Posted on March 16 2024
Forex Cards for international travelers come with unique features and benefits. There are card issuance charges, ranging from zero to Rs 500. Additionally, some Banks impose markup fees, and there's a reload fee of up to Rs 100 per reload. Our team has carefully selected the top 11 Forex cards in India, considering their features, charges, and other advantages.
Best Forex Card For Frequent Travellers: If you're someone who travels frequently, cards like ICICI Bank Multicurrency Forex Card and Axis Bank Multi-Currency Forex Card are excellent choices, that offer benefits like free airport lounge access, low forex markup fees, and emergency assistance services.
Best Forex Cards For First-Time Travelers: Simplicity and ease of use are key. Cards like Kotak Mahindra Multi Currency World Travel Card and HDFC Bank Multi currency Forexplus Card with a user-friendly interface, easy reload options, and wide acceptance should be your go-to choice.
Top Forex Cards For Budget Travelers: Look for cards like Book My Forex Card and NIyo Global Card with zero cross-currency charges, low reloading fees, and competitive foreign exchange rates to get the most out of your travel budget.
Top Forex Cards For Students: Students studying abroad need a card that's not only cost-effective but also easy to reload. A card like Niyo Global can be an ideal choice for students, It offers special benefits like insurance coverage, no ATM withdrawal charges, and worldwide acceptance.
This forex card offers access to 22 global currencies, with an issuance fee of INR 500 plus GST and a reload fee of INR 75 per transaction. It has a 5-year validity, 2% cross-currency conversion charges, and a daily ATM withdrawal limit of USD 5,000. The card includes comprehensive insurance covers for accidents, baggage loss, document loss, and cash in transit, with protections up to INR 500,000. Additional benefits include a complimentary Virtual International Student Identity Card, exclusive discounts, and special offers on travel and shopping with HDFC Bank Forex Card, plus an issuance fee waiver on loading USD 1000 or equivalent.
The Niyo DCB Global Card, a joint venture with DCB, Equitas, and SBM Banks, provides access to transactions in 150 currencies through Visa's network. Linked to partner bank accounts, it has a ₹200 joining fee. The first cash withdrawal is free, with subsequent withdrawals costing ₹100. Integrated with the Niyo app, the card operates on Visa's exchange rates, highlighting the need for vigilance regarding FX Adjustment fees.
This Forex card offers access to 15 global currencies and stands out as one of the most cost-effective options in the market. It features a lost and counterfeit card liability cover of INR 3 lacs and has a validity of 2 years. The card comes with an issuance fee of INR 125, a reload fee of INR 100, and a conversion fee of 2.75%. Additionally, it incurs an annual maintenance fee of INR 100, making it a financially savvy choice for international travelers.
The Axis Bank Multi-Currency Forex Card, supporting 16 global currencies, comes with an issuance fee of INR 300 and a reload fee of INR 100 per transaction. It imposes a 3.50% cross-currency charge and an ATM withdrawal fee of USD 2.25. The card offers comprehensive insurance coverage of INR 3,00,000, including ATM assault and robbery cover up to INR 60,000. Additional perks include a free international SIM card from Clay, 15% dining discounts in select regions, and a cashback offer up to INR 1,000 on Vodafone India international roaming packs.
This versatile forex card offers transactions in 15 currencies with zero issuance fees and comprehensive insurance cover, including ₹10,00,000 for accidents and various travel-related protections. It features a daily reload limit of INR 1.5 lakh, a 3.5% + GST cross-currency fee, and a modest 1% ATM withdrawal charge. Additional benefits include a free international SIM card and OneAssist card protection, although it incurs INR 500 + GST as inactivity fees every 180 days.
The BookMyForex Multi-Currency Forex Card offers access to 14 global currencies with zero issuance, currency markup, and reload fees. It includes fraud, assault, and theft protection, with an ATM withdrawal fee of USD 2 and a limit of USD 1000. Additional perks include a free international SIM card, exclusive VISA offers, discounts on travel packages, a new user discount, and dining vouchers, enhancing the overall travel experience.
The IndusInd Bank Multi-Currency Card supports 14 global currencies and includes a suite of protections like fraudulent charges covering up to Rs. 2 lacs and air accident cover of Rs. 10 lacs. With an issuance fee of INR 300, it allows transactions up to INR 7 lacs for POS/E-commerce and INR 3 lacs for ATM withdrawals. Valid for 3 years, it has a reload fee of INR 100 and a cross-currency markup of 3.50%, with no currency markup fee.
The Kotak Mahindra Multi Currency World Travel Card offers access to 13 global currencies, with an issuance fee of INR 250 and a reload fee of INR 75 per transaction. Valid for 5 years, it provides accident insurance cover of up to INR 15,00,000, lost card liability insurance of up to INR 2,00,000, and purchase protection of INR 1,00,000. Additionally, it covers up to INR 50,000 for loss of passport/travel documents and checked-in baggage.
The State Bank of India Multi-Currency Forex Card offers access to 7 global currencies, with a low issuance fee of INR 100 and a minimum load amount of $200. It allows ATM withdrawals and merchant spending up to $10,000 each. The card has a reload fee of INR 50 and no mark-up fee for transactions in the loaded currency. However, a 3% cross-currency fee applies for currencies, it is an economical choice for travelers seeking flexibility.
The TripMoney Global Cash Card by MakeMyTrip, available for INR 499 plus taxes, supports 15 currencies without any cross-currency usage fees. Ideal for frequent international travelers, it offers free MMT Black subscriptions, significant discounts on the MMT platform, and no cash withdrawal charges. Usable in over 150 countries, it's designed for globetrotters seeking added perks.
