Home/Guides/Best Debit Cards & Money Options for Indian Interns

Best Debit Cards & Money Options for Indian Interns

Using your normal Indian debit card abroad means paying 3–5% on every transaction. On a Rs. 1 lakh monthly budget, that is Rs. 3,000–5,000 in unnecessary fees. Here is how to avoid it.

Open a zero-forex card at least 3 weeks before departure. Some cards take 7–14 days to arrive.

Zero-Forex Cards for Indian Students

Niyo Global Card

Best for: European and Southeast Asian destinations

Partners with DCB Bank or SBM Bank. Zero forex markup. Free international ATM withdrawals. Apply online, card arrives in 7–10 days. Load in INR, use globally.

Cost: Rs. 0 joining fee for basic version

Wise (formerly TransferWise)

Best for: UK and Europe, especially if receiving a stipend in foreign currency

Gives you local bank account details in GBP, EUR, USD, SGD. Extremely low conversion rates. Good if your employer pays into a foreign account. Card works globally.

Cost: Rs. 600 one-time card fee

HDFC Multicurrency Forex Card

Best for: Multiple currencies, longer trips

Load up to 22 currencies. Zero charges when spending in the loaded currency. Not as good for currencies you havent pre-loaded. More traditional feel, accepted everywhere.

Cost: Rs. 500 issuance + reload charges

ICICI Bank Travel Card

Best for: Students already with ICICI accounts

Straightforward extension of existing banking. Reasonable rates. Contactless and chip enabled. Less competitive than Niyo/Wise but very reliable.

Cost: Rs. 199 issuance fee

Sending Money from India While Abroad

You will probably need to transfer money from India to your foreign account periodically. Under RBIs Liberalised Remittance Scheme (LRS), Indian residents can remit up to USD 250,000 per year for education and living expenses.

  • Wise: Best rates for sending money from India — typically 0.5–1% above mid-market rate
  • Western Union: Ubiquitous but expensive — avoid unless its the only option
  • Your banks SWIFT transfer: Official but fees of Rs. 500–2,000 per transfer. Fine for large amounts, expensive for small transfers.
  • Remitly/Instarem: Good alternatives to Wise for some corridors (India → UAE, India → Singapore)

How Much Cash to Carry on Arrival

You cannot rely on finding an ATM immediately on arrival. Carry local currency for the first 24–48 hours:

  • Europe: €100–150 cash (approximately Rs. 9,000–13,500)
  • UK: £80–120 cash (approximately Rs. 8,500–13,000)
  • UAE: AED 200–300 cash (approximately Rs. 4,500–6,800) — but most places are card-only
  • Southeast Asia: USD 50–100 equivalen in local currency (approximately Rs. 4,200–8,500)

Exchange money in India before departure — rates in India are usually better than at airports abroad.

Setting Up a Local Bank Account

For stays over 3 months, opening a local bank account makes life much easier:

  • UK: Monzo or Starling — digital banks that open accounts for students without a UK address. Takes 10 minutes.
  • Germany: N26 or Deutsche Bank student account. Requires German address.
  • Singapore: DBS or OCBC student account. Requires Singapore address and Employment Pass.
  • UAE: Emirates NBD or Mashreq Neo — some banks open accounts for expat workers without a residence visa yet.

Your international debit card (Niyo, Wise) is usually sufficient for 1–3 month stays. Local accounts become worth it at 4+ months.

Tax and RBI Compliance

A few things to know from a compliance perspective:

  • Remittances over USD 250,000/year require RBI approval — not relevant for most internship stays
  • If you earn a stipend abroad, technically taxable in India as foreign-source income — consult a CA for longer stays
  • Keep your 15CA/CB forms if you receive regular foreign income transfers back to India
  • Notify your Indian bank of your travel to prevent cards being blocked