BookMyForex launches forex card without cross-currency or ATM charges
Mumbai:BookMyForex, a part of the MakeMyTrip group, has launched a new US dollar-denominated Global Forex Card aimed at eliminating hidden costs associated with spending abroad.
Accepted in over 200 countries, the card carries no cross-currency fees or international ATM withdrawal charges. Users can also earn up to 2% cashback on forex transactions with no markup rates, capped at Rs 7,500 during the introductory offer. The card is available through the BookMyForex website and mobile app, targeting travelers, students, and overseas workers looking for more transparent spending options.
It is offered free of issuance, reload, unload, or annual fees, making it a lifetime-free card.
Sudarshan Motwani, founder and CEO of BookMyForex, highlighted that while international travel among Indians is growing, existing forex products often fail to address cross-currency fees and hidden charges. 'Whether it's credit cards, multi-currency cards, or even so-called zero-markup cards, travellers often end up paying 3% to 5% extra on every transaction,' he explained.
The new card aims to offer a smarter, more transparent solution for managing money abroad.
The launch coincides with the peak summer travel season, and BookMyForex expects a twofold increase in card issuance over the next year, driven by rising demand from frequent travelers and students. The card is issued on the Visa network, works globally, and provides true zero markup on forex rates. Students can also use it to pay foreign university tuition fees without any disbursal charges.
Motwani noted that, while initially denominated in US dollars, the company plans to add more currencies like the Euro to reduce cross-currency costs further.
BookMyForex also plans to limit free ATM withdrawals to a certain number per month, as part of efforts to reduce cash usage. The Global Forex Card will also be available for destinations and currencies not supported by the company's multi-currency card. Free ATM withdrawals and forex cashback offers are part of launch promotions.
Nitin Motwani, founder and CTO, emphasized that the card is designed for the "new kind of traveller" who is more informed about forex rates and hidden charges. BookMyForex, which operates India's largest online retail forex marketplace, has exchanged over $1.5 billion on its platform and continues to expand its services.
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