Thomas Cook India and Atlys have partnered to integrate foreign exchange services into the visa applicati ...More

Thomas Cook India and Atlys have partnered to integrate foreign exchange services into the visa application process. This collaboration aims to provide travelers, particularly students and leisure travelers, with convenient access to forex solutions like visa-backed forex cards and foreign currency. The partnership emphasizes speed, convenience, and reliability for digitally savvy young travelers. ...Less

Indian travellers are increasingly using UPI abroad for convenient payments, but understanding its limita ...More

Indian travellers are increasingly using UPI abroad for convenient payments, but understanding its limitations and risks is crucial. While cheaper than cards in select countries like UAE and Singapore, UPI acceptance is uneven, and backup payment options are essential. Users must be aware of transaction limits, potential failures, and fraud risks. ...Less

Indian football fans are defying geopolitical tensions, high airfares and a weakening ₹ to attend the FIF ...More

Indian football fans are defying geopolitical tensions, high airfares and a weakening ₹ to attend the FIFA World Cup 2026. This year, a growing number of travelers, including those from tier-2 cities, are willing to spend significantly on customized itineraries, viewing the tournament as a significant lifestyle investment and a once-in-a-lifetime experience. ...Less

Thomas Cook India has increased its prepaid Forex Card offerings to 28 global currencies. This expansion ...More

Thomas Cook India has increased its prepaid Forex Card offerings to 28 global currencies. This expansion caters to growing travel demand to emerging destinations. Customers can now transact seamlessly in more local currencies. The company also offers quick forex loading through its partnership with Blinkit. This provides Indian travelers with speed and convenience for their international trips. ...Less

Cross-border digital payment firms are increasingly targeting Gift City for growth, seeking Payment Servi ...More

Cross-border digital payment firms are increasingly targeting Gift City for growth, seeking Payment Service Provider (PSP) licenses to cater to international travelers and businesses. Companies like Razorpay, Cashfree, and Skydo are exploring this route to offer multi-currency wallets and streamline import-export flows, complementing existing RBI licenses. ...Less

In recent times many resident individuals, banking with various financial institutions, have used cards t ...More

In recent times many resident individuals, banking with various financial institutions, have used cards to carry out international capital account transactions-oblivious that they were violating foreign exchange and banking rules. Some probably did it consciously to dodge the tax collected at source (TCS) or sidestep restrictions on overseas forex remittance. ...Less

Studying abroad involves more than just academic merit; it's a significant financial investment. Indian s ...More

Studying abroad involves more than just academic merit; it's a significant financial investment. Indian students often underestimate hidden costs beyond tuition, making informed decisions about loans, university choices, and daily spending crucial for a successful and financially manageable experience. ...Less

The situation is grim for customers carrying Yes Bank forex cards, with their access to payments - cut of ...More

The situation is grim for customers carrying Yes Bank forex cards, with their access to payments - cut off. ...Less

Another twitter user Soumitra Chakravarti said he was currently in Canada and his only source of money wa ...More

Another twitter user Soumitra Chakravarti said he was currently in Canada and his only source of money was his forex Card. ...Less

Facing a cash crunch while travelling? BookMyForex app offers a solution — you can instantly load your fo ...More

Facing a cash crunch while travelling? BookMyForex app offers a solution — you can instantly load your forex card. Simply log in, select your BookMyForex card, and request a real-time top-up with your desired foreign currency. The process is quick and convenient, ensuring you have access to money whenever you need it during your international trip. ...Less

Forex card: BookMyForex has launched an new single currency forex card which offers no charges for ATM wi ...More

Forex card: BookMyForex has launched an new single currency forex card which offers no charges for ATM withdrawals and forex currency conversion. However, these offers are being run for an limited period. Also as an introductory offer, you can get up to 2% cashback up to Rs 7,500 for forex loading transactions. ...Less

ICICI Bank has launched the Sapphiro Forex Card, designed for students going abroad for higher education. ...More

