Federal BankUsing your regular credit card while you’re on an international trip might not be the wisest of decisions, as international transactions, which are usually in a foreign currency, attract an additional forex mark-up fee, which, for most credit cards is around 3.5% of the transaction amount. For this reason, banks offer forex cards, which are tailored for the needs of the customers who make frequent international transactions. With the best forex card, a person can get the most out of their foreign transactions.
Forex credit cards are basically prepaid cards, i.e., unlike credit cards, you need to load some balance on these cards before you can make any purchases. Almost all the best forex cards in the india support multiple currencies- you can load the card in any of the supported currencies. Spends in the currency loaded on the card do not attract any foreign currency mark-up fee. Therefore, it’s a good idea to carry a forex card on an international trip loaded with the home currency of the country you are visiting.
List of Top Forex Cards in India
Here we have shortlisted some of the best-forex cards offered by the various banks in the country. Many of these cards, just like credit cards, also offer add-on benefits like complimentary lounge access, insurance plans, discount vouchers, etc. You can go through their detailed features and benefits in this article and then choose one that seems to suit you the best:
- Niyo Global Card by Equitas Bank
- BookMyForex YES Bank Forex Card
- Axis Bank Multi-Currency Forex Card
- HDFC Bank Regalia ForexPlus Card
- HDFC Bank Multicurrency Platinum ForexPlus Chip Card
- Axis Bank Club Vistara Forex Card
- ICICI Bank Student Forex Prepaid Card
- Axis Bank World Traveller Forex Card
- State Bank Multi-Currency Foreign Travel Card
- IndusInd Bank Multi-Currency Travel Card
- ICICI Bank Sapphiro Forex Prepaid Card
- Goibibo ICICI Bank Forex Prepaid Card
- ICICI Bank Coral Prepaid Forex Card
- TripMoney Global Cash Card
- Yes Bank Multicurrency Travel Card
Joining Fees
Nil
Travel Benefits
Load card in INR and make payments in more than 130 currencies worldwide at zero forex markup charges, global ATM locator, and Currency Converter for live forex rates
Foreign Currency Markup
Nil
Card Details +
The Niyo Global card provides convenient and affordable ways to handle international payments in more than 130 currencies. You get domestic and international lounge access at all Indian airports and its user-friendly app with features like Global ATM Locator, real-time currency conversion, and much more.
- Issuance Fee – Nil
- Cash Withdrawal Charges – 3 free withdrawals per month, and Rs. 21 plus taxes from the 4th withdrawal onwards for Domestic ATMs.
Rs. 110 plus taxes for International ATMs. - Currencies Supported – More than 130 currencies supported
- Cross-Currency Usage Fee – Nil
- Additional Benefits – High 7% interest rate on your savings, complimentary lounge access, and user-friendly mobile application.
- No TCS Up to Rs. 7 Lakhs -TCS is exempted on international spends up to Rs. 7 Lakhs per year. However, 20% TCS is applicable beyond the Rs. 7 Lakhs threshold.
Joining Fees
Nil
Travel Benefits
Load it in 14 major currencies, Zero forex markup rates, Zero rate fluctuations, Get a Free Int’l SIM card, Free & faster reloads on the go, Free insurance cover of 1.5 lacs, Manage spending via BookMyForex app, and so much more.
Foreign Currency Markup
Exact interbank rate with no added margin*
Card Details +
| Issuance Fee | Nil |
| Cash Withdrawal Charges | USD 2 plus applicable taxes |
| Currencies Supported | USD, GBP, EUR, CAD, SEK, SGD, AUD, JPY, CHF, AED, HKD, SAR, THB, NZD, and ZAR |
| Forex Markup Fee | Nil |
| Additional Benefits | Flat Rs. 200 discount on making a transaction worth Rs. 1,000 or more on EazyDiner |
The BookMyForex YES Bank Prepaid Card is a recently launched co-branded foreign travel card. The card aims at providing its customers with hassle-free international travel experiences. Not only this but it supports multiple currencies, making it even more convenient for you to travel to different countries without any worries about finding a currency conversion center there. Along with all these features, the card also offers several great deals and discounts across different categories.
