India · Currency Exchange Guide · Forex Cards for Indian Travellers · Last checked 21 October 2026

Forex Cards for Indian Travellers: Fees Compared, Not Ranked

Indian travellers heading abroad can carry cash, a prepaid forex card, a debit card or a credit card, and the fee schedules behind them are hard to compare. This guide sets out what published sources say about forex markup, the GST added on top, ATM and cash advance charges, and the Wise travel card. It shows how the numbers work with a made-up example and is plain about what we could not confirm. We did not test any card ourselves, so we do not name a best card.

The short version

• CardTrail (28 February 2026) lists the forex markup on several credit cards at 2% (HDFC Infinia, Diners Black, Axis Magnus), 3.5% (HDFC Regalia and Millennia, ICICI Sapphiro), 1.99% (SBI Elite) and 0% (Scapia Federal, Niyo Global, IndusInd Nexxt, RBL World Safari). It cites no source for the figures.
• Business Standard (31 May 2024) says most credit cards in India charge a 3.5% forex markup, with some cards at zero. That page is more than two years old.
• GST of 18% is charged on the markup, not on the whole transaction. A 3.5% markup becomes about 4.13% with GST, and a 2% markup about 2.36%.
• Cash withdrawals on a credit card abroad carry a cash advance fee and interest from the day of withdrawal. CardTrail says the fee is typically 2.5% to 3% of the amount, and that even zero-markup cards usually charge it.
• Wise's card page for Indian residents lists ATM withdrawals as free up to 200 US dollars a month, then 1.40 dollars plus 3.25% on the amount above. It gives no conversion fee figure. A competitor's review says the card cannot be used in India.
• A "zero-markup" label describes the markup on a transaction. It says nothing about ATM, cash advance, GST-on-fees or issuance charges, so read the whole fee schedule.

What "markup" means on a card

A forex markup is a percentage the card issuer adds to the exchange rate the card network uses. It is separate from any flat fee. GST of 18% is charged on every fee the bank imposes, including this one. Business Standard (31 May 2024) gives two worked examples from its sources: a 3% markup on 10,000 rupees is 300 rupees plus 54 rupees GST, which is 354 rupees. A 3.5% markup on 16,600 rupees is 581 rupees plus 104.58 rupees GST, which is 685.58 rupees.

If a merchant or ATM abroad offers to bill you in rupees instead of the local currency, that is dynamic currency conversion (DCC). Business Standard (April 2025) advises avoiding it, and our guide to bank, airport and online exchange covers it.

Standard bank cards

CardTrail's table (28 February 2026) gives these markups and the GST on them. Its "effective" column is the sum of the two.

• HDFC Infinia and Diners Black: 2% markup, 0.36% GST, 2.36% in total.
• HDFC Regalia and Millennia: 3.5% markup, 0.63% GST, 4.13% in total.
• ICICI Sapphiro: 3.5% markup, 0.63% GST, 4.13% in total.
• SBI Elite: 1.99% markup, 0.36% GST, 2.35% in total.
• Axis Magnus: 2% markup, 0.36% GST, 2.36% in total.
• IDFC FIRST Wealth: 1.5% markup, 0.27% GST, 1.77% in total.

The page says the figures come from CardTrail Research and that it takes no affiliate commissions, but it does not say how or when each card's rate was verified. We could not check the figures against each bank's fee schedule for this post. Markups change when banks revise a card, so your own card issuer's current schedule is the number that counts.

Zero-markup cards

Several sources list cards with a zero forex markup.