ICICI Bank has launched the Sapphiro Forex Card, designed for students going abroad for higher education. Powered by Visa, the card offers benefits tailored for managing education expenses such as admission fees, course-related costs, and daily expenses like travel and dining. It supports transactions in 15 currencies without cross-currency mark-up charges, facilitating seamless global travel. ...Less

If you miss or fail to take a connecting international flight of an international airline due to delay in ...More

If you miss or fail to take a connecting international flight of an international airline due to delay in the arrival of another international flight, then you can claim the cost of buying a new ticket through insurance on the forex card. ...Less

TCS on forex payments: From October 1, 2023, forex cards will attract at 20% if the user loads over Rs 7 ...More

TCS on forex payments: From October 1, 2023, forex cards will attract at 20% if the user loads over Rs 7 lakh on the card in a financial year. There is no TCS on international credit cards. Does it mean that credit cards will be a better option than forex cards while travelling abroad? Read carefully to find out ...Less

IndusInd has launched foreign currency pre-paid travel card - the Indus Forex card that is designed to of ...More

IndusInd has launched foreign currency pre-paid travel card - the Indus Forex card that is designed to offer travellers all the convenience. ...Less

Travellers can get a same-day forex card and currency note delivery, even on weekends, along with a Pay-o ...More

Travellers can get a same-day forex card and currency note delivery, even on weekends, along with a Pay-on-Delivery option for currency notes. This move aims to simplify and expedite forex purchases for travellers, addressing the common need for quick access to foreign currency, especially close to travel dates. ...Less

A forex card is a safe option to carry while travelling abroad. It is very easy to obtain it and can be b ...More

A forex card is a safe option to carry while travelling abroad. It is very easy to obtain it and can be bought from any authorised dealer or bank. ...Less

Before travelling abroad, Indians face a complex choice, whether to opt for a forex card or a credit card ...More

Before travelling abroad, Indians face a complex choice, whether to opt for a forex card or a credit card. Debit cards are generally ruled out due to immediate fund deductions. Forex cards allow preloading of foreign currency, while credit cards offer rewards. Some credit cards offer low or even zero foreign exchange markups. But the decision is not that straightforward,. Consider factors such as TCS, rewards accumulated etc., before taking a call ...Less

The forex card can load up to 16 currencies and has various emergency assistance services like loss of pa ...More

The forex card can load up to 16 currencies and has various emergency assistance services like loss of passport assistance through TripAssist and insurance cover of up to Rs 3 lakhs. ...Less

For those travelling overseas, prepaid forex cards are emerging as a sound option in terms of rates and a ...More

For those travelling overseas, prepaid forex cards are emerging as a sound option in terms of rates and a hedge against further depreciation. ...Less

When you buy a forex card, you are being charged an issuance fee (which is the cost of the card). And, wh ...More

When you buy a forex card, you are being charged an issuance fee (which is the cost of the card). And, when you buy a credit card from a financial institution, especially for travelling abroad, you need to pay a joining fee and annual fee. ...Less

Interbank forex rates are the rates at which banks deal with each other for currency exchange and is cons ...More

Interbank forex rates are the rates at which banks deal with each other for currency exchange and is considered the true foreign exchange rates. This is also very transparent rate which anyone can find and verify online on search engines. While most of the forex card issuer charged a markup over this rate, the new card claims to have zero markup over the interbank rate. ...Less

One of the safest and easiest way of carrying forex is by obtaining a forex card. This is a preloaded car ...More

One of the safest and easiest way of carrying forex is by obtaining a forex card. This is a preloaded card and can be used like a debit card while travelling abroad. ...Less

If you are planning on going on a holiday abroad this summer, here is what you should know about prepaid ...More

If you are planning on going on a holiday abroad this summer, here is what you should know about prepaid or forex cards. ...Less

Axis Bank now controls 45% of the $3-billion pre-paid forex card market in India, the bank quoted central ...More

Axis Bank now controls 45% of the $3-billion pre-paid forex card market in India, the bank quoted central bank data as showing. ...Less

"This unique Made in India initiative will go live with UAE as the pilot destination, followed by a phase ...More

