Zero Forex Markup Card: A Way to Simplify your foreign transactions

Zero forex markup card

When you use your card for transactions in a currency that differs from your home currency (INR), the payment processor needs to convert the foreign currency into your local currency. Typically, the payment processor adds an additional fee on top of the foreign exchange (forex) rate, which is referred to as the Forex Markup fee. Conventional credit and debit cards might come with a forex markup fee that can go up to 3.5%. However, in recent times, many cards have become available that do not impose any markup fees whatsoever. Instead, they apply the exact foreign exchange rates. These types of cards are commonly known as ‘Zero Forex Markup’ Cards. Read to know more about Zero Forex Markup cards in India.

Must Read: What Is Forex Trading & Its Impact On Students

What is a Zero Forex Markup Card?

A Zero Forex markup card is also known as a “Zero Foreign Exchange Fee” card. It is a type of credit or debit card that doesn’t charge any additional fees for currency conversion when you make transactions in foreign currencies. This can be beneficial for international travellers or online shoppers who frequently make purchases in different currencies, or students who want to make transactions abroad; as it helps them avoid extra charges typically associated with currency conversion. Keep in mind that the specific terms and benefits of such cards may vary depending on the issuing bank or financial institution.

A Zero Forex Fee card is designed to provide users with the ability to make transactions in foreign currencies without incurring any additional fees for currency conversion. Here are some key details about such cards:

Currency Conversion Fee

Traditional credit and debit cards often charge a foreign exchange fee, also known as a currency conversion fee, when you make purchases in a currency different from the card’s default currency. This fee is typically a percentage of the transaction amount. With a Zero Forex markup card, this fee is waived, allowing you to make transactions at the actual exchange rate without extra charges.

Also Read: Benefits of DBS Bank Credit Card for International Students

International Travel

These cards are particularly popular among international travellers. When using this type of card abroad, you can pay for goods and services in the local currency without worrying about the extra fee that’s usually associated with currency conversion.

Online Shopping

These cards can also be useful for online shoppers who frequently buy products from international websites. By using a Zero Foreign Exchange Fee card, you can avoid paying unnecessary fees for currency conversion when making online purchases.

Also Read: SBI Forex Card

Issuing Banks

Zero Forex markup cards are typically offered by banks and financial institutions as a premium feature. These cards might be included in premium credit card offerings or as a specific benefit for certain account types.

Exchange Rate

While you won’t be charged an additional fee for currency conversion, it’s important to note that the exchange rate used for the conversion may still vary from the interbank rate. The exchange rate used by the issuing bank or card provider might include a small markup, even though there’s no additional fee.

Also Read: Axis Bank Forex Card 

Benefits and Rewards

Some Zero Foreign Exchange Fee cards may also come with additional travel-related benefits, such as travel insurance, lounge access at airports, and rewards programs tailored to international spending.

Eligibility and Fees

Keep in mind that eligibility requirements for these cards, as well as annual fees and other charges, can vary. It’s advisable to review the terms and conditions before applying for or using any Zero Forex Markup Card.

Verification

When using the card internationally, you might be asked to verify transactions for security purposes. Make sure to keep your contact information updated with your card issuer to ensure smooth transactions.

Also Read: ICICI Forex Card for Students

Application of Zero Forex Markup Card

Due to the significant fees incurred with regular cards for these activities, there is a high demand for cards that come with the benefit of not charging any additional fees for foreign currency transactions. Owing to these advantages, a Zero Foreign Exchange Fee Card is used for the following purposes:

  • Making purchases online from India in a foreign currency, such as booking flights or paying admission fees to foreign institutions.
  • When you’re abroad and making online payments like booking rides, ordering food, or reserving hotels, these cards come in handy. They also work for in-person payments at restaurants and stores.
  • Withdrawing cash from ATMs while abroad. Further, these cards can also be used for offline point-of-sale (POS) transactions, such as paying at restaurants or shopping in stores.

Also Read: HDFC Forex Card for Students

Examples of Zero Forex Markup Cards in India

Indians travelling abroad or shopping online in foreign currency can use debit cards or credit cards with 0% forex markup. Some of the popular examples of Zero Forex Markup Cards available in India are tabulated below. All the below-mentioned cards can be used in International ATMs only. 

CardsForex MarkupChargesATM Withdrawal Fees
Axis Burgandy Private Credit Card0%Free for LifetimeNil
RBL World Safari Credit Card0%INR 3000 + GSTNil
IndusInd World Exclusive Debit Card0%Free for LifetimeNil
IDFC Wow Credit Card0%Free for LifetimeNil
RBL Signature+ Debit Card0%INR 1500 + GST; Charges waived off if expenses exceed INR 3 lakhNil
Niyo X Equitas Card (Debit Card)0%Free for a Lifetime, only if you maintain a balance of INR 1000 for a month in a yearINR 110
Niyo IDFC Debit Card0%Free for LifetimeNil
Jupiter Money Pro Salary Account Debit Card0% for up to INR 1 lakhFree for LifetimeINR 100
Niyo SBM Global Debit Card0%Free for 1st year; INR 499+GST Nil
Scapia Credit Card0%Free for LifetimeNil

Also Read: Multi-Currency Forex Card

FAQs

Q1. Which forex cards have zero markup fee?

Ans. Axis Burgandy Private Credit Card, RBL World Safari Credit Card, IndusInd World Exclusive Debit Card, Niyo IDFC Debit Card, and Jupiter Debit Card are popular examples of Zero Markup Forex Cards.

Q2. What does zero markup debit or credit card mean?

Ans. It is a type of credit or debit card that doesn’t charge any additional fees for currency conversion when you make transactions in foreign currencies. 

Q3. Which private banks in India offer zero markup fee credit or debit cards?

Ans. These cards are available at Axis Bank, IndusInd Bank, and IDFC Bank. 

Stay in touch with FlyFinance for international money transfers and study abroad loans. Connect with our experts at 1800 572 126 to get end-to-end guidance. 

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