IDFC FIRST bank announces Zero Forex Markup across credit card portfolio

The move seeks to strengthen the bank’s proposition for international travellers and consumers making purchases in foreign currencies

by e4m Staff
Published: Sep 9, 2026 9:23 AM | 2 min read

IDFC FIRST Bank has launched zero forex markup on its credit cards, targeting travelers and international shoppers to enhance cost-efficiency in foreign currency transactions.
Customers using eligible IDFC FIRST Bank credit cards will avoid the typical forex markup of 1.5% to 3.5% on transactions in foreign currencies.
The bank's zero-forex offerings include products like the FIRST WOW! and Diamond Reserve credit cards, with the FIRST WOW! card featuring a zero percent forex markup on international transactions.
This initiative is expected to increase competition in India's credit card market, particularly in the travel and premium segments, as more consumers engage in overseas travel and international purchases.

IDFC FIRST Bank has announced the introduction of zero forex markup across its suite of credit cards, positioning the move as a major consumer proposition aimed at travellers, international shoppers and customers increasingly spending across global platforms.

Under the new proposition, the bank said customers using eligible IDFC FIRST Bank credit cards for transactions denominated in foreign currencies will not have to pay the conventional foreign exchange markup charged over and above the currency conversion rate.

The initiative is being positioned around the message, “Travel more. Shop more. Save more,” reflecting the bank’s focus on making international spending more cost-efficient for credit card users.

Forex markup is typically levied by card issuers on transactions made in currencies other than the cardholder’s domestic currency. Such charges can add roughly 1.5% to 3.5% to the transaction value, depending on the card and issuer. Removing the markup could therefore translate into meaningful savings for frequent international travellers and consumers making purchases from overseas websites.

IDFC FIRST Bank has already built zero-forex offerings into several products, including the FIRST WOW!, Mayura and Diamond Reserve credit cards. Its FIRST WOW! card, for instance, currently lists a zero per cent forex markup on international transactions, while the Diamond Reserve was launched earlier this year as a zero-forex premium travel offering.

The broader zero-forex push could sharpen competition in India’s credit card market, particularly within the travel and premium-spending segments, where forex charges, lounge access, travel rewards and international acceptance have become important differentiators.

The move also comes as Indian consumers increasingly travel overseas and transact with international merchants, making foreign-currency transaction costs an important part of the value proposition offered by credit card issuers.