I have been trying to find a way to pay for my business expenses in foreign currency and discovered the following ways.
Niyo global -
Pros - Zero markup, complete transparency in rates, ease of use (mobile app)
Cons - Unclear about regulations (LRS), Unclear about the corporate card, waiting period
Indus Exclusive Signature Debit card
Pros - Zero Markup, 3% reward points, easy issuance, No LRS
Cons - less transparent (on forex rates),
RBL world safari credit card
pros - Zero Markup, 2% reward points, No LRS
cons - difficult issuance, less transparent of forex rates
HDFC Infinia credit card -
pros - premium services and access, 1% reward, No LRS
cons - difficult issuance, minimum spends associated, less transparency.
Niyo Global : LRS regulations are same as any other bank.
Indus Exclusive Signature: No issue with the transparency on forex rates, as they would also use VISA forex conversion. So, this seem to be the best card for you.
RBL World : Again, no issue with the forex transparency. Good option if you want. a credit card.
HDFC Infinia : This card has 3.3% rewards, with 2% + GST markup charges. Acceptable option. Also consider Standard Chartered Ultimate card. (3.3% rewards, with 2%+GST markup). No issue with forex transparency.
Niyo Global is good for those who do not want a forex card for each country, and want to withdraw cash sometimes. Also, want a no fuss 0 fee card.