The ICICI Bank Student Forex Prepaid Card is a comprehensive solution for students, supporting 15 global currencies. With an issuance fee of INR 499 + GST, it offers perks like ₹10,00,000 air accident cover, ₹5,00,000 liability protection, free airport lounge access, a ₹500 Uber voucher, ISIC Membership, a free international SIM card, 20% off on DHL services making it a smart choice for students.
Forex cards, also known as foreign exchange cards or travel cards, are a popular and convenient way to carry foreign currency when traveling abroad, It is a prepaid cards that can be loaded with one or more foreign currencies. It works like a debit card but is specifically designed for international transactions.
It's always advisable to compare the features like exchange rates, issuance fees, withdrawal limits, reload/unload fees, and additional features provided by each card carefully before choosing one.
In today's globalized world, forex cards have emerged as a safer, more convenient, and cost-effective solution for handling foreign currency. These cards, designed specifically for international travel, offer a wide range of benefits and features that cater to the modern traveler's needs.
1. Safety First: They come with advanced safety features like chip and PIN technology, making them far more secure than carrying cash.
2. Convenience at Your Fingertips: With a Forex card, you can carry multiple currencies, you can swipe at POS terminals, withdraw cash from ATMs, or make online transactions seamlessly.
3. Cost-Effectiveness: They offer better currency exchange rates compared to traditional currency exchange methods. By locking in the exchange rate, you are safeguarded against the volatility or fluctuations of currency markets.
4. Worldwide Acceptance: Forex cards are accepted worldwide, making them a universal solution for travelers.
5. Ease of Use: Forex cards are user-friendly. You can check your balance, reload the card, and view your foreign transaction history online or through mobile apps during foreign travel.
6. Additional Perks: Some prepaid Forex cards come with added benefits like insurance coverage, emergency assistance, and even rewards on transactions, enhancing the overall travel experience.
A forex card, specifically designed for international travel, is preloaded with foreign currency and used for transactions abroad, it locks in exchange rates, avoids fluctuations, carries multiple currencies in cash, and poses risks of loss or theft, a forex card provides a safer and more convenient solution by offering better exchange rates and lower fees compared to debit/credit cards. Unlike debit/credit cards, which are linked to your bank account and incur higher fees for foreign transactions and currency conversion, forex cards provide a more cost-effective and secure way to carry and spend money in multiple currencies while traveling.
From the flexibility of loading multiple currencies to the security of advanced protection features, prepaid travel cards cater to the various needs of international travelers. It's crucial to understand various aspects of these cards like conversion rates,
Currency Options: A standout feature of forex cards is their ability to support multiple currencies. This is particularly advantageous for those who travel across different countries. Instead of juggling various currency notes or multiple cards, a single forex card can be loaded with several currencies. The ability to load multiple currencies onto a single Forex card is a game-changer for international travelers, with options ranging from the US Dollar(USD), Sterling Pound (GBP), Saudi Riyal (SAR), Australian Dollar (AUD), Canadian Dollar (CAD), Singapore Dollar (SGD), and Japanese Yen (JPY) to the Euro (EUR).
Foreign exchange rates: Some forex cards offer the benefit of locked-in exchange rates at the time of loading the card. This means that even if the market rates fluctuate, your exchange rate remains constant, providing a hedge against market volatility. However, it's important to be vigilant about hidden fees. While the exchange rate might be fixed, some providers may include additional fees or markups, subtly increasing the overall cost.
Issuance fees and additional charges: While forex cards offer many benefits for international travelers, it's important to be aware of the various types of charges that accompany them and can impact the overall cost-effectiveness of the card. These include Issuance fees, reloading charges, ATM withdrawal fees, currency conversion charges, inactivity fees, etc. These fees can vary based on the type of card and the card issuer.
Daily limits and credit limits: Forex travel cards come with their own set of daily and credit limits. These limits are essential for users to understand how to manage their finances. Forex cards typically have a daily limit on the amount that can be withdrawn from ATMs and there are also limits on the amount that can be spent on point-of-sale (POS) transactions daily.
Unlike credit cards, forex cards do not have a 'credit' limit, as they are prepaid cards. However, there is a maximum amount that can be loaded onto the card, which varies depending on the issuer and the type of card. Additionally, there are also limits on how much and how often you can reload the card.
Security features: Forex cards are not just convenient for international travelers; they are also equipped with robust security features to protect your finances. These features like PIN & Chip Protection, Real-Time Transactional Alerts, Comprehensive Insurance Cover, etc. ensure that your money remains safe, whether you're shopping in a bustling market abroad or making online bookings.
The best way to choose is to find out the issuance charges of the card, global currency options, fees, ATM withdrawal charges, reload convenience, etc.
A forex card is preloaded with foreign currencies and used for transactions abroad, functioning like a debit card but in local currency.
Forex card is a convenient alternative to carry cash while traveling abroad. Accepted globally in places where regular credit and debit cards are used, it also allows for ATM withdrawals in foreign locations. Supporting multiple currencies such as USD, EURO, GBP, AUD, and SGD, a Forex card is an essential travel companion.
A Forex card tailored for students studying or traveling abroad, offering low fees, easy reload options, and convenient tracking of expenses.
Includes single-currency cards, multi-currency cards, and student-specific forex cards, each catering to different travel needs.
Forex markup fees are additional charges imposed by banks and credit card companies for transactions made in a foreign currency. These fees usually vary between 1% and 3.5% of the transaction amount. While this percentage might appear small, it can accumulate significantly, particularly during international travel, leading to a substantial increase in overall expenses.
A card that allows loading and transacting in multiple currencies, ideal for travelers visiting several countries.
HDFC Bank stands out as a leading provider of forex exchange services, offering access to 22 global currencies. Additionally, it enhances the customer experience by providing a cover of up to Rs 5 lakh for accidental insurance, which includes protection for scenarios like passport and baggage loss, making it a comprehensive choice for international travelers.