Learn · Forex markup

What is Forex Markup on Credit Cards (India Guide)

Forex markup is an extra percentage on non-INR spend, not the exchange rate by itself. Your MITC / schedule of charges name the number; card pages and compare only show it when we can verify it.

Forex markup (sometimes called international transaction or foreign exchange markup) is a separate extra charge your issuer may apply to spend in a currency other than Indian rupees, in addition to the exchange rate the network uses. It is usually published as a single percentage in your MITC and on our card pages when we can verify it. It is not a substitute for interest, annual fee, or other fees — it is one line in the full cost of using the card abroad.

What it is, in one line

Definition

Think of a purchase abroad as: (1) the converted rupee value at the network rate, plus (2) the issuer's published forex markup on that international leg, as defined in the product. 0% markup means the issuer is not adding that extra layer on the stated basis; a 2–3.5% markup is a common way issuers express it in public tables — read your MITC and schedule of charges for your product, not a generic number from this page. On a ₹100 foreign-currency charge, 0% adds nothing, 1.5% adds ₹1.50, and 3.5% adds ₹3.50, on top of the exchange rate.

Forex vs a few other ideas (at a glance)

Glossary

Names vary by bank; the table is educational only.

Idea What it usually means
Network exchange / conversion How the purchase currency becomes INR (or a quoted settlement amount) for that transaction — not the same as "forex markup" in your MITC.
Forex markup (this page) An extra % on international spend as defined in the product — a separate line from the headline FX move.
Interest / APR on purchases Charged when you revolve a balance, per billing rules — a different line from a one-time forex markup on a charge.
Annual / joining fee A recurring or once-off product charge — not the per-transaction forex add-on.

See published forex next to other fields

Comparing products

Compare puts two products side by side, including the forex field when we have it, alongside fee and other published line items. It is not a travel recommendation — a practical read of the numbers your issuer has chosen to show.

Compare credit cards for travel →

Real cards, grouped by published markup

Data view

Each band shows up to five cards with verified markup in that range. Equal markup is ordered by annual fee, lowest first. These are examples of each band, not a best list. Cards without a confirmed markup are left out, not ranked down.

Low forex markup (0–1%)

5 cards

Examples of verified markup in this band. Equal-markup cards are ordered by annual fee, lowest first.

Compare close options

Mid forex markup (1.5–2.5%)

5 cards

Examples of verified markup in this band. Equal-markup cards are ordered by annual fee, lowest first.

Compare close options

Higher forex markup (3%+)

5 cards

Examples of verified markup in this band. Equal-markup cards are ordered by annual fee, lowest first.

Examples (illustrations only)

Examples

Different products show different published forex and fee lines. For example, issuers publish different structures on HDFC Infinia and HDFC Regalia than on entry cards — the links are examples only. Your MITC and live statement apply to you.

Using cards abroad

By destination

Local currency, cash withdrawals, and why to decline paying in rupees (dynamic currency conversion), destination by destination.

Related on Money Matters

Keep reading
Tool Forex cost calculator Markup, GST and a reward offset from your own assumptions. Topic Best zero forex credit cards Where we track 0% published markup. Learn Dynamic currency conversion (DCC) Why to choose the local currency, not INR. Learn Credit card billing cycle India guide on the statement period. Learn How credit card interest works (APR) If you also revolve a balance. Learn Minimum due vs full payment When interest applies on the bill. Topic Low forex credit cards (India) Shortlist with verified markup. Ranking Best credit cards for forex in India Verified ranking by markup and annual fee.

Common questions

What is forex markup on a credit card?
It is an extra percentage your issuer may add to international (non-INR) transactions, on top of the exchange rate set by the card network and market. The exact name and number appear in the MITC and on many card reference pages as a single percentage, separate from the raw FX conversion.
Is forex markup the same as the exchange rate?
No. The exchange rate is how one currency is converted to another. Forex markup is an additional cost layer some products charge on that conversion. Both affect what you pay; they are not the same line item in your terms.
Is a lower forex markup always the best card for travel?
Not automatically. You should weigh annual fee, rewards, interest if you revolve, lounge rules, and other spend patterns. Forex markup is one important input for international use, not the whole product picture.
Where can I see the published forex rate for a card on Money Matters?
Card pages and compare views show the published forex figure when we have a verified value from sources; empty fields mean we did not confirm a number, not a hidden zero. The MITC and issuer still win for your account.
markup on foreign currency card spend, extra percent beyond exchange, check mitc