6 Best Forex Cards in India – 2022.
There are three ways to spend money when traveling abroad – cash, credit card and forex card.
It’s difficult to find the best forex card.
Because some cards charge you a fixed amount of Rs 150 for issuing the card while others offer it to you for a higher fee of Rs 500. Some cards are single currency while others are multi-currency ones. Some are designed for frequent travelers while others are best for students.
To make your life easy I have compiled a list of best forex cards in India 2022 that will help you pick the right one based on your needs, ensuring a hassle-free journey.
You can check my complete guide on forex trading in India if you want to learn about forex trading.
Best Forex Card in India With Zero Markup.
#1. Thomas Cook Forex Card.
Thomas Cook is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services which included foreign exchange, corporate travel, insurance, visa & passport services . Forex card is one of these mainstream services offered by Thomas Cook.
For being the best in this line, Thomas cook regulates two variants of forex cards, a Borderless prepaid card (multicurrency card) & One currency card.
Borderless Prepaid Card.
The Borderless Prepaid Card is a multiple currency card designed for customers who travel extensively across the globe.
Borderless prepaid card enables you to load eight currencies onto a single card which provides convenience while travelling to different countries.
The currency conversion fee with Borderless prepaid card is 4.25% which is on the higher side.
Currencies You Can Load.
You can load eight currencies onto your Borderless card. These currency includes.
US Dollars Euro Australian Dollars British Pounds Swiss Francs Canadian Dollars Singapore Dollars Japanese Yen.
One Currency Card.
One currency card is second variant of Thomas cook forex card which is a single currency card. The single currency you can load is the USD.
One of the biggest advantage of One Currency card is ‘zero currency conversion’. You don’t have to bear currency conversion charges when you require to convert your USD to pay in the local currency at the destination. This can be avoided by use of One Currency Card.
This card is valid upto 5 years. The maximum top allowed in the card is USD 10,000 and the minimum is as low as USD 100.
Card Fee & Charges (Both Cards)
Initial Load & Issuance Fee – Rs 150 Reload Fee – Rs 100.
Benefits of Thomas Cook Forex Card ( Both Cards)
Insurance cover upto USD 10,000 Backup card available at zero cost. Free replacement of lost or stolen card. The card is chip and PIN enabled that comes with fraud protection. ‘Thanks Again’ airport loyalty program that lets you earn points on purchases made at North America airports.
#2. IndusInd Bank Multi Currency Forex card.
IndusInd Bank Multi Currency Forex card is specially designed for the frequent international travellers who travel across different countries. You can load 8 of the widely used currencies to your card to spend in different countries. This makes managing multiple currencies on trips abroad relatively simple.
Besides, you can use this card at over 1.6 Million VISA / VISA Plus ATMs and merchant establishments in over 200 countries worldwide. In addition, this card offers dining privileges and secure transactions.
While travelling abroad, you would need a backup card in case your primary forex card gets lost. Indusind bank multi-currency forex card comes with a paired card kit option. It equips you with an extra back-up card in case your primary card is lost.
Lastly, you don’t need to have an account with IndusInd bank to get this multi-currency forex card.
Fee & Charges.
Issuance fee for chip single card – Rs 150 (one time) Issuance fee for chip paired card – Rs 250 (one time) Reload Fee – Rs 100 Reactive Fee – USD 5 Cross Currency Fee – 3.5%
Currencies You Can Load.
You can load up to 8 currencies on this card and travel globally without any hassle. The best part is that with just one ATM pin you can access your account online or withdraw funds from multiple currencies.
US Dollar (USD) Canadian Dollar (CAD) Australian Dollar (AUD) Saudi Riyal (SAR) Euro (EUR) Singapore Dollar (SGD) British Pound (GBP) United Arab Emirates Dirham(AED)
Benefits of Indus Multi Currency Forex Card.