Joining Fees
Rs. 300 (plus applicable taxes)
Travel Benefits
Can be loaded in 16 different currencies, up to Rs. 1,000 cashback on Vodafone India international roaming packs, 24x7 emergency assistance by TripAssist
Foreign Currency Markup
3.50% of the transaction amount on cross-currency usage
Card Details +
| Issuance Fee | Rs. 300 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2.25 (plus applicable taxes) |
| Currencies Supported | 16 Currencies |
| Cross-Currency Usage Fee | 3.5% of the transaction amount |
The multi-Currency Forex Card by Axis Bank is a prepaid international travel card. The card supports 16 widely used currencies including United States Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, Singapore Dollar, Swedish Krona/Kronor, UAE Dirham, Saudi Royal, Thai Baht, New Zealand Dollar, Hong Kong Dollar, South African Rand and Danish Krone. As with all foreign exchange credit cards, transactions in the currency loaded on the card do not attract any mark-up fee, however, transactions in a currency other than the one loaded on the card attract a cross-currency mark-up fee of 3.5% of the transaction amount.
Axis Bank Multi-Currency Forex Card comes with an initial issuance fee of Rs. 300 (plus GST) which is waived off for Burgundy and Priority account holders. Although the card does not have any reward structure, you however do get many value-added benefits like discounts on international roaming packs by VI, a lower currency conversion rate for Southeast Asian currencies, and 247×7 travel assistance by TripAssist. You may want to refer to this article for more information on Axis Bank Multi-Currency Forex Card.
Joining Fees
Rs. 1,000 (plus applicable taxes)
Travel Benefits
Complimentary lounge access at international airports in India, complimentary lounge access in case of delay of flight
Foreign Currency Markup
Nil
Card Details +
| Issuance Fee | Rs. 1,000 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 4 |
| Currencies Supported | USD |
| Cross-Currency Usage Fee | Nil |
| Additional Benefits | 2 Complimentary lounge access at international airports across India |
The Regalia ForexPlus Card is a sub-premium prepaid foreign exchange credit card by HDFC Bank. Although the card comes with zero annual fee, an initial fee of Rs. 1,000 is payable at the time of card issuance.
Regalia ForexPlus Card can be loaded in US Dollars. The best part about the Regalia ForexPlus Card is, not only that you are not charged any mark-up fee on transactions in USD, there is no cross-currency usage fee applicable on transactions done in any other currency either. You may refer to this article for more information on HDFC Regalia ForexPlus Card.
Joining Fees
Rs. 500 (plus applicable taxes)
Travel Benefits
Can be loaded in 22 different currencies, comprehensive insurance plan with multiple travel-related insurance benefits, Rs. 0.20 cheaper forex rate on loading via online channels
Foreign Currency Markup
No mark-up fee on transactions made in the currency loaded on the card, a cross-currency mark-up fee of 2% of the transaction amount applicable on transactions made in a currency other than the one loaded on the card
Card Details +
| Issuance Fee | Rs. 500 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 222 Currencies |
| Currencies Supported | 22 Currencies |
| Cross-Currency Usage Fee | 2% of the transaction amount |
Just like MakeMyTrip HDFC ForexPlus Card, the Multicurrency Platinum card can also be loaded in 22 different foreign currencies- Australian Dollar, Dirhams, Canadian Dollar, Euro, Hongkong Dollar, Japanese Yen, Singapore Dollar, Sterling Pound, Swiss Franc, Swedish Krona, Thailand Baht, South African Rand, Oman Riyal, New Zealand Dollar, Danish Krone, Norwegian Krone, Saudi Riyal, Korean Won, Bahrain Dinar, Qatari Riyal, Kuwait Dinar and US Dollar. No mark-up fee is charged on transactions made in the currency loaded on the card, a cross-currency usage fee of 2% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card.
Multicurrency Platinum ForexPlus Chip Card comes with an initial issuance fee (joining fee) of Rs. 500 (plus GST) which is waived off on the first-time loading of a minimum of USD 1,000. Although the card does not earn you any reward points/cashback, you do get plenty of add-on benefits like Amazon vouchers, emergency assistance, global concierge service, etc. with the card. Check out this article for more info on HDFC Multicurrency Platinum ForexPlus Chip Card.
