-3.5% forex markup on international transactions and can no longer access their Equitas savings account through the Niyo app. Niyo is migrating users to new Niyo Global accounts powered by DCB Bank or SBM Bank India, which retain the zero forex markup. This guide explains what changed, what existing users must do, and how the new product compares to the previous Equitas-backed version.
What happened — the Niyo-Equitas partnership ended
Niyo Global, India's most popular zero-forex-markup prepaid card, launched its flagship product in partnership with Equitas Small Finance Bank in 2019-2020. The product was structurally compelling: a savings account (paying 6.5-7% interest, among the highest in India), a Visa debit card with zero forex markup on international transactions, free unlimited ATM withdrawals abroad, and 100+ currency support. For a decade, Niyo Global on Equitas was the default forex card recommendation for Indian students going abroad and digital nomads.
That partnership ended in 2025-2026. Per Niyo's official announcement: "The zero forex markup benefit on Niyo Global Card issued by Equitas Bank has been discontinued. Instead, a 1.5% - 3.5% forex markup will be charged on international transactions on Equitas-issued debit cards. Additionally, users will no longer be able to access or operate their Equitas Bank Savings Account through the NiyoX or Niyo Global apps."
The technical reason: Niyo and Equitas could not align on long-term commercial terms for continuing the zero-markup product. Equitas Small Finance Bank shifted its strategy toward its own branded retail products rather than fintech partnerships. Niyo, in response, pivoted to new banking partners — DCB Bank India and SBM Bank India — for the next generation of Niyo Global.
Critical action items for existing Niyo-Equitas users
If your Niyo Global card was issued by Equitas Bank (check the small print on the back of your card or the issuer name in the Niyo app), you have three immediate considerations:
- Stop using your Equitas-Niyo card for international transactions. The 1.5-3.5% forex markup means using this card abroad is now no better than using a regular HDFC / ICICI / SBI debit card. The unique value proposition is gone.
- Upgrade to the new Niyo Global account powered by DCB Bank or SBM Bank India through the Niyo app. This is the migration path Niyo is actively offering existing users. The new account restores zero forex markup, free ATM withdrawals abroad, and the Niyo Global card experience.
- Decide what to do with your Equitas Bank savings account. Your funds with Equitas Bank are safe and accessible — you simply can't manage them through the Niyo app anymore. Options: (a) continue using Equitas directly via Equitas's own banking platforms, (b) close the Equitas account and consolidate funds elsewhere, (c) ignore it if the balance is small and you've migrated to the new Niyo Global.
For users heading abroad imminently: do not assume your Niyo card still has zero forex markup until you've verified the issuer. A surprise 3.5% markup on a ₹50K foreign spend is ₹1,750 you didn't plan for.
The new Niyo Global on DCB Bank / SBM Bank — what's different
The next-generation Niyo Global comes in two flavours depending on which banking partner is active in your region:
- Niyo Global powered by DCB Bank: Standard Niyo Global features — zero forex markup, free ATM withdrawals, 100+ currency support. DCB Bank is a private-sector commercial bank (different category from Small Finance Banks like Equitas), so the underlying account structure is conventional. Savings account interest is more in line with regular private banks (~3.5-4%, not the 6.5-7% Equitas offered).
- Niyo Global powered by SBM Bank India: Identical product features. SBM Bank India is the Indian arm of State Bank of Mauritius, a private foreign bank. Operates similar to DCB version.
The core international travel use case — swiping abroad with zero markup, withdrawing free cash from foreign ATMs — is preserved across both new partners. What's been lost: the 6.5-7% Equitas savings interest. If your primary reason for Niyo was high-interest savings + occasional travel, the new product is less compelling. If your primary reason was the international travel benefits, the new product delivers identically.
Important: the migration is being rolled out region by region. Some users will be invited to DCB-powered Niyo; others to SBM-powered. As of May 2026, both are operational; the practical experience is essentially identical.
How to migrate — step by step
The migration from Equitas-Niyo to DCB/SBM-Niyo:
- Open the Niyo Global app. You should see a banner / notification about the migration. If not, go to Profile → Account → Migration / Upgrade.
- Tap "Upgrade to new Niyo Global". The app presents whichever banking partner is being assigned to you (DCB or SBM).
- Complete the new KYC if required. Most existing users with valid KYC on file can be migrated without re-submission, but some will need to upload PAN + Aadhaar + selfie / video KYC again.
- A new debit card will be issued to your address (4-7 working days). The old Equitas-issued card stops being a Niyo product but can continue to be used as a regular Equitas debit card if you want.
- Once the new card is activated, transfer any funds you want to keep within the Niyo Global ecosystem from your old Equitas account to the new DCB/SBM account. Note: this is an inter-bank transfer (NEFT/IMPS); not instant within the Niyo app since they're different banks now.
Total time from request to fully functional new Niyo Global: typically 7-14 days. Plan international travel around this — don't assume you can migrate the night before flying.
