Mumbai: IDFC FIRST Bank has announced an unconditional zero forex markup facility across all its existing and new credit cards, allowing customers to make international transactions without paying a foreign currency markup fee.
According to the bank, the benefit will be automatically available to all eligible cardholders, with no requirement to apply for a new card, upgrade an existing card or meet any minimum spending threshold. Customers can therefore use their existing IDFC FIRST Bank credit cards for international payments without a forex markup charge.
The initiative is expected to offer savings on overseas spending. For instance, on a transaction worth ₹1 lakh, a conventional 3.5% forex markup, along with applicable GST, could increase the bill by around ₹4,130. Under the zero-markup facility, customers will not incur this additional charge.
Cardholders will also continue to earn reward points or cashback applicable to their respective credit cards on international transactions.
The bank said the facility could also reduce the need for customers to maintain a separate forex card simply to avoid markup charges. International spending today extends beyond travel and includes e-commerce purchases, subscriptions, streaming platforms, software, education-related payments and business expenses.
Shirish Bhandari, Head – Retail Liabilities, Credit Cards and Payments, IDFC FIRST Bank, said simplifying products and delivering practical customer benefits remain central to the bank’s approach.
He said removing forex markup charges across all credit cards while continuing existing reward points and cashback benefits would provide customers with greater convenience for their international spending.
The bank said the facility is designed to benefit travellers, students, professionals and businesses making payments in foreign currencies.
