URL: https://esimgo.in/how-to-pay/forex-markup/
Source: eSIM Go (esimgo.in)
Author: Nadezhda Semenova, entrepreneur, co-founder of the Trippy travel service, https://esimgo.in/author/
Updated: 12 Oct 2026

# Forex markup fee: why your card statement shows more than the ≈ ₹ price

Your card is charged in US dollars, so your bank converts the amount into rupees at its own rate and may add a forex markup. SBI Card, ICICI Bank, Axis Bank and Kotak list 3.5% for the card types in our table (checked 12 Oct 2026), so the debit can exceed the ≈ ₹ estimate on our site.

This page explains how card payments work; it is not financial advice. Check the details with your bank.

## Why the statement differs from the ≈ ₹ price

The ≈ ₹ figure on our site is an estimate at the day's exchange rate. Your bank turns the USD charge into the rupee amount on your bank statement. It uses its own conversion rate plus a markup, called a foreign currency transaction charge or international transaction fee. We cannot see either, so we do not predict the statement figure.

Your card is charged in US dollars. Your bank converts the amount at its own rate and may add a foreign-transaction (forex markup) fee.

Many Indian cards ship with online and international use switched off. RBI's directions of 15 Jan 2020 let you switch them on yourself through your bank's app, internet banking, ATMs or IVR. Use your bank's own page for the steps. Your bank may also ask you to approve the payment with an OTP or in its app. An SMS OTP goes to the number registered with your bank, so if you pay from abroad, [keep your Indian SIM working](/help/keep-indian-sim-for-otp/).

## What Indian banks publish as their forex markup (dated table)

Four banks state 3.5% on their own pages for the card types below, as listed on 12 Oct 2026. HDFC Bank publishes its markup in each card's MITC; its page did not open for us, so we quote no number. Named cards can sit below the headline rate. We do not recommend or rank cards.

| Bank | Card type | Foreign-currency markup | Source | Checked |
|---|---|---|---|---|
| SBI Card | Credit, most cards | 3.5% (3% Miles, 2.5% Miles Prime, 1.99% AURUM, Elite and other named cards) | [SBI Card MITC](https://www.sbicard.com/en/most-important-terms-and-conditions.page) | 12 Oct 2026 |
| ICICI Bank | Credit | 3.5% + GST (2% Emeralde from 15 Nov 2024) | [ICICI international transactions](https://www.icici.bank.in/personal-banking/cards/credit-card/travel-easy/international-transactions) | 12 Oct 2026 |
| Axis Bank | Credit (business-card MITC) | 3.50% of the transaction value "for all other cards" | [Axis business credit card MITC](https://www.axisbank.com/docs/default-source/default-document-library/business-credit-card-mitc.pdf) | 12 Oct 2026 |
| Kotak Mahindra Bank | Debit | 3.5% cross-currency mark-up | [Kotak fees and charges](https://www.kotak.bank.in/en/personal-banking/accounts/savings-account/saving-accounts-fees-and-charges.html) | 12 Oct 2026 |
| HDFC Bank | Credit and debit | See the card's MITC | Your card's MITC | not quoted |

Source: each bank's own document, linked in the row. The headline markup figures carry no revision date, so read them as listed on 12 Oct 2026; ICICI dates only its Emeralde rate. Kotak (from 1 Aug 2026) and Axis e-debit (from 1 Sep 2026) date their fees on rupee payments to overseas-registered merchants. The Axis figure comes from the business-card MITC, so read your own card's terms.

Worked example for a US$10.00 charge, derived by us. The ECB reference rate for 9 Oct 2026 was 1 US$ = ₹96.73. That is not your bank's rate.

US$10.00 × ₹96.73 = ₹967.30. A 3.5% markup adds ₹33.86 (967.30 × 0.035). The total before GST is ₹1,001.16.

Your bank's rate will differ, so your figure will differ.

## GST on the markup: what the banks' own pages say

Three banks put GST next to a markup. ICICI lists "Forex Markup fee of 3.5%+Goods and Services Tax (GST)". Axis and Kotak add GST to their rupee-payment DCC fee. None of these pages states a GST rate, so we quote none. Check your statement for any GST line your bank added.