Joining Fees
Rs. 500 (plus applicable taxes)
Travel Benefits
Can be loaded in 16 different currencies, no forex mark-up charge on transactions made in the currency loaded on the card, cashback of up to Rs. 1,000 on VI international roaming packs, 24x7 global assistance during international travel by TripAssist
Foreign Currency Markup
3.50% of the transaction amount on cross-currency usage
Card Details +
| Issuance Fee | Rs. 500 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2.25 (plus applicable taxes) |
| Currencies Supported | 16 Currencies |
| Cross-Currency Usage Fee | 3.5% of the transaction amount |
| Other Benefits | 3 CV Points per USD 5 spent, Rs. 1,000 cashback on VI international roaming packs |
Axis Bank Club Vistara Forex Card is a co-branded prepaid forex card by Axis Bank in collaboration with Air Vistara. The card comes with an initial issuance fee of Rs. 500 (plus GST), however, no annual membership fee is applicable on the card.
Axis Bank Club Vistara Forex Card can also be loaded in 16 different currencies including United States Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, Singapore Dollar, Swedish Krona/Kronor, UAE Dirham, Saudi Royal, Thai Baht, New Zealand Dollar, Hong Kong Dollar, South African Rand and Danish Krone.
Since it is an Air Vistara co-branded forex card, you earn Club Vistara Points (CV Points) as rewards on Axis Bank Club Vistara Forex Card. You earn 3 CV Points for every USD 5 spent with the card. Apart from CV Points, you also get complimentary Club Vistara base membership. Other add-on benefits that you get with the Club Vistara Forex Card include cashback on international roaming packs and 24×7 emergency assistance during international travel.
Like most other forex cards, transactions made in the currency loaded on the card do not attract any foreign currency mark-up fee, however, a cross-currency usage charge of 3.5% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card. You may refer to this article for more information on Axis Bank club Vistara Forex Card.
Joining Fees
Rs. 499 + GST
Travel Benefits
NA
Foreign Currency Markup
Cross currency markup fee of 3.5%
Card Details +
| Issuance Fee | Rs. 499 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2 |
| Currencies Supported | USD |
| Cross-Currency Usage Fee | 3.5% |
| Additional Benefits | Welcome benefits worth up to Rs. 5,000 |
The ICICI Bank Student Forex Credit Card is a great option for those who are planning to go to a foreign country for high studies. It comes with an issuance fee of Rs. 499 and a renewal fee of Rs. 199 plus taxes. This Student Forex Card allows you to make international transactions without any hassle and with much lower charges compared to credit & debit cards. The cardholders get introductory privileges worth Rs. 5,000 and several other benefits, such as complimentary insurance cover and zero liability protection are there.
Joining Fees
Rs. 500 (plus applicable taxes)
Travel Benefits
Acceptance of 16 widely used currencies, cashback of up to Rs. 1,000 on VI international roaming packs, 24x7 assistance during international travel by TripAssist
Foreign Currency Markup
3.50% of the transaction amount on cross-currency usage
Card Details +
| Issuance Fee | Rs. 500 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2.25 (plus applicable taxes) |
| Currencies Supported | 16 Currencies |
| Cross-Currency Usage Fee | 3.5% of the transaction amount |
| Other Benefits | 5 Miles on Miles & More per USD 5 spent, Rs. 1,000 cashback on VI international roaming packs |
Axis Bank World Traveller Forex Card is another prepaid travel card by Axis Bank in collaboration with Germany-based Lufthansa airlines. Like the other two Axis Bank forex cards, the World Traveller Forex Card can also be loaded in 16 different foreign currencies including United States Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Swiss Franc, Japanese Yen, Singapore Dollar, Swedish Krona/Kronor, UAE Dirham, Saudi Royal, Thai Baht, New Zealand Dollar, Hong Kong Dollar, South African Rand and Danish Krone.
Like most other forex cards, no forex mark-up fee is applicable on transactions made in the currency loaded on the card, however, a cross-curremcy usage fee of 3.5% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card.
