Top 7 Forex Cards in India 2026: Zero Markup & Easy TCS Refunds
A forex card is a prepaid, debit or credit card which is optimized for international use - often allowing you to hold a foreign currency balance and spend with no extra fee once you’re overseas.
Using a multi currency forex card when you travel beats carrying physical cash as you’ll often get better exchange rates, with safe and convenient spending and withdrawals wherever you are in the world.
As UPI Global is getting more and more popular, customers are exploring UPI-enabled and zero-markup forex cards for easy overseas use. Forex cards offer secure transactions - and often both a virtual and a physical card which offers peace of mind for global travelers.
We will explore 7 of the top Forex Cards in India, including the Wise Travel Card (Good for mid-market rates); Scapia (Good for frequent flyers) and IDFC First Wow (Good for Students with no credit history)
Key Things to Look for When Choosing a Forex Card
- Currencies available: Forex cards often let you hold a range of foreign currencies - Wise supports 40+ for example. Some cards also support INR only but waive forex fees when you’re abroad.
- Exchange rate: Look at the rates for adding and converting money - finding a provider with the mid-market rate or as close to it is usually a good way to get a fair deal.
- Currency conversion fee: Check for conversion or cross currency fees - some cards have a 3% or higher cross currency fee if you run short on the currency needed for your overseas spending.
- Digital card: If your provider has a digital card you can usually start to use it right away with no need to wait for your physical card to arrive in the mail.
- Application process: Look for an easy application process you can manage from home with your phone.
- Other fees: Don’t forget to look out for ATM fees, inactivity costs, interest and penalties.
Compare the top Forex Cards in India: Fees, Markups, and Perks
In this guide we’ve picked out 7 top forex card options based on providers which offer strong exchange rates, low or no issuance and maintenance fee, and the availability of TCS automation to track the ₹10 Lakh LRS limit.
We’ve also selected multi-currency options which have a broad range of supported currencies for holding and exchange, as well as other cards which support INR only but have no forex fee for low cost overseas spending.
We’ll start with a side by side comparison - with more on each card right after.
| Card Name | Card Type | Supported currencies for holding and exchange | Forex Markup | Issuance and maintenance Fee | 2026 Feature |
|---|---|---|---|---|---|
| Wise^ | Multi-currency Account/Card | 40+ | 0% Uses the mid-market rate | None | Real-time mid-market rates and auto conversion features |
| Niyo Global (SBM/Equitas) | Debit/Prepaid linked to INR savings account | INR | 0% Uses the Visa exchange rate | ₹0 - deposit of 5,000 INR required for physical card | Integrated TCS tracker, immediate loading via UPI/IMPS/NEFT |
| Scapia (Federal Bank) | Credit Card | INR | 0% | ₹0 | Unlimited domestic lounge access (on spending ₹20,000 monthly) |
| BookMyForex Card | Prepaid | 14 currencies | 0% on load - 3.5% cross currency fee | ₹0 | Interbank rates with 4-hour delivery in metros. |
| Axis Bank Multi-currency Forex Card | Multi-Currency | 16 currencies | Bank exchange rate on load - 3.5% cross currency fee | ₹300 | Broad acceptance and high limits on ATM and POS spending |
| IDFC First Wow | FD-Backed Credit | INR | 0% | ₹0 | No credit score needed; ideal for students. |
| SBI Vishwa Yatra | Multi-Currency | 7 currencies | Bank exchange rate on load - 3% cross currency fee | ₹100 | Maximum reliability in Tier 2/3 Indian cities. |
*Details correct at time of research — 1 April 2026. Based on publicly available information from provider websites and terms as of this date.
^Services provided in partnership with regulated banks and e‑wallet providers in India.
Reviewing the top Forex Cards for International Travel
Wise
⭐️ Good for: Broad range of 40+ supported currencies, mid-market rates and no hidden forex fees
→ Check Real-Time Exchange Rates on Wise
The Wise Card lets you spend and withdraw in 160+ countries and territories with no foreign transaction or cross currency fee. Services in India are provided in partnership with regulated banks and e‑wallet providers.
Hold and exchange 40+ foreign currencies in your Wise account through our partner banks, top up in the app and spend as you travel conveniently, securely and cheaply.
Pros | Cons |
|---|---|
✅ No card order or subscription charges to pay ✅ No forex markups or hidden fees ✅ No fee ATM withdrawals, to 200 USD per month*, with low fees after that ✅ Not a credit card – no risk of interest charges creeping in | ❌ You can’t hold an INR balance ❌Some ATM fees apply when you exceed the no fee limit ❌ Card delivery can take 5 to 7 business days |
*Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
Note: Wise services in India are provided through partnerships with regulated banks and e‑wallet providers. Wise facilitates these services and does not directly hold licenses to undertake funds transfer and e‑money business in India.
