Indians travelling abroad for leisure, business or education has been rising steadily and managing foreign exchange has become crucial to ensure hassle-free travel.
A forex card is a convenient and secure way to carry foreign currency, making it easy to manage multiple currencies. These cards are denominated in several major currencies, including the US dollar, Australian dollar, UK pound, euro, dirham, and Singapore dollar.
These cards are available from various banks such as Axis Bank, HDFC Bank and ICICI Bank. Fintech companies like BookMyForex also offer forex cards with competitive features, including interbank rates, zero mark-ups, and no issuance charges.
You can reload forex cards instantly through bank or fintech apps. Unlike debit and credit cards, forex cards often have lower currency charges and transaction fees.
There are plenty of options, which can be overwhelming. Here are the 10 best forex cards listed by card comparison website CardInsider.
Niyo Global Card
Niyo Solutions, in collaboration with State Bank of Mauritius and DCB Bank, has introduced the Niyo Global Card. This card enables users to make international payments in more than 130 currencies at affordable rates. The card allows you to load INR through UPI and spend in various currencies at zero-forex markup. Once back to India, the card can be conveniently used for domestic spends (via swiping or UPI payments through Niyo's app).
Key benefits include complimentary domestic and international airport lounge access, three free monthly ATM withdrawals and no joining or renewal fees.
BookMyForex-Yes Bank True Zero Markup Forex Card
BookMyForex offers a convenient forex card that can be purchased without a bank account. This multi-currency card features instant reloads through the BookMyForex app, allowing users to convert balances between currencies and track their updated balance.
This card has zero fees for issuance, reloading, unloading, and annual maintenance. It supports loading in 14 currencies and there are no mark-up fees on transactions in these currencies. However, a 3.5 percent cross-currency usage fee applies for currency other than the one on the card.
IDFC First Multi-Currency Forex Card
The IDFC First Multi-Currency Forex Card has zero issuance charges. This card supports international payments in 14 currencies, providing users a convenient and hassle-free experience.
It eliminates loading and reloading fees for foreign currencies, making it a cost-effective solution for managing international finances.
State Bank Multi-Currency Foreign Travel Card
The State Bank Multi-Currency Foreign Travel Card offers an affordable option for international travel. While there is no annual fee, a one-time issuance fee of Rs 100 (plus GST) applies.
The card supports loading in seven foreign currencies, with no mark-up fees. However, a 3 percent cross-currency usage fee applies when transacting in a currency not loaded on the card.
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Axis Bank Multi-Currency Forex Card
The Axis Bank Multi-Currency Forex Card offers a convenient solution for international transactions, supporting 16 foreign currencies.
An initial issuance fee of Rs 300 (plus GST) applies, although Burgundy and Priority account holders are exempt.
While transactions in the loaded currency incur no markup fee, a 3.5 percent cross-currency markup fee is charged for transactions in other currencies.
IndusInd Multi-Currency Travel Card
The IndusInd Multi-Currency Travel Card offers a cost-effective solution for international transactions. With no annual membership fee, users only pay a one-time issuance fee of Rs 300. The card supports 14 currencies and does not charge forex markup fees on transactions made in the loaded currency. However, a 3 percent cross-currency usage fee applies when transacting in a different currency.
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Goibibo ICICI Bank Forex Prepaid Card
The ICICI Bank Goibibo Forex Card has a one-time issuance fee of Rs 499 (plus GST) and no annual fee.
As a co-branded card, users get exclusive Goibibo benefits, including a welcome gift comprising a Rs 500 goCash+ voucher and Goibibo vouchers worth Rs 15,000.
Axis Bank World Traveller Forex Card
The Axis Bank World Traveller Forex Card allows users to load 16 foreign currencies. Transactions made in the loaded currency do not incur forex markup fees but a 3.5 percent cross-currency usage fee applies to other currencies.
The card has a one-time issuance fee of Rs 500 (plus GST), with no renewal fee.
HDFC Bank Multicurrency Platinum Forex Card
The Multicurrency Platinum Forex Card offers flexibility with 22 loadable foreign currencies. While transactions in the loaded currency incur no markup fees, a 2 percent cross-currency usage fee applies to other currencies.
The card's issuance fee is Rs 500 (plus GST), which is waived on initial loads of at least $1,000. Cardholders get perks such as Amazon vouchers, emergency assistance and global concierge services.
ICICI Bank Sapphiro Forex Prepaid Card
ICICI Bank’s Sapphiro Forex Prepaid Card is a premium prepaid forex card with a range of exclusive privileges.
It has a steep issuance fee of Rs 2,999 (plus GST) and a renewal fee of Rs 999 (plus GST). Users get shopping vouchers, Uber discounts, international lounge access, and reduced international roaming rates.
A standout feature of the card is the absence of cross-currency usage fees, allowing users to transact in any currency without incurring additional charges.
Also read | Forex cards or credit cards? Which one is better for foreign travel
Credit cards or forex cards?
While credit cards are a convenient financial tool, using them abroad can be costly. Most credit cards charge a markup fee of around 3.5 percent on foreign currency transactions, though some premium cards may offer lower rates.
To avoid these extra charges, consider carrying a forex card when traveling abroad and use it for foreign currency transactions instead.
Happy travels.
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