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What is a Forex Card?
Forex cards are prepaid cards that travelers can load with a desired currency before going on a trip abroad. Most forex cards support multiple currencies, and you can load the card with any of the supported currencies. You can then use the card up to the limit of the currency amount loaded. Spends done in the currency that the credit card is loaded with does not attract a forex markup fee. So, it is ideal to carry a forex card for international trips and load the appropriate currency to avoid forex markup fees. These cards are completely compliant with RBI regulations. They are usually of two types.
- Single Currency Forex Cards, which support a single currency. These cards can be loaded only with the one currency supported. These are mostly suitable for people who travel abroad for a brief period of time.
- Multi-Currency Forex Cards, which support multiple currencies. These cards can be loaded with any of the supported currencies and can thus be used in several countries without attracting forex markup fees.
What Are The Benefits of Forex Cards?
The benefits of forex cards are as follows
- You can avoid high foreign transaction fees.
- easy and safe way to carry cash.
- Designed with chip and PIN technology to ensure high security.
- SMS and emails will be sent to alert you for every load and purchase.
- Should be used at millions of ATMs and merchants globally
- Safer to use compared to hard cash
- Can be used for multiple purposes like swiping, withdrawing money, and making online purchases.
- You can easily keep track of your expenses with these cards.
- Can be reloaded.
- The exchange rate can be locked at the time of card loading.
- User-friendly and comes with a lot of customer support.
- Some of the forex cards have international lounge access.
- Few of the best forex cards with zero markup fees are accessible in the market.
- Transparent fee structure
What is the Criteria to Choose the Best Forex Cards
- The ease with which the card is issued: You must get a forex card depending on how fast you can get it. Some cards have a very lengthy application process while others are issued quickly online.
- Reload or unload process: You must check on how conveniently you can reload or unload funds on a forex card. Some cards have a tedious reloading process, while others have an easy reloading or unloading process.
- The time taken to deliver the card: Some cards take 2 to 3 days to deliver while some take just a day to issue.
- Fees and charges: There are various fees and charges associated with a forex card. They are issuance fees, transaction fees, and annual maintenance fees.
- Exchange rate: You have to compare the exchange rates with prevailing base rates to determine the markups in rates.
- Exchange rate lock feature: Check whether the forex card facilitates exchange rate locking. If this feature is available, then users can lock in their desired forex rate.
- Withdrawal Limit: Review the maximum daily withdrawal limit per day or per transaction for the forex card.
- Expense management: Check if the forex card offers any expense management features like tracking your spending or setting spending limits via the mobile app.
- Replacing a lost or stolen card: You should choose a forex card based on how easy it is to replace a lost or stolen forex card.
- Card Security: Determine how secure the card is to use. Some cards have advanced security features while others may be easily liable to fraud. You should choose a card that has enhanced safety features.
Best 10 Forex Cards in India
A forex card should have all the features that help you to transact seamlessly abroad. Here is a list of the top 10 best forex credit cards in India and their benefits.
1. Niyo Global Card by Equitas Bank
Joining fee: Nil
Renewal fee: Nil
This card was launched by Niyo Solutions in partnership with Equitas Small Finance Bank. It is a digital savings account that offers a high interest rate of 7% on your savings and zero forex markup charges on international transactions throughout the world. This card comes with domestic and international lounge access at all Indian airports. With a customer-friendly app that is well equipped with features like the Global ATM locator, and real-time currency conversion and its ability to handle international payments in 130 currencies, this forex card is highly beneficial.Features and Benefits:
- Cash withdrawal charges:
- 3 free withdrawals per month, and Rs. 21 plus taxes starting from the 4th withdrawal onwards for domestic ATMs.
- Rs. 110 plus taxes for international Atma.
- Currencies supported: More than 130 currencies supported
- Cross currency usage fee: Nil
- Additional Benefits:
- High interest rate of 7% on your savings accounts
- Complimentary lounge access
- User-friendly mobile application.
- No TCS upto Rs. 7 lakhs: International spends upto Rs. 7 lakhs per year is excluded from TCS. However, for spends over Rs. 7 lakhs, 20% TCS is applicable.
2. BookMyForex YES Bank Forex Card
Joining Fee: Nil
Renewal Fee: 250 if the cardholder is in India and INR 3000 if the cardholder is outside the country
Features and Benefits:
- Welcome Benefits: A discount of Rs. 200 on your first transaction with BookMyForex. Use Promo code-NEWTOBMF
- It supports 14 currencies making it easy and convenient for you to travel to different countries without having to find a currency conversion center there.
- The card offers several great deals and discounts across various categories.
- It comes with zero markup fees
- There is no issuance fee
- Cash withdrawals cost USD 2 plus taxes
- Benefits include a free international SIM card, insurance coverage, and the ease of handling expenses through its app.
- The card offers attractive discounts on EazyDiner with transactions over INR 1,000.
