A Comprehensive Guide to Forex Cards in India 2024

Forex cards, also known as travel cards, are a convenient and cost-effective way of carrying foreign currency while traveling abroad. They work much like a debit or credit card but are specifically designed for international payments. Here’s everything you need to know about Forex Cards in India for 2024.

Top Forex Cards in India

Niyo Global Card by Equitas Bank: Offers zero forex markup and instant card blocking.
BookMyForex YES Bank Forex Card: Known for competitive forex rates.
Axis Bank Multi-Currency Forex Card: Supports multiple currencies and offers complimentary lounge access and insurance plans.
HDFC Multicurrency Forex Card: Allows carrying multiple currencies in one card.
ICICI Bank Student Forex Card: Designed specifically for students studying abroad.
Axis Bank World Traveller Forex Card: Ideal for Indian travelers who undertake frequent international trips.
IndusInd Bank Multi Currency Forex Card: Allows carrying multiple currencies and offers benefits like insurance cover and emergency assistance.

More Details About Top Forex Cards in India

Niyo Global Card by Equitas Bank

Charges and Fees: There is no joining fee for the card. The international ATM withdrawal charges are Rs. 110+ GST. When you order the card, there is only a one-time upfront cost of 199+GST (Rs. 235 approx), which will be completely refunded to you after you load Rs. 1,000 or more in a single transaction.
How to Apply: You can apply for the Niyo Global Card by downloading and installing the Niyo Global application on your smartphone. Use your Aadhaar, PAN, and Indian Passport to complete the KYC process.
Documents Required: You need to have a valid Aadhaar, PAN card, and an Indian Passport.

BookMyForex YES Bank Forex Card

Charges and Fees: There is no joining fee associated with this prepaid card. The cash withdrawal fee on the BookMyForex YES Bank Card is 2% of the transaction amount. There is no forex markup fee for this forex card.
How to Apply: You can apply for the BookMyForex YES Bank Prepaid Card online via the BookMyForex official website.
Documents Required: You need to have PAN Card details, Passport and Visa, and Confirmed air ticket.

Axis Bank Multi-Currency Forex Card

Charges and Fees: The initial card issuance fee is Rs. 300 (exclusive of the GST applicable). You also have to pay Rs. 100 (plus GST) every time you load/reload the card. A cash withdrawal fee of USD 2.25 (or its currency equivalent) is charged every time you withdraw cash from an ATM.
How to Apply: You can apply for the Axis Bank Multi-Currency Forex Card online by visiting the Axis Bank website.
Documents Required: You need to submit a copy of your passport, application form for the Axis Multicurrency Forex Card, Visa of the applicant, copy of ticket, and address proof (in case your present address is different from the address mentioned on your passport).

HDFC Multicurrency Forex Card

Charges and Fees: The issuance fee of the card is Rs. 500 (exclusive of GST). The reload fee on the card is Rs. 100 (plus GST). The cross-currency or markup fee on the card is 2.75% of the transaction value.
How to Apply: You can apply for the HDFC Multicurrency Forex Card online by visiting the HDFC Bank website.
Documents Required: You need to submit a copy of your passport, application form for the HDFC Multicurrency Forex Card, Visa of the applicant, copy of ticket, and address proof (in case your present address is different from the address mentioned on your passport).

ICICI Bank Student Forex Card

Issuance Fee: Rs. 499
Reload Fee: Rs. 100
Cross Currency Fee: 3.5%
Cash Withdrawal Fee: 1% of withdrawal amount
Inactivity Fee: USD 5 if the card remains unused for more than 180 days

To apply for the ICICI Bank Student Forex Card, you can log in to the iMobile app, visit the nearest ICICI Bank Forex Branch, or contact your relationship manager. The documents required include a self-attested copy of your passport and PAN card.

Axis Bank World Traveller Forex Card

Issuance Fee: Rs. 500
Reload Fee: Rs. 100
Cash Withdrawal Fee: USD 2.25 or equivalent
Cross Currency Fee: 3.5%

You can apply for the Axis Bank World Traveller Forex Card online via the official card application page by submitting an application form along with copies of your passport (with visa) and air tickets. The documents required include a copy of your passport, visa, address proof (if your present address is different from the address mentioned on your passport), application form for the Axis Multicurrency Forex Card, and a copy of the ticket.

