Travelling Abroad? 5 Forex Traps Costing You ₹7,000+

Indian travellers going abroad are losing thousands to hidden forex charges — markups on exchange rates, conversion fees, and ATM charges. Here is how to protect your money before you board.

Here's what happened: Indian travellers are spending more on overseas trips after the TCS rate on foreign remittances was reduced, making international travel cheaper on paper.. Despite lower TCS, hidden forex costs — exchange rate markups, card transaction fees, and dynamic currency conversion — remain a major worry for travellers.. Many Indians unknowingly overpay by using regular debit or credit cards abroad instead of zero-markup forex cards, losing money on every swipe..

What you should do: Compare forex cards from banks like HDFC, SBI, and Thomas Cook before travel — look specifically for zero markup on the interbank rate, not just 'low fees'.. Avoid dynamic currency conversion (DCC) at foreign ATMs and POS terminals — always choose to pay in the local currency, not Indian rupees, to skip the hidden markup.. Check whether your credit card charges a foreign transaction fee (typically 1.5–3.5% per swipe) and switch to a card with zero forex markup for international use..

The 'interbank rate' shown on Google is the real exchange rate. Any forex card or bank charging more than 0.5–1% above that rate is quietly pocketing your travel budget.