How to Save on Forex Markup Fees and ATM Charges When Withdrawing Cash Abroad

[bhavyegoelbhavyegoel is verified member.]

💸 How to Save on Forex Markup & ATM Fees When Travelling Abroad

Hey everyone,
I wanted to share something super useful for anyone who travels internationally and needs to withdraw cash abroad. We often focus on finding the best exchange rates — but the real killers are the hidden forex markup fees and ATM withdrawal charges that most banks quietly add on top.


After a few trips and a bit of trial and error, here’s what I’ve learned — and how you can avoid those unnecessary charges.

---

💰 Step 1: Understand the Two Kinds of Fees​

Whenever you swipe or withdraw money abroad, two different charges might hit you:

• Forex markup fee: This is the 3–3.5% extra banks add for converting foreign currency into INR.
• ATM fee: This is what the ATM owner charges for letting you use their machine — totally separate from your bank’s fee.

Our goal? Use a card that doesn’t charge markup, and find an ATM that doesn’t charge extra either.

---

💳 Step 2: Pick the Right Card​

Charles Schwab Debit Card (for those who can get it)

• Zero forex markup.
• Refunds all ATM fees worldwide.
  Basically, whatever you withdraw, you actually get. It’s one of the best cards globally for travellers.
• Get all the information about opening Charles Schwab International Account from India. https://technofino.in/community/threads/best-debit-card-in-the-world-why.31408/

IndusInd Exclusive / Pioneer Debit Card (for Indian travellers)

• No forex markup fees — which already saves you 3.5% right away.
• Works great for purchases and ATM withdrawals.

Just remember: even though IndusInd doesn’t charge a markup, the ATM itself may still charge a local withdrawal fee. That’s where the next trick helps.

---

🏧 Step 3: Use the “ATM Fee Saver” App​

This app is a total gem.
Before withdrawing cash, just check the ATM Fee Saver app — it lists fee-free and low-fee ATMs in most countries.

I’ve personally found that:

• Airport ATMs often have the highest fees.
• Bank-owned ATMs tend to be cheaper or free.

The app helps you find the right one so you don’t pay extra every time you take out cash.

---

🌴 Step 4: My Maldives Experience (A Handy Tip!)​

On my recent trip to Malé, Maldives, I noticed something strange.



When I used my IndusInd Exclusive debit card (Mastercard), I got charged a small fee.
But when I used my Visa variant of the same card, there was no fee at all.

Turns out, fees can differ by card network, even if it’s the same bank and same account!

💡 Pro Tip:
IndusInd actually lets you hold both Visa and Mastercard debit cards for the same account.
If you travel frequently, definitely get both. If one card gets charged a fee, you can just switch to the other network.

---

✈️ Step 5: The Ideal Setup​

Here’s what works best for me:

✅ A 0% markup debit card — like IndusInd Exclusive / Pioneer or Charles Schwab.
✅ The ATM Fee Saver app — to find the cheapest (or free) ATMs nearby.
✅ Both Visa & Mastercard variants — just in case one charges and the other doesn’t.

Follow these and your international withdrawals will be almost fee-free.
More money stays in your pocket — where it belongs 😄

 

[hender]

💸 How to Save on Forex Markup & ATM Fees When Travelling Abroad

Hey everyone,
I wanted to share something super useful for anyone who travels internationally and needs to withdraw cash abroad. We often focus on finding the best exchange rates — but the real killers are the hidden forex markup fees and ATM withdrawal charges that most banks quietly add on top.
View attachment 113501

After a few trips and a bit of trial and error, here’s what I’ve learned — and how you can avoid those unnecessary charges.

---

💰 Step 1: Understand the Two Kinds of Fees​

Whenever you swipe or withdraw money abroad, two different charges might hit you:

• Forex markup fee: This is the 3–3.5% extra banks add for converting foreign currency into INR.
• ATM fee: This is what the ATM owner charges for letting you use their machine — totally separate from your bank’s fee.

Our goal? Use a card that doesn’t charge markup, and find an ATM that doesn’t charge extra either.

---

💳 Step 2: Pick the Right Card​

View attachment 113500


Charles Schwab Debit Card (for those who can get it)

• Zero forex markup.
• Refunds all ATM fees worldwide.
  Basically, whatever you withdraw, you actually get. It’s one of the best cards globally for travellers.

IndusInd Exclusive / Pioneer Debit Card (for Indian travellers)

• No forex markup fees — which already saves you 3.5% right away.
• Works great for purchases and ATM withdrawals.

Just remember: even though IndusInd doesn’t charge a markup, the ATM itself may still charge a local withdrawal fee. That’s where the next trick helps.

---

🏧 Step 3: Use the “ATM Fee Saver” App​

This app is a total gem.
Before withdrawing cash, just check the ATM Fee Saver app — it lists fee-free and low-fee ATMs in most countries.

