India recorded 3.89 crore overseas departures in 2024, driven mainly by leisure travel (42.5%), diaspora visits (34.7%) and business trips (14.9%). Overseas spending has also increased sharply.
As per Liberalised Remittance Scheme (LRS) data, Indians spent around $3–4 billion annually on international holidays before FY22, a figure that has risen to an average of $17 billion over the past two years.
According to industry estimates, most traditional forex card providers apply margins of 2–4% on currency conversions, often resulting in higher costs for travellers. On a ₹2 lakh transaction, such markups can amount to an additional ₹4,000–₹8,000 compared with the mid-market exchange rate.
The Wise Travel Card uses the mid-market rate and includes a transparent conversion fee. More than 75,000 people joined a waitlist for the product in the month following its announcement at the Global Fintech Festival, the company said.
The card supports over 40 currencies and offers digital onboarding through DigiLocker and video KYC. It provides an instant digital card for online use, IMPS-based account top-ups, and in-app controls such as freezing and unfreezing the card, spending alerts, and custom limits. It is accepted on the Visa network in over 160 countries. ATM withdrawals are free up to $200 per month, after which standard charges apply.
“Indian travellers are heading abroad in record numbers, but they’re still paying hidden fees that can add hundreds or thousands of rupees to every trip,” said Taneia Bhardwaj, South Asia Expansion Lead at Wise, adding that demand for clearer pricing has grown.
Wise said it will waive the ₹460 issuance fee for sign-ups until February 10, 2026. The card carries no annual or inactivity charges.
First Published: Dec 8, 2025 12:14 PM IST
