Are you planning a trip abroad, whether for business or leisure? It’s crucial to plan your expenses wisely. While currency exchange is an option, carrying large sums of cash can be risky. International debit and credit cards have limitations. A Forex Card is an excellent solution. These pre-loaded cards allow easy payments and cash withdrawals abroad. In 2023, India offers some top Forex Card options for your convenience.

 Top & Best Forex Cards in India

1. IndusInd Bank Forex Card

IndusInd Bank offers a convenient Multicurrency Forex Card, catering to frequent travellers visiting multiple countries. This card allows you to load up to eight different currencies, making it versatile for various destinations. It’s widely accepted at over 1.6 million ATMs and numerous merchants across approximately 200 countries, ensuring easy access to funds.

To address the risk of card loss during travel, IndusInd Bank provides a backup card within the kit, which can be a lifesaver if your primary card is misplaced.

When obtaining the card, you can choose between a single card or a dual card option. The issuance fee is Rs 150 for the single card and Rs 250 for the dual card. Each time you load the card, there’s a nominal fee of Rs 100. Additionally, the bank applies a 3.5% cross-currency fee. Notably, the bank offers two free ATM withdrawals every month per currency, reducing withdrawal costs for travellers.

also read :- The Best Forex Card

2. HDFC Bank Forex Card

HDFC Bank offers a highly versatile Multicurrency Platinum Forex Card, allowing you to load and use 23 different currencies on a single card. Notably, the bank charges a minimal 2% currency fee, which is one of the lowest in the industry, making it cost-effective for international travellers. To obtain this card, there is an issuance fee of Rs 500.

What’s particularly advantageous is that you don’t need to hold an account with HDFC Bank to avail of the Forex Card, enhancing accessibility for a wider range of customers.

HDFC Bank imposes a reload fee of Rs 75, which is relatively reasonable, and a reactivation fee of Rs 100. The card can be conveniently topped up via Net Banking, adding to its user-friendly features. While the issuance fee may be higher, the array of currencies, low currency fees, and ease of use make HDFC’s Multicurrency Platinum Forex Card an attractive choice for international travellers.

3. Axis Bank Forex Card

Axis Bank offers specialized Forex Cards designed for students studying abroad or travelling for educational excursions. These cards come with a range of benefits, including discounts on airfares, university fees, and travel insurance. Students can also enjoy 1% cashback on ECOM/POS transactions.

What sets these cards apart is that Axis Bank doesn’t charge any fees for ATM transactions, issuance, or reloading. There are two types of Forex cards available for students: Contactless Forex Cards and Image Forex Cards. The Contactless Forex Card allows for convenient, secure transactions by waving it at card readers. With the Image Forex Card, students can personalize the card by adding an image of their choice.

The card’s validity is five years, and you don’t need an Axis Bank account to obtain one. However, there is a 3.5% cross-currency fee and a Rs 100 reactivation fee. Additionally, cardholders can earn points and enjoy discounts at various restaurants, plus the flexibility to withdraw cash from ATMs worldwide.

ALSO READ :-The Best Wells Fargo Credit Cards

4. Thomas Cook Forex Card

Thomas Cook, a prominent travel-related financial service provider in India, offers two types of Forex Cards: the One Currency Card and the Borderless Prepaid Card.

The One Currency Forex Card is a single-currency card loaded in USD. It eliminates currency conversion charges, making it cost-effective for travellers. This card is valid for five years, with a minimum load limit of USD 100 and a maximum of USD 10,000.

For those travelling to different countries, the Borderless Forex Card is ideal. It allows you to load up to eight currencies on a single card. However, there’s a 4.25% currency conversion fee associated with this option.

The initial issuance fee for Thomas Cook Forex Cards is Rs 150, and a Rs 100 fee applies each time you load the card. The company also provides insurance coverage up to USD 10,000, and in case of card loss, a replacement card can be issued at no extra cost. With chip and PIN security, these cards are well-protected against fraud.

5. ICICI Bank Forex Card

ICICI Bank’s Single Currency Forex Card is an excellent choice for travelers heading to a specific country. This card offers several advantages, including a 20% discount on shopping, dining, and select expenses at designated merchant outlets. Additionally, it provides travel insurance coverage up to Rs 1,000,000, adding an extra layer of security to your trip.

Reloading the Forex Card is convenient, whether you do it at an ICICI Forex Branch, through their online platform, or through the mobile app. Notably, you don’t need a savings or current account with the bank to obtain this Forex Card.

The card comes with an issuance fee of Rs 150, a reload fee of Rs 100, and a 3.5% cross-currency fee. To keep the card active, a nominal fee of USD 5 is payable every 180 days. These features, along with the discounts and insurance coverage, make ICICI Bank’s Single Currency Forex Card a practical choice for travellers.

6. SBI Forex Card

The SBI Foreign Travel Card is a viable option for global travellers, with the exception of Nepal and Bhutan. This card offers the convenience of being accepted worldwide. SBI charges a modest issuance fee of Rs 100 and a nominal reloading fee of Rs 50.

However, it’s important to note that there is a minimum loading limit of 200 USD for this card. This means you’ll need to load at least 200 USD onto the card initially.

While the card’s offerings are relatively straightforward, it provides a secure and efficient way to manage your expenses while travelling to various international destinations. Just ensure that you’re compliant with the minimum load requirement when getting the SBI Foreign Travel Card to enjoy its benefits during your travels.

READ MORE :-The Best Forex Card For Students

7. Yes Bank Forex Card

Yes, Bank’s Multicurrency Travel Forex Cards are an excellent choice for travellers exploring multiple destinations around the world. Yes Bank stands out for having the lowest issuance fee, priced at just Rs 125, making it an affordable option. This card allows you to load up to ten different currencies into a single wallet for added convenience.

