Zero-Forex Debit Cards in India (2026): The One Real Option and Better Alternatives
Most Indian debit cards add a 3.5% markup plus 18% GST on every foreign transaction — about ₹4,130 on ₹1 lakh spent abroad. A zero-forex debit card removes that markup. This page covers the one genuine option, what it really costs, and the alternatives if it does not suit you. For everyday and lounge debit cards, see our best debit cards by need.
What a 3.5% markup really costs
| Spent abroad | Standard debit card (3.5% + GST) | Niyo Global (0%) |
|---|---|---|
| ₹50,000 | ≈ ₹2,065 | ₹0 on card payments |
| ₹1 lakh | ≈ ₹4,130 | ₹0 |
| ₹3 lakh | ≈ ₹12,390 | ₹0 |
Conversion is at the Visa rate, which can include a small network spread, but there is no bank markup on top.
The one genuine zero-forex debit card: Niyo Global
| Item | Detail |
|---|---|
| Type | International Visa debit card on a DCB Bank or SBM Bank savings account |
| Forex markup | 0% (Visa rate) |
| International ATM | About ₹423 (SBM) or ₹425 (DCB) + GST per withdrawal, plus any ATM operator fee; one fee refunded a quarter as Niyo Coins |
| Lounge | 1 international visit a quarter after ₹75,000 overseas spend in that quarter (purchases only) |
| Who can get it | Indian residents 18+ with PAN, Aadhaar and an Indian passport |
Read our full Niyo Global review.
Cards that look zero-forex but are not
- Axis Burgundy debit: 3.5% cross-currency markup on international purchases and ATM withdrawals (fee schedule effective 1 Sep 2026), plus a 3.5% + GST fee on payments to foreign merchants billed in rupees.
- IndusInd World Exclusive debit: IndusInd’s own pages are inconsistent; the most likely current rate is 2.5%. Do not treat it as zero-forex.
- Fi Money: Fi wound down its banking services in March 2026; existing Federal Bank accounts moved to FedMobile.
Alternatives to a zero-forex debit card
| Option | Markup | Best for |
|---|---|---|
| Scapia Federal Bank (credit, lifetime free) | 0% | Travellers who want a free card |
| IDFC FIRST WOW (credit, FD-backed) | 0% | No credit history needed |
| IDFC FIRST Classic (credit, lifetime free) | 0% | International spends earn no reward points from 26 Oct 2026 |
| HSBC Premier (credit) | 0.99% | HSBC Premier customers |
| Prepaid forex cards, e.g. ICICI or HDFC | 0% in a loaded currency | One- or two-currency trips; rate locked at load |
See also best zero-forex credit cards and best forex cards.
Catches to check
- Always pay in the local currency. If a terminal offers to charge you in rupees (dynamic currency conversion), decline — Axis and ICICI now charge 3.5% on DCC transactions on debit cards.
- Limit ATM withdrawals. Fixed per-withdrawal fees make small, frequent withdrawals expensive.
- TCS under LRS. Debit and forex card spends abroad count towards the Liberalised Remittance Scheme; TCS applies once your remittances in a financial year cross ₹10 lakh (lower rates for education and medical). See TCS on foreign transactions.
Frequently asked questions
Which debit card has zero forex markup in India?
Niyo Global is the only debit card we could confirm with a 0% markup in October 2026.
Is the Axis Burgundy debit card zero-forex?
No. Axis’s fee schedule from 1 September 2026 applies a 3.5% cross-currency markup.
Is Fi Money still available?
No. Fi wound down its banking services in March 2026.
Is a zero-forex credit card better than Niyo Global?
For many people, yes: cards like Scapia and IDFC FIRST Classic are lifetime free, have 0% markup and do not need a new bank account.
Does TCS apply to debit card spends abroad?
Yes, debit and forex card spends count under LRS; TCS applies above ₹10 lakh a financial year.
Last verified: October 2026, against bank fee schedules and product pages. Markups are plus 18% GST unless stated.