Latest news with #SudarshanMotwani
Mint
19-05-2025
- Business
- Mint
How new BookMyForex card with no ATM, cross-currency fees stacks up
NEW DELHI : Currency exchange service provider BookMyForex (BMF), a MakeMyTrip company, has launched a new forex card with two key offerings—zero fee on ATM withdrawal and cross-currency conversion. International ATM withdrawals with debit, credit, and forex cards levy a ₹150-500 fee per transaction. But the Global Forex Card, a single-currency forex card denominated only in US dollars, doesn't charge this fee. The BMF card also solves the biggest challenge associated with forex cards—cross-currency conversion. When forex cards are used in a country with a currency different from the one loaded, a cross-currency fee of 2-3.5% is charged. Also Read: Schengen, US visas: How to crack the application process and ensure that your summer travel plans go ahead smoothly A forex card loaded in USD used in Sri Lanka will carry forex charges at two points: first, when converting INR to USD while loading the card, and second, when converting USD to Sri Lankan Rupee at the time of payment—the cross-currency conversion fee. The BMF card also saves on this. This card can be particularly helpful in small countries such as Sri Lanka, Vietnam, Cambodia, Thailand, etc., whose currencies are not supported by even multi-currency forex cards. So far, the use case of forex cards in such countries as a means of payment for international transactions has remained limited, as their currencies are not supported by any forex card available in India. The BMF Global Forex Card changes that as it can be used in any country without worrying about a cross-currency conversion fee. Its features Forex rates offered by BMF are among the cheapest when compared to major banks and other forex marketplaces and are very close to the mid-market rates. As for the various charges, the forex card comes with zero forex mark-up, loading, unloading, and annual fees. There is no issuance fee either. However, a small delivery fee, which varies across different cities, is to be paid. Also Read: Travel hacks for a luxury Sri Lanka trip for just ₹1.5 lakh BMF doesn't charge anything to customers and earns only through the merchant discount rate (MDR) charged to merchants, said Sudarshan Motwani, founder and chief executive of the MMT platform. BMF's flagship offering is its multi-currency forex card that charges a 3.5% cross-currency conversion rate and a ₹100-450 fee on international ATM withdrawals. The newly launched USD-denominated Global Forex Card does not carry both these charges, making it a one-of-a-kind forex card. Zero ATM withdrawal fee is a useful feature as it's a convenient way to get local currency in cities where cards are not accepted for payments. When a cardholder makes an ATM withdrawal in a foreign country, the conversion rate from USD to the local currency will be as per the bank. For a limited time, BMF Global Forex Card holders will be rewarded 2% cash back on every forex transaction, capped at a maximum of ₹7,500. Should you get it? For international travel, travellers can choose between credit, debit, and forex cards for their digital payments. Debit cards cost the most among these three options as banks charge a steep forex mark-up of 2-4%. New-age fintech companies such as Niyo and Fi offer zero forex mark-up debit cards in association with banks, but you will need to open a new bank account just to get the zero mark-up feature. These bank accounts need a minimum monthly or quarterly account balance of ₹5,000-10,000, else a monthly ₹150-200 fee is slapped. Zero mark-up credit cards, such as IDFC FIRST WOW Travel Credit Card, Scapia and RBL World Safari Credit Card, are a better alternative. The other option is to get a credit card with a high reward rate that can fully or partially offset the forex markup charged on it, reducing the net cost. For instance, HDFC Infinia's forex fee is 2%, whereas its base reward rate is 3.3%, which means the reward rate will not only offset the forex markup but also earn a net 1.3% reward rate. Also Read: This 20-year-old travelled to three countries for under ₹90,000. Here's how. The BMF card is a better option than debit cards and can be considered by those who don't use credit cards. Students living abroad can also benefit from the low costs. 'As long as the student remains abroad for their studies, they can use the card without any time restrictions. It can only be loaded in USD as of now. However, it can be used globally wherever Visa is accepted without any conversion charges," said Motwani. It should be noted that forex cards fall under the Liberalised Remittance Scheme and attract a 20% tax collection at source after ₹10 lakh. This can impact students living abroad as their annual expenses can easily exceed this threshold. The absence of ATM withdrawal fees is a positive feature of the BMF Global Forex Card, said Sumanta Mandal, founder of Technofino. 'But keep in mind that the bank whose ATM you use might still charge you for using a foreign card. So, the choice of ATM is also very important." How to get it You can apply for the card on BMF's mobile application or website. Motwani explained there was a two-step KYC process. 'First, we use OCR (Optical Character Recognition) technology to capture and verify the customer's KYC documents digitally. This is then followed by an in-person KYC at the time of card delivery, ensuring full compliance with regulatory standards." The card is delivered in about 25 cities.
