Author: Aditya Pareek | EQMint | General News
Indian travellers may soon find it cheaper, easier and more transparent to spend money overseas. Wise, the global money movement company, has officially announced the opening of the waitlist for its first-ever Wise Travel Card in India. The move marks Wise’s entry into the Indian consumer forex and international payments market, which has long been dominated by traditional bank forex cards, debit and credit cards, and airport currency exchanges.
The launch was announced at the Global Fintech Festival in Mumbai, where UK Prime Minister Keir Starmer referenced Wise’s India expansion as a significant step toward strengthening UK–India fintech cooperation. The timing could not have been more appropriate. With outbound travel from India rising sharply every year, the need for more transparent forex options is greater than ever.
According to RBI data, Indians spent nearly $17 billion on international travel in the last year alone. From vacations abroad to higher education expenses, a large share of this money gets eroded because of hidden fees, inflated exchange rates and multiple banking charges. Wise plans to change that with a product specifically designed for everyday Indian travellers.
Why Indians End Up Paying More Abroad
Whether it’s a family visiting their child studying in the UK or a couple travelling through Southeast Asia, most of them rely on:
- Traditional bank-issued forex cards
- International debit and credit cards
- Money changers at airports
- Travel agents and bank forex desks
While these are readily accessible, they often come with:
- Poor exchange rates
- Hidden markups
- Foreign transaction fees
- Multiple conversion charges
For instance, a family spending ₹5 lakh on a trip abroad could lose over ₹17,500 only on hidden fees and unfavourable exchange rates. These costs are rarely discussed openly — most travellers only realise the additional expense after they return home and review their bank statements.
How the Wise Travel Card is Different
Wise aims to solve this problem by offering transparent, upfront and predictable forex conversion. The company claims the Wise Travel Card offers the mid-market exchange rate — the same rate seen on Google — with only a small, clearly stated fee. This means no inflated conversion rates, no surprise charges, and absolutely no hidden markups.
Some standout benefits include:
✔ Widest Currency Coverage
Wise currently supports 40+ currencies, including popular destinations for Indians such as:
- UAE
- Thailand
- Singapore
- USA
- UK
- Japan
- Europe
This wide coverage puts it ahead of most traditional bank forex products.
✔ Entirely Digital Onboarding
Unlike traditional forex cards that require several branch visits and paperwork, Wise simplifies everything through its app. Account opening, identity verification and currency management all happen digitally using DigiLocker and video KYC.
✔ Smart Currency Conversion
Travellers don’t need to pre-load a specific currency. The card can automatically use the best rate available, irrespective of which currency is being spent. Whether one is paying for groceries in Dubai or a hotel in Tokyo, the app handles the conversion instantly.
✔ Use Before Physical Card Is Delivered
The Wise app enables travellers to:
- Access digital cards instantly
- Request up to three virtual cards
- Use the card’s digital details to book flights and hotel stays
This feature is especially useful when making bookings before travel.
✔ Easy and Familiar Top-Up Options
Users can load money using:
- IMPS (instant)
- NEFT
- RTGS
There is no need to maintain a special forex wallet or open a separate bank account.
Designed Specifically for Indian Travellers
Speaking at the launch, Taneia Bhardwaj, South Asia Expansion Lead at Wise, emphasised that India’s travel market has evolved rapidly, but banking products have not kept up.
“India is growing incredibly fast as a travel market, but the products we use when we’re abroad haven’t kept up with the needs of today’s savvy Indian travelers. The payments experience abroad should be as seamless as paying in India, and that’s why we’ve built the Wise card specifically for the Indian market.”
The message is clear: Indian travellers deserve transparency, modern digital onboarding and a globally accepted solution built for India.
Who Will Benefit Most?
The Wise Travel Card is expected to appeal to a wide range of Indian travellers, including:
- Students studying abroad
Ideal for tuition payments, living expenses and online subscriptions. - Families visiting children overseas
No hidden forex cuts when transferring funds. - Frequent international business travellers
Better budgeting and real-time transaction tracking via the app. - Vacation travellers
Good exchange rates without the stress of preloading foreign currencies. - Remote workers and digital nomads
Ease of use across multiple countries and currencies.
Applications Open via Waitlist
Currently, the Travel Card has not been fully launched but a waitlist has been opened for Indian customers. People who register early are likely to get priority access once the card becomes fully operational.
Signing up is quick and digital, and the company expects early adopters to benefit the most.
Why This Launch Matters for India’s Fintech Ecosystem
The Wise Travel Card signals the entry of a globally trusted fintech into India’s massive consumer payments market. As Indian outbound travel grows every year, existing banking products will be forced to innovate, offer more transparent pricing, and reduce forex exploitation.
If successful, Wise’s entry could set a new standard for:
- Fair exchange rate systems
- Transparent forex services
- Digital-first documentation and payments
In a market where travellers have been quietly overpaying for years, the product could emerge as a major disruptor.
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Disclaimer: This article is based on information available from public sources. It has not been reported by EQMint journalists. EQMint has compiled and presented the content for informational purposes only and does not guarantee its accuracy or completeness. Readers are advised to verify details independently before relying on them.
