A foreign transaction fee of 1% to 3.5% is applicable on credit card payments abroad. This can truly drain your budget. Thus, an alternative is to carry a zero forex markup credit card that lets you save by paying only actual exchange rates without extra costs. HDFC Bank, IDFC First Bank, Axis Bank, and many others offer such cards that have zero transaction fees. You get additional benefits like lounge access and insurance coverage. To know more about the best zero markup forex cards, continue reading.
Table of contents
What are Zero Forex Markup Credit Card
Zero Forex Markup Credit Cards are cards that do not charge a markup fee (also known as foreign transaction fees) on foreign currency conversions on international transactions. This makes it an ideal choice to enjoy and pay for shopping, dining, entertainment, and other experiences abroad.
They are also called zero Forex markup cards. Popular options of credit cards with 0 forex markup include IDFC First Wow Card, Axis Bank Burgundy Private Credit Card, Federal Bank Scapia Credit Card, and RBL World Safari Credit Card.
Benefits of Zero Markup Credit Cards for International Travel
Choosing zero Forex markup cards is one of the wisest choices that travellers or international students can make because it offers significant benefits. They help you save money, enjoy convenience, and benefit from enhanced security features while making purchases abroad.
- You can spend abroad without incurring markup fees charged by standard credit cards which are between 1% to 3.5%.
- These cards can be used in multiple currencies and are accepted worldwide. This makes it convenient for you to make payments anywhere without worrying about additional fees.
- Many zero forex markup cards also offer rewards programs, travel insurance, and airport lounge access, adding value to your travel experiences beyond just the forex savings.
- They come with fraud protection security, ensuring secure transactions.
Also Read: Want to plan your budget wisely against exchange rate fluctuations? Learn all about locking exchange rates with currency hedging for students.
Difference Between Zero Markup Credit Cards and Zero Markup Forex Cards
Both Zero Markup Credit Cards and Forex Cards offer the convenience of making foreign transactions. Unlike standard credit and debit cards, they don’t charge a markup fee. However, there are a few differences between a Forex card and a credit card. Let’s check them out here.
| Zero Markup Credit Cards | Zero Markup Forex Cards |
| These are traditional credit cards that do not charge a markup fee on foreign currency transactions. | These are pre-paid travel cards that offer zero or competitive exchange rates to make international transactions. |
| They aren’t pre-loaded with currencies. You can make payments in whatever currency you wish to at the actual exchange rate and pay the credit card bill as usual. | They are pre-loaded with foreign currencies. Single-currency Forex cards can be loaded with one currency while Multi-currency Forex Cards can be loaded up to 22 currencies. |
| Popular Zero Markup Credit Cards are- – RBL World Safari Credit Card – IDFC First Wow Card – Federal Bank Scapia Credit Card – ixigo AU Credit Card | Popular Zero Markup Forex Cards are- – Thomas Cook Forex Card for Students – HDFC Forex Card – IDFC First Bank Forex Card – Bank of India Forex Card |
A Quick Tip: International students planning to study abroad must carry the best Forex cards for students for hassle-free money management.
Popular Zero Forex Markup Credit Cards
Considering the multiple benefits of zero Forex markup credit cards, let’s explore the best credit cards with zero Forex markup fees. Most of them do not charge any issuance and annual fees. Many popular banks in India offer them so you also have access to a wide network of ATMs with easy online management of money.
WOW Credit Card by IDFC First Bank
WOW Credit cards are offered by one of the leading IDFC First Bank in India. This zero Forex markup credit card genuinely offers ‘wow’ benefits like no Forex conversion fees and reward points on UPI spends. These are accepted globally with exclusive discounts and offers across 1,500+ restaurants and retailers.
You must hold a Fixed Deposit account in cumulative with the bank and maintain a minimum balance of INR 10,000. The credit limit equals the 100% value of the Fixed Deposits. By increasing the FD limit, Increase your credit limit for FIRST WOW.
You can simply log in to your online bank account to activate your IDFC First Bank WOW credit card with zero Forex markup. Using the mobile app or net banking, you can also easily check the balance on the credit card.
Joining Fee: INR 199 + GST
Annual Fee: NIL for the first year, INR 199 + GST from second year onwards
Mayura Credit Card by IDFC First Bank
Another zero Forex markup credit card offered by IDFC First Bank is the Mayura Card. It’s a premium metal card which features India’s regal peacock and pays tribute to the heritage of the country.
Apart from the 0 foreign exchange markup on all international transactions, you can earn cashback benefits of up to INR 4,000 on transactions made within 60 days of card issuance. Other benefits include 40 golf lessons per year, airport and railway lounge access, free trip cancellation coverage, travel insurance up to USD 1,200, lost card coverage up to INR 50,000 and so much more.