IndusInd Bank Multi Currency Forex Card

Issuance Fee: Rs. 300
Reload Fee: Rs. 100
Cross Currency Fee: 3.5%

You can apply for the IndusInd Bank Multi-Currency Forex Card online via the official card application page by submitting an application form. The documents required include a self-attested copy of your passport and a copy of your PAN card.

Type of Forex Cards in India

Forex cards are available in two types: Multi-currency Forex cards and Single currency forex cards. You can load multi-currency Forex cards with 23 different currencies, and You can use them worldwide. Single currency forex cards come with a high cross-currency charge whenever you use a different currency and also comes with limited use.

There are few other kinds of forex cards also introduced like the Student Forex cards for students traveling abroad and the Contactless Forex Cards that help you pay for your purchase at retail outlets in a safe way. One should choose among these the best forex card as per his use.

How do I apply for a Forex Card in India

Applying for a Forex Card in India is a straightforward process that can be completed online or at a bank branch. Here are the general steps you can follow to apply for a Forex Card:

Online Application:

Visit the bank’s official website or a forex service provider’s website.
Navigate to the Forex Card section.
Fill in the required details such as the type of card, amount of forex, etc.
Enter your personal details and travel plans.
Make the payment.
Upon successful completion, they will deliver the card to your doorstep.

Branch Application:

Visit your nearest bank branch.
Fill in the Forex Card application form.
Submit the required documents.
Make the payment.
The card will be issued to you immediately and will be activated within 4 hours.

Documents Required for Forex Cards in India

Following are the documents required while applying for Forex Cards in India

Forex Card Application Form
A self-attested copy of your Passport
A self-attested copy of your Visa (For non-customers)
A self-attested copy of your Ticket (For non-customers)

Validity of Forex Card

A forex card is usually valid for 5 years from the date of issue. However, the forex loaded on the card has to be utilised for the purpose it was obtained within 60 days of adding to the card. The expiry date must be mentioned on the card and, thus, should be checked. Please note that these details can vary based on the bank and the type of forex card, so it’s always a good idea to check the specific terms and conditions of your forex card for the most accurate information.

Cash Limit on Forex Card

The maximum amount that can be loaded on a forex card varies from bank to bank and also depends on the type of card you choose. Generally, banks offer Forex cards with a minimum load of $100 and a maximum load of $10,000. However, some banks may offer higher limits, depending on the customer’s creditworthiness and banking relationship. For instance, HDFC Bank allows a maximum of USD $250,000 in a financial year to be loaded on Forex Cards as per Liberated Remittance Scheme. Please note that the balance on a forex card should not exceed the limit equivalent of $2,000 set by the RBI.

Using a Forex Card

Forex cards can be used for cash withdrawal at ATMs abroad and for online transactions. The exchange rates are locked in at the time of loading the card, protecting you from fluctuations in foreign currency prices.

Benefits of Using a Forex Card

Forex cards offer several benefits, especially for those traveling abroad. Here are some key benefits of using a forex card:

Convenience: Forex cards are easy to use and work much like debit or credit cards.
Multiple Currencies: You can load multiple currencies onto a single card, which is particularly useful for multi-country trips.
Locked-in Exchange Rates: The exchange rates are locked in at the time of loading the card, protecting you from fluctuations in foreign currency prices.
Safety: Forex cards are safer than carrying cash. They come with PIN protection and can be blocked quickly in case of loss or theft.
Online Access: You can easily check your balance, track your expenses, and reload your card online.
Worldwide Acceptance: Forex cards are accepted at numerous locations worldwide, wherever Visa/MasterCard are accepted.
Cost-Effective: Compared to other options like cash, traveler’s cheques, credit and debit cards, forex cards offer better exchange rates and lower transaction fees.
Complimentary Insurance: Many forex cards come with complimentary insurance coverage, including protection against misuse of lost card, personal accident insurance and loss of baggage or personal documents.
Special Privileges: Some forex cards offer additional benefits like free international SIM cards, access to airport lounges, and 24×7 concierge services.