3. Axis Bank Multi-Currency Forex Card
The Axis Bank multi-currency forex card is a safe, secure, and convenient way of carrying forex. This is a prepaid international travel card that supports 16 currencies including the United States Dollar, Euro, Pound Sterling, Australian Dollar, Canadian Dollar, Singaporean dollar, Swiss Franc, and Japanese Yen. Transactions in the currency loaded on the card do not attract any forex markup fee, but spends done in a currency not loaded on the card incur a cross-currency markup fee of 3.5% of the transaction amount.
Joining Fee: INR 300
Renewal Fee: N/A
Features and Benefits:
- Visa/Mastercard offers: Avail exciting offers on dining, retail, travel, and others.
- Dining Privileges: Earn a minimum of 15% discount at select restaurants across the globe.
- Emergency assistance with Trip Assist: You can get emergency assistance by making just a call in case of theft or loss of the forex card. The assistance involves the following activities.
- Blocking the forex card
- Assistance for lost passport
- Getting instant cash to pay hotel bills or for return flights.
- Duty-free shopping: This card can be used to shop at duty-free stores in all international airports across India.
- Wide Usage: The multi-currency forex card can be used at more than 30 million retail and online merchant outlets and 1 million plus ATMs.
- Immediate transaction alerts: You can track your card instantly via internet banking, SMS, the Axis mobile app, and E-mail.
- You don’t have to worry about currency fluctuations: This card facilitates lock-in on exchange rates and hence you don’t have to worry about currency fluctuations.
4. Standard Chartered Forex Card
Joining Fee: Rs. 299
Renewal Fee:
You can enjoy faster checkouts, secure payments, and complete freedom from cash with this forex card. This card can be loaded with upto 20 currencies including US dollar, Euro, Canadian dollar, British pound, Singapore dollar, Dirhams, and much more. The card can be reloaded at any of the branches locally or online. The Standard Chartered Multi-Currency Forex Card is accepted globally in more than 120 countries. The nature of payments made through the card is multipurpose and includes tourist attractions, those made at stores, hotels, and restaurants among others.Features and Benefits:
- Insurance cover:
- Up to Rs. 5,00,000 against the misuse of lost or stolen cards.
- Personal air accidental insurance (Death cover only) of Rs.50,00,000.
- Cover for loss of baggage and personal documents upto Rs. 1,00,000.
- Transaction Limits: You can set transaction limits on your Standard Chartered Forex card instantly by logging into the forex card portal.
- Duty-Free Shopping: You can use the Standard Chartered Forex Card for shopping at duty-free stores across all Indian airports.
- Convenience of use: Cardholders can manage the account of their card online with just a few clicks.
- Backup card for replacement:Upon activating the card, cardholders will receive a kit with the primary card and also the backup card. This backup card can be used to substitute the primary card in the case of loss, theft, or damage of the primary card. The activation of the backup card is done free of charge.
- SMS Alerts:Every time the cardholder swipes the card for shopping or for any other transaction, SMS alerts will be sent to the cardholder to notify them.
- Periodic email statements: Cardholders will get periodic email statements of their account with updates about their account balance as well as expenditures.
5. HDFC Bank Multicurrency Platinum ForexPlus Chip Card
Joining Fee: Rs. 500
Renewal Fee: N/A
This card is a multi-currency forex card which can be loaded with 22 currencies including Swiss Franc, Saudi Riyal, Canadian dollars, Euro, Hong Kong dollar, Japanese Yen, etc. It protects you against foreign exchange fluctuations. You can swipe the card at any point of sale terminal or take out cash at any ATM in any currency across the globe. If you transact in the currency loaded on the card, then you do not have to pay forex markup fees on those spends.
Features and Benefits
- A cross-currency usage fee of 2% of the transaction amount is charged on spends done in a currency that is not loaded on the card.
- The joining fee of Rs. 500 is waived on loading a minimum of USD 1,000.
- You get Amazon vouchers of Rs. 500 and Rs. 1,000 when you load/reload 750 dollars and 1000 dollars respectively.
- You will get a Dubai shopping voucher worth AED 300 upon loading AED 4,000
- You will get a cashback of Rs. 5,000 if you load or reload using an HDFC Bank Credit Card EMI.
- Get 10x reward points when you load 1000 dollars and above with your HDFC Bank Credit Card.
6. ICICI Bank Student Forex Prepaid Card
Joining Fee: Rs. 499 plus GST
Renewal Fee: Rs. 499 plus GST
The ICICI Bank Student Forex Credit Card is a great pick for those who are going abroad for higher studies. This card allows you to make international transactions easily and with much lower charges.
Features and Benefits
- It supports transactions in USD and levies a cross-currency markup fee of 3.5%
- Cardholders can enjoy welcome benefits up to INR 5,000, comprehensive insurance coverage, and zero liability protection.