"This unique Made in India initiative will go live with UAE as the pilot destination, followed by a phase wise global rollout," Thomas Cook (India) Managing Director and Chief Executive Officer Mahesh Iyer said in a statement. ...Less

As holiday travel abroad looms, Indians face a crucial decision on travel cards due to the rupee's deprec ...More

As holiday travel abroad looms, Indians face a crucial decision on travel cards due to the rupee's depreciation. Forex cards offer a way to lock in exchange rates, mitigating risks associated with currency fluctuations, unlike credit cards which are subject to daily market changes. Choosing the right card can significantly impact travel budgets. ...Less

Thousands of Yes Bank and BookMyForex forex card users report unauthorized international transactions. Cu ...More

Thousands of Yes Bank and BookMyForex forex card users report unauthorized international transactions. Customers are unable to access platforms to lock their cards. Unauthorised transactions in US dollars and Brazilian real are being observed. BookMyForex denies a data breach, stating the bank blocked transactions from a specific country. Customer balances remain secure. ...Less

Experts are Increasingly recommending travellers to go for a prepaid forex card while buying foreign curr ...More

Experts are Increasingly recommending travellers to go for a prepaid forex card while buying foreign currency. ...Less

Yes Bank detected unusual unauthorized transactions on its multi-currency forex cards. The bank flagged t ...More

Yes Bank detected unusual unauthorized transactions on its multi-currency forex cards. The bank flagged these on February 24. Around Rs 2.5 crore in transactions were approved. However, the bank's systems blocked many more attempts, preventing significant losses. The incident was traced to a Latin American country. Yes Bank is working with BookMyForex to protect customers. ...Less

Wise has launched its multi-currency travel card in India. This comes as Indian outbound travel reaches n ...More

Wise has launched its multi-currency travel card in India. This comes as Indian outbound travel reaches new heights. Overseas spending is also significantly increasing. The card offers transparent pricing and supports over 40 currencies. It aims to provide a better experience for Indian travellers facing hidden fees from traditional providers. ...Less

Frequent overseas travellers may find newer zero-forex cards offer better savings and accelerated rewards ...More

Frequent overseas travellers may find newer zero-forex cards offer better savings and accelerated rewards. ...Less

BookMyForex, a MakeMyTrip subsidiary, introduces the "Double Crazy Sale – Student Edition," offering Indi ...More

BookMyForex, a MakeMyTrip subsidiary, introduces the "Double Crazy Sale – Student Edition," offering Indian students over Rs 20,000 in cashback on forex cards and tuition fee transfers. ...Less

The Reserve Bank of India has called in senior Yes Bank executives after a major security incident involv ...More

The Reserve Bank of India has called in senior Yes Bank executives after a major security incident involving the Yes Bank–BookMyForex multi-currency forex card. According to reports, card numbers and CVV details of numerous customers may have been exposed. The RBI has demanded a full account of how the breach occurred and what safeguards failed. ...Less

At present, foreign currency and prepaid forex cards up to Rs 7 lakh accessed through these RBI-authorise ...More

At present, foreign currency and prepaid forex cards up to Rs 7 lakh accessed through these RBI-authorised facilities for international travel is out of the purview of TCS. ...Less

HDFC Bank has launched 11 international toll-free numbers to cater to 32 countries for phone-banking assi ...More

HDFC Bank has launched 11 international toll-free numbers to cater to 32 countries for phone-banking assistance for its pre-loaded forex card users as part of customer convenience initiative. ...Less

Buyforexonline allows customers to buy prepaid forex cards online anytime, at rates applicable at the exa ...More

Buyforexonline allows customers to buy prepaid forex cards online anytime, at rates applicable at the exact time of the transaction. ...Less

Yes Bank has tightened security measures after detecting unusual transaction declines on its Multi-Curren ...More

Yes Bank has tightened security measures after detecting unusual transaction declines on its Multi-Currency Prepaid Forex Card issued with BookMyForex. Fraudulent attempts occurred at 15 Latin American merchants where two-factor authentication is not mandatory. Transactions worth $0.28 million were approved for 5,000 customers, while 688 unauthorised attempts were blocked. The bank has restricted certain overseas e-commerce transactions and is initiating chargebacks to prevent customer losses. ...Less