Get 2 free ATM withdrawals per currency per month. Hassle free refund process. Get instant alerts for all the transaction made through your Forex card to avoid fraud. Paired card kit equips you with an extra back-up card, in case your primary card is lost.
#3. ICICI Bank Single Currency Forex Card.
ICICI single currency forex card is a good choice if you are planning your visit to a single location. The best thing about this card is that you can reload it at any of the ICICI Forex branches, their online platform-Forex@Click, or through their iMobile app.
This forex card also provides benefits such as upto 20% discount on dining, shopping, and other expenses at merchant outlets across the globe, online account management facility, and a travel insurance cover of up to Rs 10,00,000.
You don’t need to have a savings or a current account with the ICICI bank for purchasing this ICICI forex card. You can avail this card through their online platform Forex@click and get a door delivery within 2 days.
Fee & Charges.
Issuance Fee – Rs 150 (One time) Reload Fee – Rs 100 Reactive Fee – USD 5 (for every 180 days of inactivity) Cross Currency Fee – 3.5%
Currencies You Can Load.
You can load the forex card with any of the below 9 currencies.
US Dollar (USD) Singapore Dollar (SGD) British Pound (GBP) Australian Dollar (AUD) Arab Emirates Dirham (AED) Canadian Dollar (CAD) Euro (EUR) Swiss Franc (CHF) Japanese Yen (JPY)
Benefits of ICICI Forex Card.
Up to 59% discount on dining, shopping, and stay. Personal air accident cover (only death) upto Rs 10 lakhs. Lost card Liability insurance cover upto Rs 2 lakh. Loss of travel documents cover upto $500. Hassle free refund. Real-time account management. Easily reloaded forex card online through Forex@Click or iMobile app.
#4. HDFC Multi Currency Platinum Forex Card.
HDFC Bank Multi Currency Platinum Forex Plus Chip card allows you to carry 23 currencies on one single card at a currency fee of 2%, which is the least possible fee.
This card comes with an issuance fee of Rs 500 which is a little higher than other forex cards but is worth paying for given the benefits it offers. The benefits include insurance cover, least cross currency fee, global assistance, special offers, and much more.
One more thing is that you don’t need a bank account with HDFC Bank to purchase the HDFC Bank Multi Currency Forex Plus card. You can simply visit any HDFC Bank branch and purchase the card.
Fee & Charges.
Issuance Fee – Rs 500 (one time) Reload Fee – Rs 75 Re-active Fee – Rs 100 Cross Currency Fee – 2%
Currencies You Can Load.
You can load up to 23 currencies on this card and travel globally without any hassle. The currencies are.
US Dollar New Zealand Dollar Kuwait Dinar Australian Dollar Hong Kong Dollar Qatari Riyal Canadian Dollar Singapore Dollar Bahrain Dinar Euro Oman Riyal Korean Won UAE Dirhams Japanese Yen Saudi Riyal Sterling Pound Malaysian Ringgit Norwegian Krone Swiss Franc Thailand Baht Danish Krone Swedish Krona South African Rand.
Benefits of HDFC Multi-Currency Forex Card.
Get 10% discount on booking a self-drive car through Europcar Rentals. 15% discount on Airbnb reservations. 40% discount at US store shopping and delivery to India. Least cross currency fee. You can add money to your forex card easily through net banking.
#5. Yes Bank Multi-Currency Travel Forex Card.
Yes bank multi-currency travel forex card is a good option for those people who plan to visit multiple destinations abroad and don’t want to spend more money on card issuance fee. This forex card charges Rs.125 for issuance which is the lowest among all the forex cards in India.
Even with the lower joining fees, this card offers you 10 currency wallets and lower cross-currency charges of 2.75%. Cross currency charges are second lowest after HDFC forex card.
Besides, you don’t need to have a savings or a current account with the ICICI bank for purchasing ICICI forex card. You can simply visit any ICICI branch & can purchase the card.
Fee & Charges.