Difference Between a Forex Card and Credit Card

Forex cards and credit cards are both financial instruments that can be used for making transactions, but they serve different purposes and have different features. Here are some key differences between them:

Forex Card:

Forex cards are prepaid cards that are loaded with foreign currency at a locked-in exchange rate.
They are specifically designed for international payments and are widely accepted.
You can withdraw local currency from an ATM.
Forex cards offer enhanced security as they are PIN-protected and can be swiftly blocked to prevent unauthorized use in case of loss or theft.
Most Forex Card transactions come without transaction fees, making them a cost-effective choice for international spending.
However, obtaining a Forex Card may involve initial costs such as issuance and reloading fees.

Credit Card:

Credit cards enable individuals to access funds borrowed from a bank or financial institution for making purchases.
By using a credit card, you enter into a credit arrangement with the bank, committing to repay the borrowed sum and interest over a specified period.
Credit cards often provide attractive perks like reward programs and cashback incentives.
They offer the convenience of universal acceptance, making them a hassle-free payment method globally.
However, using a domestic credit card abroad can be expensive as your payments and withdrawals will attract conversion charges

In summary, if you’re a frequent traveler seeking a hassle-free and cost-efficient solution for international transactions, a Forex Card may be the perfect choice for you. If you prioritize the convenience of credit and are responsible with repayments, a Credit Card could be your preferred financial tool.

Difference Between a Forex Card and Traveler\’s Cheques

Forex cards and traveler’s cheques are both used as a form of carrying money when traveling abroad. Here are some key differences between them:

Forex Card:

Forex cards are cards preloaded with a specific amount of foreign currency.
They work similarly to a debit or credit card but are specifically designed for international payments.
You can load actual foreign currency at a locked-in rate.
Forex cards allow you to lock in the forex exchange rate at the time of loading.
Compared to cash, they provide a safer option. Nowadays, forex cards come enabled with chip and pin technology and hence provide more safety features.
In case of theft or loss of your prepaid travel card, you can have the card blocked and also transfer the funds to your new replacement card.

Traveler’s Cheques:

Traveler’s cheques are pre-paid pieces of paper that have currency stamped on them.
These currencies come in denominations such as 20, 50, 100, etc., and You can use them like normal currency.
They are safe to carry as they can be replaced if lost or stolen and are often used as an alternative to cash.
However, they are less convenient than forex cards as they are not accepted everywhere and cashing them can sometimes incur a fee.

In summary, while both forex cards and traveler’s cheques offer safety features, forex cards are generally more convenient and flexible for international travelers.

Conclusion

Forex cards are a popular choice among travelers due to their convenience, safety, and cost-effectiveness. Whether you’re a student studying abroad, a frequent international traveler, or someone planning a one-time trip, there’s a forex card out there that’s perfect for your needs.

Frequently Asked Questions (FAQs) about Forex Cards in India

1. What is a Forex Card?

A Forex Card is a prepaid card that you can use to make payment when you are traveling abroad. It comes preloaded with the currency of the country you are planning to visit.

2. How does a Forex Card work?

A Forex Card works just like a Credit or Debit Card. You can use it at any point of sale location that accepts Visa/MasterCard, or withdraw money from ATMs.

3. How can I apply for a Forex Card?

You can apply for a Forex Card online by visiting the bank’s official website or at a bank branch. The documents required generally include a Forex Card Application Form, a self-attested copy of your Passport, and a self-attested copy of your Visa (For non-customers).

4. Can I use my Forex Card for online transactions?

Yes, you can use your Forex Card for online transactions.

5. Can I use my Forex Card for cash withdrawal at ATMs abroad?

Yes, you can use your Forex Card to withdraw cash from ATMs abroad.

6. How do I check my Forex Card balance?

You can check the balance of your Forex Card online by logging into your account on the bank’s website, or by calling the bank’s customer service number.

7. What are the benefits of using a Forex Card?

Forex cards offer several benefits, including convenience, safety, worldwide acceptance, cost-effectiveness, and special privileges like free international SIM cards, access to airport lounges, and 24×7 concierge services.

8. What is the validity of a Forex Card?

A Forex Card is usually valid for 5 years from the date of issue.

9. What is the maximum amount I can load on a Forex Card?

Banks offer Forex cards with a minimum load of $100 and a maximum load of $10,000. The maximum amount that one can load on a Forex Card varies from bank to bank and also depends on the type of card chosen.