BookMyForex claims to offer exciting deals for international travellers. Its "Lowest Rate Guarantee" clai ...More

BookMyForex claims to offer exciting deals for international travellers. Its "Lowest Rate Guarantee" claims to refund double the difference, if travellers find a lower exchange rate elsewhere. Their cashback sale offers attractive cashbacks on forex purchases. Read this story to know how you can avail these deals for your upcoming international trips. ...Less

Yes Bank has launched a new salary account for working women. The 'YES Essence Women's Salary Account' of ...More

Yes Bank has launched a new salary account for working women. The 'YES Essence Women's Salary Account' offers financial protection, healthcare, and lifestyle benefits. Features include a free locker, health cover, and cashback on a debit card. This initiative supports women's financial and lifestyle needs. The bank also recently detected unauthorized transactions on its forex cards. ...Less

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Documents required to apply for a forex card ...More

Documents required to apply for a forex card ...Less

Indian students who are planning to study abroad and individuals traveling internationally for holidays c ...More

Indian students who are planning to study abroad and individuals traveling internationally for holidays can look forward to finding great deals that will help make their travel more budget-friendly. Let us take a look at new offers for international students in detail. ...Less

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YES Bank faced a cyberattack on its forex cards. Scammers attempted unauthorized transactions from a Lati ...More

YES Bank faced a cyberattack on its forex cards. Scammers attempted unauthorized transactions from a Latin American country. The bank's fraud monitoring system blocked many attempts. The Reserve Bank of India has summoned YES Bank officials. Affected clients will not suffer financial losses. The bank is taking steps to prevent future incidents. ...Less

Standard Chartered Bank has launched a ‘Multicurrency Forex Card’, designed to offer travelers a secure w ...More

Standard Chartered Bank has launched a ‘Multicurrency Forex Card’, designed to offer travelers a secure way to carry money when traveling abroad. ...Less

RuPay Debit and Credit cards issued by banks in India have gained international acceptance through bilate ...More

RuPay Debit and Credit cards issued by banks in India have gained international acceptance through bilateral arrangements with international partners and co-badging arrangements with international card schemes. ...Less

Some of the currencies that can be loaded are the US dollar, Euro, British Pound, Singapore dollar, Swiss ...More

Some of the currencies that can be loaded are the US dollar, Euro, British Pound, Singapore dollar, Swiss franc, Thai baht, Japanese Yen and South African rand, it said. ...Less

Consumers will be able to order the multi-party forex card or cash in foreign currency either for doorste ...More

Consumers will be able to order the multi-party forex card or cash in foreign currency either for doorstep delivery or at retail outlets of Paytm. ...Less

What about the risks associated with credit cards? The cards can be skimmed, for instance. Fortunately, c ...More

What about the risks associated with credit cards? The cards can be skimmed, for instance. Fortunately, credit card technology has moved to chip validation. Also, in India, the Reserve Bank of India requires twofactor authentication for card-not-present transactions. This helps prevent most fraudulent transactions. ...Less

Limited balance and shorter expiry dates make these preloaded cards a safer as well as convenient option ...More

Limited balance and shorter expiry dates make these preloaded cards a safer as well as convenient option for transactions on the web and while travelling abroad. ...Less

Pre-paid forex cards can be reloaded remotely at the bank, by a third party, who should fill up required ...More

Pre-paid forex cards can be reloaded remotely at the bank, by a third party, who should fill up required documents as per RBI rules. ...Less

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Indian outbound travel is experiencing significant growth, with millions of trips abroad and billions spe ...More

Indian outbound travel is experiencing significant growth, with millions of trips abroad and billions spent annually. Recent policy shifts, including reduced TCS and proposed fee transparency, aim to benefit travelers. However, smart spending habits and secure payment tools are crucial for maximizing budgets and ensuring safety. ...Less