Issuance Fee – Rs 125 (one time) Reload Fee – Rs 100 Encashment Fee – Rs 75 (every time) Cross Currency Fee – 2.75%
Currencies You Can Load.
This card can be used as a single card for 10 different currencies but the default currency on this card is United States Dollar. You can load these currencies at any of the Yes Bank Branches.
USD(United States Dollar) GBP (British Pound) EUR (Euro) SGD (Singapore Dollar) AUD (Australian Dollar) AED (UAE Dirhams) JPY (Japanese Yen) CAD (Canadian Dollar) HKD (Hong Kong Dollar) CHF (Swiss Franc)
Benefits of Yes Multi-Currency Forex Card.
Get upto 8% discount on Hotels.com Second least cross currency fee after HDFC multi-currency forex card. The card is valid for 5 years during which you can reload it and use it for multiple trips Get card lost insurance coverage upto 3 lakh. You can withdraw cash at any VISA/Mastercard ATMs across the world. You can make payment on all international online merchant websites. The card automatically chooses the currency wallet as per the local currency of transaction from the multiple available wallets on the card.
You would like to read – Top forex broker in India.
Best Forex Card For Indian Students.
#6. Axis Bank Multi Currency Forex Card.
Students who travel abroad for studies or otherwise look to save money on every transaction they make- from air fares, travel insurance, university fees to cash withdrawal from local ATMs.
So, from a forex services point of view, Axis bank multi currency forex card is the best option for students. This card offers special benefits to students such as 1% cashback on POS/ECOM transactions, no charges on ATM transactions, and complimentary TripAssist service.
Besides, the issuance charges & reload charges are waived off as well.
In addition, this forex card is of two types.
1. Contactless Forex Card.
Contactless forex card is powered by VISA’s payWave technology. With this card, you can pay by simply waving your card at a secured card reader. You don’t even have to hand over your card to any other person.
2. Image Forex Card.
The Axis Bank Multi-Currency Forex card can be personalised by adding an image of your choice to the card. You can add your own image or you can choose from the designs available in axis bank image gallery.
Lastly, the forex card comes with a validity of 5 years and can be purchased without the need of an account with Axis Bank. You can simply walk into any Axis Bank branch and sign up for the card.
Fee & Charges.
Issuance Fee – Rs 300 (one time) Reload Fee – Rs 100 Reactive Fee – Rs 100 Cross Currency Fee – 3.5%
Currencies You Can Load.
You can load up to 16 currencies on this card as seen below.
USD Euro British Pound Singapore Dollar Australian Dollar) Canadian Dollar Japanese Yen Swiss Franc Swedish Krona Thai Baht United Arab Emirates Dirham Saudi Riyal Hong Kong Dollar New Zealand Dollar Danish Krone South African Rand.
Benefits of Axis Multi-Currency Forex Card.
Earn 2 points for every USD 5 or equivalent amount in any other currency spent on your card at merchant outlets. Get minimum 15% off at various restaurants across the world. Air travel insurance upto Rs 3 lakh. Zero card lost liability. Withdraw cash at any VISA/Mastercard ATMs across the world.
Special Offers for Students.
If you are a student, then this card offers the following special benefits.
Issuance/reload fee is waived Earn 1% cashback on POS/ECOM transactions ATM transaction fees is waived off Complimentary TripAssist service A discount of Rs. 750 on outward remittance.
Here are some interesting points related to Forex Travel Cards.
Banks issue forex travel cards at very low cost (Rs 150- 500). The card will be loaded with foreign currency at today’s exchange rate. So you don’t have to worry about fluctuating currency rates. Currency conversion fees is included in the price. HDFC bank charges least fee @ 2%. You will not be charged any additional fees for purchases in shops and stores. You can withdraw money from any ATM across the globe but will have to pay charges for cash withdrawal from an international ATM. You cannot top-up the forex card abroad even if your bank has a branch there. You will have to contact the centre that has issued the card. A few banks provide option to reload your wallet through net banking. As per RBI regulation, you cannot keep more than $2000 in your forex card.