As it is an Air Lufthansa co-branded card, as a cardholder, you are entitled to complimentary membership of Air Lufthansa’s Miles & More loyalty program. As far as the reward structure is concerned, you earn 5 Award Miles per USD 5 spent with the card. These Award Miles are added to the Miles & More account linked with your mobile number registered with the bank. Apart from the AirMiles, you also get a few other benefits like a cashback of up to Rs.1,000 on VI international roaming packs. You may refer to this article for more information on Axis Bank World Traveller Forex Card.
Joining Fees
Rs. 100 (plus applicable taxes)
Travel Benefits
The card can be loaded in 7 foreign currencies and no mark-up fee applicable on transactions made in the currency loaded on the card.
Foreign Currency Markup
Cross currency usage fee of 3% of the transaction amount on transactions made in a currency other than the one loaded on the card
Card Details +
| Issuance Fee | Rs. 100 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 1.75 (plus applicable taxes) |
| Currencies Supported | 7 Currencies |
| Cross-Currency Usage Fee | 3% of the transaction amount |
State Bank Multi-Currency Foreign Travel Card is a prepaid forex card by the State Bank of India. There is no annual membership fee applicable on the card, however, an initial issuance fee of Rs. 100 (plus GST) is chargeable at the time of issuance. The issuance fee of the SBI Multi-Currency Foreign Travel Card is the least amongst all the forex cards presently offered in India.
State Bank Multi-Currency Foreign Travel Card can be loaded in seven different currencies- USD, Euro, Pound, Singapore Dollar, Canadian Dollar, UAE Dirham, and Australian Dollar. No mark-up fee is charged on transactions made in the currency loaded on the card, however, a cross-currency usage fee of 3% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card. See this article for more details on State Bank Multi-Currency Foreign Travel Card.
Joining Fees
Rs. 300 (plus applicable taxes)
Travel Benefits
Comprehensive insurance cover with multiple travel benefits, free airport rides (up to Rs. 1,000), discount of up to Rs. 3,000 on experiences, sightseeing and activities
Foreign Currency Markup
No mark-up fee on transactions made in the currency loaded on the card, a cross-currency mark-up of 3.5% of the transaction amount is applicable on transactions made in a currency other than the one loaded on the card
Card Details +
| Issuance Fee | Rs. 300 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2 (plus applicable taxes) |
| Currencies Supported | 14 Currencies |
| Cross-Currency Usage Fee | 3.5% of the transaction amount |
As the name suggests, IndusInd Multi-Currency Travel Card is a prepaid forex card by IndusInd Bank. You do not pay any annual membership fee for the card, however an initial fee of Rs. 300 is payable at the time of issuance.
The card supports 14 international currencies- US Dollar, Australian Dollar, Canadian Dollar, Euro, Great Britain Pound, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Singapore Dollar, South African Rand, Swiss Franc, Thailand Baht, Saudi Riyal and UAE Dirham. No forex mark-up fee is charged on transactions made in the currency loaded on the card; a cross-currency usage fee of 3% of the transaction amount is however applicable on transactions made in a currency other than the one loaded on the card. Check out this article to learn more about IndusInd Bank Multi-Currency Travel Card
Joining Fees
Rs. 2,999 (plus applicable taxes)
Travel Benefits
2 complimentary airport lounge access per annum with Dragon Pass, no cross-currency usage fee, comprehensive travel insurance policy, 5% cashback on hotel and flight bookings
Foreign Currency Markup
Nil (no foreign currency mark-up fee and no-cross currency usage charges)
Card Details +
| Issuance Fee | Rs. 2,999 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2 (plus applicable taxes) |
| Currencies Supported | 15 Currencies |
| Cross-Currency Usage Fee | Nil |
| Other Benefits | 2 complimentary international airport lounge access |
Sapphiro Forex Prepaid Card is a premium prepaid forex card by ICICI Bank. The card comes with a hefty joining (issuance) fee of Rs. 2,999 (plus GST), and being a premium forex card offers plenty of add-on privileges like shopping vouchers, Uber vouchers, complimentary international lounge access with Dragon Pass, discounts on international roaming packs and many other benefits. There is no annual membership fee applicable on ICICI Sapphiro Forex Prepaid Card.
One differentiating feature of the Sapphiro Forex Prepaid Card is, just like HDFC Regalia Forex Card, no cross-currency usage fee is applicable on ICICI Sapphiro Forex Prepaid Card either, which means that you can transact in any currency without being charged any extra fee. You may want to refer to this article for more details on ICICI Sapphiro Forex Prepaid Card.
