Best forex card for Indian travellers 2026 — Niyo vs BookMyForex vs Scapia vs HDFC
I've used 4 forex cards across 8 countries since 2022. Niyo Global has zero markup. Scapia has 0% but only on Visa. HDFC charges 3.5%. Here's which one to actually carry.
The forex card market in India is finally competitive in 2026. I've used four cards across Vietnam, Thailand, Kazakhstan, Bali, Malaysia, Singapore, Sri Lanka, and Hong Kong. Here's how the seven major options actually compare on the spreadsheet that matters.
Niyo Global (DCB Bank, Visa) — 0% forex markup, INR 0 issuance, INR 0 annual fee. ATM withdrawal: 2 free per month internationally, then ₹100/transaction. Reload via UPI is instant. Single currency (INR balance, converts at Visa wholesale rate at point of sale). I used this exclusively in Bali Aug 2024 and saved roughly ₹2,400 over what an HDFC multi-currency would have cost on a ₹95,000 trip. Best for SE Asia, Sri Lanka, Bali, anywhere outside Europe.
BookMyForex Multi-Currency — 0.5-1% markup on Euro/GBP, multi-currency wallet (USD, EUR, GBP, JPY, SGD, AUD, CAD + 12 more). The pre-loaded EUR balance locks in your rate the day you load it — useful if you think the rupee is about to weaken. Issuance ₹150-300 depending on city. Best for Schengen and any pre-planned trip where you want to lock the rate.
Scapia Federal Bank Credit Card — 0% forex markup on Visa transactions, but it's a credit card not a forex card, so you pay back in INR. 2% reward on international spend. Federal Bank backing. Annual fee waived on ₹1 lakh spend. Best for credit-card lovers who want rewards on international spend — but don't use it for ATM withdrawals (high interest).
IndusInd Multi-Currency Forex Card — 0% on loaded currency, 3.5% cross-currency. ₹500 issuance. Branch reload only — annoying. Skip unless you're already an IndusInd customer.
HDFC Multicurrency Platinum — 3.5% markup, ₹500 issuance, ₹300/year. The default card travel agents sell, also the worst pricing in this list. Avoid unless you have an existing HDFC relationship and convenience matters more than ₹3,000 per trip. Skip.
ICICI Sapphiro Forex — 3.5% markup, similar to HDFC. Skip.
SBI Multicurrency Foreign Travel Card — 3% markup, ₹110 issuance. Cheapest of the legacy bank cards but still 3% behind Niyo. Skip unless SBI is your only option.
My actual setup in May 2026: Niyo Global as primary (carry physical card + virtual on phone), BookMyForex EUR-loaded for Europe trips, Scapia credit card as backup for emergencies. Three cards covers every scenario.
The ATM trick: every card charges some ATM fee abroad ($2-5 per withdrawal). Take out larger amounts less often. For a 10-day trip I'll do one $300 withdrawal on day 1 and live off cash, instead of five $60 withdrawals.
The "card declined" failure mode: Niyo's Visa network is rejected at some small merchants in Vietnam and Cambodia (they only take Mastercard or cash). Always carry $100-200 cash USD as backup. I learned this in Hoi An in 2019.
INR loading limits: RBI allows up to $250,000/year per person on forex cards (this is enormous and you won't hit it). Each individual transaction over $250 needs declaration on the card form.
One trap to avoid: airport forex counters. ₹2,400 markup on a $300 withdrawal versus ₹0 if you'd loaded Niyo from home. Never ever exchange at IGI or BLR airports.
Plan your next international trip in Architect — we now show forex-aware budgets. For Schengen-specific card strategy see Best forex card Europe from India 2026, and for the Thailand-trip-specific pick see Best forex card for Thailand from India 2026. Live FX at USD to INR and EUR to INR.