• Federal Bank Scapia, RBL World Safari, Axis Burgundy and IDFC FIRST Wow are credit cards that Business Standard (2024) and BankBazaar (updated 21 October 2026) describe as having no forex markup. BankBazaar says Scapia has zero joining and annual fees.
• Niyo Global is described by CardTrail as 0% markup and by Niyo's own blog (3 December 2025) as a zero-markup card. Niyo's blog claims it can save up to 5% on every transaction and 3-5% on forex card fees, but gives no markup percentage or ATM fee for the card, and says one international ATM withdrawal per quarter has its fee returned as Niyo Coins. That is a promotional page. CardTrail says Niyo's ATM limit is 25,000 rupees a month free of charge. We could not check that on Niyo's own terms.
• BookMyForex's prepaid forex card is advertised as zero issuance, unload, reload and annual fee, with zero markup on certain currencies, in select cities, for orders of 1.5 lakh rupees or more, with a promo code (BookMyForex comparison, 18 September 2023). That page is a seller's own comparison, and the conditions are part of the offer.

Two sources describe a difference between zero-markup credit and debit cards. CardTrail says even zero-markup cards usually charge a cash advance fee. BankBazaar's page adds that IDFC FIRST Wow charges 199 rupees plus GST per cash withdrawal, and Axis Burgundy Private charges no withdrawal fee or interest until the due date. So a "zero-markup credit card" can be fine for swiping and a bad choice for cash, depending on the card. We did not find a source for a "debit card is better for cash" rule that holds across issuers.

Cash advance fees

A credit card used at an ATM abroad is treated as a cash advance. The sources we read say:

• CardTrail (28 February 2026): forex markup plus a cash advance fee "typically 2.5%-3% of the amount" plus interest from day one.
• BankBazaar (updated 21 October 2026) and Business Standard (2024): interest on cash withdrawals is "typically" 30% to 45% a year, and most cards charge it from the day of withdrawal.
• BankBazaar: IDFC FIRST Wow charges 199 rupees plus GST per withdrawal, with interest-free withdrawal for up to 45 days. Axis Burgundy Private charges no withdrawal fee or interest until the due date.

Check the exact fees on your own card's fee schedule.

A worked example, with made-up numbers

The figures below are invented. They only show how the charges stack up.

Say you spend 100,000 rupees' worth abroad on a card with a 3.5% markup.

• The markup is 3,500 rupees, the GST on it is 630 rupees, so you pay 4,130 rupees extra, or 4.13%.
• On a card with a 2% markup, the extra cost is 2,000 plus 360 GST, which is 2,360 rupees.
• On a zero-markup card, the markup and its GST are 0, though other fees may apply.

Now a cash withdrawal. Say you take 20,000 rupees' worth from an ATM on a credit card with a 2.5% cash advance fee and 40% annual interest, and repay after 15 days.

• Cash advance fee: 500 rupees, plus 90 rupees GST, which is 590 rupees.
• Interest: 20,000 x 40% x 15 / 365 is about 329 rupees.
• Together that is about 919 rupees, or roughly 4.6% of the cash, before any markup and before the ATM operator's own charge.

Wise travel card

Wise's card fees page for India (undated, footer 2026) calls it the Wise Travel Card for residents in India. It says you spend at the mid-market rate and lists ATM withdrawals as free up to and including 200 US dollars a month, then 1.40 dollars plus 3.25% on the amount above that allowance. It gives no figure for its conversion fee, only the phrase "low conversion fees".

A review by Winvesta (27 March 2026), a competitor of Wise, says the card cannot be used for domestic Indian transactions, has no UPI link, and was on a waitlist that opened in October 2025. It also says some Wise India features may change from about April 2026, so its details may be out of date.

Paperwork, TCS and LRS

Our Delhi airport guide covers the PAN rule for cash payments above 50,000 rupees.

TCS depends on how much you send abroad under the Liberalised Remittance Scheme (LRS). Two advisory sites (BookMyForex, February 2026; Sschandak, 16 June 2026) say there is no TCS on the first 10 lakh rupees in a financial year, then 2% on self-funded education and medical remittances and 20% on other purposes. Our guide to banks, airports and online platforms covers this in more detail, including the open question of whether credit card spending abroad counts. CardTrail (21 March 2026) says it does not, and cites no rule. That article says debit and forex card spending does count. We could not confirm any of it from an official source.

How to pick, in our view

This section is our advice, based on the sources above. It is not a sourced fact.

