HSBC zero forex markup offer 2026: what it actually saves you
HSBC has waived the forex markup on all its credit cards from 15 August to 15 September 2026. The real saving is 4.13%, not 3.5%, because GST rides on the markup. Dates, exclusions and what to do before the window shuts.
In this article
Every article about this offer is telling you a 3.5% markup on ₹1 lakh costs ₹3,500. That number is wrong, and it is wrong in your favour.
The markup is 3.5%. GST at 18% is then charged on the markup itself. Your actual cost is ₹4,130, so that is what HSBC is waiving.
What the offer is
From 15 August to 15 September 2026, both dates inclusive, HSBC India has removed its forex markup on every credit card in its consumer portfolio. Premier, Travel One, Live+, Taj and Platinum are all covered, on both card machines abroad and foreign-currency payments made online from your sofa in India.
Your reward points are untouched. The waiver sits on top of whatever your card normally earns, with the same rates, the same caps and the same excluded categories.
Corporate cards are out. So are closed or cancelled accounts.
The number that matters
GST is levied on the markup fee, not the transaction, which makes a 3.5% markup cost 4.13% in practice.
| Spend abroad | Markup at 3.5% | GST on it | You save |
|---|---|---|---|
| ₹50,000 | ₹1,750 | ₹315 | ₹2,065 |
| ₹1,00,000 | ₹3,500 | ₹630 | ₹4,130 |
| ₹2,00,000 | ₹7,000 | ₹1,260 | ₹8,260 |
| ₹5,00,000 | ₹17,500 | ₹3,150 | ₹20,650 |
Check your own card before you get excited about the bottom row. The HSBC Premier charges 0.99% year-round with no conditions attached, so a Premier holder spending ₹1 lakh saves about ₹1,168, not ₹4,130. The RuPay Cashback card has been running at 0% under its own separate offer since 2025, so this adds very little for it.
Key takeaway
The waiver is worth the most to holders of standard HSBC cards at 3.5%. If your card was already cheap abroad, this changes very little.
Where people will lose the saving
Two ways, and both are avoidable.
The first is timing. Offer windows are defined by the bank, and the day a merchant takes your money is not always the day the transaction lands on your account. Hotels in particular can sit on an authorisation for days. If you are planning a large purchase, do not put it on 15 September and hope.
The second is the currency prompt. Abroad, the card machine will ask whether you want to pay in euros or in rupees. Choosing rupees hands the conversion to the merchant's payment provider at a rate it picks, which is routinely worse than the network rate. HSBC does not charge you a fee for that choice, but the bad rate is baked in before HSBC ever sees the transaction, so the waiver cannot rescue it.
Watch out
Cash withdrawals from a foreign ATM are a separate product with their own fee. Do not read a markup waiver as free cash abroad.
What to do this week
- Check the markup on your specific HSBC card. If it is already under 1%, skip the rest of this.
- Pull forward anything foreign-currency you were going to buy in October anyway. Flights, hotels, an annual software subscription billed in dollars.
- Book it by roughly 8 September, not 15 September, so a slow settlement cannot cost you the waiver.
- Abroad, always tap the local currency button. Every single time.
- Read the terms on HSBC's own offers page before a large spend, not a summary of them on a blog. Including this one.
Common questions
Does this apply to international websites if I never leave India? Yes, as long as the merchant bills you in a currency other than rupees. A dollar-denominated subscription bought from Mumbai counts. A rupee payment to a foreign company does not.
Do I still earn reward points? Yes. HSBC has been explicit that the waiver is over and above existing rewards, and your card's normal caps and exclusions still apply exactly as before.
Is anything still charged on the transaction? The conversion itself still happens at the applicable exchange rate, and any other applicable charges or taxes remain. HSBC has removed its own markup, not made international spending free.
Are add-on cards covered? HSBC has run add-on eligibility separately on its previous forex offers, so check your specific terms rather than assuming your add-on inherits the benefit.
What happens on 16 September? Your card's normal markup returns. If you hold a card at 3.5%, that is 4.13% with GST again, which is worth knowing before you book a December holiday in November.
Sources
Figures here were checked against issuer and primary sources on 19 August 2026. Card terms and offer periods change without notice, and this is general information rather than advice about your particular situation.