Joining Fees
Rs. 499 (plus applicable taxes)
Travel Benefits
Cab vouchers worth Rs. 1,000 on loading USD 1,000, Rs. 0.40 discount on forex conversion rate
Foreign Currency Markup
Cross currency mark-up fee of 3.5% of the transaction amount applicable on transactions done in another currency
Card Details +
| Issuance Fee | Rs. 499 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2 (plus applicable taxes) |
| Currencies Supported | 15 Currencies |
| Cross-Currency Usage Fee | 3.5% of the transaction amount |
| Other Benefits | Gift vouchers from Goibibo |
Goibibo ICICI Forex Prepaid Card, as is obvious from the name, is a co-branded forex card by ICICI Bank launched in collaboration with the travel portal Goibibo. The card comes with an initial issuance fee of Rs. 499 (plus GST), while no annual fee is applicable on the card.
Since it is a Goibibo co-branded card, you get many Goibibo exclusive benefits with the card like goCash+ gift voucher worth Rs. 500 and Goibibo vouchers worth Rs. 15,000 with the card as a welcome gift. Apart from these Goibibo exclusive benefits, you also get cab vouchers worth Rs. 1,000 on loading a minimum of USD 1,000 on the card, discounted rates on dining at Indian restaurants across Kuala Lumpur, Dubai, London, Singapore, Hong Kong and Bangkok, and a comprehensive insurance plan with covers against air accident, checked-in baggage, loss of passport/ticket, etc. Check out this article for more details on Goibibo ICICI Forex Card.
Joining Fees
Rs. 499 (plus applicable taxes)
Travel Benefits
Uber voucher worth Rs. 500 as a joining gift, comprehensive insurance plan with travel-related insurance covers
Foreign Currency Markup
No mark-up fee applicable on transactions made in the currency loaded on the card, a cross-currency usage fee of 3.5% of the transaction amount levied on transactions made in a currency other than the one loaded on the card.
Card Details +
| Issuance Fee | Rs. 499 (plus applicable taxes) |
| Cash Withdrawal Charges | USD 2 (plus applicable taxes) |
| Currencies Supported | 15 Currencies |
| Cross-Currency Usage Fee | 3.5% of the transaction amount |
| Other Benefits | BookMyShow and Uber Gift Vouchers |
Coral Prepaid Forex Card is another prepaid forex card by ICICI Bank. The card comes with an initial joining fee of Rs. 499 (plus GST), however, an annual fee of Rs. 299 (plus GST) is applicable second year onwards.
Although ICICI Coral Prepaid Forex Card does not have a reward structure (like Reward Points of cashback), you do get plenty of value-added benefits with the card like BookMyShow and Uber vouchers, comprehensive insurance plan, complete card protection by OneAssist, etc. You may refer to this article for more information on ICICI Coral Prepaid Forex Card.
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel
Reward Type
Reward Points
Welcome Benefits
Card Details +
| Issuance Fee | Rs. 499 plus taxes |
| Cash Withdrawal Charges | Nil |
| Currencies Supported | EUR, CAD, AUD, USD, GBP, SGD, AED, SAR, THB, NZD, HKD, CHF, JPY, SEK, ZAR |
| Cross-Currency Usage Fee | Nil |
| Other Benefits | Free subscription to MMT Black and you can make spends at ATM and POS outlets in any currency in more than 150 countries |
TripMoney Global Cash Card is one of the forex cards issued by MakeMyTrip along with SBM Bank and it offers financial support to foreign travellers and reduces the currency exchange fees. You do not need a credit history to apply for the card and can easily reload money int the card when you want. The card allows you to make transactions at POS and ATMs at more than 150 countries in the world and regular audits take place to ensure safe and secure transactions. With the card, you even get a free subscription to MakeMyTrip Black and can easily manage the card using the mobile app.
