Whether travelling for business or leisure, carrying cash currency possesses higher security risk and limitations for international transactions. Not just that, the process of exchange is further complex and time-consuming. And that’s when forex cards come in handy. Irrespective of wherever you are travelling, they will surely make your transactions simpler and easier.
But what are forex cards? Let’s learn about them so that the next time you travel, you can make an informed decision about how to manage your travel expenses. We’ve also listed down the best forex cards in India to make your selection easier. So, explore these options and choose the one that fits your needs.
What is a forex card?
Managing money while traveling abroad can be tricky, especially when you’re dealing with different currencies. A convenient solution to simplify this process is using a forex card. This prepaid card allows you to load foreign currency before your trip, ensuring you have access to funds without the hassle of carrying cash or visiting money exchange counters.
Must Read: Benefits of Using Forex Cards for Business Travelers
Why should you consider a forex card?
Forex cards come with many benefits, such as:
- No need to carry large amounts of cash. A forex card keeps your funds safe, and in case of loss, you can block it immediately to prevent misuse.
- Once the currency is loaded, the exchange rate is locked, shielding you from fluctuations during your trip.
- If you’re visiting multiple countries, forex cards can hold several currencies, allowing seamless use across different destinations without any hassle.
- Whether you’re making purchases in stores, dining out, or shopping online, forex cards work everywhere. Plus, you get SMS and email alerts to monitor your spending and manage your travel budget effectively.
- Many forex cards come with easy reloading options via apps, so if you run out of funds, topping up is quick and convenient.
What are the factors to consider when choosing a forex card?
When choosing the right forex card for your travels, there are a few key things to keep in mind to make your decision easier.
- Issuance time: Check how fast you can get the card. Some are instant, others take a few days.
- Reloading process: Ensure you can easily reload funds online or through an app.
- Fees and charges: Be aware of any hidden fees, like transaction or maintenance charges.
- Exchange rates: Look for a card with competitive rates. Some let you lock in the rate when you load money.
- Security: Choose a card with strong security features. Make sure you can block it quickly if lost.
- Replacement process: Find out how easy it is to replace the card in case it’s lost or stolen.
- Expense tracking: Some cards offer apps to track spending and manage your travel budget.
Top Best Forex Cards for Indian Travellers
1. Thomas Cook Forex Cards
Thomas Cook forex cards include the Borderless Prepaid Multi-Currency Card, supporting up to 10 currencies, and the One Currency Card for USD transactions. They have zero issuance fees and no markup on transactions in loaded currencies. The Borderless Card offers no surcharge on cash withdrawals at AllPoint ATMs in the U.S., Canada, Mexico, UK and Australia. The One Currency Card has a $4.99 fee for USD withdrawals. Both cards allow online reloading, ensuring convenience and flexibility for international travellers.
Key benefits Thomas Cook Forex Cards for Indian Travellers
- With 24/7 global support, you can easily access customer service and emergency cash assistance when needed.
- The card doesn’t require linking to a bank account, offering more flexibility.
2. BookmyForex Yes Bank Forex Card
It supports 14 currencies and is an excellent choice for those seeking a hassle-free experience while managing international travel expenses. There are no forex markup fees, making BookMyForex YES Bank Forex Carda a cost-effective option. It comes with no issuance, reloading or annual fees, which makes it standout. You can use the card in 150+ countries. It also offers robust protection through chip and PIN security, along with insurance coverage.
Key benefits BookmyForex Yes Bank Forex Card for Indian Travellers
- With same-day doorstep delivery, you can receive your card promptly for last-minute travel plans.
- Disposable virtual cards add extra security for online transactions by generating temporary cards.
- Insurance cover of ₹1.5 lakhs provides enhanced protection against fraudulent card transactions.
- Enjoy exclusive discounts on EazyDiner and travel services.
