BEST FOREX CARDS IN INDIA IN 2022 – BiographyMafia


Forex Card Introduction

Forex card is one type of prepaid credit/debit card that is also generally used by travelers who are traveling abroad. It is a secure way to carry currency around the world. In foreign cards, an individual is allowed to deposit funds in the local currency of the nation where they are visiting. Using a forex card one does not have to carry cash but can make payment through a forex card or they can withdraw money from an ATM using the card. 

It is the safest way to spend money smartly by reducing the risk of carrying currency everywhere. Forex cards are generally accepted wherever Visa and MasterCard are accepted worldwide and it takes less time than carrying different currencies.

Forex cards with foreign currency will also assist an individual to get a better exchange rate. It is the most effective way to carry money on your card than carrying currency in your pocket. 

FEATURES OF FOREX CARD

Forex card has a lot of features and benefits such as 

 

  • It is a safe and secure way to make payments.
  • Because they are pre-loaded, it is easier to control spending while traveling because the cardholder can set a budget and top up the card as needed.
  • Cardholders are benefited from the ease of usage and wide acceptance because they don’t have to worry about finding an ATM or alternative payment option.
  • This card eliminates the need to carry cash, giving a safer and more convenient alternative to cash or travelers’ checks.
  • Cardholders are protected against currency value changes. The currency amount placed onto the card is determined by the current exchange rate, guaranteeing that there is no risk of loss while changing money from day to day.
  • They are a less expensive option than credit or debit cards. Each time a debit or credit card is used, the cardholder is charged a currency conversion fee. This is because the card issues payments in Indian Rupees, which must subsequently be translated into the currency of the cardholder’s nation. This conversion fee, known as a cross-currency mark-up, ranges from 2 to 5%, depending on the card type and issuing bank.
  • It is an inexpensive alternative to buying currency in case of traveling since exchange bureaus and banks will charge a fee for converting currency. 

BENEFITS OF FOREX CARD

Forex card provides many benefits to its cardholders in the following ways

 

  • It is a cheaper alternative to exchange in currency specifically at Bank. 
  • An individual is not required to have an existing relationship with a bank. 
  • It comes with a safety feature of credit or debit cards as they are safe for carrying cash everywhere. 
  • If the card is stolen or lost by connecting with the issuing bank or financial institution the balance can be frozen so that no one can withdraw or steal the balance amount. An individual can also use a card add-on, allowing them to transfer money to another card.
  • There is no extra cost of swiping cards at PoS terminals, like debit or credit card charges.
  • It also has a feature for making payments for online foreign purchases. 
  • An individual can deposit single or multiple currencies, as they can purchase multiple currency forex cards which will allow them to deposit multiple currencies.
  • It has a higher expiry date, as when the money is deposited it is valid for at least five years depending upon the Forex card.

 

Types of Forex Card

In India there are two types of forex cards. They are as follows

 

  1. Single currency forex card: 

It is a card where an individual can be loaded with a particular foreign currency. This is generally used when one is traveling to a single country, or countries with similar currency. It can’t be reloaded whenever the buyer wants. This card comes with a hefty cross-currency charge whenever any different currency is used. This card has limited perks.

 

  1. Multi-currency forex card:

It is a card that can hold multiple currencies with up to 23 different currencies that can be used all over the world. As if an individual wants to travel in multiple countries they can use multiple currency forex cards. As it can be loaded in multiple currencies.

Advantages of Forex Card

  • The prepaid Forex card has a better exchange rate compared to cash.
  • It eliminates the risk of losing money or handling cash during traveling.
  • It is inexpensive and has a very fuel fee than a debit or credit card which makes a forex card have a significant amount of money.
  • In India, there are benefits provided to forex cards such as no ATM fees, no cross-currency fees, and minimal transaction fees.
  • It allows a cardholder to have multiple currencies on a single card. 
  • There are no extra charges in case of shopping or other transactions abroad.
  • Cardholders have the advantage of locking the exchange rate in advance.
  • An individual also can put restrictions in advance on their spending to remain under budget.
  • It also eliminates the conversion charges.
  • Forex cards have protection measures like chips and pins.

 

Disadvantages of Forex Card

 

  • It may have additional fees like activation charges, inactivity fees, redeeming funds fees, etc.
  • Card payment not be accepted as a means of payment in all places.
  • It may take up to 3 days to make panch available in case of re-depositing.

How to apply for a Forex card?

 

Applying for a Forex card is an easy and quick process that can be done with different banks and financial institutions or can be done through a large travel agency offering forex cards.