The Print
29-04-2025
- Business
- The Print
BookMyForex Unveils Global Forex Card with No Cross-Currency or ATM Charges
Gurgaon (Haryana) [India], April 28: As international travel picks up pace for the summer season, BookMyForex (a MakeMyTrip Group Entity)–India's largest online retail foreign exchange marketplace–has unveiled its all-new Global Forex Card , built to eliminate the hidden costs of spending abroad. Loaded in USD, the US Dollar denominated Single Currency Forex Card is accepted in over 200 countries. It offers unmatched savings with zero cross-currency fees, no ATM withdrawal or cash disbursement charges, and up to 2% cashback on zero markup forex rates. This card is especially suited for students and travellers going overseas for employment, immigration, and to exotic locations such as Vietnam, Indonesia, Central Asia, South America, and other lesser-known destinations, as it does not entail any cross-currency charges. Commenting on the launch, Sudarshan Motwani, Founder and CEO of 'While the appetite for international travel among Indians continues to grow, especially to emerging destinations like Vietnam, Uzbekistan, Kazakhstan, Indonesia, the Philippines, Cambodia, and Azerbaijan, most existing forex products still fail to solve one of the biggest challenges — cross-currency fees and hidden conversion charges. Whether it's credit cards, multi-currency cards, or even so-called zero-markup cards, travelers often end up paying 3% to 5% extra on every transaction when spending in unsupported local currencies. Add to that the burden of Rs. 300 to Rs. 800 ATM withdrawal fees, and managing money abroad becomes unpredictable and expensive. The Global Forex Card has been designed precisely to address these pain points and offer a smarter, more transparent solution for today's global traveler. At BookMyForex, we are committed to offering our customers the best-in-class forex products and solutions. This Global Forex Card, offered via our forex partner, reflects that promise. We are confident this card will set a new benchmark, and we anticipate a twofold increase in card issuance over the next year, driven by rising demand among frequent travellers and students.' Key Benefits of the Global Forex Card * Spend Globally, freely – Enables users to shop, dine, and make payments in any currency across 200+ countries without incurring cross-currency charges. * True Zero Markup – Offers complete transparency with forex rates and comes with no hidden markups or extra conversion costs. * Hassle-Free Cash Access – Users can enjoy free international ATM withdrawals for convenient access to cash while abroad. * No-Fee University Payments – Ideal for students, the card allows foreign university tuition payments without any cash disbursal fees. * Lifetime Free Card – There are no issuance, reload, unload, or annual charges–ensuring full cost transparency and zero surprises. Introductory Launch Offer For a limited time, BookMyForex is offering two exclusive benefits on its all-new Global Forex Card: * Up to 2% cashback on every new forex order – Customers get forex at rates up to 2% lower than interbank rates, i.e., the rates seen on popular search engines. The maximum cashback is capped at Rs. 7,500. * Free International ATM Withdrawals with zero extra charges–no hidden fees, just seamless access to your money abroad. Nitin Motwani, Founder & CTO, BookMyForex commented, 'Today's global traveller is more informed and value-conscious. They don't just compare airfares or hotel rates before planning their travel–they also compare forex rates and very well understand the hidden charges associated with foreign exchange. The Global Forex Card is built for this new kind of traveller. Whether it's avoiding hidden rate markups and cross-currency fees or accessing cash abroad without ATM surcharges, we've focused on removing every kind of charge possible.' The single-currency forex card can be booked through the BookMyForex App or website. The card is available for currencies and purposes not supported by the BookMyForex Multi-Currency Forex card for international travellers. It is also offered to international students, irrespective of the destination currency. Same-day delivery is available for orders placed before 1 PM on a working day. To explore the full range of card benefits, fee waivers, and details of the introductory offer, travellers and students can visit BookMyForex (a MakeMyTrip Group Entity) is India's very first tech initiative in the foreign exchange domain and the market leader in the online retail forex space. Customers can place orders on or through the BookMyForex Android/ iOS app to buy forex cards, send international money transfers and buy or sell foreign cash currencies. Customers can also purchase international SIM cards or international travel insurance. BookMyForex operates on a hybrid model where the majority of forex card transactions are executed by BookMyForex directly, while orders for foreign currency notes and international money transfers are fulfilled through its network of partner banks, reputed RBI-licensed money changers, and its own branches. BookMyForex has also established a growing network of its own branches to strengthen last-mile delivery and service. BookMyForex is the most visible and trusted online retail forex brand with over USD 1.5 billion exchanged on its platform. Faering Capital has been invested in BookMyForex since 2016 and MakeMyTrip has acquired a majority stake in BookMyForex. Visit us at (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same) This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.