When it comes to cross-currency fees, Yes Bank offers competitive rates, charging only 2.75%, which is one of the lowest after HDFC Forex Card. Reloading the card incurs a fee of Rs 100, while encashment fees are Rs 75 per transaction. An added advantage is that you don’t need an account with the bank to obtain a Forex Card; you can simply visit the bank and request one.

Yes Bank’s Forex Card also comes with several benefits, including impressive discounts, a five-year validity, and insurance coverage of up to 3 lakhs in case of card loss. These features, coupled with the low issuance fee, make it a cost-effective and practical choice for frequent travellers.

8 HDFC Multi-Currency Platinum Forex Card

The HDFC Multi Currency ForexPlus Card simplifies international travel from India. This card operates as a versatile wallet where you can hold up to 22 different currencies simultaneously. Each currency is loaded into your account and can be spent using the corresponding card. Notably, you don’t need an existing banking relationship with HDFC to apply for this card, and the application process can be initiated online for your convenience.

The key advantage of a Forex card like this is that it eliminates the need to carry or exchange physical cash while travelling. You can digitally load your account and use your card for expenses abroad, providing both convenience and security. Additionally, this approach allows you to load currencies at favourable exchange rates, shielding you from exchange rate fluctuations.

The card offers online account management, fortified by a unique PIN and chip for added security. Travel insurance coverage and concierge services are also included, enhancing the overall travel experience for cardholders.

9. Prepaid Forex Cards from Thomas Cook

Thomas Cook offers Prepaid Forex Cards, a practical solution for international travellers. These cards are designed to simplify currency management during trips abroad. Here are some key features and benefits:

Multi-Currency Options: Thomas Cook’s Forex Cards support multiple currencies, allowing you to load and use various foreign currencies on a single card.

Online and Offline Use: You can use these cards for both online transactions and at merchant outlets, as well as for cash withdrawals at ATMs in foreign countries.

Emergency Assistance: Thomas Cook provides emergency assistance services in case your card is lost or stolen. This ensures you have access to funds even in challenging situations.

Competitive Exchange Rates: The company offers competitive exchange rates, helping you get more value for your money when converting currencies.

Global Acceptance: These cards are widely accepted worldwide, making them a convenient payment option in numerous countries.

Insurance Coverage: Some Thomas Cook Forex Cards come with insurance coverage, adding an extra layer of security to your travels.

10. American Express Forex Card:

Your American Express International Currency Card is more than just a smart way to pay in euros or dollars. You’ll earn membership reward points on almost all your expenses. Enrollment in the membership rewards program is complimentary for your first year ($36 afterwards). It’s our way of saying thank you.

• This card provides you with global accessibility and convenience. You can use it at VISA and Mastercard ATMs worldwide, ensuring easy access to cash while travelling. Moreover, it’s a versatile option for online shopping, as it’s accepted across various online merchant portals.

One noteworthy feature of the card is its automatic currency selection. When you make a transaction, the card intelligently chooses the local currency, streamlining the process and potentially saving you money on currency conversion fees. This ensures that you can make payments and withdrawals in the local currency of the country you’re in, making your international transactions more efficient and cost-effective.

Conclusion

Opting for a Forex Card instead of carrying multiple credit and debit cards on your overseas journey can be highly advantageous. By evaluating the advantages and features of the various Forex Cards mentioned earlier, you can make an informed decision on which company’s Forex Card aligns best with your specific travel requirements.

Forex Cards offer benefits like multi-currency support, competitive exchange rates, ease of use, and added security. They eliminate the need to carry large sums of cash and simplify currency management during your trip. Choosing the right Forex Card tailored to your destination and spending habits can help make your international travel more convenient and cost-effective. So, take the time to compare and select the one that suits your needs and enhances your travel experience.

what are forex cards?

Forex cards or travel cards are prepaid cards that are tailored to the needs of frequent international travellers. One of the most common features of prepaid forex cards is, that 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.

Which prepaid Forex card has the lowest issuance fee?

The HDFC Multi Currency ForexPlus Card generally has a lower issuance fee compared to many other prepaid Forex cards available. However, issuance fees can vary, so it’s advisable to check with the respective banks or financial institutions for the most up-to-date information on issuance fees before making your decision. Additionally, different types of Forex cards may have different fee structures, so it’s essential to consider the overall benefits and features when choosing the right card for your needs.

Which forex cards have zero cross-currency usage fee?

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 the 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, forex cards are prepaid cards that need to be loaded by you first. Talking about their usage, you can use the Forex cards online as well as for in-store transactions just like credit cards.

 

how to get icici forex cards?

 To obtain an ICICI Bank Forex Card, follow these steps:

Application: Start by visiting the official ICICI Bank website or contacting your nearest ICICI Bank branch. You can apply for a Forex Card online or in person at the bank.

Documentation: Ensure you have the necessary documents, which usually include your passport, visa, air tickets, and a valid address and identity proof.

 Application Form: Fill out the application form for the Forex Card. You’ll need to provide your personal details, travel plans, and the amount of foreign exchange you want on the card.

Fund Transfer: Transfer the necessary amount in the desired foreign currency to your Forex Card. ICICI Bank will assist you with this process.

KYC Process: Complete the Know Your Customer (KYC) process, which typically includes providing your photo, a copy of your passport, and other documents as per regulatory requirements.

Card Issuance: Once your application is approved and funds are loaded onto the card, ICICI Bank will issue the Forex Card. You can either collect it from the bank or have it delivered to your address.

 Activation: Your Forex Card will come with instructions for activation. Usually, you need to generate a PIN for your card either online or by contacting the bank’s customer service.

 Usage: Your ICICI Forex Card is now ready to use for international travel. It can be used for transactions, ATM withdrawals, and online purchases in the foreign currency of your choice.