- The welcome benefits are as follows:
- Free international airport lounge access
- International Student Identity Card (ISIC) Membership worth INR 999
- Free Uber voucher worth INR 500
- One monthly ATM fee waiver
- Free international SIM card
- 20% discount on courier services by DHL
- Lost Card/Counterfeit Card liability coverage up to INR 5,00,000
7. State Bank Multi-Currency Foreign Travel Card
Joining Fee: Rs. 100 (Plus applicable taxes)
Renewal Fee: N/A
Features and Benefits
- This card can be loaded in 7 different currencies - USD, Singapore Dollar, Euro, Pound, Canadian Dollar, UAE Dirham, and the Australian Dollar.
- No 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 charged on transactions done in a currency other than the one loaded on the card.
8. Yes Bank Multi Currency Travel Card
Joining Fee: Rs. 125 plus taxes
Renewal Fee: Rs.125 plus taxes
Features and Benefits
- The Yes Bank Multi-Currency card offers lower costs and is highly secure to use.
- You can manage the card from anywhere around the world with the help of the customer care department.
- The card supports transactions in 14 different currencies.
- You will get instant SMS alerts whenever you make a transaction with this card.
- You can analyze and verify the previous 10 transaction details.
- You can even temporarily lock the card.
9. IndusInd Bank Multi-Currency Travel Card
Joining Fee: Rs. 300 plus applicable taxes
Renewal Fee: N/A
- The card supports 14 international currencies - Australian dollar, US dollar, Canadian dollar, Euro, Great Britain pound, Hong Kong dollar, Japanese Yen, Thailand Baht, Singapore dollar, New Zealand Dollar, South African Rand, Swiss Franc, Saudi Riyal, and UAE Dirham.
- Transactions made in the currency loaded on the card do not attract a forex markup fee.
- However, transactions made in a currency other than the one loaded on the card attract a cross-currency usage fee of 3% of the transaction amount.
- It is easy and convenient to replace the card
- You can get your Indus Forex Card from 400 plus IndusInd Bank branches
10. TripMoney Global Cash Card
Joining Fee: Nil
Renewal Fee: Nil
This forex card was issued by MakeMyTrip in collaboration with SBM Bank. This card promises hassle-free payments for international trips. It lowers currency exchange fees and offers financial support to people who travel abroad.
- Lifetime free credit card
- You do not need a credit history to apply for this card and can easily load money into the card when you want.
- The card enables cash withdrawal from ATMs and swipes at POS terminals in more than 155 countries.
- It ensures safe and secure transactions by having regular audits in place.
- You can even get a free subscription to MakeMyTrip Black and easily manage the card using the mobile app. It offers significant discounts on the MMT platform.
- No cash withdrawal charges.
- No charges to load money.
Conclusion
Forex cards are extremely important financial tools that can be used abroad. They help in managing funds abroad and help in cost-effective overseas travel. Nowadays several people travel abroad for various reasons like career, education, healthcare facilities, vacation, etc. Forex cards have thus made lives easier for those international travelers. Various forex cards provide different kinds of benefits. So, when you choose a forex card, do careful research and choose the one most suitable for you based on how widely they are accepted, how many currencies they are able to support, the structure of their rewards program, etc.
FAQs on Best Forex Card in India:
1. Which forex card gives international lounge access?
The Niyo Global Card offers free airport lounge access in India. This card comes under the category of zero forex markup smart travel cards offering free airport lounge access in India. In a recent survey, travelers have tagged it as their favorite choice for global travel. This card has been accepted worldwide in 150 countries, including India.
2. Can a forex card be used as a credit card?
Forex cards are not the same as credit cards, since they don’t give you a credit limit. Also, credit cards allow you to pay later for your purchases, but forex cards are prepaid cards and have to be loaded first. You can use forex cards for online and also for in-store transactions just like credit cards.
3. What are some forex cards with the lowest forex markup fee?
Some forex cards with low forex markup fees are, HDFC Infinia Credit Card, IndusInd Celesta Credit Card, Axis Bank Magnus Credit Card, HDFC Regalia, etc.
4. What are the things to consider before buying a new forex card?
Some of the things that you have to think about before buying a new forex card are as follows.
- Know about the RBI guidelines and other charges involved.
- The forex card might come with a spending limit. Once this limit is reached, you cannot purchase using that card anymore. So, you should check the spending threshold of the card before buying it.
- Ensure to inquire with your forex card provider about the anticipated duration for card activation following the purchase date. You should also ask about the reloading time, delivery schedule, etc.
- Enquire about the fees and charges associated with forex cards such as card issuance fees, card replacement fees, cross-currency mark-up charges, inactivity fees, etc. Ensure to check with your service provider about these charges.
- Verify with your insurance provider for what type of insurance coverage your forex card provides. Forex cards offer insurance coverage against personal injury, baggage loss at the airport, and card fraud.
5. Which card is better? HDFC or Thomas Cook forex card?
Thomas Cook gives cheaper prices as compared to banks like HDFC, Axis, ICICI, etc. However, there are smaller online vendors like Buyforexonline that provide the lowest rates almost nearing IBR (Inter-Bank-Rates), complete online documentation, and even online reload.