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Forex Card
A forex card is a foreign currency prepaid card that you can charge with a pre-determined sum. Therefore, you can use the card to pay for your bills when traveling abroad instead of carrying cash. It is a safe and superior method of storing foreign currency.
With a forex card, you can fill your account with funds in a foreign currency. Since it is accepted globally, you can use your forex card to pay bills or withdraw money from a foreign currency ATM.
Best Forex Credit Cards in India 2024
| Card Name | Joining Fee | Travel Benefits | Foreign Currency Mark Up |
|---|---|---|---|
Niyo Global Card by Equitas Bank | Nil |
| Nil |
IndusInd Bank Multi-Currency Card | Rs. 300 |
|
|
ICICI Bank Forex Prepaid Card | Rs. 499 | Nil | Cross currency markup fee of 3.5% |
SDBI Multi-Currency Foreign Travel Card | Rs. 100 plus applicable taxes |
| - |
HDFC Multi-Currency Forex card | INR 500 plus GST for issuance |
| - |
How Does A Forex Card Work?
- Load your forex card according to the applicable forex card rates of the bank when you are still in India
- The card can be preloaded with most of the popular currencies
- You don’t have to worry about the fluctuating exchange rates once you have loaded the card with a foreign currency of your choice.
- Upon reaching your destination, you can then use the forex card for making payments just like you use your debit card.
- You can also use the internet banking portal of the bank to reload the forex card anytime you want to.
Types of Forex Cards
Forex cards are a safe solution for carrying cash or when incurring heavy charges if you use your debit or credit card abroad. There are various types of forex credit cards offered to suit the needs of each type of traveler. There are two types of forex cards available, and they are as follows:- Single currency forex card: The single currency forex card can be preloaded with one single currency. And it can be reloaded as and when required.
- Multi-currency forex card: The card can be preloaded with multiple currencies depending on the card that is selected. Additionally, card issuers also offer forex cards that are offered to privileged banking customers or that are by invite-only. These cards usually have lower fees and charges or additional benefits and privileges.
What Are The Features and Benefits of a Forex Card?
There are a number of benefits of using a forex credit card
- Forex cards are safer to carry than cash because they use chip and pin technology to safeguard your funds.
- If your forex card is lost or stolen, it can be quickly blocked and the balance can be frozen. The money can then be transferred to the secondary forex card that was issued in concurrence with the first one.
- Multiple foreign currencies can be kept on a single forex card at the same time. The number of currencies that a bank can provide varies across banks. Some forex cards can hold up to 10 currencies while some other vendor cards can hold upto 14 currencies.
- Forex Cards offer better exchange rates as compared to buying foreign currency in cash. It is also less expensive for lenders to have Forex cards rather than giving foreign currency in cash.
- You will not be charged for swiping Forex cards at POS terminals abroad, while a minor fee will be charged for debit and credit cards.
- Foreign currency is loaded on forex cards at set exchange rates. So, currency movements in the forex market do not impact them.
- Some card issuers allow temporary blocking of cards and reactivation when the cardholder goes abroad again. In this way, there are no additional charges such as maintenance charges or penalties for non-usage.
- It is not required for applicants to have an existing relationship with the bank in the form of a bank account or fixed deposit. Thus, they can choose from a broad range of available cards depending on their needs.
- Forex cards are easy to use as they are universally accepted and recognized. Some of them can also be used to pay for online purchases made abroad.
- Assistance for queries is available round the clock through dedicated helplines and online tracking if it is a query or related issue.
- A lot of card issuers provide incentives through discounts and offers, thus maximizing the benefits earned through forex cards.
- Forex cards generally come with contactless technology.
- The amount loaded in your forex card can be withdrawn from any international ATM. The card will automatically detect the country you are in and dispense cash in the local currency. However, users will be levied with a flat ATM withdrawal fee per transaction.
How To Apply For A Forex Card?
Applying for a forex card involves a simple and hassle free process. There are multiple banks and financial institutions and large travel agencies offering these cards.
- You can go to a bank branch or apply online for a card of your choice.
- Most banks and financial institutions provide various cards, and these are based on the type of perks and benefits that can be availed.
- After choosing the card you want to apply for, you can either visit the branch or apply online. Ensure to have all the documents in place.
Documents Required For Forex Card
There are certain documents that have to be submitted for a forex credit card. Here are some of the documents that are required generally.
Application Form |
Copy of passport (Self-attested) |
Copy of Visa (Visas if the trip includes multiple countries). |
Airline Ticket Copy |
Based on the card issuer and the type of forex card that you apply, you have to furnish other documents as well. The amount being loaded onto the card also plays an important role if any regulatory changes are made.
Fees and Charges For A Forex Card
Forex Card Fees
Initial Fee | Amount to be paid when applying for the card |
Reload/Renewal Fee | Charges to be paid each time the card is renewed (In case of inactive cards) and every time it is reloaded |
Add on card fee | This fee is paid for any additional card that is provided |
Encashment Charges | This fee is charged when the balance amount on the card is encashed |
Forex Card ATM Fees
Cash Withdrawal | This fee is applicable for each cash withdrawal made while abroad |
Balance Enquiry | This fee is levied each time an enquiry on the cards’s updated balance is made |
Cross currency charge | If the currency on the card does not match the transaction currency, the fee will be charged at the time of doing the transaction |
Replacement Card Fee | This fee is charged if a replacement card is going to be issued to the cardholder. |
Conclusion
The world has gone completely digital today, and it is increasingly difficult to travel with cash in hand. So, swipe the forex card and get the best deals. Shop without limits and avoid queues for exchanging your currencies. Forget about the hassles of traveling with loads of cash in your wallet. Simply use your forex card and enjoy the trip to the fullest.
FAQs Of Forex Card:
1. What is the difference between a forex card and an international card?
International debit cards are those that act like forex cards but actually come with additional charges. The main difference is that forex cards do not have a savings account linked to any bank account. Moreover, you cannot use international debit cards to withdraw money from foreign ATMs.
2. Who is eligible for a forex card?
Only KYC-compliant Indians can buy a forex card. Non resident Indians are not eligible for a forex card. It can be issued to minors above the age of 12 years only after a parent or guardian has signed the application form. The applicant is required to fill up a forex card application form (either online or physical).