Mint
29-04-2025
- Business
- Mint
This newly-launched forex card charges zero cross currency or ATM fee. Check details
A foreign exchange platform – BookMyForex – has rolled out Global Forex Card which is meant to eliminate the hidden costs of spending abroad. The card is loaded in US dollar and is accepted in over 200 countries worldwide. It offers savings with zero cross-currency fees, no ATM withdrawal or cash disbursement charges, besides cashback on zero markup forex rates. This card is well suited for international students and travellers who are planning to go abroad for employment, immigration, and to exotic locations such as Vietnam, Indonesia, Central Asia, South America, and other lesser-known destinations, as it does not entail any cross-currency charges. While speaking about the launch, Sudarshan Motwani, Founder and CEO of says: 'While the appetite for international travel among Indians continues to grow, especially to emerging destinations like Vietnam, Uzbekistan, Kazakhstan, Indonesia, the Philippines, Cambodia, and Azerbaijan, most existing forex products still fail to solve one of the biggest challenges — cross-currency fees and hidden conversion charges. Whether it's credit cards, multi-currency cards, or even so-called zero-markup cards, travellers often end up paying 3 percent to 5 percent extra on every transaction when spending in unsupported local currencies.' Key Benefits of the Global Forex Card Zero markup: This forex card offers complete transparency with forex rates and comes with no markups or extra conversion costs. The users can enjoy free international ATM withdrawals for convenient access to cash while abroad. No charges: There are no issuance, reload, unload, or annual charges, ensuring full cost transparency and zero surprises. Launch Offer: For a limited time, it offers two exclusive benefits on its all-new Global Forex Card. There is up to two percent cashback on every new forex order. Customers get forex at rates up to two percent lower than interbank rates, i.e., the rates seen on popular search engines. The maximum cashback, however, is capped at ₹7,500. Nitin Motwani, Founder and CTO, BookMyForex commented, 'Today's global traveller is more informed and value-conscious. They don't just compare airfares or hotel rates before planning their travel—they also compare forex rates and very well understand the hidden charges associated with foreign exchange. The Global Forex Card is built for this new kind of traveller. Whether it's avoiding hidden rate markups and cross-currency fees or accessing cash abroad without ATM surcharges, we've focused on removing every kind of charge possible.' Also Read | What are the benefits of linking UPI to your credit card? The single-currency forex card can be booked through the BookMyForex App or website. It is also offered to international students, irrespective of the destination currency. Same-day delivery is available for orders placed before 1 PM on a working day. BookMyForex is a MakeMyTrip Group company. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. Visit here for all personal finance updates.
