The Model is aimed at helping international travelers avoid reconversion losses
FinTech BizNews Service
Mumbai, April 15, 2026: Indian travellers often lose money twice while exchanging currency - once while buying foreign exchange and again when converting unused cash back into rupees. Travel fintech platform Niyo is seeking to address this long-standing pain point with the launch of industry-first zero-forex-markup buy-and-sell model.
Through its subsidiary Niyo Forex (brand name of Kanji Forex Pvt. Ltd.), an RBI-licensed Authorised Dealer Category II entity, the company will allow customers to purchase foreign currency and sell back unused notes at zero markup, based on the live rate applicable on the day of the transaction.
Retail forex in India largely operates on a spread-based pricing model. Travellers typically buy currency above interbank rates and sell it back below those rates. The combined buy-sell spread can often exceed 5%, increasing the overall cost of travel money.
According to company estimates, nearly 15% of purchased forex cash is returned by travellers for reconversion. Under traditional pricing models, this results in avoidable exchange losses, particularly for families and students who prefer carrying part of their travel budget in cash.
Under Niyo Forex’s newly introduced Buy Back feature, customers can sell back unutilised foreign currency notes within 60 days of purchase at zero markup, subject to eligibility conditions. The sell-back value must be equal to or lower than the original purchase amount.
For consumers, this brings greater cost predictability and reduces the penalty associated with overestimating cash requirements.
India’s outbound tourism market is projected to reach $61.7 billion by 2033, growing at a CAGR of 12.3%. As more Indians travel overseas for leisure, education, and business, transparent forex pricing is becoming increasingly relevant in personal financial planning.
Amit Talwar, CEO, Niyo Forex, said, “India’s outbound travel and forex market continue to remain significant, yet retail forex pricing has largely remained spread-driven and opaque. We estimate that nearly 15% of purchased forex cash is returned by travellers for reconversion, often resulting in avoidable exchange losses under traditional pricing models. Our zero-markup buy-and-sell model is designed to address this longstanding inefficiency by introducing greater transparency and predictability into currency transactions.”
Sai Sankar, Chief Business Officer, Niyo Forex said, “We are building a transparent, scalable forex ecosystem that combines digital access with physical distribution. Our focus is to simplify cross-border currency transactions while addressing pricing inefficiencies inherent in traditional models.”
Niyo Forex vs Traditional models/Airport Counters:
Metric | USD | INR |
Initial Amount of Foreign Currency Purchased | 1000 | 91500 |
Amount of Unused Foreign Currency Returned | 100 | 9150 |
Field | Niyo | Others (Airport counters and traditional vendors) |
Additional charges amount (Forex Markup and other fees) | 0 | 2.5 - 7.5 k |
Exchange charges on unused FCY (amount) | 0 | 0.5 - 1 k |
Total Money Lost | 0 | 3 - 9 k |
On a typical $2,500 forex transaction, travellers can save up to ₹2,300, or nearly 5% of the transaction value, by avoiding markup fees and reconversion losses
The platform offers doorstep delivery of foreign currency, typically within 24 hours in supported locations, along with doorstep pickup for eligible sell-back requests.
Earlier in 2025, Niyo acquired 90-year-old Kanji Forex Pvt. Ltd. and rebranded it as Niyo Forex, strengthening its licensed forex operations. The company has outlined plans to capture 10–15% of India’s cross-border forex market, supported by a 50-branch phygital expansion across key outbound travel corridors, including Mumbai, Pune, Hyderabad, Bengaluru, and Gurugram.
