Wise launched its multi-currency travel card in India on Monday (December 8), entering the market at a time when outbound travel from the country has reached record levels.

India recorded 3.89 crore overseas departures in 2024, driven mainly by leisure travel (42.5%), diaspora visits (34.7%) and business trips (14.9%). Overseas spending has also increased sharply.

As per Liberalised Remittance Scheme (LRS) data, Indians spent around $3–4 billion annually on international holidays before FY22, a figure that has risen to an average of $17 billion over the past two years.

According to industry estimates, most traditional forex card providers apply margins of 2–4% on currency conversions, often resulting in higher costs for travellers. On a ₹2 lakh transaction, such markups can amount to an

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