ICICI launches dollar denominated debit cards for non-residents through GIFT City account

Mumbai: ICICI Bank has launched a USD-denominated debit card in partnership with Visa, marking a shift in how Non-Resident Indians manage offshore wealth by eliminating currency conversion layers for dollar spending.The product allows NRIs to spend directly in USD without incurring the typical 3.5% currency markup fee and GST that applies when using Indian NRE or NRO debit cards on international transactions. Traditionally, an NRI spending in the US or on global USD platforms using an Indian card would pay around $1,035 for a $1,000 transaction after markup and taxes, whereas the new card enables a $1,000 spend at the same value.

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