Niyo Global (SBM/Equitas)
⭐️ Good for: Combined saving opportunity and zero forex fee card for low cost international spending
The Niyo Global card is linked to a savings account which offers 7.00% interest p.a. on savings* with monthly interest payout, making this a good way to save at the same time as retaining easy access to your money when you need to spend. The card has lifestyle perks like airport lounge access making it attractive for frequent travellers.
Pros | Cons |
|---|---|
✅7.00% interest p.a. on savings* ✅Currency conversion uses the Visa exchange rate ✅Both physical and virtual cards available ✅Managed in app for convenient travel use | ❌You must deposit 5,000 INR or more to your account to get a physical card ❌423 INR per ATM withdrawal ❌No foreign currency top up or holding feature |
*Correct at time of research - 1st April 2026
Scapia (Federal Bank)
⭐️ Good for: Reward earning credit card with cash back, points and airport and lifestyle privileges as you spend
The Scapia Card from Federal Bank is a travel credit card which has no forex fee and no annual or joining fee to pay. As with most credit cards, you might have to pay interest or penalties if you don’t repay your bills in full and on time. Spending can be rewarded with points, cash back and other perks.
Pros | Cons |
|---|---|
✅No annual fee and no forex fee ✅Earn points you card trade for flights and gifts ✅Up to 10% reward on every eligible online and offline spend ✅Lifestyle perks like lounge access if you meet minimum spend requirement | ❌2.5% (minimum 500 INR) cash advance fee ❌Interest and penalties may apply depending on how you transact ❌Some additional fees may apply - on wallet loads for example |
BookMyForex Card
⭐️ Good for: Same day delivery of a forex card covering 14 currencies with no forex fee on load
The BookMyForex Card can be delivered on the same day in some locations, and supports holding 14 currencies. There’s no forex fee when you load but you pay 3.5% cross currency fees if you don’t have the currency needed for spending once you’re overseas. Cards have no initial order fee and no subscription fee to pay.
Pros | Cons |
|---|---|
✅14 supported holding currencies ✅No order fee and no ongoing fee to pay ✅No reload or unload fee ✅No inactivity fee | ❌3.5% cross currency fee if you don’t have the required currency for your transaction ❌Variable ATM fees apply ❌High 3,000 INR fee to replace card outside of India |
Axis Bank Multi-currency Forex Card
⭐️ Good for: Secure multi-currency prepaid card covering 16 currencies with high withdrawal and spend limits
The Axis Bank Multi-currency Forex Card lets you hold 16 currencies for easy spending and withdrawals. You’ll get the bank exchange rate on load - and there’s a 3.5% cross currency fee to pay if you spend in a currency you don’t have in your account.
Pros | Cons |
|---|---|
✅Supports 16 currencies for holding ✅Withdraw up to 1,000 USD, spending limits as high as 10,000 USD ✅24 hour customer service ✅Secure way to manage overseas spend | ❌3.5% cross currency fee if you don’t have the currency needed for your spending ❌₹300 issuance fee ❌Variable cash withdrawal fees |
IDFC First Wow
⭐️ Good for: Savers looking for a rewarding zero forex markup credit card with no credit history needed
To qualify for an IDFC First Wow card you need a FD deposit of ₹20,000, but this means there’s no need to have a credit history to get approved. This can be especially handy for students and people applying for a first card. Earn bank reward points as you send which you can convert to cash or for gifts later.
Pros | Cons |
|---|---|
✅No credit check needed ✅No forex fee to pay ✅No joining or annual fee to pay ✅Ear rewards to redeem as gifts or cash | ❌FD deposit of ₹20,000 required ❌No foreign currency holding option ❌199 INR ATM fee |
SBI Vishwa Yatra
⭐️ Good for: Reliable multi-currency card for 7 currencies with a low issuance fee of ₹100
The SBI Vishwa Yatra Multi-Currency Card supports 7 currencies for holding and exchange. You’ll get the bank exchange rate on load and there’s a 3% cross currency fee if you don’t have the currency you need in your account for a payment or withdrawal.
Pros | Cons |
|---|---|
✅7 supported holding currencies ✅Easy to use card with branch support when needed ✅Safe for payments and withdrawals ✅Mastercard network for global acceptance | ❌₹100 issuance fee ❌Variable ATM fees based on currency ❌In branch top up needed |
The "Hidden" Costs: Understanding Forex Card Charges
Forex cards can be cheap and convenient. But they’re not usually completely free - costs can creep in depending on how you transact. Here are a few forex card charges to watch out for:
ATM Withdrawal Fees: Bear in mind that "Zero Markup" doesn't mean "Zero Fee" at an ATM (fees from the provider can be ₹300–₹500, and the ATM operator may also impose costs).
Inactivity Charges: Some forex cards have an inactivity fee if you don’t transact for 6+ months. This gradually drains any remaining balance, and leaves you out of pocket.
Reloading Margins: Be wary of cards that offer 0% markup but use a higher base exchange rate.
Cross Currency Costs: Look out for fees if you spend in a currency you don’t hold in your account - forgetting to convert to the currency needed for your travel may mean paying 3% or more in cross currency fees.