Students can hedge the currency fall by carefully considering various options and choosing the right inst ...More

Students can hedge the currency fall by carefully considering various options and choosing the right instrument considering their budget constraints, date of travel and duration of their stay abroad. ...Less

Foreign spending by Indians faces a tax anomaly. While forex and debit cards incur Tax Collected at Sourc ...More

Foreign spending by Indians faces a tax anomaly. While forex and debit cards incur Tax Collected at Source (TCS) under LRS, international credit card spending remains exempt, creating a regulatory imbalance. Experts anticipate Budget 2026 will address this disparity, aiming for uniform treatment and enhanced transparency in overseas transactions. ...Less

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The exchange rates vary from bank to bank. Also, in case of forex cards, the fees and charges will vary a ...More

The exchange rates vary from bank to bank. Also, in case of forex cards, the fees and charges will vary across service providers. ...Less

Before travelling to a foreign country, one can buy foreign currency from the dealers (including banks) a ...More

Before travelling to a foreign country, one can buy foreign currency from the dealers (including banks) authorised by the Reserve Bank of India. The amount of foreign currency that can be bought varies for different purposes as per RBI guidelines. ...Less

‘Tap and pay’ refers to the use of NFC technology, which enables holders of ‘contactless cards’ to make p ...More

‘Tap and pay’ refers to the use of NFC technology, which enables holders of ‘contactless cards’ to make payments by waving or tapping the card near the card reader. ...Less

"We are pleased to partner with BookMyForex, we believe that this partnership will elevate and ease the t ...More

"We are pleased to partner with BookMyForex, we believe that this partnership will elevate and ease the travelling experience of international travellers. We are optimistic that this service will prove to be a one-stop solution and we look forward to providing a seamless experience to the travellers," said Kaushik Khona, Chief Executive Officer, Go First. ...Less

Pilgrims can use the card to make all payments during the pilgrimage in a convenient and secure manner an ...More

Pilgrims can use the card to make all payments during the pilgrimage in a convenient and secure manner and thus avoid carrying Saudi Riyals. ...Less

BookMyForex is also offering new age contactless cards to allow users to pay through the ‘tap and go’ fea ...More

BookMyForex is also offering new age contactless cards to allow users to pay through the ‘tap and go’ feature. ...Less

Credit card or forex card, DIY or package? Here are some ways in which you can save on flights, stay, com ...More

Credit card or forex card, DIY or package? Here are some ways in which you can save on flights, stay, commutes and sightseeing while travelling abroad. ...Less

There are several efficient ways with which students can carry out monetary transactions abroad. Pick wha ...More

There are several efficient ways with which students can carry out monetary transactions abroad. Pick what suits you best. ...Less

These differences in rates and charges can be even more important if you are going for the long-haul: stu ...More

These differences in rates and charges can be even more important if you are going for the long-haul: studying abroad for example. ...Less

A rising rupee has surely worked wonders for people traveling abroad as the local currency has gained alm ...More

A rising rupee has surely worked wonders for people traveling abroad as the local currency has gained almost 9% versus the king of currencies, the US dollar. ...Less

Besides looking for best travel deals, one must also exploit various payment options to save on costs. ...More

Besides looking for best travel deals, one must also exploit various payment options to save on costs. ...Less

Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised ...More

Budget 2023 raised the Tax Collection at Source (TCS) rate for foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent for select transactions. The new rates of TCS will kick in from July 1, 2023. Let's understand how the new TCS rule will impact students who are already studying in foreign universities and schools or are planning to study abroad soon. ...Less

Travellers can purchase foreign exchange even 180 days prior to the travel date provided they can produce ...More

Travellers can purchase foreign exchange even 180 days prior to the travel date provided they can produce the required documents. ...Less

All fees assessed on store value cards, travel cards, and foreign prepaid cards payable in India must be ...More

All fees assessed on store value cards, travel cards, and foreign prepaid cards payable in India must be settled in rupees. ...Less

Travel cards offer a secure and convenient way for international travelers to manage foreign currency, el ...More