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel
Reward Type
Reward Points
Welcome Benefits
Card Details +
| Issuance Fee | Rs. 125 |
| Cash Withdrawal Charges | 2% of transaction value |
| Currencies Supported | USD, GBP, EUR, CAD, AED, AUD, THB, SGD, JPY, NZD, CHF, ZAR, HKD, and INR |
| Cross-Currency Usage Fee | 2.75% of transaction value |
| Other Benefits | Chip-based card for high security along with insurance coverage on the card |
The Yes Bank Multi-Currency card is one of the most beneficial cards of India as it is cost-effective as well as highly secure to use. You can get in touch with the online customer care department to help with management of your card from anywhere around the world. Compared to most other cards, this one offers higher security and lower costs. The card supports over 10 currencies and you get instant real-time SMS alerts whenever you transact with the card. You can analyze and check previous 10 transaction details and can even temporarily lock the Yes Bank Multi-Currency card.
What is Forex Card?
A forex card is a kind of prepaid card in which you can load money to spend in a foreign currency. Using a forex card, you can not only make online purchases is a different currency, but you can also withdraw cash in a foreign currency of your choice, provided that your card supports that currency. Many people think that forex cards are similar to credit cards, but it is not so. They can be similar only in terms of their benefits, but a forex card is much different from that of a credit card.
What are The Types of Forex Cards?
Forex cards are generally of two types of forex cards. These have been classified on the basis of number of currencies that they support. The following are the two major types of forex cards:
- Single Currency Forex Cards: Single Currency Forex Cards, as suggested by their names, support a single currency and these card suitable for individuals who often travel to a particular country for some time. These cards can only be loaded in te one currency that they support.
- Multi Currency Forex Cards: The Multi Currency Forex Cards support multiple currencies and can be used in different countries without much additional charges. Nowadays, most of the card issuers offer multicurrency forex cards so that the cardholders can travel all across the world with a single forex card.
Forex Cards – Features and Benefits
Like the general credit cards, some of the forex cards are also issued by the major card issuers in the country. These cards comes with various features and benefits across different categories. Some of the common advantages of the forex credit cards are as follows:
- Rewards Rate: Some of the forex credit cards, such as the Axis Bank World Traveller Forex Card & Axis Bank Club Vistara Forex Card, also reward their customers in all their spends. As these cards are most suitable for international travelers, they offer travel-based rewards such as air miles, CV points, etc.
- Support Multiple Currencies: Almost all forex credit cards support not just one or two, but multiple currencies and hence one can make transactions in different currencies and different countries without any hassle.
- Lounge Access: Some of the premium forex credit cards also offer complimentary airport lounge access. These cards let you avail the airport lounge facility without paying the usage fee for it.
- Other Features: Some cards also provide cardholders with complimentary insurance covers and zero liability protection against a lost/stolen card.
How to Use a Forex Card?
Unlike Credit Cards, a forex card doesn’t come with a credit limit, but you need to load it on your own. Forex Cards are of best use when you are traveling to a different country as these cards allow you to make transactions in foreign currencies. Load your card as per your requirements and as per the currency of the country you are traveling to.
After that, you can very easily use your card just like a debit or a credit card. You can withdraw cash in a foreign currency using your forex card and also use it for online/in-store transactions anywhere.
How To Get a Forex Card?
Getting a forex card is as simple as getting a general debit card. The only difference is that you might have to submit a few additional documents like your Passport, Visa, and other travel documents. So, just check the eligibility and document requirements on the respective bank’s official website or by contacting their customer care.
You can visit the branch with all the necessary documents and ask the bank officials if there is an offline procudure to apply for the card. If there is one, you can apply for the card by filling in the physical application form and completing all other formalities. You can also apply online for the card of your choice as follows:
- Visit the respective bank’s official website.
- Find an option to apply for a forex card.
- Choose the card of your choice.
- Procced further to apply for it and fill in all the required details in the digital application form.
Documents Required To Apply For a Forex Card
The forex cards don’t have very strict eligibility criteria in general, but there are some important documents that are required to get a forex card:
- Copy of your passport and Visa.
- Flight ticket copy.
- Address Proof (required in case the address mentioned on your passport is different from your current address).
- Latest bank statements/bank passbook, or canceled cheque.
What is the difference between forex cards & credit cards?
