The travel fintech platform describes this as a pioneering structure that enables customers to buy foreign currency and sell back unutilised cash at zero markup, using live exchange rates applicable on the transaction date.
This initiative addresses a common problem in retail forex transactions, where travellers often incur losses twice—first during the purchase of foreign exchange at a premium over interbank rates, and secondly when converting any leftover foreign currency back into rupees at lower selling rates.
Industry estimates indicate that the combined buy-sell spread in traditional forex pricing may exceed 5%.
According to the company, approximately 15% of the foreign currency purchased is usually returned by travellers for reconversion, leading to additional exchange losses under conventional pricing models, particularly affecting families and students who carry part of their travel budgets in cash.
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With the newly introduced Buy Back feature, customers can sell unutilised foreign currency notes within 60 days of purchase at zero markup, contingent on eligibility criteria. The sell-back value must be equal to or less than the original purchase amount.
Retail forex in India predominantly follows a spread-based pricing model, where customers buy currency above interbank rates and sell it back below those rates, thus increasing overall transaction costs.
According to industry forecasts, India’s outbound tourism market is expected to reach $61.7 billion by 2033, with a CAGR of 12.3%.
Amit Talwar, CEO of Niyo Forex, remarked that the retail forex market has historically been spread-driven and opaque. He highlighted that nearly 15% of purchased forex cash is returned for reconversion, leading to avoidable losses under traditional models, emphasizing that the zero-markup buy-and-sell framework aims to bring transparency and predictability to currency transactions.
Sai Sankar, Chief Business Officer of Niyo Forex, stated that the company is working towards creating a transparent and scalable forex ecosystem by merging digital access with physical distribution, with an emphasis on simplifying cross-border currency transactions and addressing inefficiencies in traditional pricing models.
The service offers doorstep delivery of foreign currency typically within 24 hours in supported areas, alongside doorstep pickup for eligible sell-back requests.
Earlier in 2025, Niyo acquired the 90-year-old Kanji Forex Pvt. Ltd. and rebranded it as Niyo Forex, thereby enhancing its RBI-licensed forex operations. The company also has outlined plans to capture 10–15% of India’s cross-border forex market through a network of 50 branches across major outbound travel hubs, including Mumbai, Pune, Hyderabad, Bengaluru, and Gurugram.
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