Which Indian Banks Offer Zero Forex Fees?

Forex

If you are planning to travel abroad anytime soon, do keep the foreign transaction fees in mind. This is because such fees tend to slip in and go unnoticed, which can cause a strain on your finances. A card with no forex markup fees doesn’t just simplify your financial transactions overseas but also saves you a significant amount of money. 

One benefit you must not overlook is the fact that there are Indian banks today offering debit/credit cards that do not charge any forex markup fee. 

What is the forex markup fee?

The forex markup fee is an additional fee that banks apply when you conduct transactions in a different currency than your card’s default currency. This fee is applied for converting the denominations and is usually presented as a certain percentage above the standard exchange rate. Do keep in mind that this fee impacts the overall cost of your financial transactions overseas. 

Take a look at some of the best forex cards with zero markup fee offered by Indian banks:

1. INDIE VISA Signature debit card

If you are looking to get a forex card with zero markup fees, you should consider the INDIE VISA Signature debit card by INDIE. To apply for this card at no extra cost, you simply need to open a Megastar Savings Account on INDIE. 

This debit card is globally accepted in 150+ countries. With INDIE by IndusInd Bank, you can easily monitor all your transactions with ease. What’s more is that you can complete your transactions at the exact exchange rate without having to worry about any hidden charges. 

2. HDFC Bank Multicurrency ForexPlus card

While the HDFC Bank Multicurrency ForexPlus card does not levy any markup fee on transactions in the loaded currency, it does include a 2% cross-currency charge.

Also, you would have to pay a card issuance fee of Rs 500 plus GST. With this card, you can conveniently add a currency and transfer balance from one currency to another using the prepaid card netbanking facility. 

3. State Bank Multicurrency foreign travel card

The State Bank Multicurrency foreign travel card by SBI includes no forex markup fee on transactions in the currency that is loaded on the card. Do note that you would have to incur a 3% cross-currency usage fee which is charged on transactions made in other currencies.

The State Bank Multicurrency foreign travel card supports seven different currencies, proving to be an economical choice for those who are looking to make use of it only in limited countries.

4. Axis Bank Multicurrency forex card

The Axis Bank Multicurrency forex card charges a 3.5% cross-currency fee while offering 16 currencies. While applying for this card, you will have to bear an initial joining fee of Rs 300.

With the Axis Bank Multicurrency forex card, you can enjoy benefits that include cashback deals on international roaming packs, 24/7 emergency assistance services, as well as additional travel assistance services.

With this card, you can also load multiple currencies at a time and depending on your location, the card system will automatically select the currency wallet that is to be used. 

Conclusion

A good forex card offers a cost-effective way of managing your expenses while traveling abroad. A reputed bank would help you avoid the high forex charges with offerings such as a zero markup forex card.

Make sure to go through the various benefits that come along with the forex card before choosing a specific one. 

Article and permission to publish here provided by Deepak Sharma. Originally written for Supply Chain Game Changer and published on March 13, 2024.

Cover image by Kris from Pixabay.

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