Travel cards offer a secure and convenient way for international travelers to manage foreign currency, eliminating the need for large amounts of cash and high transaction fees. Issued by banks and forex dealers, these prepaid cards can be loaded with multiple currencies and used like regular debit cards. Read on to know more ...Less

"A few authroised persons are levying certain fees/charges, which are payable in India on International D ...More

"A few authroised persons are levying certain fees/charges, which are payable in India on International Debit Cards/Store Value Cards/Charge Cards/Smart Cards or any other instrument that can be used to create a financial liability instruments, in foreign currency. It is advised that fees/charges payable in India have to be denominated and settled in Rupees only," the release said. ...Less

"The Bank is excited as this has been the first ever alliance SBI has entered into to supplement their di ...More

"The Bank is excited as this has been the first ever alliance SBI has entered into to supplement their distribution reach which is already very deep in the consumer segment." ...Less

You must check these travel credit cards which come with exclusive benefits. With the right travel card, ...More

You must check these travel credit cards which come with exclusive benefits. With the right travel card, you not only earn good rewards but also save on flight bookings, hotel stays, memberships, and more. Further, you can also save a significant amount on foreign exchange markup fees as some of these cards offer a lower rate compared to other avenues ...Less

Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a ...More

Budget 2024: The industry wants the Finance Ministry to reconsider the decision of applying TCS at such a higher rate of 20%. The rate is exceptionally high and almost punitive to the citizens who need to make foreign payments, say experts. Earlier, TCS used to be applicable at 5% when you cross the threshold of Rs 7 lakh for certain transactions. ...Less

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Zaggle said that with this collaboration, it can leverage its existing corporate base to sell forex cards ...More

Zaggle said that with this collaboration, it can leverage its existing corporate base to sell forex cards to employees of the corporate client that can be coupled with Zaggle expense management solution. ...Less

“With this investment, BookMyForex’s suite of services, including currency exchange that offers real-time ...More

“With this investment, BookMyForex’s suite of services, including currency exchange that offers real-time exchange rate, multi-currency prepaid forex cards, cross border remittances as well as other ancillary products, will be rolled out soon for the benefit of MakeMyTrip and Goibibo customers,” said a statement. ...Less

At a time when the rupee is touching newer lows every other day, it is better you opt for prepaid cards o ...More

At a time when the rupee is touching newer lows every other day, it is better you opt for prepaid cards or travellers cheques. ...Less

The Roy-founded Quatrro has entered into a pact with RS 2, a European provider of card management service ...More

The Roy-founded Quatrro has entered into a pact with RS 2, a European provider of card management services to expand card and digital payments in India by offering its platform for third-party use. ...Less

Athletes of the major sports, which have given India three gold medals so far, are yet to get their due. ...More

Athletes of the major sports, which have given India three gold medals so far, are yet to get their due. Most of the tennis players and shooters have already departed for their next assignment. ...Less

Axis Bank's 'tap and pay' cards can be loaded in 15 currencies such as Swiss Franc, Hong Kong dollar alon ...More

Axis Bank's 'tap and pay' cards can be loaded in 15 currencies such as Swiss Franc, Hong Kong dollar along with rthe US dollar, Euro and British Pound. ...Less

Over half a dozen fintech companies and several offline players that had active partnerships with the ban ...More

Over half a dozen fintech companies and several offline players that had active partnerships with the bank have reportedly been impacted by the RBI’s move. ...Less

Travel-focused fintech Scapia, founded by ex-Flipkart executive Anil Goteti, raised $40 million in fundin ...More

Travel-focused fintech Scapia, founded by ex-Flipkart executive Anil Goteti, raised $40 million in funding led by Peak XV Partners. The startup, rebounding after a slowdown due to RBI restrictions on co-branded cards, aims to attract young Indian travellers with reward-focused credit cards and pay-later travel options. ...Less

All clearing activities are typically suspended during moratorium. Your cheques already issued will not b ...More

All clearing activities are typically suspended during moratorium. Your cheques already issued will not be honoured till the clearing activities are restarted. ...Less