• Make a list of every charge on each card you are considering: markup, GST, ATM, cash advance, issuance and reload. Only the total matters.
• For swiping and online payments, a card with zero markup and no annual fee costs the least on the numbers above. Check that its cash and ATM terms suit you before you rely on it for notes.
• For cash abroad, compare the ATM operator's charge, your issuer's withdrawal fee and any monthly free allowance. A credit card cash advance is the costliest route in the worked example, because interest starts at once.
• A prepaid card that is topped up before you leave locks in a rate and limits what you can lose if it is stolen. Check the unload and refund terms.
• If you use Wise, check the current India terms first, because the sources disagree on what it charges and where it works.
• Always choose the local currency at terminals and ATMs.

What we could not confirm

• The current forex markup on any card, from the bank's own schedule. CardTrail gives no method for its table.
• Whether SBI cards other than SBI Elite carry the 1.99% rate.
• The figures that were removed: a flat 1% DCC fee at HDFC, cash advance and interest terms at HDFC and ICICI, and a Wise fee "around 1.16%".
• Wise's real conversion fee for Indian residents, and whether the card is available to everyone.
• Niyo Global's ATM fee and its monthly free limit from Niyo's own terms.
• Whether Fi's card still exists or charges any ATM fee. We found no current source.
• Whether Form A2 or any other form is needed to issue or reload a forex card.
• Whether credit card spending abroad is outside LRS and TCS today.

A simple plan

1. List the cards you could use abroad and read each fee schedule on the issuer's own site.
2. Add up markup plus 18% GST for swiping, and the cash advance or ATM charges for cash.
3. Use the card with the lowest total for each job, and carry a backup from a different network.
4. At every terminal, choose the local currency.
5. Check your bank's current TCS and LRS position if you expect to spend or send a large sum.

FAQ

Which forex card is best for Indians?
We could not confirm a single best card. Published sources list several zero-markup cards, but their other fees differ and none was tested by us.

Is 18% GST charged on the whole transaction?
No. The sources we read say GST is charged on the fee, such as the markup, not on the transaction amount.

Is a zero-markup credit card good for ATM cash?
Not necessarily. CardTrail says even zero-markup cards usually charge a cash advance fee, and interest typically starts from the day of withdrawal.

Does the Wise card work in India?
Winvesta, a competitor, says it cannot be used for domestic Indian transactions. Wise's own page lists it for residents in India. Check Wise's current terms.

Do I need a PAN to buy a forex card?
Our Delhi airport guide covers the PAN rule for cash payments above 50,000 rupees. We did not find a source that says a PAN is needed for every card.

Sources and how we checked them

Checked on 21 October 2026. Where we call something confirmed, at least two of these sources agree, or an official source says so directly. None of these is an official source, and several sell cards or transfers.

• CardTrail, card-comparison site, Understanding Forex Markup on Indian Credit Cards, 28 February 2026.
• CardTrail, RBI Limit on International Credit Card Transactions, 21 March 2026.
• Business Standard, newspaper, Credit cards with the lowest foreign transaction fee for your trip abroad, 31 May 2024.
• Business Standard, newspaper, Buying forex: Compare exchange price offered by seller with interbank rate, 23 April 2025.
• BankBazaar, finance marketplace, Zero Forex Markup Credit Cards, updated 21 October 2026.
• BookMyForex, forex seller, A Comprehensive Comparison: BookMyForex vs Banks for Forex Services, 18 September 2023.
• Niyo, card issuer's own blog, guide to withdrawing forex cash abroad, 3 December 2025.
• Wise, payments company, Wise Travel Card fees page for India (undated, footer 2026).
• Winvesta, competitor of Wise, Wise India review 2026, 27 March 2026.
• Sschandak (16 June 2026) and BookMyForex (February 2026), advisory firm and forex seller, TCS pages.

Editorial note: The counter, rate and airport information in this guide is editorial and is not paid for. Rates and fees change, so confirm the final rate at the counter before exchanging.