3. Axis Bank Multip-Currency Forex Card
Axis Bank Multi-Currency Forex Card allows you to load up to 16 different currencies. With a joining fee of ₹300 and no annual renewal fee, it is a cost-effective solution for currency management. Transactions made in the loaded currency attract no markup fee, but a 3.5% markup fee is applicable for cross-currency usage. Cash withdrawals are charged at $2.25 per transaction or 0.5% of the amount withdrawn.
Key benefits Axis Bank Multip-Currency Forex Card
- Cashback on international roaming packs, helping you stay connected abroad.
- Get help with lost passports, blocked cards and even emergency cash assistance.
- Use your card at duty-free stores across Indian airports for a seamless travel shopping experience.
4. Standard Chartered Forex Card
The Standard Chartered Forex Card offers the convenience of loading up to 20 different currencies. Its issuance fee is ₹299, while its renewal fee depends on the plan chosen. It has a markup fee of 3.5% on foreign currency transactions, with cash withdrawals incurring standard charges based on the ATM and region of use. You can manage and track transactions easily through the bank’s mobile app and enjoy access to emergency services for added travel convenience.
Key benefits Standard Chartered Forex Card
- Protection up to ₹5,00,000 for lost or stolen cards, along with coverage for lost baggage and personal documents.
- Use your card at duty-free stores in Indian airports for added convenience.
- Provides coverage of up to ₹50,00,000 for accidental death during travel.
- Customise spending limits for added security and control.
5. HDFC Multi Currency Platinum ForexPlus Chip Card
The forex card supports 22 currencies, including USD, Euro and Dirhams. It comes with a joining fee of ₹500, and there is a fee of ₹75 for each reload. It does not charge any forex markup fee when using the loaded currency, but it levies a 2% cross-currency usage fee for transactions in currencies not loaded on the card. Cash withdrawals from ATMs attract a fee of $2 (or equivalent) per withdrawal, and the daily ATM withdrawal limit is set at $5,000 or the equivalent in other currencies.
Key benefits HDFC Multi Currency Platinum ForexPlus Chip Card
- Flexibility to manage funds and transactions anytime through mobile banking or directly at ATMs worldwide.
- Emergency cash assistance during travel.
- 24/7 global concierge services for travel planning and bookings.
- Insurance coverage for personal accidents, loss of baggage and document reconstruction.
6. ICICI Bank Student Forex Prepaid Card
ICICI Bank Student Forex Prepaid Card is designed for students going abroad, especially those heading to the USA. It supports USD transactions and comes with benefits that ease financial management. It has a nominal issuance fee of ₹499 plus taxes and levies a 3.5% cross-currency markup fee. There is a renewal fee similar to the one for joining. The card allows easy cash withdrawals at international ATMs.
Key benefits ICICI Bank Student Forex Prepaid Card
- Includes free lounge access, Uber vouchers, and discounts on services like courier and SIM cards.
- Coverage of up to ₹5,00,000 against loss or card misuse, providing peace of mind while abroad.
- Students get an International Student Identity Card worth ₹ 999, offering global discounts and benefits.
- Full protection in case of lost or counterfeit card usage.
7. State Bank Multi-Currency Foreign Travel Card
Supporting 7 major currencies, including USD, Euro, Pound and more, this card offers a straightforward option for managing foreign transactions. It comes with a nominal joining fee of ₹100 plus taxes and does not require a renewal fee. There is no markup fee on transactions made in the loaded currency, though a 3% cross-currency fee applies for transactions in other currencies. Cash withdrawals come with a fee of $1.75 or its equivalent.
Key benefits State Bank Multi-Currency Foreign Travel Card
- Withdraw up to $10,000 in cash from ATMs, providing convenience for heavy spenders.
- Easily manage your card through local SBI branches, a unique feature for those preferring in-person assistance.
- Yes Bank Multi Currency Travel Card
8. Yes bank Multi Currency Travel Card
Yes Bank Multi-Currency Travel Card is an affordable option, offering support for 14 different currencies. It comes with a low issuance fee of ₹125 plus taxes, with a similar renewal fee. A 2.75% cross-currency usage fee applies when spending in currencies not loaded on the card. Cash withdrawals at ATMs are allowed, but specific charges depend on the transaction amount and location.
