Zero forex is table stakes in India now
Five years ago, every Indian credit and debit card charged 3.5% on every international transaction. Today there are at least four mainstream products advertising zero forex — Niyo, Scapia, IDFC FIRST WOW, and a few private-bank co-brands. Wise is in the mix too, even though its card story in India is more limited.
That's the good news. The catch: every one of these has strings. Niyo wants ₹5,000 as a monthly average balance (AMB). Scapia is co-branded with Federal Bank, so you're effectively opening a Federal account. IDFC FIRST WOW is a secured card — you lock ₹20,000 (or more) as a fixed deposit and get a credit limit against it. Wise needs you to open a Wise multi-currency account and tolerate a card that isn't accepted everywhere physical Indian cards are.
Plu plays the same zero-forex game with one big difference: no strings. No FD, no AMB, no Indian bank account, no credit check. You fund with USDT, USDC, UPI, or a bank transfer, and the card is live in 2 minutes.
Niyo (₹5,000 AMB, debit card on Equitas/SBM)
Niyo Global is the most popular zero-forex card among Indian travellers. It's a debit card on a partner bank (Equitas, SBM Bank, or DCB depending on which Niyo product you pick). Zero markup on Visa/Mastercard daily rate, free international ATM withdrawals up to a daily limit, and DXB lounge access on the higher tiers.
What to know: you're opening a savings account at the partner bank. AMB is typically ₹5,000 (some tiers ₹10,000) — fall below it and you're charged a non-maintenance fee. Funding is INR-only (NEFT/IMPS/UPI), and the card is locked to that account. Best for: travellers who want lounges and ATM access abroad and don't mind the AMB or the bank-account ceremony.
Scapia (Federal Bank co-brand)
Scapia is a credit card issued by Federal Bank with zero forex on international transactions and unlimited domestic lounge access. Strong product, especially for frequent flyers. Cashback in 'Scapia Coins' redeemable for travel.
What to know: it's a credit card, so you'll go through a full credit underwriting process — CIBIL check, income proof, the works. You're opening a Federal Bank credit account; some flows ask you to open a Federal savings account too. Funding is rupee-only via auto-pay. Best for: existing Federal Bank customers and travellers who can clear the credit-card underwriting bar.
IDFC FIRST WOW (secured against ₹20,000 FD)
WOW is a secured credit card from IDFC FIRST Bank that gives you a credit limit equal to a fixed deposit you place with the bank. Zero forex markup, no joining fee, and the FD continues to earn interest. Decent product for someone with no credit history.
What to know: the FD lock-in is real money — ₹20,000 minimum to ₹2 lakh maximum, locked for the life of the card. Closing the card means closing the FD. Funding is INR via auto-pay. Best for: someone building Indian credit history who is comfortable parking ₹20K+ as a deposit.
Wise (multi-currency account + debit card)
Wise gives you a multi-currency account with the mid-market exchange rate (small spread on conversions, free for many corridors) and a Visa debit card. Brilliant for receiving USD/EUR/GBP if you freelance internationally.
What to know: card acceptance in India is patchier than a domestic Visa. Wise's card is most useful when you're abroad. KYC is heavier than the Indian options because you're effectively opening a UK/EU account from India. Best for: freelancers receiving foreign currency or Indians spending most of their card volume outside India.
Plu (zero strings, USDC funding)
Plu is a virtual Visa card you can issue in 2 minutes with passport KYC — no Indian bank account, no FD, no AMB, no credit check. Zero forex markup on global spend. The differentiator: you can fund the card directly with USDT or USDC, which no Indian card supports.
What to know: physical card is US-only for now (virtual works everywhere Visa works, including Apple Pay/Google Pay). No domestic lounge access. UPI funding is supported, so you don't have to touch crypto if you don't want to. Best for: developers paying for SaaS in USD, crypto users who want to spend stablecoins without converting back to INR each time, anyone who doesn't want to lock up money in an FD or AMB.
The honest verdict
There's no single winner — these cards solve different problems.
Pick Niyo if: you travel abroad regularly and want ATM withdrawals and lounge access, and the AMB doesn't bother you.
Pick Scapia if: you can clear credit underwriting and want lounges + travel rewards.
Pick IDFC FIRST WOW if: you're building credit history and the FD lock-in is fine.
Pick Wise if: you receive significant USD/EUR/GBP from abroad and want a multi-currency account.
Pick Plu if: you spend USD on tools (SaaS, AWS, OpenAI), hold stablecoins you'd rather spend than convert, want a card with zero strings, or want to issue agent cards for AI workflows.
Most serious users carry two — one for travel/lounges, one for tool spending and stablecoins. The combos that come up most: Niyo + Plu, or Scapia + Plu.
Frequently asked questions
Is zero forex really zero in India? Yes — Niyo, Scapia, IDFC FIRST WOW, and Plu all charge 0% markup on the Visa/Mastercard daily rate. That's a real change from the 3.5% that used to be standard.
Which card has the lowest barrier to entry in India? Plu — no FD, no AMB, no Indian bank account, no credit check. Niyo is second-easiest (AMB but no FD).
Can I fund a card with USDT or USDC in India? Only Plu. Niyo, Scapia, IDFC FIRST WOW, and Wise all require INR funding via NEFT/IMPS/UPI or auto-pay.
Which card is best for paying for ChatGPT, OpenAI, or AWS from India? Any of the zero-forex cards work, but Plu's virtual Visa is issued by a non-Indian BIN, which avoids the 'Indian card flagged as suspicious' decline pattern OpenAI is known for.