Joining Fee: INR 5,999 + GST
Annual Fee: INR 5,999 + GST
World Safari Credit Card by RBL Bank
RBL World Safari card comes with a 0% markup fee on all foreign transactions. Upon card activation, you get a MakeMyTrip voucher worth INR 3,000. Besides, you enjoy 2 travel points for every INR 100 spent on purchases and 5 travel points for every INR 100 spent on travel. The bank also offers RBL Bank Forex Cards for Students.
Other benefits include-
- 0% Dynamic Currency Conversion (DCC) on World Safari Credit Card.
- Lounge access at airports in India and abroad.
- Complimentary golf lessons at 0 zero cost and golf rounds nationwide.
- Fuel Surcharge Waiver of up to INR 250 per month on transactions between INR 500 to NR 4,000.
- 24/7 assistance for golf course referral, hotel referral, dining referral, etc.
- Travel insurance coverage for loss of passport, baggage loss, trip delays, dental treatment, and personal liability coverage.
- Gift cards worth INR 10,000 are given from brands like Amazon, Taj Experiences, and others on spends of INR 7.5 lakh in a membership year.
Annual Membership Fee: INR 3,000 + GST
Redemption Fee: A Reward Redemption Fee is applicable on redeeming reward points earned on RBL World Safari Credit Card with zero Forex markup fee.
Also Read: Check out this detailed guide on how to use Forex Cards and what are the steps to follow to get one.
Regalia ForexPlus Card by HDFC Bank
Regalia HDFC Forex Card is a Forex card offered by HDFC Bank with 0 cross currency charges. This is a single-currency card and can only be loaded in US Dollars. It is accepted at all VISA/ MasterCard merchants to make hassle-free payments. They are very safe in terms of carrying foreign currency. You can block them immediately in case of loss/ theft using the HDFC Prepaid Card NetBanking.
Other benefits offered on HDFC Bank Regalia 0 Markup Forex card include-
- 1 complimentary lounge access every three months until the validity of the card within International airports in India.
- Coverage of up to INR 500,000 against counterfeit fraud or skimming.
- Travel accident insurance of up to INR 200,000 for road/rail accidents and INR 5,00,000 for air accidents (death cover only).
- Coverage of up to INR 20,000 for lost checked-in baggage and INR 50,000 for lost passports
- Protect your cash in transit with coverage up to INR 60,000.
Joining Fees: INR 1,000 + GST
Reloading Fees: INR 75 + GST
Balance Inquiry Fee: USD 0.50 per transaction
Scapia Co-branded Credit Card by Federal Bank
Federal Bank also offers a zero Forex markup credit card, called the Federal Scapia Co-branded Credit Card. It is in partnership with Scapia Technology Pvt. Ltd. to help travellers cut down currency conversion charges.
Unlike other credit cards with zero Forex markup, you don’t have to pay any joining fees and annual fees on the cards offered by Federal Bank You can immediately access your virtual card and expect a physical card delivered to your doorstep in 2 to 5 days. Check out some of the amazing benefits and offers on Federal Bank 0 markup Forex card-
- Unlimited domestic lounge access with a minimum spend of INR 5,000.
- 10% Scapia coins as rewards on all eligible transactions.
- Instant Redemption of all Scapia coins for flights and hotels at a great rate at 0 costs.
- 24/7 assistance whenever you need it with friendly customer service.
- Amazing card management features like setting transaction limits.
This was all about the zero forex markup cards in India. They are an excellent choice for frequent travellers, allowing them to save on conversion fees while enjoying various perks that enhance their travel experience. Make sure to choose the best one for you after comparing the fees.
FAQs
What is a zero forex markup credit card?
A zero forex markup credit card does not charge additional fees for foreign currency transactions, allowing users to pay only the actual exchange rate without extra costs.
To avoid forex markup fees, use a zero forex markup credit card, compare different cards’ rates, and pay in the local currency when abroad.
The IDFC First Bank’s WOW Credit Card and Mayura Credit Card are highly recommended for forex transactions due to their zero forex markup fees and additional travel benefits.
The HDFC Bank Regalia ForexPlus Card, IDFC FIRST WOW Credit Card, World Safari Credit Card by RBL Bank, and Federal Scapia Credit Cards are some Indian credit cards that do not charge foreign transaction fees.
Yes, some forex cards like the HDFC Bank’s Multicurrency ForexPlus card have a 2% cross-currency conversion fee on international transactions.
To know more about forex, education loans, the best bank accounts for students banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
Follow Us on Social Media
