Ultimate Guide to Buying Forex Cards in India

 

Travelers can carry foreign cash internationally with comfort and economy by using forex cards, often called travel cards or prepaid travel cards. They can be used for transactions in the target country's local currency, just like debit or credit cards, and are loaded with foreign money.

What is a Forex Card?

A forex card is a type of prepaid card that enables you to make purchases and withdrawals in the local currency of the nation you are visiting. It is filled with different foreign currencies. Though it is made specifically for usage abroad, it functions similarly to a debit or credit card.

Benefits of Forex Card

1) Safety: Carrying large amounts of cash reduces the risk of safety.

2) Easy to use: Generally accepted at ATMs and retailers throughout the world.

3) Effective on a budget: Prevents expensive transaction fees and unpredictable currency conversion rates linked to foreign debit/credit cards.

4) Fixed Exchange Rate: To safeguard against fluctuations in currencies, fixed exchange rates fix exchange rates at the time of loading.

5) Easy Reload: Reloading is simple and can be done online or at any branch of the issuing bank.

How to Choose the Right Forex Card

• Supported Currencies:

Verify that the card is suitable for the money you plan to use while abroad. When traveling to several places, multi-currency cards come in handy.

• Options for Loading and Reloading:

Check whether the card may be conveniently loaded and reloaded via the bank's app or online. It is essential to have this feature for traveling convenience.

• Exchange Rates:

Analyze the currency rates that various suppliers are offering. Throughout your vacation, even little variations might mount up.

• Fees:

Be mindful of several fees, including the issue, reloading, ATM withdrawal, and inactivity fees. The fee structures of various suppliers vary.

• Customer help:

Choose a service provider that offers round-the-clock, comprehensive customer help. If cards get lost or you have other problems when traveling, this can be quite important.

• Card Validity:

Verify how long the card is valid. For those who travel frequently, certain cards have extended validity periods.

Top Forex Cards in India

Irrespective of the situation, you should search for a credit card with all the features and advantages necessary to facilitate smooth transactions while traveling abroad. We have compiled a comprehensive list of the top cards that will guarantee a comfortable and enjoyable holiday, even if the range of cards you can use when traveling internationally is very long.

1. Niyo Global Card by Equitas Bank

With no foreign currency conversion costs and a 7% interest rate, the Niyo Global Card is a digital savings account. Paying with more than 130 currencies is made possible with loadable INR, all at no extra cost. Three free domestic ATM withdrawals per month are available, however there is no registration cost (there will be other fees). 

User-friendly software with features like international lounge access is one of the main advantages. Global ATM Locator, TCS exemption for traveling abroad up to INR 7 lakhs per year.

2. Book My Forex YES Bank Forex Card

With no foreign exchange transaction costs, this YES Bank co-branded card offers support for 14 main currencies. Free issuance is offered, and cash withdrawals are USD 2 + taxes. Benefits include the ease of controlling spending with its app, insurance coverage, and a free international SIM card. Discounts on Easy Diner with purchases exceeding INR 1,000 are among the other incentives.

3. Axis Bank Multi-Currency Forex Card

With a 300 INR registration charge, Axis Bank's product accepts 16 different currencies. A 3.5% cross-currency fee is charged. Benefits include refunds on international roaming packs and round-the-clock help for emergencies. Certain cardholders get relief from the issuance charge, and the card comes with extra travel support services.

Also, the card system allows you to insert multiple currencies at once, and it will automatically select the currency based on your location.

4. Standard Chartered Forex Card

With the capacity to store 20 different currencies, this card is among the best. This card is a wonderful option for international tourists and students, with a modest issue charge of INR 299. Although it would require an account with Standard Chartered Bank, applying for the card is not too difficult. 

It's more expensive with a 3.5% charge over basic exchange rates. The card makes it simple to administer through online and mobile banking for the bank.

5. HDFC Bank Multicurrency Platinum Forexplus Chip Card

There is a 500 INR membership charge, which is removed when depositing USD 1,000 on this card. It can be used with 22 different currencies. It charges a 2% cross-currency fee otherwise but it doesn't charge a markup tax on transactions made in the loaded currency. Other benefits include help in an emergency. as well as services for staff members.

6. ICICI Bank Student Forex Prepaid Card

For students who are planning to study abroad, particularly in the USA, the ICICI Bank Student Forex Prepaid Card is available for an activation fee of INR 499 plus taxes. A 3.5% cross-currency markup fee is charged, and USD transactions are supported. No liability protection, extensive insurance coverage, and welcome benefits up to INR 5,000 are all available to cardholders.

7. State Bank Multi-Currency Foreign Travel Card

With an initial charge of just INR 100 plus taxes, the State Bank Multi-Currency Foreign Travel Card has no annual fee. The seven currencies that it accepts are USD, EUR, GBP, SGD, CAD, AED, and AUD. Transactions in the currency that are loaded into the card are free of premium charges. 

On purchases made in different currencies, a 3% cross-currency usage fee is charged. One of the cheapest options for travelers looking for flexibility is this card.

8. Yes Bank Multicurrency Travel Card

This card costs INR 125 to issue, and it costs the same to renew. Along with offering improved security through its chip-based card and insurance coverage, it facilitates transactions in 14 different currencies. Being among the most economical cards available, it has a cross-currency usage fee of 2.75%.

9. IndusInd Bank Multi-Currency Travel Card

For an issuing charge of INR 300 plus taxes, IndusInd Bank provides the Multi-Currency Travel Card. With a broad range of 14 supported currencies, it offers advantages including travel rewards and full insurance. 3.5% cross-currency markup applies to all other transactions, but there is no premium on forex done in the loaded currency.

10. TripMoney Global Cash Card

With a 499 INR issuance charge (plus taxes) and support for an amazing 15 currencies, MakeMyTrip's TripMoney Global Cash Card with no cross-currency usage fee. Benefits include large discounts on the MMT platform and an unlimited subscription to MMT Black. 

This card is designed with regular foreign travelers seeking benefits in mind since it offers no fees for cash withdrawals and can be used in over 150 countries.

Conclusion

Indian tourists who travel worldwide will always need Forex cards since they are more affordable, convenient, and secure than cash or foreign credit cards. You may pick the finest card for your purposes by being aware of the sorts, analyzing suppliers, and taking into account elements like fees, supported currencies, and customer service. 

Traveling can be made more enjoyable with proper planning and sensible use, such as keeping an eye on exchange rates and avoiding unnecessary charges.