Paying in rupees does not remove the fee. SBI Card charges a 3.5% DCC fee on transactions of ₹1,000 or more "carried out in Indian Currency at an international location or at merchants located in India but registered overseas". Axis e-debit cards, from 1 Sep 2026, carry 3.5% plus GST for merchants "located in India but registered in a foreign nation". Kotak lists 3.5% + GST on debit cards, revised from 1 Aug 2026.

We charge in US dollars only. A rupee charge to an overseas-registered merchant would still carry the fee on the cards these three banks list.

## Refunds: why the markup may not come back

A refund returns the US$ amount to the same card, but your bank may keep its markup. SBI Card states: "Foreign Currency Transaction fee will not be reversed in case of transaction refunds." ICICI states that a refund "will also attract a 3.5% Markup fee".

[Our refund rule](/refund-policy/): full refund within 30 days of purchase, as long as the eSIM has not connected to any network. If the eSIM doesn't work and it isn't your phone's fault, we refund the payment whether or not it was installed. We refund the US$ you were charged, via Stripe. Whether your bank returns its markup is your bank's rule, not ours.

We have not verified refund treatment at Axis, Kotak or HDFC. Ask your bank before you pay.

## How we show prices: ≈ ₹ at the day's rate, charged in US$

Every plan shows the rupee estimate first, marked "≈", with the real charge underneath as "charged US$ X by card". The rupee figure uses a market US$ to ₹ rate that we cache for about six hours. Your bank's rate can differ from it. The card is charged the US$ amount.

Your statement shows the seller descriptor "JET SHARING". To cut the surprise, find your card's markup before you pay and check that international online use is on. The [guide to paying for an eSIM](/how-to-pay/) covers checkout, [all destinations](/countries/) lists plans, and our [editorial policy](/editorial-policy/) explains how we check facts.

Updated on 12 Oct 2026: first version, with the bank table, DCC and refund rules checked against each bank's own page.

## Sources

Checked on 12 Oct 2026 (IST).

1. SBI Card, Most Important Terms and Conditions: https://www.sbicard.com/en/most-important-terms-and-conditions.page
2. ICICI Bank, credit card international transactions: https://www.icici.bank.in/personal-banking/cards/credit-card/travel-easy/international-transactions
3. Axis Bank, business credit card MITC (PDF, undated): https://www.axisbank.com/docs/default-source/default-document-library/business-credit-card-mitc.pdf
4. Axis Bank, e-debit card terms and conditions: https://www.axis.bank.in/docs/default-source/default-document-library/terms-and-conditions-for-e-debit-card.pdf
5. Kotak Mahindra Bank, fees and charges: https://www.kotak.bank.in/en/personal-banking/accounts/savings-account/saving-accounts-fees-and-charges.html
6. Reserve Bank of India, RBI/2019-20/142 (15 Jan 2020): https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11788
7. ECB reference rate for 9 Oct 2026 via frankfurter.dev: https://api.frankfurter.dev
8. HDFC Bank: [page returned HTTP 403 on 12 Oct 2026, so no figure is quoted]

## FAQ

### What is a forex markup fee?

It is the fee a bank adds when it converts a foreign-currency card payment into rupees. On the bank pages we checked on 12 Oct 2026 it was 3.5% for the card types in the table, with GST added on some.

### How much do Indian banks charge on international transactions?

SBI Card lists 3.5% for most credit cards, ICICI Bank 3.5% plus GST, Axis Bank 3.50% in its business-card terms, and Kotak 3.5% on debit cards. HDFC Bank publishes its rate in each card's MITC.

### Why is my statement amount different from the ≈ ₹ price?

The ≈ ₹ price is an estimate at the day's rate. Your card is charged in US dollars, and your bank converts the amount at its own rate and may add a forex markup. The statement shows the bank's final figure.

### How can I avoid a 3.5% international transaction fee?

We cannot remove it, because your bank sets the fee. Check your card's MITC for its rate before you pay. Paying in rupees to an overseas-registered merchant does not remove it at SBI Card, Axis or Kotak.

### Which cards have a low forex markup?

We do not recommend or rank cards, including zero-forex cards. Bank pages show that some named cards sit below the headline rate, for example SBI Card Miles at 3% and ICICI Emeralde at 2%. Look up your own card's terms on your bank's website.