Key benefits Yes bank Multi Currency Travel Card
- Offers the ability to temporarily lock the card if misplaced or if you need extra security.
- Access and analyse your last 10 transactions easily for better expense management.
- Manage the card from anywhere, using customer support, ensuring control even while travelling.
9. IndusInd Bank Multi-Currency Travel Card
IndusInd Bank Multi-Currency Travel Card offers access to 14 major currencies including USD, Euro, GBP and others. It has an issuance fee of ₹300 plus applicable taxes, with no renewal fee. Cash withdrawals from ATMs are subject to a 1% fee, along with a flat charge of $2 per transaction. There is no markup fee when spending in the loaded currency, but a 3.5% cross-currency markup applies for transactions in other currencies.
Key benefits IndusInd Bank Multi-Currency Travel Card
- Access your card at over 400 IndusInd Bank branches for easy management and replacement.
- Includes insurance and additional travel-related benefits, providing security and peace of mind during trips.
- Offers comprehensive travel insurance coverage, including loss of card and personal accident insurance, ensuring peace of mind.
10. Trip Money Global Cash Card
TripMoney Global Cash Card, in collaboration with SBM Bank, supports 15 currencies and can be used in over 150 countries. It has an issuance fee of ₹499 plus taxes, with no forex markup or cash withdrawal fees.
Key benefits Trip Money Global Cash Card
- Enjoy special discounts and offers on the platform with your complimentary subscription to MakeMyTrip Black.
- The card is accessible to everyone, as it doesn’t require a prior credit history for application.
Wrapping up – Which is the best forex card in India?
Choosing the best forex card for international travel doesn’t have to feel like finding a needle in a haystack. Start by focusing on what matters most to you. Do you need a card that supports multiple currencies, or would a card with no foreign transaction fees be more up your alley? If you’re a frequent traveller, perks like lounge access or insurance could be the icing on the cake. Consider ease of reloads, and check how secure the card is, as the devil is in the details when it comes to fraud protection. Lastly, look for any unique benefits that suit your travel habits, because the early bird catches the worm when it comes to choosing the best forex card!
FAQs about Forex Cards in India
- Which are some forex cards with low forex markup fee?
Here are some forex cards with low forex markup fees for transactions in loaded currencies:
- HDFC Bank Multicurrency Platinum ForexPlus Chip Card
- IndusInd Bank Multi-Currency Travel Card
- BookMyForex YES Bank Forex Card2.2. How to utilise a forex card?
A forex card is used just like a debit or credit card when traveling abroad. You can swipe it at points of sale, withdraw money from ATMs, and use it for online transactions. To make the most of it:
- Always load the correct currency for your destination to avoid cross-currency charges.
- Keep track of your spending through mobile apps or internet banking.
- Reload the card online or at your bank’s branch as needed.
3. Can we convert forex card to cash?
Yes, you can withdraw cash from ATMs abroad using your forex card. Most cards allow withdrawals in local currencies, though ATM withdrawal fees may apply.
4. What happens to unused money in forex card?
Any unused balance can either be left on the card for future trips or refunded back into your bank account. Some forex cards may charge an inactivity fee if the card is not used for a long time, so it’s best to encash the leftover balance or reload it before your next trip.
5. What are the charges for a forex card?
Forex cards typically come with certain charges, such as:
- Issuance fee: A one-time charge when you get the card.
- Reload fee: Charged every time you add more money to the card.
- ATM withdrawal fee: Applied when you withdraw cash from ATMs abroad.
- Inactivity fee: A fee if the card remains unused for a certain period.
- Markup fee: Also called a cross-currency conversion fee, charged for transactions made in currencies not loaded on the card.
- Renewal fee: A fee charged for renewing the card after its validity expires.
Other potential charges could include balance inquiry fees or replacement fees for lost cards. Be sure to review your card’s specific fee structure for a complete understanding.
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