Many people consider Forex Cards and Credit Cards as the same things, but there is a huge difference between these two. The following table will help you understand the difference between the forex and credit cards in detail:
| Credit Cards | Forex Cards |
| Credit Cards come with a certain credit limit that cardholders can use to make purchases and pay them back later. | Forex Cards do not have any credit limit but these are prepaid cards and you need to load them on your own. |
| Credit Cards generally charge a high forex markup fee on international transactions. | Forex cards generally come with a very low or no forex markup fee. |
| There is an interest rate charged on credit cards’ outstanding balances. | No interest is charged on forex cards as the cardholders don’t own anyone else’s money but load their cards by themselves. |
| Credit cards have slightly higher cash advance charges. | Forex Cards have a lower cash withdrawal fee and cardholders can make transactions in foreign currencies as well. |
| The credit score of the applicant is checked by the issuer. | No credit score is required. |
| Upon using credit cards for international transactions, dynamic currency conversion fee is applied where the amount is converted to your currency and then charged to your card. | When you swipe your forex cards for international transactions abroad, there is no extra charges applied for it. |
| Exchange rates are not locked and they usually don’t favor the credit cardholder. The value of rupee against most major currencies is low and you will be charged a lot | Forex cards have the exchange rate already fixed and it does not depend on the volatile condition of the foreign exchange market |
| Credit cards offer overdraft facility and you can use more funds than you possess. This can lead to a lot of overspending | There is no overdraft facility in prepaid cards and you can only use the money you have loaded in advance to the card. |
Comparison Between Forex Cards & International Debit Cards
International travelers often get confued about whether they should get forex cards or international debit cards as it might not be a good idea to visit a different country without any of these. In this article, we will help you understand why forex cards should be prefered over international debit cards:
| Forex Cards | International Debit Cards |
| The forex cards can be used for all purchases as well as for cash withdrawals overseas. These are accepted almost by every merchant. | International Debit Cards can also be used for cash withdrawals and also widely acceptable but the charges for cash advance are high. |
| Can be used for transactions in different currencies as multi-currency forex cards support almost all the major currencies. | International debit cards attract high charges for foreign currency transactions, and charge currency conversion as well as forex markup fees. |
| Forex Cards in India come with a card liability protection cover against lost/stolen cards. | All international debit cards may not offer a card liability cover. |
| Forex cards are the better option as they are not linked to any bank account. | International debit cards are linked to your bank account and your account data is at risk if you swipe your card at fraudulent locations |
| Forex cards are accepted at all merchant outlets without charging anything extra. | Debit cards are accepted at lesser stores and they can even be declined due to security concerns. |
| Forex cards have the best foreign exchange rate and the rate is locked and does not change after you load the card. | You can get good exchange rates on international debit cards but they fluctuate on a daily basis. |
| The cards have a preset expense limit and even though you can use it anywhere anytime, your spending will remain in limits | An international debit card won’t give you spending control like a forex card does. |
Advantages of Using a Forex Credit Card for Foreign Travel
Using Forex Cards can be advantageous for international travelers in so many ways as these cards make their travels more convenient and hassle-free. All the benefits of forex cards are mentioned below:
- Multi-currency forex cards support multiple currencies and hence the cardholders can travel to different countries without much hassle.
- The Forex Cards don’t charge a high foreign currency markup fee like that charged by credit and debit cards.
- Forex Cards are widely accepted and hence can be used for offline as well as online transactions. Not only this, but you can also withdraw cash without so many additional charges.
- The money you load in forex cards is valid generally for five years and hence you can use it again & again on your foreign trips. You can also transfer the money back to your savings account if required.
Why Do You Need a Zero Forex Credit Card
Foreign currency markup charges are applied when you make a foreign transaction with your card and it usually ranges between 2 to 3.5%. It seems low but it adds up fast when you are abroad and you will end up paying a lot of extra money. For international travel, zero forex credit card is a great choice and it offers many benefits to the cardholder.
No forex markup fee – You save a lot of money that would have gone as forex markup charges when exchanging currency. You can just swipe your card to make the payment and there is no need to pay extra currency conversion or forex markup fees.
No reloading charges – You will not be charged any reloading fee for loading money into your zero-forex credit card.
Best exchange rates – The forex cards have one of the best exchange rates and the rates are locked in when you reload money into the card and does not fluctuate based on the market.
