Managing money abroad is easier than ever, but the method you choose affects how much you pay in fees and exchange-rate margins.
Multi-currency forex cards
Prepaid forex cards from Indian banks let you load foreign currency at a locked rate before you travel.
- Good for budgeting, and safer than carrying lots of cash.
- Work at ATMs and card machines abroad.
- Check fees for loading, ATM withdrawals and unloading leftover funds.
Credit and debit cards
International credit cards are widely accepted in cities across Southeast Asia, the Middle East and Europe.
- Most charge a foreign transaction markup; some premium cards charge less.
- Inform your bank before travel and enable international usage.
- Carry two cards from different networks in case one is declined.
Dynamic currency conversion
When paying abroad, a card machine or ATM may offer to charge you in rupees. This usually costs more. Always choose to pay in the local currency.
Cash
Cash is still needed in many places: street food in Thailand, markets, small shops, tuk-tuks, boat rides and tips. Carry a moderate amount in local currency, exchanged in India or at the destination's airport for immediate needs.
Rules for Indian residents
Indian residents can spend abroad within the limits of the Liberalised Remittance Scheme, and banks and card issuers apply tax rules such as TCS on certain overseas remittances and tour packages. See TCS on foreign tour packages explained in plain words.
Tips
- Keep cash and cards in different places.
- Note your bank's international helpline numbers offline.
- Photograph your cards' customer-care numbers, not the card details.
- Keep some small notes for the first taxi or tip after landing.
Destination notes
- Dubai and Singapore: cards accepted almost everywhere.
- Thailand, Bali and Vietnam: cards in hotels and malls; cash for markets and street food.
- Europe: cards widely accepted, including contactless on transport in many cities.
When to go
When to go
When to go
When to go