A Forex Card is secured and the best ways to carry foreign currency abroad for making payments. A forex card is also known as a travel card or prepaid travel card. It supports multiple foreign currencies.
Before traveling abroad you need to complete various tasks such as finding the best airline, completing hotel booking and deciding places to visit. Apart from these you also need to take the headache of foreign currency exchange for cash conversion. It is a time-consuming process and it can be done at specific places only. If you want to avoid this you can make use of forex cards. Forex card is card loaded with foreign currency that can be used as a credit card for making payment of abroad. You can swipe this card or wave it for making payment. You can also use this card for withdrawing money from ATM. It is a safe and most convenient way to carry money on your international travel.
Forex cards are offered by most of the banks, money changers, and travel companies. It is really difficult to find out the best forex card for your travel need. To help you here is a list of Top Forex Cards in India 2022.
How Forex Card Works?
You need to approach bank or money changer for buying forex card. At the time of buying this card, it will be preloaded with a specific currency. Suppose you are planning a trip to Canada, then your card will be loaded with Canadian dollar (CAD) as a currency. If it is a multicurrency card you can load multiple currencies. The loading of the card will be done at the prevailing exchange rate.
You need to pay a one-time activation fee while using the first time. You can use this card abroad by waving a card or swiping at PoS machine and money will be deducted from the card. This card can also be used to withdraw money from the ATM. However, you need to pay a fee for the withdrawal of money from ATM. This card also provides a facility of reloading additional money online. You just need to transfer funds from the bank account to forex card issuer and you are done.
Note – The maximum amount that can be loaded in this card is $2.5 lakh per annum.
Also Read – 10 Best Credit Cards in India To Save Money 2019 – Latest Review
Types of Forex Card
There are two types of forex card available in the market.
- Single currency card
Single Currency card as the name suggests it can be loaded with a single currency. If you are traveling abroad where you will be visiting only a single country you can opt for this card.
A single currency card is offered by limited banks and money changers. The charges applicable on this card for using it in other currency is higher.
- Multi-currency card
A multi-currency card can be loaded with multiple currencies such as USD, AUD, CAD, GBP, etc. If you are a frequent traveler and visiting multiple countries, you can opt for this card.
You can stay protected with fluctuation of multiple currency rates as the exchange rate is locked and at the time of loading/reloading.
Benefits of Forex Card
There are multiple benefits of using forex cards. Few of them are given below.
- You will get better exchange rates compared to local money changer while loading currencies in the card. The exchange rates are locked at the time of loading/reloading so you will get benefits of exchange rate fluctuations.
- This type of card is safe to carry and comes with chip and PIN-based protection. In case the card is lost it can be blocked and balance can be frozen. Few cards come with insurance facility for the stolen cases.
- Forex cards offer the facility to carry multiple currencies in the single card. You can load up to 23 different currencies in a single card.
- Forex cards are accepted worldwide. These cards are even cheaper compared to the use of credit card and debit cards. You can also use these cards for ATM withdrawal.
- Money management will be better by using this card as all transaction details are available at a single place. If you carry cash, you need to place manual efforts for keeping transaction records.
- You need not to waste time for visiting money changers for currency exchange.
Let’s explore the list of top forex card by banks and other
Top Forex Card in India by Banks
#1 HDFC Multi Currency ForexPlus Cards
HDFC Multi Currency ForexPlus is one of the best forex cards available in the market. You can load up to 22 different currencies under single card. It also allows you to shuffle fund between two different currencies. It is contactless card with complimentary insurance coverage and concierge services. Key features of this card are given below.
- You can load up to 22 different currencies in the single card.
- Contactless card with security.
- Online currency management.
- Emergency Cash Delivery assistance option.
- Protection against foreign exchange rate fluctuation.
- Complimentary insurance up to 5 lakh for skimming and counterfeiting.
Rate & Fees
Issuance Fee – Rs.500 plus GST
Reload Fee – Rs.75 plus GST
Cross currency charges – 2%
#2 Axis Bank Multi Currency Forex Card
Axis bank multi-currency forex card is one of the best forex cards. It is a prepaid card that can be loaded up to 16 different currencies. It is contactless NFC card. You can use this card for multiple trips. Key features and benefits of Axis bank multi-currency card are given below.
- This card can be loaded with 16 different currencies.
- You can encash your funds once you are returned.
- Exchange rates are locked to protect you from currency fluctuations.
- Emergency assistance including cash delivery.
- Insurance coverage up to 1.5 Lakh.
- Account with axis bank is not required to avail this card.
Rate & Fees
Issuance Fee – Rs.300 + GST
Reload Fee – Rs.100 + GST
Cross Currency Charges – 3.5%
#3 Indusind Bank Multi Currency Forex Card
Indusind Bank Multi Currency Card is popular card for frequent international travelers. This card can be loaded with 14 different currencies. Zero foreign markup rates and online processing are positive parts of this card. Key features of Indusind Bank Multi Currency Forex Card are given below.
- Fast online process with minimum paperwork.
- Forex Card with zero currency conversation charges.
- 24×7 forex rate booking services.
- Worldwide acceptance of card.
- Get 2 Free ATM withdrawal per currency per month.
Rate & Fees
Issuance Fee – Rs.150 + GST
Reload Fee – Rs.100 + GST
Cross Currency Charges – 3.5%
Most Popular Forex Card in India by Fintech and Travel Companies
#1 Niyo Forex Card
Niyo Global Card is one of the best and most popular forex card in India by leading Fintech Company. This card is issued in association with DCB Bank. The best part here is entire card can be managed by mobile application. Niyo Global card gives you hassle free travel experience. Key features of Niyo Global Forex Card are given below.
- Niyo is rupee denominated prepaid debit card.
- You can lock Niyo card if it is not in use.
- Transaction at actual exchange rates.
- Niyo Travel card can be used in India as well as abroad.
- No Forex markup charges across the world.
- App based transaction control.
- 24×7 Whatsapp priority service.
Rate & Fees
No Joining Fees and Renewal Fees
No charges of loading card
ATM withdrawal free
No Foreign markup charges
#2 Thomos Cook Forex Card
Thomos Cook a famous travel company also provides forex card services. You can use this card for making payment while you are travelling abroad. You can also make use of this card for sending money abroad. Key features of Thomos Cook Forex Card are given below.
- Option to load card with 9 different currencies.
- Chip and Pin protected secure card.
- Independent card not linked to your bank account.
- Insurance coverage up to $10000.
- Dedicated toll free customer support service.
- Online portal to check balance, statement and blocking card.
Rate & Fees
Issuance Fee – Rs.150 + GST
Reload Fee – Rs.100 + GST
Points to consider while opting for forex cards.
You should consider the following points while opting for forex card.
- A number of currencies supported by the card.
- Applicable fee and exchange rates.
- ATM withdrawal charges.
- Ease of loading and reloading of card.
- Look at daily limit on the usage of card.
- Strong customer support by card issuer.