Forex card vs International Debit/Credit card.
If you compare forex card with an international debit or credit card, forex card is much better option than the other two for the following reasons.
It is easy to apply and get as compared to the credit cards. You can load multiple foreign currencies in one card for use abroad which is not possible with debit/credit card. No currency conversion charges for shopping abroad by swiping forex cards. Lower issuance fee. Can get a replacement card without affecting your funds in case of loss or theft. Lesser currency conversion fee charged. Fixed exchange rate even in case of currency fluctuations in the forex market.
Conclusion (Which Forex Card is best for you)
You might have made your decision of which forex card is best for you depending upon your requirements. Incase, you are still confused after reading all the information, you can go through my below recommendations and chose what is right for you.
If you are looking for maximum currency wallets, lowest cross- currency charges, and a relatively lower loading charges then go for HDFC Bank Multi Currency Forex Plus Chip.
If you are looking for economy forex card with lower charges on everything more like a entry level/starter card , go for Yes Bank Multi currency Travel Chip Card.
If you are looking for single currency forex card you can purchase the ICICI bank forex card.
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Comments.
I will be doing my masters in Germany, and we have both HDFC(My dads) and Axis Bank (mine) accounts; which forex card would be the better option and why ?. I really appreciate any help you can provide.
The forex card will be issued in your name. Getting Axis Bank Multicurrency forex card loaded in Euro will be a better option.
You get a 30 paise discount on the exchange margin when you load it with your net banking or Mobile App. Other benefits include emergency & global customer assistance. Up to 3 lacs of insurance coverage in case of lost or stolen card.
Hello pradeep, My requirement is to have a forex card which can be reloaded by my employer abroad in Norway, and I can spend that money in Norway. Which will be the best forex card for me. I’m from India.
For your requirement pls check Wise Borderless Card. https://wise.com/us/borderless/card.
My daughter is going for 2 years post graduation course. She is having saving account with ICICI Bank and mine is with Axis Bank.
Please suggest best option for Forex Card she can take with her.
You can pick ICICI Bank’s Student Forex Prepaid Card for your daughter.
Load the Fx card with the local currency of the country where she will be pursuing her PG.
ATMAN DEORAM PADALE says.
Hi Pardeep, My son going to Romania for higher studies in 2 years master program. Please suggest which Forex card will be best for him.
Romania hasn’t adopted Euro till now. Leu is the currency of Romania and the sad part is – that it is not commonly available for exchange outside Romania.
ATMs and Banks that can help money conversion are only available in major urban cities like Bucharest in Romania. Indian Banks do not offer Forex cards loaded with Leu.
At best you can get HDFC or ICICI Multicurrency Forex card denominated in Euro and then use local bank ATM’s in Romania to get Leu (in exchange for Euro).
Or you can get a Wise Borderless card.
Hello, My son is going to UK for study. He has an ICICI bank forex card. Can I refill the card using net banking from my account.
Forex card functions similar to a debit card.
If the Forex card is in your son’s name then refilling your son’s (another person’s) Forex card is not possible from your net banking because the card is not linked with your account. But can be linked with your son’s account, if he has one. You have 2 options –
1. Get an ICICI bank account for your son so that the Forex card is linked with his account. He can refill the forex card anytime using his net banking/ mobile app.
2. Ask your son to leave a physical reload application along with authorization. So that you can visit the ICICI Bank branch that has issued the forex card and get the refill done.
Krishna Kumar says.
Hello My daughter is going to Ireland for her Masters for this 2021 September Intake. Kindly suggest her a good forex card for Ireland. We both are having SB account in HDFC bank. Do the forex cards charge any transaction or loading fee for its use. Kindly clarify.
You can get an HDFC Multicurrency forex card for your daughter heading for study in Ireland. Yes, all the forex cards have charges that vary from currency to currency loaded.
You can check the transaction charges on the HDFC bank website as well.
