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Wise launches multi-currency travel card in India as students and travellers embrace borderless spending

Mumbai, December 18, 2025 – Wise (LON: WISE), the global fintech building the best way to move and manage money, today announced the launch of the Wise Card in India – a multi-currency foreign exchange (FX) travel card that lets Indian customers spend abroad with zero hidden fees and instant currency conversion. This launch follows a series of regulatory approvals from the Reserve Bank of India (RBI) that paved the way for Wise to offer international card services in the country[1][2]. Within weeks of release, the Wise Card has been widely embraced by students and travellers, indicating a major shift in how Indians manage money overseas. Over 10,000 customers joined the card’s waitlist ahead of launch, and more than 70% have already completed KYC and received their cards, a conversion rate significantly higher than industry norms for financial products (where up to 30% of applicants typically drop off during onboarding).

Key Highlights

Riding on Wise’s Momentum and Licences in India

This product launch builds on Wise’s accelerating momentum in India over the past two years. Wise first entered the Indian market in 2021 and has since grown rapidly by offering faster, cheaper international transfers. Today, Wise powers around 10% of all remittances sent into India[11] and operates on its own Authorised Dealer Category II (AD-II) licence to facilitate outward remittances at low cost. For example, sending ₹1 lakh abroad via Wise costs roughly 1.5% in fees on average, with 70% of transfers delivered in under 12 hours – far quicker than the 2–3 day industry standard[12].

Earlier this year, Wise also became one of the first fintechs to secure the RBI’s in-principle approval as a Payment Aggregator (Cross-Border)[1] for export payments, opening the door to new services. The Wise Card leverages these regulatory milestones to bring Indian customers a seamless way to spend money internationally, complementing Wise’s existing send-and-receive offerings. Smrithi Ravi, Wise’s APAC Head of Engineering, notes that the company’s expanded India hub in Hyderabad has been key to localizing such products: “Our engineering teams in India have been building features specifically tailored to Indian customers’ needs. Launching the Wise Card here was a natural next step – we had the tech and licenses in place, and a clear demand from users.”

Notably, Wise has streamlined the traditionally cumbersome KYC process for issuing an FX card. Unlike legacy banks that require stacks of physical documents – from passport and PAN copies to visa and bank statements – and manual verification[3], Wise’s onboarding is 100% digital. Most users complete verification from their smartphone in minutes via video KYC and secure document uploads. “I was amazed that I didn’t have to visit a branch or mail any papers. I signed up for the Wise Card from my couch and got verified the same day,” says Rohan Mehta, a 19-year-old from Mumbai headed to study in the UK.

Students Embrace a Cashless, Card-first Lifestyle

Indian students abroad have been early adopters of the Wise Card. Having already used Wise to pay tuition and rent internationally, many are now using the card for day-to-day spending rather than dealing with large wire transfers or carrying cash. In fact, one out of four Wise customers who sent money for education have also opted for the card (an attach rate of ~25%). They benefit from mid-market FX rates with no markup and instant access to money, which is a stark change from the past.

“Back when I first went abroad, my parents would do a bank transfer for my big expenses, and I’d carry some cash for small purchases. I never imagined I’d be tapping my phone to pay for a meal in London,” admits Rohan Mehta, now a student at King’s College. “With Wise, I just use Apple Pay everywhere – from the Tube to groceries – and it pulls from my rupee balance at the real rate. It’s seamless, and my family saves on fees. This is something I’d never experienced before, coming from India.”

His sentiment is echoed by others who have switched. Instead of juggling forex demand drafts, multiple bank accounts, or expensive campus cards, students are managing all their finances through the Wise app and card. Wise’s internal data shows that on average, new student users make 8+ transactions per week with the card, pointing to regular use for groceries, restaurants, and subscriptions like Spotify and Netflix. This marks a shift from a one-off remittance mindset to a continuous, cashless spending habit – a change powered by convenience and transparency. “Students today move fast; their money should too. Five-day waits and surprise charges don’t fit their lifestyle,” says Taneia Bhardwaj, South Asia Expansion Lead at Wise, highlighting that young Indians expect digital solutions abroad just as they do at home[13].

Making Travel Easier for India’s Global Explorers

Beyond the student community, Wise is actively courting India’s booming outbound travellers. The timing is opportune: pent-up demand after the pandemic led Indians to spend a record $31.7 billion overseas in FY2023-24, with travel alone accounting for $17 billion (₹1.4 lakh crore) – 53.6% of all outward remittances under LRS[5]. This surge in international tourism has outpaced even education payments, creating a new priority segment for fintech innovation. Wise’s strategy is to become the go-to travel card for this wave of tourists and business travellers, capitalizing on the pain points of traditional options.

