Forex Cards are prepaid foreign currency cards used for making payment when you are traveling abroad. Be it a family vacation or business trip, traveling abroad is a fun!
Well, you need money for spending while traveling abroad. If you don’t want to take a headache of handling a cash and exchanging currency while traveling, forex card is the best option for you.
There are number of forex cards available in the market. Selecting a best forex cards among them is a task. In order to help you, I am here with features and comparison of Best Forex Cards in India.
What are Forex Cards?
Forex Cards are prepaid ready to use cards in a regional currency. This card is available with fix amount. You can top up this card based your requirement. This card also allows you to withdraw cash in a foreign currency. Prepaid Card, Travel Credit Card, Prepaid Travel Money Card are other names of Forex Card.
Why Forex Card is better compared to Credit Card?
Forex card is cost effective compared to a credit card. In credit cards, you need to pay a service charge of 3-6% for usage. In addition to that, you need to pay a flat fee for withdrawals at ATM. Any delay in bill payment of credit card will attract a penalty.
In forex card, you need not to pay any service charge. ATM cash withdrawal fee is less in forex card. In addition to that, you can avoid currency conversion charges as cards are available in major currencies. It also allows you to use Top-up facility.
Also Read – Best Credit Cards in India 2018 – Review & Comparison
Best Forex Cards in India
IndusInd Multi Currency Forex Card
IndusInd Multi Currency Forex Card is also known as Indus Multicurrency card. It is best forex card available in the market as of now. Ease of getting card and low charges are plus points of this card. Let’s look at features and benefits of this card.
IndusInd Multi Currency Forex Card – Features and Benefits
- Hassle free faster online process. You will get delivery of this card within 24 hours.
- Facility to track balance of card through online website.
- Secure cash withdrawal via ATM.
- Zero currency conversion charges and zero ATM withdrawal fee.
- Very low card issuance fee.
Fee & Charges
- IndusInd Multi Currency Forex Card Issuance Fee – Rs.150
- Reload Fee – Rs.100 per reload
- Balance Enquiry – 0.50 USD
- ATM Cash Withdrawal – 2 USD
Currencies Supported
IndusInd Multi Currency Forex Card support eight different currencies including USD, Euro, AUD, GBP, SGD, AED, CAD and SAR.
Also Read – 5 Best Premium Credit Card in India
HDFC Regalia ForexPlus Card
HDFC Regalia Forex Plus Card is one of the best forex card in India. The name of this card is kept from famous HDFC Regalia Credit Card. USP of this card is No cross currency conversion charges, which is very useful. HDFC Multicurrency Forex Chip Card also provides similar features, but Regalia Forex Plus provides extra features and benefits.
HDFC Regalia ForexPlus Card – Features and Benefits
- This forex card claims that they do not charge any cross currency conversion fee. However, GST is applicable on currency conversion.
- This card provides complimentary Airport Lounge access.
- You can use this card online at e-commerce platforms.
- HDFC Regalia Forex Plus Card offers cashback of 5% or 5x Reward point offer.
- Emergency Cash delivery at overseas location.
Fee & Charges
- HDFC Bank Regalia ForexPlus Card Issuance Fee – Rs.1000
- Reload Fee – Rs.75 per reload
- Balance Enquiry – 0.50 USD
- ATM Cash Withdrawal – 4 USD
Currencies Supported
HDFC Regalia ForexPlus card support wide range of currencies like AUD, AED, CAD, CHF, Euro, GBP, SGD, SEK, and USD. However, for simplicity you can load only one currency USD.
Also Read – 7 Best Free Credit Card India
Thomas Cook Borderless Multi Currency Prepaid Card
Thomas Cook Borderless Multi Currency Prepaid card is marketed as one card supporting 8 different currencies. This card is globally accepted at 35.2 million merchant establishments. Let’s take a look at benefit and features of this card.
Thomas Cook Forex Card – Features and Benefits
- Load up to eight currencies in a single card.
- Access to wide range of merchant establishment and ATMs.
- Free replacement of lost or stolen card.
- Customer portal to check balance and statement.
- Dedicated customer support and emergency service.
- Insurance cover upto USD 10,000
Fee & Charges
- Thomas Cook Borderless Multi Currency Prepaid Card Issuance Fees – Rs.150
- Reload Fees – Rs.100
Currencies Supported
Thomas Prepaid card supports eight currency USD, Euro, AUD, Swiss Franc, GBP, Yen, CAD and SGD.
Also Read – Top 5 Best Business Credit Card in India
Axis Bank Multi Currency Forex Card
Axis Bank Multi Currency Forex Card is a unique card supporting 16 different currencies. It is forex card exclusively designed for the people traveling extensively. Feature and benefit detail of this card is given below.
Axis Bank Multi Currency Forex Card – Features and Benefits
- Single Card supporting up to 16 different currencies.
- Locked-in exchange rates.
- Emergency assistance with emergency cash delivery facility.
- Insurance coverage up to Rs.3 Lakh for lost and stolen card.
- Encash your refunds once you return.
- Validity up to 5 Years.
Fee & Charges
- Axis Bank Multi Currency Forex Card Issuance Fees – Rs.300 + GST
- Reload Fees – Rs.100 + GST
- Add on Card Fee – Rs.100 + GST
- Cash Withdrawal – 2 USD
- Balance Inquiry – 0.5 USD
Currencies Supported
16 Currencies supported by Axis Bank Multi Currency Forex Card are USD, EUR, GBP, SGD, AUD, CAD, JPY, CHF, SEK, THB, AED, SAR, HKD, NZD, DKK and ZAR.
Also Read – Prepaid Credit Card in India – Types and Benefits
How to Apply for Forex Cards?
You need to apply to a specific bank for this card. You need to fill up an application form. Along with form you need to submit following documents –
- Valid Passport
- Valid Visa of the country of your travel (except where visa on arrival is applicable)
- Confirmed Ticket with Travel within 60 days.
- Pan Card
On verification of documents, you will be asked to make payment. Once this process is completed you will receive a card from the bank. Some bank may ask additional document along with the application.
Abhishek Hegde
Word of caution: PLEASE AVOID INDUSIND FOREX CARD.. POOR EXECUTION PATHETIC CUSTOMER SERVICE. THEY JUST DONT CARE !!
MY SERIOUS RECOMMENDATION STAY AWAY FROM INDUSIND FOREX.
Ganesh Krishnan
Please do not buy Thomas cook Forex Card. I had the most horrible experience. I had used Thomas Cook prepaid multi currency card during my visit to US and Canada. About 3 months after my return I received a series of SMS stating that my card was used illegally in Mexico. I blocked my card and reported the matter to Thomas Cook immediately. It is four months since I have complained. Nothing has happened so far. The matter is passed from one person to another and none of them seem to have any clue. It is a very sad state of affairs