Alternatives if you'd rather switch off Niyo entirely
The Niyo-Equitas mess has made some users reconsider their forex card strategy. Alternatives that deliver similar value:
- BookMyForex Wow Card: 0% markup on loaded currencies, doorstep delivery in 4 hours in metros. No ongoing savings account; just a prepaid card. Good for one-time leisure travel.
- Wise multi-currency account: 0.5-1% markup at interbank rate, 40+ currencies, local account numbers in US/UK/EU/Australia. Best for digital nomads, freelancers paid in USD.
- Scapia Federal Bank Credit Card: Lifetime free, 0% forex markup, plus rewards. Best as a primary international SPENDING card (not for ATM cash needs). See our Scapia review.
- IDFC FIRST Wealth Credit Card: Lifetime free for higher-income holders, 0% forex markup, international lounge access, rewards on international spend.
The new Niyo Global (DCB/SBM) is still excellent — particularly for ATM cash and for users who want a single product that does both forex card and savings. If the migration friction bothers you, switching to BookMyForex Wow or Wise is a reasonable response. The strict combo that most Indian travellers should run in 2026: Scapia or IDFC FIRST Wealth (for international swipes) + Niyo Global on DCB/SBM (for ATM cash). Don't let the partnership transition push you to no protection at all.
What this means for the broader Indian forex card market
The Niyo-Equitas split is a useful reminder that fintech-bank partnerships are not permanent infrastructure. Federal Bank-Scapia, IDFC FIRST's various cards, RBL World Safari, Axis Atlas, HDFC Infinia — all of these depend on commercial terms holding between fintechs and banks. When those terms misalign, products change, sometimes radically, with limited notice to the consumer.
The practical implication for forex card users:
- Don't put all your forex eggs in one basket. Maintain 2 working solutions — one credit card (Scapia / IDFC FIRST Wealth) + one prepaid / debit card (Niyo Global on DCB/SBM, or Wise). Either one going through a partnership change like Niyo-Equitas doesn't leave you stranded.
- Verify your card's specifics before each international trip. Don't assume terms haven't changed since your last trip. Forex card landscape moves faster than most consumer financial products.
- Keep an emergency backup. Even your "regular" HDFC / ICICI debit card with international transactions enabled is a useful 3rd-line backup. Yes, 3.5% markup hurts, but it's better than no card access.
The Indian forex card market is still net-improving year-on-year — more options, more competition, lower fees. The Niyo-Equitas split is a transition cost, not a regression. The new product is functionally identical for the international use case. Just don't get caught using a card that no longer delivers the benefits you remember.
Frequently asked questions
Is the Niyo Global card still zero forex markup in 2026?
Only on the new Niyo Global powered by DCB Bank or SBM Bank India. The OLD Niyo Global card issued by Equitas Small Finance Bank now charges 1.5-3.5% forex markup — the zero markup benefit was discontinued when the Niyo-Equitas partnership ended. Existing Equitas-Niyo users must migrate to the new product to retain zero markup.
How do I check which bank issued my Niyo Global card?
Check the small print on the back of your card — the issuing bank is named explicitly. Or open the Niyo app → Profile → Account details → Banking partner. If it's Equitas, you need to migrate. If it's DCB Bank or SBM Bank India, you're on the new product and zero forex markup is preserved.
Is my money safe with Equitas Bank if I stop using the Niyo app?
Yes — your Equitas savings account funds are fully safe and accessible via Equitas Bank's own banking platforms (app, internet banking, branches). The change is only that the Niyo app no longer integrates with Equitas. Continue banking with Equitas directly, or close the account and consolidate funds elsewhere.
Will my new Niyo Global card on DCB Bank also pay 7% savings interest?
No — the 6.5-7% savings interest was an Equitas Small Finance Bank feature, not a Niyo feature. The new Niyo Global accounts on DCB Bank (~3.5-4% interest) and SBM Bank India (similar) pay standard private-bank rates. The international travel benefits (0% forex markup, free ATM withdrawals) are preserved, but the high-interest savings angle is lost.
How long does the Niyo migration take?
7-14 days end-to-end: request migration in Niyo app (instant), KYC verification (0-3 days if existing KYC valid, 3-7 days if re-KYC needed), new card delivery (4-7 working days), and inter-bank transfer of funds from old to new account (1-3 days NEFT/IMPS). Don't attempt to migrate the night before international travel.
Should I switch from Niyo to Scapia or Wise instead?
Scapia (lifetime free 0% markup credit card) is a strict upgrade for swipes — earn rewards, fraud protection, lounge access. But Scapia doesn't help with ATM cash withdrawals (credit card cash advances are expensive). The optimal 2026 setup: Scapia for swipes + new Niyo Global on DCB/SBM for ATM cash. Wise is a strong alternative if you frequently receive international payments or hold balances in multiple currencies.