Time of India
29-04-2025
- Business
- Time of India
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. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
28-04-2025
- Business
- Time of India
Check it if going abroad: A new forex card with no charges for ATM withdrawal, forex currency conversion and its lifetime free
How does this single currency forex card work? Live Events How come this forex card is offering zero cross currency charges and no ATM withdrawal fee? Other features of this forex card Spend Globally: Enables users to shop, dine, and make payments in any currency across 200+ countries without incurring cross-currency charges. Enables users to shop, dine, and make payments in any currency across 200+ countries without incurring cross-currency charges. True Zero Markup: Offers complete transparency with forex rates and comes with no hidden markups or extra conversion costs. Offers complete transparency with forex rates and comes with no hidden markups or extra conversion costs. Free ATM withdrawals: Users can enjoy free international ATM withdrawals for convenient access to cash while abroad. Users can enjoy free international ATM withdrawals for convenient access to cash while abroad. No-Fee University Payments – Ideal for students, the card allows foreign university tuition payments without any cash disbursal fees. – Ideal for students, the card allows foreign university tuition payments without any cash disbursal fees. Lifetime Free Card: There are no issuance, reload, unload, or annual charges—ensuring full cost transparency and zero surprises. How does this forex card help? In countries where India does not have a direct currency conversion relationship Limited time cashback offers Card top-up can be done by close relatives also FAQs on BookMyForex single currency forex card Are there any charges for ATM withdrawals? This forex card comes with unlimited free withdrawals, meaning you won't be charged any ATM withdrawal fees. However, some foreign banks & ATMs may charge additional fees for cash withdrawals. These charges vary by country and bank, so it's always a good idea to check the ATM screen for any applicable fees before confirming a withdrawal. Are there any cross-currency charges on the single currency forex card? No, there are no cross-currency charges. While the card is a US Dollar card, you can convert it to other currencies and make transactions without incurring any cross-currency fees. You can get a single currency forex card without any cross-currency charges or ATM withdrawal fee by taking the recently launched BookMyForex Global Forex Card. This single currency lifetime free forex card, which is hosted on the Visa network, is denominated in USD (United States dollar). On top of it this card has no currency conversion charges and no ATM withdrawal or cash disbursement below to know more about how the card works and how much money you can save using it and up to to Sudarshan Motwani, founder and CEO of at present this forex card is available in a single currency which is the United States of America (USA) dollar (USD).Motwani says you need to place the order via their app or website and then reload the card. When the card gets delivered at that time, the person conducts KYC using your documents. The person also takes a photo of the documents.'It is also offered to international students, irrespective of the destination currency. Same-day delivery is available for orders placed before 1 PM on a working day. To explore the full range of card benefits, fee waivers, and details of the introductory offer, travellers and students can visit according to the press release dated April 28, said that this feature of no cross-currency charges is an offer which they launched in collaboration with a global company. While he did not disclose the name of the company, but he revealed their arrangement with this company, namely distribution of income through MDR (merchant discount rate) which subsidises this and other features of the card. In a nutshell, MDR is known as card processing fees and merchants pay it to the banks as a percentage of the transaction amount. Generally, it's 1 to 3% of the transaction also revealed that these offers (no cross-currency charges and ATM withdrawals fee) are being offered as an introductory offer. 'For the time being the ATM withdrawal charges will be absorbed using the MDR income. BookMyForex is essentially a distribution platform where the partners are the ones who offer the card. We work with different partners from time to time which enables such offers.'According to the press release dated April 28, 2025, here are the featuresWhen asked about how this forex card can be used without any mark-up of forex rates, Motwani said that this is one of their core offerings since 2016 and they have made a deal with their partner payment processing company which is how this feature could be offered. This means any change in terms of this deal could impact on customers accessing this feature unless another partner is found offering similar or better are some possible use cases where this forex card can help:USD can be said to be a universally accepted currency, but the same thing cannot be said for other currencies with a few exceptions like Euro, etc. Motwani says this is one of the advantages of this card as it can be used in Europe or even in Africa or Latin America, as long as they accept VISA.'We have decided to launch this single currency forex card (USD) without any ATM withdrawal and cross currency charges to enable students, businessmen, tourists, employees, and others to use this card in any country in the world which accepts VISA cards. In developed countries, the need for ATM withdrawals are quite less as almost everything can be done by swiping the card, so the no cross currency charge feature comes handy. In other countries or places where cash is required, the no ATM withdrawal fee feature is helpful,' said you are making any international trip in a few days or months, then taking this forex card can help you save money. BookMyForex is offering up to 2% cashback on every new forex order. The maximum cashback is capped at Rs 7,500. This offer is not going to be a feature as they are only being offered for a limited those uninitiated, in other forex cards, banks levy a foreign currency markup charges. For example: If you are transacting in Dubai you need to pay using AED (United Arab Emirates Dirham). So, the forex card which has USD currency needs to be first converted to AED and then only the payment can happen. Now suppose if 1 AED equals 0.27 USD, then the bank may charge 0.28 USD for 1 AED. This extra charge is called the markup over the interbank rate which was 0.27 USD for 1 AED. This can quickly add up in real time, if you are making big Motwani, Founder & CTO, BookMyForex says: "Today's global traveller is more informed and value conscious. They don't just compare airfares or hotel rates before planning their travel—they also compare forex rates and very well understand the hidden charges associated with foreign exchange. The Global Forex Card is built for this new kind of traveller'.Motwani said that close relatives in India are allowed to do a top-up in a customer's forex card, if they satisfy the definition as per RBI rules. The customers if they have internet access, then they can recharge their forex card online using the app too.
