Latest news with #GlobalForexCard
News18
6 days ago
- Business
- News18
This New Student Forex Card Offers Zero Markup Fees, Free Atm Withdrawals, Up To Rs 15,000 Cashback On Fee Transfers And More, Check Details
BookMyForex's Double Crazy Sale - Student Edition offers up to Rs 20,000 cashback on forex cards and tuition fee transfers for Indian students abroad. Planning to study abroad? Well, there's good news, as now you can save a significant amount on foreign exchange and tuition fees. BookMyForex, a MakeMyTrip Group affiliate, has now introduced a Double Crazy Sale – Student Edition to reduce the financial burden of Indian students going overseas for higher education. The limited-time offer provides up to Rs 20,000 cashback on student forex cards and tuition fee transfers. The Official Press Release reads, 'Backed by zero hidden fees, a lowest rate guarantee, and cost-saving features like free ATM withdrawals and no cross-currency charges, the offer aims to help students and parents save significantly on essential university-related expenses." What are the Benefits? Furthermore, it also comes with a referral bonus. This means students can avail up to Rs 500 for every successful referral, while the new joiners can enjoy heavy discounts on their first transaction. Not just this, students can also get Rs 7,500 cashback on ordering a Global Forex Card, which also comes with zero markup charges on foreign currency, no cross-currency conversion fees, and free ATM withdrawals abroad. Also, BookMyForex provides a fully online tuition transfer service. Students and parents may pay fees to universities directly through partner banks without having to visit a branch. Transfers are carried out the same day, with no fees and the company's lowest rate guarantee. Every fee transfer earns up to Rs 15,000 cashback. BookMyForex Guarantee: If students find a lower exchange rate elsewhere, BookMyForex will repay the difference twice as part of its Lowest Rate Guarantee. However, that is restricted to a narrow set of currencies, only applies to online platforms authorised by the RBI, and excludes any other ongoing offers. Offer Validity: The offer is applicable on the BookMyForex App and website through September 15, 2025. To take advantage of the benefits, students can use the promo code CRAZYSALE for forex card orders and REMITSPL for money transfers. The company is also offering same-day delivery for orders booked before 1 pm on any working day. The offer is limited to one transaction per user during the campaign, and the promo code REMITSPL must be entered at the time of booking. If you forget to apply the coupon or cancel the order later, you will lose the entire cashback. view comments First Published: July 23, 2025, 14:27 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Standard
22-07-2025
- Business
- Business Standard
BookMyForex Targets Study Abroad Market with Biggest-Ever Cashback on Student Forex Services
NewsVoir Gurgaon (Haryana) [India], July 22: With thousands of Indian students preparing to begin their academic journey abroad, BookMyForex (a MakeMyTrip Group entity)--India's largest online foreign exchange marketplace--has launched the "Double Crazy Sale - Student Edition" to make study-abroad expenses more affordable. The limited-time offer provides Rs. 20,000+ cashback on student forex cards and tuition fee transfers, along with referral rewards. Backed by zero hidden fees, a lowest rate guarantee, and cost-saving features like free ATM withdrawals and no cross-currency charges, the campaign helps students and parents save significantly on essential university-related expenses. Gagan Malhotra, Chief Operating Officer, BookMyForex, said, "Every rupee counts when a student is starting their journey abroad. With the Double Crazy Sale - Student Edition, we're making overseas education payments simpler, more transparent, and far more affordable. Recently, BookMyForex has introduced some of the most cost-effective and reliable forex solutions for students going abroad. And with this exclusive cashback campaign, we're taking it a step further--helping students save even more while ensuring a hassle-free start to their global journey." How Students Save Big with the Double Crazy Sale Rs. 7,500 Cashback on Student Forex Cards The newly launched Global Forex Card, designed exclusively for students, eliminates common overseas charges with zero markup fees, no cross-currency conversion costs, and free ATM withdrawals. Payments at university POS terminals are completely free, helping students avoid the hefty fees often charged abroad. With an added Rs. 7,500 cashback, the card becomes an even smarter and more cost-effective choice for managing expenses overseas. Rs. 15,000 Cashback on University Fee Transfers BookMyForex's fully online tuition fee transfer service simplifies payments by eliminating the need for branch visits. Transfers are processed same day through trusted partner banks, with zero transfer fees and the lowest exchange rates guaranteed. With an additional Rs. 15,000 cashback, students and parents can make university payments faster, safer, and more affordable. Lowest Rate Guarantee - Or Get Double the Difference Back! BookMyForex's Lowest Rate Guarantee ensures students always get the best deal on forex. If a better rate is found elsewhere, the platform will refund double the difference, giving students complete confidence and maximum savings every time. Earn & Help Friends Save - Referral Program Students can refer friends through a unique link and earn up to Rs. 500 for every successful referral, while their friends enjoy a discount on their first transaction. The reward is available as cashback or a coupon code, redeemable on for the next order--making it a win-win for both. Gagan Malhotra, Chief Operating Officer, BookMyForex, added, "We've been witnessing strong double-digit growth in student-focused forex cards and money transfers, reflecting the rising demand for reliable and affordable solutions in the study-abroad segment. With our new products and the Student Edition sale, our goal is to double the student user base in the coming months and further strengthen BookMyForex's position as the preferred forex partner for students and parents alike." The offer is valid until September 15th, 2025, on the BookMyForex App and website. To avail the benefits, students can use promo code CRAZYSALE for forex card orders and REMITSPL for money transfers. Same-day delivery is available for card orders placed before 1 PM on business days. Full offer details can be found at 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.
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.
Economic Times
29-04-2025
- Business
- Economic Times
Check it if going abroad: A new forex card with no charges for ATM withdrawal, forex currency conversion and its lifetime free
Forex card: BookMyForex has launched an new single currency forex card which offers no charges for ATM withdrawals and forex currency conversion. However, these offers are being run for an limited period. Also as an introductory offer, you can get up to 2% cashback up to Rs 7,500 for forex loading transactions. Tired of too many ads? Remove Ads How does this single currency forex card work? Tired of too many ads? Remove Ads 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 Tired of too many ads? Remove Ads 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 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, 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."Here 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.
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.