HDFC Multicurrency forex card charges Rs. 75 as a loading fee.
I am looking for student forex card to be used in Ireland. What would you suggest between ICICI/HDFC/AXIS?
Depending on where your institute in Ireland (Republic of Ireland OR Northern Ireland) is situated you will require either Euro (EUR) or Pound Sterling (GBP)
Republic of Ireland primarily uses EUR and Northern Ireland uses GBP.
In either case, you can go with the HDFC Multicurrency Forex card. As it offers the lowest 2% cross currency rates, lower reload fee of Rs. 75 and higher ATM cash withdrawal limits as compared to Axis and ICICI Bank. But charges a higher issuance fee of Rs. 500.
You also get free insurance cover (on travel) like – Insurance cover – Rs. 5 lakh – Accident insurance – Rs. 5 lakh – Loss of check-in baggage – Rs. 20,000 – Loss of personal docs (passport reconstruction)- Rs. 50,000 – Loss of cash – Rs. 60,000.
How’s Niyo forex card?
Niyo is a fintech platform that has partnered with the State Bank of Mauritius to offer Global Zero Forex Card (presently Beta version is available) with a savings account that earns you 5% interest. Is like a debit card with certain privileges in international usage.
Benefits- – Zero Forex markup – Loan in INR spend in 150+ countries – Complimentary lounge access – 24×7 Visa concierge – Exclusive travel and debit card offers.
And Global Multicurrency Forex card with DCB bank. Suited for overseas travel and Students studying abroad. Benefits – – 90+ currencies in 160 countries – NO forex markup – Instant money load in INR with no cost of loading, – Trf money to friends & family – Backup card in case of loss.
Sibsankar Ray says.
My son is going to UK for his 2 year post graduation. May please suggest the following:- 1) Will Axis Bank forex card of only ( INR to GBP) do best considering all purposes( university fees+ shopping+ cash withdrawal) ? 2) Can the said forex card be loaded through wise app from india?
Axis Bank fulfills all the purposes listed by you.
However, Axis Multi-currency forex card can be reloaded from India by filling up a reload application form and making payment in INR.
If you have an existing Axis savings account then you can also use Axis Internet banking or Mobile App to load the forex card.
bogum surender says.
I am planning to travel to USA for higher studies. Which travel card is best during initial stage.
Axis Bank Multi-Currency Forex card is good option for US travel to the US. Students can save more from special benefits like – issuance/reload fee waive off, 1% cashback on POS/E-comm transactions and ATM fee waive off.
Which forex card is good for students going to USA.
I am a student leaving to UK for studies for 1 year from Sep 2020 to Sep 2021. Whish is the best credit or forex card to take from India ?
You can pick one of the cards recommended in the article depending on your specific preferences.
SBI offers the best forex rates in India. HDFC is also very good. Get SBI as primary & HDFC as a backup card.
Forex charges can vary from card to card for the same bank cards.
Archana A M says.
I am going to UK for my studies . I have HDFC times points platinum debit card and HDFC money bank credit card with me. Which Forex card should I opt for?
You can go for the HDFC Multi Currency Platinum Forex Card.
Iam going to Canada for my studies. Which card is good with cheap conversion rates? Axis bank card or Thomas Cook?
For students, Axis card is a recommended option.
Partha Mazumder says.
Hi Pardeep, My daughter is going to Sweden for her 2-years masters. She has SBI Global Card. In addition, which FOREX Card do you suggest for her? Thank you.
For students, Axis card is a recommended option.
Akshay Bijwe says.
I am immigrating to Ireland. Once I reach there, my employer will provide me with all the banking requirements but till then I need a back up card.
I have a ICICI bank account in India and a HDFC Diners ClubMiles.
Do I need a Forex card and if yes which?
I have a HDFC forex card issued by Thomas cook. I have misplaced my card. Whom should I contact to get a duplicate card? And what is the US Toll free number.