Accepted worldwide – Another great benefit of forex card is that they are accepted at almost all merchant outlets across the world. You can use it to make spends or even withdraw money from ATMs no matter which country you are in.
Rewards – You can avail benefits of the rewards program on your forex card and earn reward points, airmiles, cashback, and more.
Fraud protection – When you use credit cards in a foreign country, the rate of fraud goes up a lot. Forex cards come with fraud protection and you will be safe when using them abroad for spends.
Do’s and Don’ts While Using a Forex Card
To maximize the benefits of a forex card, the cardholders should keep certain points in mind, which are mentioned below:
Do’s
- Before you leave for a trip, make sure to check the PIN of your card at a local ATM.
- Keep checking the available balance on your forex card after every purchase you make.
- In case of any suspected/unauthorized transaction, contact your forex card customer care as soon as possible.
- Try to make most of your transactions directly using the card rather than withdrawing cash to avoid cash withdrawal charges.
Don’ts
- Don’t leave your forex card inactive for a long time.
- Don’t make transactions in a currency different from the one that you have loaded on your card.
Bottom Line
While credit cards are an extremely useful financial tool, using credit cards while on foreign trips can cost you a lot as almost all credit cards charge you a mark-up fee of around 3.5% of the transaction amount (it may be less in case of some premium and super-premium credit cards) on transactions made in a foreign currency. Therefore, it is almost always a good idea to carry a forex card on foreign trips and use the same for foreign currency transactions.
As you can see above, SBI Multi-Currency Foreign Travel Card has the least issuance fee of just Rs. 100 amongst all forex cards and premium forex cards like HDFC Regalia ForexPlus Card and ICICI Sapphiro Forex Card can be used to make payments in any currency without any cross-currency usage fee. Then, there are also co-branded forex cards like Axis Bank Club Vistara Forex Card, Goibibo ICICI Forex Card, MakeMyTrip HDFC ForexPlus Card, etc. You must find the right forex card that suits your needs the best. For example, for someone who does not travel very frequently, a simple and less expensive forex card like SBI Multi-Currency Foreign Travel Card might be a good pick, on the other hand, if you fly frequently via a particular airline, say Air Vistara, an Air Vistara co-branded forex card like Axis Bank Club Vistara Forex Card will suit you the best.
FAQs:
Forex cards or travel cards are prepaid cards that are tailored for the needs of frequent international travelers. One of the most common features of prepaid forex cards is, most of these cards can be loaded in multiple foreign currencies and no mark-up fee is charged on transactions made in the currency loaded on the card.
State Bank Multi-Currency Foreign Travel Card has the least issuance fee of Rs. 100 (plus GST).
HDFC Regalia ForexPlus Card and ICICI Bank Sapphiro Forex Prepaid Card are two forex cards that have zero cross-currency usage fee, i.e., you can spend in any currency with these cards without being charged any additional fee.
Forex Cards are not same as credit cards as you don’t get a credit limit with them. Unlike credit cards that allow you to pay later for your purchases, the forex card are prepaid cards that need to be loaded by your first. Talking about their usage, you can use the forex cards online as well as for in-store transactions just like credit cards.
Yes, the Forex Cards are totally worth it for international travels as these cards make it convenient for you to make transactions and withdraw cash in different currencies without any additional charges.
A cross currency fee is charged on a Forex Card when you want to make a transaction in a different currency from what you loaded onto your card.
Some best credit cards with low forex markup fees are: HDFC Infinia Credit Card, IndusInd Celesta Credit Card, Axis Bank Magnus Credit Card, HDFC Regalia, etc.
Some of the best multi-currency forex cards are: State Bank Multi-Currency Foreign Travel Card, IndusInd Bank Multi-Currency Travel Card, ICICI Bank Sapphiro Forex Prepaid Card, Axis Bank Multi-Currency Forex Card, and HDFC Bank Multicurrency Platinum ForexPlus Chip Card.
No, you can not pay credit card bills using a forex card.
Yes, you can easily transfer the leftover amount from your Forex Card to your bank account.
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1 Comment
You missed one of the most selling forex card.
It’s Thomas Cooks Forex card.
Same card is selling by many exchange houses and banks