I’ve personally found that:

• Airport ATMs often have the highest fees.
• Bank-owned ATMs tend to be cheaper or free.

The app helps you find the right one so you don’t pay extra every time you take out cash.

---

🌴 Step 4: My Maldives Experience (A Handy Tip!)​

On my recent trip to Malé, Maldives, I noticed something strange.

View attachment 113502

When I used my IndusInd Exclusive debit card (Mastercard), I got charged a small fee.
But when I used my Visa variant of the same card, there was no fee at all.

Turns out, fees can differ by card network, even if it’s the same bank and same account!

💡 Pro Tip:
IndusInd actually lets you hold both Visa and Mastercard debit cards for the same account.
If you travel frequently, definitely get both. If one card gets charged a fee, you can just switch to the other network.

---

✈️ Step 5: The Ideal Setup​

Here’s what works best for me:

✅ A 0% markup debit card — like IndusInd Exclusive / Pioneer or Charles Schwab.
✅ The ATM Fee Saver app — to find the cheapest (or free) ATMs nearby.
✅ Both Visa & Mastercard variants — just in case one charges and the other doesn’t.

Follow these and your international withdrawals will be almost fee-free.
More money stays in your pocket — where it belongs 😄

Fantastic write up and lovely piece of advise Sir 👍!!

 

[HumorSimpson]

Nice and informative 👍🏼

 

[coolsagar]

💸 How to Save on Forex Markup & ATM Fees When Travelling Abroad

Hey everyone,
I wanted to share something super useful for anyone who travels internationally and needs to withdraw cash abroad. We often focus on finding the best exchange rates — but the real killers are the hidden forex markup fees and ATM withdrawal charges that most banks quietly add on top.
View attachment 113501

After a few trips and a bit of trial and error, here’s what I’ve learned — and how you can avoid those unnecessary charges.

---

💰 Step 1: Understand the Two Kinds of Fees​

Whenever you swipe or withdraw money abroad, two different charges might hit you:

• Forex markup fee: This is the 3–3.5% extra banks add for converting foreign currency into INR.
• ATM fee: This is what the ATM owner charges for letting you use their machine — totally separate from your bank’s fee.

Our goal? Use a card that doesn’t charge markup, and find an ATM that doesn’t charge extra either.

---

💳 Step 2: Pick the Right Card​

View attachment 113500


Charles Schwab Debit Card (for those who can get it)

• Zero forex markup.
• Refunds all ATM fees worldwide.
  Basically, whatever you withdraw, you actually get. It’s one of the best cards globally for travellers.
• Get all the information about opening Charles Schwab International Account from India. https://technofino.in/community/threads/best-debit-card-in-the-world-why.31408/

IndusInd Exclusive / Pioneer Debit Card (for Indian travellers)

• No forex markup fees — which already saves you 3.5% right away.
• Works great for purchases and ATM withdrawals.

Just remember: even though IndusInd doesn’t charge a markup, the ATM itself may still charge a local withdrawal fee. That’s where the next trick helps.

---

🏧 Step 3: Use the “ATM Fee Saver” App​

This app is a total gem.
Before withdrawing cash, just check the ATM Fee Saver app — it lists fee-free and low-fee ATMs in most countries.

I’ve personally found that:

• Airport ATMs often have the highest fees.
• Bank-owned ATMs tend to be cheaper or free.

The app helps you find the right one so you don’t pay extra every time you take out cash.

---

🌴 Step 4: My Maldives Experience (A Handy Tip!)​

On my recent trip to Malé, Maldives, I noticed something strange.

View attachment 113502

When I used my IndusInd Exclusive debit card (Mastercard), I got charged a small fee.
But when I used my Visa variant of the same card, there was no fee at all.

Turns out, fees can differ by card network, even if it’s the same bank and same account!

💡 Pro Tip:
IndusInd actually lets you hold both Visa and Mastercard debit cards for the same account.
If you travel frequently, definitely get both. If one card gets charged a fee, you can just switch to the other network.

---

✈️ Step 5: The Ideal Setup​

Here’s what works best for me:

✅ A 0% markup debit card — like IndusInd Exclusive / Pioneer or Charles Schwab.
✅ The ATM Fee Saver app — to find the cheapest (or free) ATMs nearby.
✅ Both Visa & Mastercard variants — just in case one charges and the other doesn’t.

Follow these and your international withdrawals will be almost fee-free.
More money stays in your pocket — where it belongs 😄

Sir,
Does these ATM withdrawal show up in AIS (Annual Information statement) under SFT?
If so, is there TCS cut ?

What is the TCS limit for debit card ATM withdrawal?

 

[nh124001]

dont forget, sbi rupay jcb debit cards @Abhishek012

 

[bhavyegoelbhavyegoel is verified member.]

