Forex Card Charges Explained: Fees, Markups & Bank Costs in India

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Forex cards can be simple to use when you travel - but the fees you pay can add up quickly, and may not always be immediately obvious. This guide walks through the kinds of forex card charges to expect from popular card options in India.

We’ll look at forex markup charges that apply when you convert within your prepaid card account, foreign transaction fees, and forex card ATM withdrawal charges, as well as some less commonly spotted fees, such as inactivity or cancellation costs. We'll also introduce you to the Wise Travel card, which allows you to hold 40+ currencies in on card and spend without any forex markups or hidden fees.

What are forex card charges?

Forex card charges are the fees you pay to receive, load and spend with your forex card. Costs often apply as you transact and manage your card balance, such as cross-currency markup fees as you spend, and forex markup fees if you convert from INR to a foreign currency within your prepaid card account.

Most forex cards have fees, but it’s not always obvious which costs apply to each transaction. This guide explores the types of forex card costs you may expect, so you can check your own card’s terms and conditions to understand the specific charges which may apply.

Type of forex card charges

Different forex card charges apply to different card types. Some common costs to look out for include:

Hidden forex card charges you might miss

Not all forex card charges are easy to spot. Some you may not expect can include:

• Dynamic currency conversion (DCC) fees - these costs apply if you pay in your home currency when you’re abroad. If a merchant asks you if you’d prefer to pay in INR when you’re in a foreign country, say no - paying in the local currency wherever you are is usually cheaper.

• Weekend exchange rate markups - some providers increase the cost of currency conversion on weekends because global markets are closed and it’s impossible to be sure of the live exchange rate that will apply when they reopen. This can mean that weekend conversions are more expensive than weekday conversions.

• Double conversion fees - you might end up paying twice for currency conversion if you manually change your money from INR to a different currency, and then spend in a third currency. Or you may pay twice if your card converts funds in this way automatically - converting your spending to USD before moving it back to INR for billing, for example.

These hard-to-spot fees can push up your overall costs when you spend in foreign currencies - check your card’s fee schedule carefully so you know what to expect for your own card.

What are Forex Markup Charges?

Forex markup charges - which can also be called a FCY conversion markup fee - are fees that are added to the exchange rate used for currency conversion when you exchange within your account balance or when you spend in a foreign currency.

If you Google an exchange rate, what you’ll usually see is the interbank rate. This is the rate banks and large currency exchange companies use when they buy and sell currencies on wholesale markets.

However, the interbank rate isn’t often passed on to retail customers. Instead, a forex markup charge is added to calculate the rate used for conversions. This fee isn’t split out from the rate you’re shown, and so you may not even know it applies.

Forex markup charges can vary by provider and by currency. Costs of around 3% are common, but the only way to see the specific markup used for your transaction is to compare the rate you’re quoted against the interbank rate, which you can find on Google.

Forex card charges by major banks

Forex card charges can vary depending on the provider, card type and currency. Below is a general overview of common fees charged by major banks and issuers

*Details correct at time of research - 25th March 2026 * HDFC card used - Multicurrency ForexPlus Card

Forex card ATM withdrawal charges

Forex cards often have a fixed withdrawal fee for ATM use, which can depend on the currency you’re withdrawing. If you have a forex credit card, you may find you pay a percentage fee instead of a fixed fee, as well as interest on the amount drawn.

In addition to the withdrawal charge, you may also find that an FX markup is applied to withdrawals. If you don’t hold a balance in the currency you need to withdraw, the cross-currency conversion fee will apply, adding a further cost of around 3% to your withdrawal.

Finally, local ATM operator charges can also be added to your costs. These fees do not go to your own bank, but the bank which owns the ATM terminal.

Example: Spending INR abroad with a forex card vs Wise

On average, you may pay a 3% cross-currency fee when you use a forex card to spend overseas. Let’s see how that adds up compared to an alternative provider like Wise. Wise has low, transparent fees which are split out so you can check and compare them, and uses the mid-market rate for currency conversion.

Here we compare Wise with the average cost of using a forex card, when spending 1,000 USD on a trip overseas:

*Details correct at time of writing - 25th March 2026. Taken from Wise pricing page, and Visa exchange calculator

How to avoid high forex card charges

Let’s finish up with a few ideas about how to avoid high forex card charges for your next overseas travel:

• Check your card’s fee schedule carefully, looking out for unexpected charges and fees on transactions you make frequently
• Look at the exchange rate used when converting your INR to a foreign currency in your card account - cards which use the mid-market rate or as close as possible to it usually report the best value
• Avoid DCC - always pay in the local currency wherever you are, even if the merchant offers to charge you in INR
• Consider getting a Wise travel card for your next overseas break, to get the mid-market rate on currency conversion with no surprise fees

Meet the Wise Travel card: 40+ currencies in one card, with no forex markups or hidden fees

With no hidden markups, the Wise Travel card is a smart way to spend abroad. You'll always get the real interbank exchange rate for conversions across 40+ currencies. Wise's transparent, low pricing, plus no foreign transaction fees or forex markups, usually means you are getting the best value for your money.

The fully digital account opening and vKYC process allows you to sign up from the comfort of your home, and there are no annual or monthly fees either. Simply order your card, show proof of your travels, load your funds, and you're all set. Plus - card orders are currently free to Indian addresses (limited time launch offer, while stocks last)! A physical Wise card enables you to make secure chip and PIN payments and get some free ATM withdrawals while you're overseas. You can also instantly freeze or unfreeze your card in the app anytime for peace of mind.

Wherever your travels take you, the Wise Travel card is the only forex card you'll need to make spending internationally simpler and cheaper.

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