Navigating the 20% TCS & LRS Limit in 2026
Tax Collected at Source (TCS) applies at 20% under the Liberalised Remittance Scheme (LRS) if you spend or remit above the ₹10 Lakh exemption limit.
This limit is aggregate and applies per person, per financial year across all platforms. This means that if you have more than one card or provider you’ll need to add together the total transactions across all transactions to work out how much you’ve spent or remitted in a tax year.
If you believe you’ve paid more TCS than you should, you can use your card's annual statement to claim TCS refunds during ITR filing.
- Track spending and TCS with your card’s statement tools
- Prior to ITR filing, collect all your relevant all TCS certificates (Form 27D)
- Confirm the transaction values in your consolidated tax statement (Form 26AS)
- Enter the TCS details in your ITR using the correct forms based on your situation
- Claim any refund owed when you submit your ITR
💡Pro-Tip: When spending overseas, or sending remittances, split-loading between two family members can save upfront tax. For travel purposes as an example, if you’re going abroad with several family members, each individual can get a forex card to make the most of each individual’s ₹10 Lakh exemption and avoid paying too much TCS overall.
Security: Keeping Your Funds Safe Abroad
Using a forex card can be safer than carrying cash - but there are also a few smart tricks you can use to increase security overall:
Check and update account security: Before you travel ensure your contact details are correct, you’re happy with your card limits, and you’ll receive instant transaction notifications when your card is used.
Virtual Cards: Use one-time virtual cards for "shady" kiosks or online bookings so your card can’t be cloned or skimmed.
Geofencing: Set your card to work only in the country you are visiting via the provider’s app.
Forex Card vs. UPI Global vs. Cash
When you’re overseas, using a forex card, UPI Global or cash are the most common payment methods. But which is better? Here’s a quick features comparison to help you decide:
Feature | Multi-Currency Forex Card | UPI Global (QR Payments) | Physical Cash (Foreign Currency) |
|---|---|---|---|
Exchange Rate | Locked-in: You buy at today's rate; immune to INR drops. | Real-time: Mid-market bank rate at the moment of scan. | Variable: Usually the worst rates (2-4% higher than interbank). |
Forex Markup | 0% to 0.5% (on top-tier cards). | 0% (Standard bank rate applies). | High (Hidden in the spread at exchange counters). |
Global Acceptance | Universal: Works at 100M+ Visa/Mastercard merchants & ATMs. | Growing: Limited to 8+ countries (UAE, France, SG, Mauritius, etc.). | Universal: Essential for tips, street food, and remote areas. |
TCS Management | Direct Tracking: Most apps (like Niyo/HDFC) have a 2026 "TCS Tracker." | Integrated: Linked to your Indian bank's LRS limit. | Manual: Harder to track for ITR refunds unless you keep receipts. |
ATM Access | Yes: Good for withdrawing large amounts of local cash. | No: ATM withdrawal is currently not supported via UPI QR. | N/A: You already have the cash! |
Security | High: Instant freeze via app; PIN-protected; travel insurance. | High: Biometric/PIN authorized on your own device. | Low: High risk of theft or loss; non-recoverable. |
Ideal Use Case | Hotels, car rentals, flights, and multi-country trips. | Cafes, souvenir shops, and local taxis in supported countries. | Emergency "safety net," tips, and small rural markets. |
Step-by-Step: How to Get Your Forex Card in 2026
Getting your forex card shouldn’t be tricky. In fact you can generally manage the process from home with just your phone. Banks and card providers still have to complete a rigorous Know Your Customer (KYC) process for verification - but by 2026, most physical KYC is dead in India.
Instead you’ll be able to get verified by uploading your details and any required documents, and completing a video call. You’ll need your Original PAN Card and a white background for the video call, to allow the service staff to verify your identity properly.
Once you have your forex card you can usually choose to reload through the provider’s app or by using your own net banking.
To give an example, there’s how to use BookMyForex to get a card and load it online:
- Visit the BookMyForex forex card page
- Select your city and choose the currency you want to top up, then the amount
- Tap ‘Book this order’ and follow the prompts to enter your name, contact number, email ID, and PAN number
- Enter the details of your travel - dates and destination, as well as purpose
- Now you can upload the required documents following the prompts and complete the verification process
- Enter your card delivery address - the card will be dispatched to you at home
🚀 The Verdict: Which is the Best Forex Card in India for You?
There’s not one best Forex card in India - which is right for you depends on your preferences and spending patterns. Here’s a quick reminder of the cards we’ve looked at in this guide and where they may fit:
May suit for mid-market rates: Wise Travel Card
May suit for frequent flyers: Scapia
May suit for students with no credit history: IDFC First Wow
May suit for quick delivery: BookMyForex
May suit for savers: Niyo Global (SBM/Equitas)
May suit for high withdrawal and spend limits: Axis Bank Multi-currency Forex Card
May suit for in person top ups: SBI Vishwa Yatra