Sir,
Does these ATM withdrawal show up in AIS (Annual Information statement) under SFT?
If so, is there TCS cut ?

What is the TCS limit for debit card ATM withdrawal?

Is it under SFT? I haven't withdrawn that much amount much since mostly I try to pay directly via credit cards.

 

[bhavyegoelbhavyegoel is verified member.]

dont forget, sbi rupay jcb debit cards @Abhishek012

Wow great to hear about this. Does it refund back ATM fees also?

 

[nh124001]

Wow great to hear about this. Does it refund back ATM fees also?

nopes.. don't expect more from SBI only zero forex markup

 

[e-va]

AFAIK, even DBS debit cards - standard VISA Signature and the co-branded one by EMT - offer zero forex markup.

 

[sunit123]

View attachment 113501

Bro...which DCB card is this in the picture...It is not Niyo...Which card is below DCB bank debit card

 

[Abhishek012]

dont forget, sbi rupay jcb debit cards @Abhishek012

Wow great to hear about this. Does it refund back ATM fees also?

nopes.. don't expect more from SBI only zero forex markup

SBI RuPay JCB Platinum Debit Card and SBI RuPay JCB Pragati Platinum Debit Card -

No Fees for International ATM Cash withdrawal,
Zero markup fees,
Best conversion rate.
SBI RuPay JCB Platinum/Pragati Platinum Debit Card there is no TCS reflected under Section 206CQ in Form 26AS.
This means that the spends done on SBI RuPay JCB Platinum/Pragati Platinum Debit Card is unsuccessful in tracking foreign remittance and thus even forex markup fees was not charged.
25% Cashback on International spend (select countries)

 

[sunit123]

SBI RuPay JCB Platinum Debit Card and SBI RuPay JCB Pragati Platinum Debit Card -

No Fees for International ATM Cash withdrawal,
Zero markup fees,
Best conversion rate.
SBI RuPay JCB Platinum/Pragati Platinum Debit Card there is no TCS reflected under Section 206CQ in Form 26AS.
This means that the spends done on SBI RuPay JCB Platinum/Pragati Platinum Debit Card is unsuccessful in tracking foreign remittance and thus even forex markup fees was not charged.
25% Cashback on International spend (select countries)

Zero forex markup is only for POS transactions...For ATM withdrawal, it is zero forex markup only in Japan and few ASEAN countries like singapore etc where JCB network is prominent. Everywhere else, forex markup is charged on ATM withdrawal.

If you use JCB card on Visa network, markup is charged for ATM withdrawal.

 

[coolsagar]

I don't know, I am asking.
Can you please clarify what amount is safe to withdraw to avoid entry in AIS SFT

 

[sunit123]

I don't know, I am asking.
Can you please clarify what amount is safe to withdraw to avoid entry in AIS SFT

No amount is safe....it depends who is reporting and who is not reporting

I took forex card of 1.5 lakh from hdfc, it was reported in AIS

I took 1.1 lakh forex from bookmyforex and it was not reported...however bookmyforex took declaration from me that my total forex in fy is less than 7 lakh

Atm withdrawal of around 80k was not reported

However, my total forex was less than 7 lakh

 

[nishank]

I also withdrew last month from Maldives airport. The atm only accepted VISA and no withdrawal fee

 

[Abhishek012]

Zero forex markup is only for POS transactions...For ATM withdrawal, it is zero forex markup only in Japan and few ASEAN countries like singapore etc where JCB network is prominent. Everywhere else, forex markup is charged on ATM withdrawal.

If you use JCB card on Visa network, markup is charged for ATM withdrawal.

What are you saying — if you use a JCB card on the Visa network?

People have even used it in the Middle East and the USA; it still has zero forex markup fees there too.

The post I shared from x.com — that ATM transaction was done in the UAE and it also had zero forex markup fees there.

Zero markup fees have been applied in Spain (Europe) as well.

 

[sunit123]

What are you saying — if you use a JCB card on the Visa network?

People have even used it in the Middle East and the USA; it still has zero forex markup fees there too.

The post I shared from x.com — that ATM transaction was done in the UAE and it also had zero forex markup fees there.

Zero markup fees have been applied in Spain (Europe) as well.

Right bro...You may also check on ATM saver app for any other place like Dubai, Europe etc.

 

[vk25]

@bhavyegoel : I got my Charles Schwab Debit Card today. I already activated card and setup PIN for the card. When I am trying to use it for atm withdrawal in India, transactions are failing. I tried HDFC, Axis, SBI atm for this. All transactions failed. Did you see these kind of failures for atm withdrawal in India? Is this card meant only for using (atm withdrawal) outside of India?

Note: I tried to use this card on Klook. It is working fine.

 

[Lorddiesel]

I don't know, I am asking.
Can you please clarify what amount is safe to withdraw to avoid entry in AIS SFT

If u spend as per your declared income in ITR, no issues then.