In order to apply for Forex, card one has to go through the following steps

 

  • Firstly you need to visit a bank branch or apply online for the card of your choice.
  • The card can be chosen according to the type of box and benefits that can be a weight.
  • After selecting the card one can apply by visiting the branch or applying online and submitting the required documentation and getting the forex card.

 

Documents required for Forex Card

The basic documents that are required for applying for its cards are as follows

 

  • Aadhar card
  • Application form
  • Copy of passport
  • Copy of visa (or visas)
  • Airline ticket copy
  • PAN card

 

Forex card Fees

Forex card can involve different fees given as follows

  • Initial fees that are paid when applying for the card
  • Reload or renewal fees which are applied at the time cards reloaded or renewed in case of inactive cards.
  • Add on card fees are levied on an additional card that is provided.
  • And in charges which are applied when the balance amount is encashed.
  • Cross currency charges are charged when the currency on the card does not match the transaction currency.

 

10 Best Forex Cards in India in 2022

 

  1. Axis Bank Multi-Currency Forex Card

 

Axis Bank multiple currency forex cards is one of the best Forex cards in India. It provides the benefit that an applicant is not required to pay any additional charges to recharge their cards with different currencies each time they travel to a new location. It also assists individuals to cash out their funds once they have completed the traveling journey. It is a contactless technology that eliminates physical contact and allows them to use the card across a contactless scanner.

 

Currently, they are dealing in four countries’ currencies. These currencies are as follows

  • Hong Kong dollar
  • The New Zealand dollar
  • The Danish krone
  • The South African Rand.

 

Fees charged by the bank

Reload Fees For the first year of Insurance- Rs. 300 plus GST
Reactive Fees Rs. 100
Cross-Currency Fees 3.5%

 

 The validity of the Forex card of Axis Bank is 5 years.

 

Documents required while purchasing and reloading the multiple currency forex cards are

  • Passport copy
  • Application form
  • Visa
  • Air ticket
  • PAN card

 

  • YES Bank Multi-Currency Travel Card 

 

YES Bank multi-currency travel card is also known to be very safe and cost-effective and that’s why it is considered one of the finest Forex cards in India. It can’t quickly manage cardholders’ cards using the customer service portal online which is accessible from anywhere at any time.

YES Bank multi-currency travel card deals in nine currencies like

 

  • British pound GBP
  • Euro EUR
  • Singapore dollar SGD
  • Australian dollar AUD
  • UAE Dirhams AED
  • Japanese Yen JPY
  • Canadian dollar CAD
  • Hong Kong dollar HKD
  • Swiss Franc CHF
Fees of Insurance For the first year of Insurance- Rs. 125 pl
Reload Fees Rs. 100

 

YES Bank multi-currency travel card is valid for 2 years and users can load it as many times as they would like to do during the time.

  • HDFC Multi-Currency Forex Card 

HDFC multi-currency Forex card is the most popular card in the market as it offers 22 currencies on a single card. 

The Forex card has the characteristics to shuffle cash between two distinct currencies, being contactless and offering supplementary insurance and concierge services. HDFC protects users from currency swings in the foreign exchange market.

In case any complaint against misused data is found the consumer is entitled to get compensation up to Rs  5 lakhs.

HDFC Multi-Currency Forex card deals in 22 currencies such as

  • Euro
  • Oman Riyal
  • Korean Won
  • United Arab Emirates Dirhams
  • Japanese Yen
  • Saudi Riyal
  • Sterling Pound
  • Malaysian Ringgit
  • Norwegian Krone
  • Swiss Franc
  • Thailand Baht
  • Danish Krone
  • Swedish Krona
  • South African Rand
  • Australian Dollar
  • Canadian Dollar
  • Singapore Dollar
  • US Dollar
  • Swedish Krona, etc.
Insurance Fees Rs. 500 plus GST
Reloading Fees Rs. 75 plus GST
Cross-Currency Fees 2%

 

  • Induslnd Bank Multi-Currency Card 

Regular travelers are familiar with the Indus Bank multi-currency card. This card works with 14 different currencies and has benefits such as no international markup fees and the ability to use it on the internet. As part of the plan, the user is limited to three ATM withdrawals each month.

Currently, they are dealing in countries’ currencies given as follows

  • Euro EUR
  • Singapore Dollar SGD
  • British Pound GBP
  • Saudi Riyal SAR
  • US Dollar USD
  • Canadian Dollar CAD
  • Australian Dollar AUD
  • United Arab Emirates Dirham AED

Fees charged by the bank

Fees of issuing single card Rs. 150 plus GST
Fees of issuing a paired card Rs. 250
Reloading Fees Rs. 100 plus GST
Cross-Currency Fees 3.5%

Thomas Cook Forex Card in India 

 

In India, Thomas cook forex card is a well-known travel firm that issues currency cards. Individuals may use their cards to send money overseas in nine different currencies.

