Seventy-five thousand Indians sign up for Wise travel card as outbound trips reach 3.89 crore

Mid-market rate travel card launches in India amid record overseas departures

Wise has launched its multi-currency travel card in India, aligning with a period of increased international travel as the country reports its highest outbound figures to date.

India recorded 3.89 crore outbound departures in 2024, driven by leisure travel accounting for 42.5 per cent, diaspora visits totalling 34.7 per cent, and business travel comprising 14.9 per cent. Overseas spending has also grown. Before FY22, Indian travellers spent roughly US$3-4 billion a year on overseas holidays under the Liberalised Remittance Scheme, but this has increased to an average of US$17 billion over the last two years.

According to Wise, traditional forex providers continue to apply non-transparent markups on exchange rates. Banks and travel operators have dominated the forex card sector, usually applying margins of two to four per cent on currency conversions. On a conversion of ₹2 lakh, travellers may incur additional costs of ₹4,000-₹8,000 when compared to the mid-market rate.

The Wise travel card uses a publicly visible mid-market exchange rate and applies a transparent conversion fee. Over 75,000 people joined the card waitlist in one month after its announcement at the Global Fintech Festival.

The card supports more than forty currencies, including those used in Vietnam, Indonesia, Turkey and Georgia. Onboarding can be completed digitally using DigiLocker and video know-your-customer verification without visiting a branch. Customers receive an instant digital card for online purchases, with the physical card shipped subsequently. The card enables instant top-ups via IMPS, automatic rate selection when spending abroad, and real-time controls, including freezing, unfreezing, spend alerts, and custom limits.

The product is accepted at merchants and ATMs in 160 countries on the Visa network. Customers can withdraw up to US$200 a month at ATMs at no cost, after which a fee of US$1.40 plus 3.25% applies.

“Indian travellers are heading abroad in record numbers, but they're still paying hidden fees that can add hundreds or thousands of rupees to every trip. The waitlist numbers showed us something important: people are done putting up with complicated pricing. They want transparency, convenience, and a great product experience. We're excited to bring this to international spending in India, just as the travel season kicks off,” said Taneia Bhardwaj, South Asia Expansion Lead at Wise.

Wise is waiving its standard ₹460 card issuance fee for registrations completed before February 10, 2026. The card does not carry annual fees, subscription charges or inactivity penalties.