Check it if going abroad: A new forex card with no charges for ATM withdrawal, forex currency conversion and its lifetime free
How does this single foreign money foreign exchange card work?
In line with Sudarshan Motwani, founder and CEO of BookMyForex.com, at current this forex card is offered in a single foreign money which is the US of America (USA) greenback (USD).
Motwani says it is advisable place the order by way of their app or web site after which reload the cardboard. When the cardboard will get delivered at the moment, the particular person conducts KYC utilizing your paperwork. The particular person additionally takes a photograph of the paperwork.
“It is usually supplied to worldwide college students, regardless of the vacation spot foreign money. Similar-day supply is offered for orders positioned earlier than 1 PM on a working day. To discover the complete vary of card advantages, price waivers, and particulars of the introductory provide, travellers and college students can go to bookmyforex.com,” in keeping with the press launch dated April 28, 2025.
How come this foreign exchange card is providing zero cross foreign money fees and no ATM withdrawal price?
Motwani stated that this function of no cross-currency fees is a proposal which they launched in collaboration with a world firm. Whereas he didn’t disclose the title of the corporate, however he revealed their association with this firm, particularly distribution of earnings by means of MDR (service provider low cost charge) which subsidises this and different options of the cardboard. In a nutshell, MDR is called card processing charges and retailers pay it to the banks as a share of the transaction quantity. Usually, it is 1 to three% of the transaction worth.Motwani additionally revealed that these presents (no cross-currency fees and ATM withdrawals price) are being supplied as an introductory provide. “In the meanwhile the ATM withdrawal fees will likely be absorbed utilizing the MDR earnings. BookMyForex is actually a distribution platform the place the companions are those who provide the cardboard. We work with completely different companions every so often which permits such presents.”
Different options of this foreign exchange card
In line with the press launch dated April 28, 2025, listed here are the options
- Spend Globally: Allows customers to buy, dine, and make funds in any foreign money throughout 200+ nations with out incurring cross-currency fees.
- True Zero Markup: Provides full transparency with foreign exchange charges and comes with no hidden markups or further conversion prices.
- Free ATM withdrawals: Customers can get pleasure from free worldwide ATM withdrawals for handy entry to money whereas overseas.
- No-Price College Funds – Ultimate for college students, the cardboard permits international college tuition funds with none money disbursal charges.
- Lifetime Free Card: There aren’t any issuance, reload, unload, or annual fees—making certain full price transparency and nil surprises.
When requested about how this foreign exchange card can be utilized with none mark-up of foreign exchange charges, Motwani stated that that is considered one of their core choices since 2016 and so they have made a take care of their companion cost processing firm which is how this function may very well be supplied. This implies any change when it comes to this deal may impression on clients accessing this function until one other companion is discovered providing related or higher deal.
Motwani says: “Whereas the urge for food for worldwide journey amongst Indians continues to develop, particularly to rising locations like Vietnam, Uzbekistan, Kazakhstan, Indonesia, the Philippines, Cambodia, and Azerbaijan, most current foreign exchange merchandise nonetheless fail to unravel one of many greatest challenges — cross-currency charges and hidden conversion fees. Whether or not it’s bank cards, multi-currency playing cards, and even so-called zero-markup playing cards, vacationers typically find yourself paying 3% to five% further on each transaction when spending in unsupported native currencies. Add to that the burden of Rs 300 to Rs 800 ATM withdrawal charges, and managing cash overseas turns into unpredictable and costly. The International Foreign exchange Card has been designed exactly to deal with these ache factors and provide a wiser, extra clear resolution for at this time’s world traveler.”
How does this foreign exchange card assist?
Listed below are some attainable use circumstances the place this foreign exchange card will help:
In nations the place India doesn’t have a direct foreign money conversion relationship
USD will be stated to be a universally accepted foreign money, however the identical factor can’t be stated for different currencies with a couple of exceptions like Euro, and so on. Motwani says this is among the benefits of this card as it may be utilized in Europe and even in Africa or Latin America, so long as they settle for VISA.
“We have now determined to launch this single foreign money foreign exchange card (USD) with none ATM withdrawal and cross foreign money fees to allow college students, businessmen, vacationers, staff, and others to make use of this card in any nation on the earth which accepts VISA playing cards. In developed nations, the necessity for ATM withdrawals are fairly much less as nearly every thing will be accomplished by swiping the cardboard, so the no cross foreign money cost function comes useful. In different nations or locations the place money is required, the no ATM withdrawal price function is useful,” stated Motwani.
Restricted time cashback presents
In case you are making any worldwide journey in a couple of days or months, then taking this foreign exchange card will help you get monetary savings. BookMyForex is providing as much as 2% cashback on each new foreign exchange order. The utmost cashback is capped at Rs 7,500. This provide just isn’t going to be a function as they’re solely being supplied for a restricted time.
For these uninitiated, in different foreign exchange playing cards, banks levy a international foreign money markup fees. For instance: In case you are transacting in Dubai it is advisable pay utilizing AED (United Arab Emirates Dirham). So, the foreign exchange card which has USD foreign money must be first transformed to AED after which solely the cost can occur. Now suppose if 1 AED equals 0.27 USD, then the financial institution could cost 0.28 USD for 1 AED. This further cost known as the markup over the interbank charge which was 0.27 USD for 1 AED. This could rapidly add up in actual time, in case you are making massive purchases.
Nitin Motwani, Founder & CTO, BookMyForex says: “At present’s world traveller is extra knowledgeable and worth aware. They don’t simply examine airfares or lodge charges earlier than planning their journey—additionally they examine foreign exchange charges and really properly perceive the hidden fees related to international change. The International Foreign exchange Card is constructed for this new type of traveller”.
Card top-up will be accomplished by shut relations additionally
Motwani stated that shut relations in India are allowed to do a top-up in a buyer’s foreign exchange card, in the event that they fulfill the definition as per RBI guidelines. The purchasers if they’ve web entry, then they’ll recharge their foreign exchange card on-line utilizing the app too.
FAQs on BookMyForex single foreign money foreign exchange card
- Are there any fees for ATM withdrawals?
This foreign exchange card comes with limitless free withdrawals, that means you received’t be charged any ATM withdrawal charges. Nonetheless, some international banks & ATMs could cost further charges for money withdrawals. These fees range by nation and financial institution, so it’s all the time a good suggestion to examine the ATM display screen for any relevant charges earlier than confirming a withdrawal. - Are there any cross-currency fees on the only foreign money foreign exchange card?
No, there aren’t any cross-currency fees. Whereas the cardboard is a US Greenback card, you may convert it to different currencies and make transactions with out incurring any cross-currency charges.
