In 2024, India saw 3.89 crore overseas departures, primarily driven by leisure travel (42.5%), visits to the diaspora (34.7%), and business trips (14.9%). There has also been a significant increase in overseas spending.
According to data from the Liberalised Remittance Scheme (LRS), Indians previously spent around $3–4 billion annually on international vacations before FY22, a sum that has surged to an average of $17 billion in the last two years.
Industry estimates indicate that traditional forex card providers typically impose margins of 2–4% on currency exchanges, leading to inflated costs for travelers. On a ₹2 lakh transaction, these markups can translate to an additional ₹4,000–₹8,000 compared to the mid-market exchange rate.
The Wise Travel Card employs the mid-market rate and features a transparent conversion fee. Over 75,000 individuals expressed interest by signing up for a waitlist within a month of its unveiling at the Global Fintech Festival, according to the company.
This card supports more than 40 currencies and offers streamlined digital onboarding via DigiLocker and video KYC. It also provides an instant digital card for online transactions, IMPS-based account top-ups, and in-app functionalities like freezing and unfreezing the card, spending alerts, and customizable limits. The card is accepted on the Visa network across over 160 countries, and ATM withdrawals are free up to $200 each month, after which standard charges will apply.
“Indian travelers are going abroad in record numbers, but they continue to incur hidden fees that can add hundreds or thousands of rupees to each trip,” remarked Taneia Bhardwaj, South Asia Expansion Lead at Wise, noting the increasing demand for transparent pricing.
Wise announced that it will waive the ₹460 issuance fee for new sign-ups until February 10, 2026. The card comes with no annual or inactivity fees.
First Published: Dec 8, 2025 12:14 PM IST
