Search "best forex card for India", and BookMyForex shows up constantly, alongside CheqUPI, Wise, and half a dozen others. The problem is that most of these comparisons never mention the one detail that actually matters: BookMyForex is built for Indian residents flying out of India, not for tourists flying in.
This guide breaks down what each product actually does, where their use cases don't overlap at all, and which one solves the problem of spending money inside India as a visitor.
Key highlights
- BookMyForex is a forex card built for Indian residents travelling abroad, loaded in foreign currency before departure.
- CheqUPI is a UPI wallet built specifically for tourists and NRIs spending inside India.
- BookMyForex's INR wallet feature cannot be withdrawn at Indian ATMs and exists mainly to refund leftover trip balance.
- BookMyForex is not connected to UPI, so it cannot scan QR codes at Indian shops, stalls or auto-rickshaws.
- CheqUPI is free to join for all eligible nationalities, with a loading fee of 2.95% + applicable taxes and 0% merchant payment fee.
- CheqUPI works at any of India's 55 million-plus UPI-enabled merchants directly through QR code scans.
What BookMyForex actually is
BookMyForex is an Indian foreign exchange marketplace, now part of the MakeMyTrip group. It offers prepaid multi-currency and single-currency forex cards that let Indian residents load foreign currency before travelling abroad.
The card works well for someone going from India to the US, Europe, or elsewhere, spending in a foreign currency at the destination. It is not designed to receive INR spending money or to work with India's UPI network.
What CheqUPI actually is
CheqUPI is a Prepaid Payment Instrument built for the opposite journey: tourists and NRIs arriving in India who need to spend Indian rupees. You load an international Visa or Mastercard onto the wallet and get a UPI ID that scans at any QR-code merchant.
CheqUPI is free to join for all eligible nationalities, with a loading fee of 2.95% + applicable taxes and 0% merchant payment fee. For the full setup process, see our UPI payment guide.
BookMyForex vs CheqUPI: the core difference
These two products solve opposite problems and rarely compete for the same customer. BookMyForex helps Indian residents spend money outside India. CheqUPI helps tourists and NRIs spend money inside India.
BookMyForex does include an INR wallet feature on its co-branded card, but it functions as a refund mechanism for leftover foreign currency after a trip abroad, not as a spending tool. It cannot be withdrawn from Indian ATMs, and it has no connection to UPI, which means it cannot scan a QR code at an Indian shop, stall or auto-rickshaw. Most of India's day-to-day tourist spending, from street food to markets, runs on UPI QR codes, not card swipes.
Fees compared
BookMyForex's newer Global Forex Card charges no joining, loading, reloading or ATM withdrawal fees, and claims zero markup on interbank rates for supported currencies. This makes it a strong option for outbound Indian travellers.
CheqUPI charges a loading fee of 2.95% + applicable taxes when you add funds from your international card, and 0% on every merchant payment made through UPI afterward. Since the products don't serve the same traveller, a side-by-side fee comparison mostly confirms that neither one is "better," they're simply built for different directions of travel.
Which one should you use as a tourist in India?
If you're a foreign tourist or NRI visiting India, BookMyForex isn't a usable option for your trip, since the card isn't built to accept or spend rupees through UPI. CheqUPI is the product designed specifically for this situation.
Load your international card onto CheqUPI once you arrive, and every merchant payment after that runs through UPI at 0% transaction fee. For managing your overall trip spending and how much cash to carry alongside your wallet, see our currency and cash guide for India.
Conclusion
BookMyForex and CheqUPI show up in the same search results, but they answer completely different questions. BookMyForex helps Indian residents spend abroad, while CheqUPI helps tourists and NRIs spend inside India through UPI. If you're travelling to India, CheqUPI is the product actually built for your trip.
FAQs
Is BookMyForex good for tourists visiting India?
No. BookMyForex is built for Indian residents travelling abroad, not for tourists spending money inside India.
What is the BookMyForex review consensus?
Reviewers generally rate BookMyForex well for outbound Indian travellers, citing zero markup rates and no ATM fees on its newer cards.
Can I use a BookMyForex card to pay UPI merchants in India?
No. BookMyForex is not connected to UPI, so it cannot scan QR codes at Indian shops, stalls or restaurants.
What is the BookMyForex vs CheqUPI fee difference?
BookMyForex's Global Forex Card has no joining or loading fees for outbound travel. CheqUPI charges 2.95% + applicable taxes to load funds, with 0% on UPI merchant payments.
Is BookMyForex the best forex card for India tourists?
No. It's designed for the reverse trip, Indian residents heading abroad, not for tourists spending inside India.
Does BookMyForex work as a forex card for tourists coming to India?
No. Its INR wallet feature is a refund tool for leftover trip balance, not a general spending method, and it has no UPI access.
What makes CheqUPI different from a forex card like BookMyForex?
CheqUPI connects directly to UPI, letting you pay at over 55 million Indian merchants by QR code. Forex cards like BookMyForex do not.
Can I withdraw BookMyForex's INR wallet balance from an ATM in India?
No. Cash withdrawal from the INR wallet is not permitted at Indian ATMs under BookMyForex's terms.
Which is better for spending inside India, BookMyForex or CheqUPI?
CheqUPI is better suited for spending in India because it lets foreign travellers pay merchants through UPI. BookMyForex serves a different purpose and isn’t designed for everyday UPI payments in India.
Do I need both BookMyForex and CheqUPI for a trip to India?
Only if you're an Indian resident travelling both ways. Foreign tourists and NRIs visiting India only need CheqUPI.
Download CheqUPI before your trip, complete activation after arriving in India, and pay every UPI merchant without carrying the wrong card.