According to two persons aware of the ED action, the number of notices may have touched 1,000 in the past ...More

According to two persons aware of the ED action, the number of notices may have touched 1,000 in the past two months. “Most of the individuals who have come under attention are from Mumbai, Delhi, Pune, and Bengaluru,” said an ED official. ...Less

BookMyForex now offers same-day delivery of forex cards and currency notes seven days a week. Travelers c ...More

BookMyForex now offers same-day delivery of forex cards and currency notes seven days a week. Travelers can also pay for currency notes upon delivery. This move aims to meet customer demand, especially for weekend bookings and those made close to travel dates. The service provides greater flexibility and convenience for travelers. ...Less

FIFA World Cup 2026 turns a fan trip into a high-cost, multi-country journey. ...More

FIFA World Cup 2026 turns a fan trip into a high-cost, multi-country journey. ...Less

Axis Bank will upgrade close to about one-fourth of its PoS machines so that they can accept debit and cr ...More

Axis Bank will upgrade close to about one-fourth of its PoS machines so that they can accept debit and credit card payments from contactless cards. ...Less

Vodafone Idea is boosting its network for 5G and digital services. The company is adding towers and expan ...More

Vodafone Idea is boosting its network for 5G and digital services. The company is adding towers and expanding 5G to more cities. It has also enhanced customer safety with AI tools and introduced new services like International Call Display and a forex card. ...Less

ICICI Bank informed its customers through SMS that "our branches shall remain open with required hygiene ...More

ICICI Bank informed its customers through SMS that "our branches shall remain open with required hygiene steps and reduced staff". HDFC Bank has urged people to use cheque drop boxes to help reduce crowding in branches. However, customers can go digital to avail passbook updation and forex card reload, it said. ...Less

Niyo, which is backed by Accel, will look to offer forex products across foreign currency, forex cards, a ...More

Niyo, which is backed by Accel, will look to offer forex products across foreign currency, forex cards, and outward remittances, which are allowed as per the regulatory licence. Niyo will further expand Kanji Forex’s physical presence and set up new branches to grow the business. ...Less

TCS on Foreign remittances: Budget 2023 raised TCS on most foreign remittances under LRS to 20%. The init ...More

TCS on Foreign remittances: Budget 2023 raised TCS on most foreign remittances under LRS to 20%. The initial implementation was met with criticism and a delay. Now, TCS applies only if remittances exceed Rs 7 lakh per year, with exceptions for education (0.5% or 5% TCS) and medical treatment (5% TCS). Travel package remittances up to Rs 7 lakh attract 5% TCS, with 20% above that. International credit cards are exempt from LRS and TCS. ...Less

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The Reserve Bank of India has linked its Bharat Connect bill payment system with the FX-Retail platform, ...More

The Reserve Bank of India has linked its Bharat Connect bill payment system with the FX-Retail platform, allowing individual customers to purchase US dollars digitally. This initiative, initially available for customers of five major banks, enables transactions for currency notes, forex cards, and remittances through integrated banking and payment apps, aiming for competitive pricing and enhanced transparency. ...Less

Admissions, college fees and scholarships are just the basic. ET Wealth digs into more money matters when ...More

Admissions, college fees and scholarships are just the basic. ET Wealth digs into more money matters when going for a foreign degree. ...Less

Parents sending money for other living expenses will face the 20% TCS unless they can prove it is for edu ...More

Parents sending money for other living expenses will face the 20% TCS unless they can prove it is for educational purposes. To mitigate the impact, parents can use international cards, maintain transaction records, use the correct LRS code, and be prepared for income tax returns. ...Less

If you are buying a foreign tour package from a travel agent, you have to pay a tax collection at source ...More

If you are buying a foreign tour package from a travel agent, you have to pay a tax collection at source (TCS) of 20% from July 1, 2023. Budget 2023 has hiked the TCS rate for foreign remittances under the LRS from 5% to 20% (except for education and medical purposes). With this sharp rise in TCS, foreign trips are likely to become costlier soon. ...Less