Many Indian travellers currently rely on bank-issued forex cards or credit cards abroad, often unaware of the true costs. According to a recent survey, 67% of travellers know their banks charge hidden exchange markups (often 3%+ per transaction) and foreign usage fees, yet 65% still use those cards out of habit[8]. Others queue up at airport money changers, losing 5-10% in poor rates[8]. The Wise Card squarely addresses these inefficiencies. By using the mid-market exchange rate (the same rate one finds on Google) and charging no foreign transaction fees, it guarantees huge savings for travellers. For instance, someone spending ₹2 lakh on a Europe trip could easily save over ₹6,000 in fees compared to using a typical credit card (which would silently add ~3.5% in FX markup[7]).

Additionally, Wise has partnered with Atlys, a popular digital visa application platform, to reach travellers at the start of their journey. Starting this October, Atlys users applying for visas to the US, UK, Schengen and other destinations have been receiving an invite to get a Wise Card as part of their pre-travel checklist. “We strive to make every aspect of travel simpler for our users,” says Mohak Nahta, Founder & CEO of Atlys. “By offering the Wise Card during the visa process, we’re solving the foreign currency puzzle upfront. Travelers love landing in a new country already equipped with a card that works everywhere and saves them money.” Thousands of applicants have already taken up this offer, activating their Wise Cards before departure. This integration has not only added convenience for travellers but also given Wise a strong foothold among first-time overseas tourists who might not have considered a fintech solution for spending.

Neha Gupta, 34, an avid traveller from New Delhi, was one such convert. She recalls how on a recent trip to Japan she found many places preferred cash: “Even with an HDFC Infinia credit card in my wallet (which is great for airline miles), I struggled when I needed cash. My bank would charge ₹500 plus 2% for an ATM withdrawal abroad – daylight robbery! So I tried Wise. With zero ATM fees, it was a lifesaver in Tokyo. I could withdraw yen at ATMs with no extra charges, and the exchange rate was unbelievably good. Now I carry my Wise Card on every trip for backup, especially in countries like Japan and Germany where cash is king.”

Neha’s experience underscores a key differentiator: the Wise Card offers two fee-free ATM withdrawals each month (up to a fair usage limit) for all customers[9]. This feature has resonated strongly with frequent flyers and travel bloggers, who often warn of the steep surcharges banks levy for cash withdrawals overseas. By essentially eliminating ATM fees for moderate use, Wise ensures travellers can access local currency when needed – whether it’s euros for a Munich Christmas market or yen for a taxi in rural Japan – without dread of fees. “Having Wise in my pocket means I never worry about finding an exchange counter or paying 5% extra on my credit card. It’s peace of mind,” Neha adds.

Wise’s Vision – A Borderless Money Experience for All Indians

With the Indian launch of its card, Wise is ambitious about scaling up. The company is already planning to support 500,000 Indian cardholders by the end of 2026, aiming to capture a significant share of the outward travel spend market. “Our mission is to create a world where moving money is completely transparent, instant, and free of friction,” said Shrawan (SK) Saraogi, APAC Head of Expansion at Wise. “Over the last decade, we’ve solved cross-border transfers for millions of people. Now we’re tackling everyday spending. Indians spent over $30 billion abroad last year – too much of that went to bank fees and bad exchange rates. The Wise Card is our answer: a faster, cheaper, and more transparent way for Indians to spend their money globally,” he explained[7][8].

Saraogi noted that the early reception has exceeded expectations, reflecting a strong pent-up demand. “Frankly, the uptake has been incredible. It shows that people were waiting for something like this. In the first month, we’ve seen tens of thousands of transactions via Wise Cards from India – from California coffee shops to European rail tickets – and growth is primarily through word-of-mouth. We’re confident that by next year, a Wise Card will be as essential in an Indian traveller’s wallet as their passport,” he added. Wise also hinted at upcoming features for Indian users, such as UPI integration for easier rupee top-ups and partnerships with travel agencies to bundle the card with tour packages, further simplifying the customer experience.

About Wise

Wise is a global technology company building the best way to move and manage the world’s money. With the Wise Account and Wise Business, people and businesses can hold 40+ currencies, send money to 80 countries, and spend abroad using the Wise Card. Large companies and banks also utilize Wise’s infrastructure; the platform is creating an entirely new, instant payments network for international finance. One of the world’s fastest-growing profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker WISE. In FY2024, Wise served 12.8 million customers, processing about £118.5 billion in cross-border transactions and saving users over £1.8 billion in fees compared to traditional banking[14].

Contact (Press): press@wise.com | Website: wise.com

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