I occasionally make international purchases—whether it’s shopping on foreign websites, booking flights, or even using my card while traveling abroad. I know most credit cards charge a foreign currency markup fee, but I want to understand how much ICICI Coral charges and whether it’s competitive. What is the exact percentage charged on international transactions? Are there any hidden charges, like GST on the markup fee? How does this compare to other credit cards that offer low forex fees? Also, are there any workarounds or tips to minimize forex charges when using this card abroad?
The ICICI Coral Credit Card charges a 3.5% foreign currency markup fee on all international transactions, and this is before GST. Once you add 18% GST on the markup fee, the effective forex charge comes to around 4.13% of the transaction amount. So, if you were to spend $100 (₹8,300 approx.) on a foreign website or while traveling abroad, you’d end up paying an additional ₹343 just in forex charges.
This 3.5% fee is standard among most entry-level credit cards, but it’s definitely on the higher side if you frequently make international transactions. For comparison, premium travel credit cards like the Niyo Global, IDFC FIRST WOW, or RBL World Safari Card have zero forex markup, while others like HDFC Infinia or Axis Magnus offer a lower 2% forex fee.
If you’re using this card for foreign transactions, here are a few ways to reduce costs:
- Use a multi-currency forex card – If you’re traveling, a forex prepaid card can help you avoid markup fees.
- Pay in INR when possible – Some international merchants give you the option to pay in INR instead of USD or other foreign currencies. However, their conversion rates might not always be favorable.
- Consider a zero-forex fee card – If you regularly make international purchases or travel abroad, switching to a card with a lower or zero forex markup could save you thousands in charges over time.
In short, while the ICICI Coral Credit Card is decent for domestic spending, it’s not the best choice for international transactions due to the high forex markup. If you only make occasional foreign transactions, you might not notice it much, but if you spend frequently on foreign websites or travel abroad, the forex fees can add up quickly.
3.5% markup fee and 18% GST on top of that on the ICICI Coral Credit card makes it less feasible and increases the total cost
it is not recommended for frequent travelers
International transactions with the ICICI Coral Credit Card are subject to a 3.5% foreign exchange markup fee.
How Do International Transactions Get Affected?
Spending $100 (₹8,300) will result in an additional ₹290 (3.5% + GST).
Bank exchange rates plus a markup are applied to transactions.
Better savings are available on cards with 0% or less FX markup, such as Axis Magnus or Niyo Global.