This brand is also known for its office of $ 10,000 insurance coverage. They also offer toll-free customer service via the internet, assisting customers with checking balances, statements, and card blocking.

Currently, they are dealing in countries’ currencies given as follows

  • US Dollars
  • Euros, British Pounds
  • Swiss Francs
  • Canadian Dollars
  • Singapore Dollars
  • Japanese Yen, etc.

Fees charged by the bank

Insurance Fees Rs. 150 plus GST
Reloading Fees Rs. 100 plus GST

ICICI Bank Forex Prepaid Card 

The ICICI Bank Forex Prepaid Card is an excellent choice if you want to go to a certain location or destination. It may be customized to fit your travel itinerary. This card may be refilled at any ICICI FX branch, online, or through the ICICI FX mobile app.

It also provides up to 20% savings on restaurant bills, shopping, and a range of other purchases at locations all around the world.

They also provide insurance coverage of up to Rs 10,000,000. There are no savings or current accounts required to create this account with ICICI Bank, and the card is supplied in only two days.

Currently, they are dealing in countries’ currencies given as follows

  • Euro EUR
  • Swiss Franc CHF
  • Japanese Yen JPY
  • Swedish Krona SEK
  • South African Rand ZAR
  • Saudi Riyal SAR
  • Thai Baht THB
  • New Zealand Dollar NZD
  • Hong Kong Dollar HKD
  • US Dollar USD
  • Singapore Dollar SGD
  • British Pound GBP
  • Australian Dollar AUD
  • Arab Emirates Dirham AED, etc.

Fees charged by the bank

Fees of insurance Rs. 150
Fees of reaction USD 5 ( for every 180 days of inactivity)
Reloading Fees Rs. 100 plus GST
Cross-Currency Fees 3.5%

 

SBI Multi-Currency Foreign Travel Card 

The SBI Multi-Currency Foreign Travel Card is one of the safest and smartest forex cards available in India. It can hold seven different currencies from different countries.

An individual may use it everywhere around the globe for a range of payments, including restaurant bills, shopping, dining, and other hotel expenditures because it has the MasterCard Acceptance Mark. It is available all across the world 24 hours a day, seven days a week.

Currently, they are dealing in countries’ currencies given as follows

  • Euro EUR
  • Japanese Yen JPY
  • British Pound GBP
  • US-Dollar USD
  • Australian Dollar AUD
  • Singapore Dollar SGD
  • Canadian Dollar CAD
  • Saudi Riyal SAR.
Fees of insurance Rs. 100 plus GST
Fees for additional services Rs. 100 plus GST
Fees for Reloading Rs. 59 plus GST

 

Axis Bank Diner’s Card –

Axis Bank Diner’s card applicants may only load USD. They sell gift cards that give users two points for every dollar spent, up to a maximum of $5. Medical treatment and up to Rs 60,000 in compensation for ATM robbery are among the additional benefits.

At any moment, users can move their funds to their domestic accounts.

 

Activating Fees Rs. 150 plus GST
Reloading Fees Rs. 100 plus GST
Add-on card Fees Rs. 100 plus GST

 

HDFC Bank ISIC Student ForexPlus Card

HDFC Bank ISIC Student ForexPlus card is basically created for students and is given with their student identity card. It also comes with many other benefits like discounts on books, and travel, and is available in more than 130 countries.

In case there is any package loss cost over Rs. 50,000 where the passport restoration costs approximately Rs. 20,000. The users can receive a complimentary International sim card with a talk-time of Rs. 200 which can be used for up to 60 days.

The bank these with the following currencies

 

  • Dollar
  • Euro
  • Sterling Pounds

 

Insurance Fees Rs. 300
Reloading Fees Rs. 75
Re-Issuing Fees Rs. 100

 

Niyo Global Card –

Niyo Global card is one of the most well-known currency cards.  They also have a mobile application that makes it easier to use and even long the card if required. 

They do not have any renewal fees for joining or renewing the forex card as well as the withdrawal from an ATM. 

Conclusion

Forex cards are becoming a necessity in India when it comes to getting currency while traveling. Forex card provides many benefits to consumers as well as offers that can be used anytime and anywhere in the world. The demand for Forex card is rapidly increasing as people are getting travel enthusiastic and wants to explore new places as well as want to do business abroad. 

As we can see there are many options available for the users in terms of choosing a forex card, therefore we can say consumers choose a card that has more benefits and suits their travel, so accordingly, they choose a multi-currency forex card or a single currency forex card for travel across many countries as well as add-on bonuses.

 



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