When traveling to a different nation, having a card that can be used for foreign currency exchange is one of the most convenient methods to make money with you.
A best forex cards stores your foreign cash and may be used almost anywhere that accepts major credit cards.
It is a form of prepaid credit card that allows you to load money in the local currency of the nation you are visiting.
In addition to utilizing the foreign exchange card for transactions, you may also use the card to withdraw money from an automated teller machine.
As long as you have this card, you won't have to have actual currency with you in the form of bills and coins in your wallet. You may choose the currency you want to load your cash in.
How Does It Work?
When making purchases at stores or restaurants that are equipped with an electronic terminal, the Forex Card may be used in the same way as a credit or debit card.
The one and the only distinction is that the amount of the transaction is immediately subtracted from the balance on your Forex Card. At any automated teller machine (ATM) that accepts Visa, you may withdraw cash using the card.
Different Types Of Forex Cards
Forex cards provide a convenient and risk-free alternative to transporting large amounts of cash or suffering steep fees when making purchases with a debit or credit card in a foreign country.
There are many different kinds of foreign currency cards available, so they may cater to the requirements of every kind of traveler.
The following is a discussion of the two primary categories of foreign exchange cards that are currently on the market:
- Multi currency Forex: Forex cards that may be used everywhere in the globe and can be loaded with any one of 23 different currencies are referred to as multi-currency forex cards.
When traveling from one nation to another, it is helpful to convert the currency you are presently using to the currency of the country you are about to visit.
This may be done by exchanging the money you are currently using for the currency of the country you are going to visit. - Single currency Forex cards: These cards come with restricted usage and come with a high cross-currency fee anytime you use a different currency. Additionally, these cards come with a high cross-currency fee.
- Student Forex cards: There are a few other kinds of foreign exchange cards that have also been introduced, such as the Student Forex cards, which are intended for students who are going to be traveling abroad.
- Contactless Forex Cards: Contactless Forex Cards, which allow you to make purchases at retail outlets without compromising your security. One should choose, from among these options, the most suitable forex card for their needs.
In addition to this, card issuers also have forex cards that are available to privileged banking clients or that are only available by invitation.
In most cases, these cards come with reduced fees and charges, in addition to extra advantages and privileges. These cards are not available to the general public.
In this guide, we ranked and reviewed the 12+ best forex Card, along with our top 3 choices, so that you can pick the best one for you.
Niyo Global Card
Overall Rating: 4/5
Since the Niyo Global card comes at no extra cost, you can try carrying it while traveling abroad, along with a forex card.
SBI Travel Card
Overall Rating: 3/5
It is easy to use and free of cost ATM withdrawals without any issue. Good experience so far so i will sigguest to use it for travel.
HDFC Forex Card
Overall Rating: 5/5
It was very useful during my stay in Dubai. Refilling the cash was easy and fast. ideal for short trips as well as for longer stays.
Best Forex Cards (2022)
1. YES Bank Multi-Currency Travel Card
This Card have unusually high degree of protection and relatively low overall cost.
YES Bank Multi-Currency Travel Card is widely regarded as one of India's most advantageous foreign exchange cards.
Through a prepaid card customer care portal online, you can manage your card anytime, anywhere.
In addition to checking your card summary, you can also check your last 10 transactions.
The USP of card is:-
- One of the advantages of using this Card is that you will be able to review the specifics of any previous transactions that you have made.
- The good thing is that you can easily manage this Card regardless of where you are or what time of day it is, so long as you connect to the customer support portal that can be accessed online.
compatible currencies
2. Axis Bank World Traveller Forex Card
Axis Bank gives this Card in partnership with Miles and More. It is considered one of the most advantageous forex cards available.
Its target customers are Indian travelers who often travel outside of the country.
The USP of the card is:-
- You can earn award miles both when you load money onto the Travelers Forex Card and when you make purchases using the Card.
compatible currencies
3. Thomas Cook Forex Card
Thomas Cook is one of the most well-known travel businesses that provide currency cards to Indian customers.
You may even transfer money overseas with their Card, and they provide you the option to choose from 9 different currencies.
It is a reliable brand that offers insurance coverage of around $10000 each claim.
In addition, there is a toll-free customer assistance offered, which can be accessed via online platforms and assists with the checking of balances, statements, and the blocking of cards.
There are no fees assessed while withdrawing cash from an ATM. There is no additional charge for the backup card. Free card replacement if it is misplaced or stolen.
There is no additional fee charged at any ATM located inside the All Point network. Coverage is available for up to ten thousand dollars (in United States Dollars).
The USP of the card is:-
- The fact that the card has a validity period of 5 years is the Card's unique selling proposition (USP), and the fact that a free backup card is included in the package is another one of the Card's finest features.
- This secondary Card may be used in place of your main forex card if you misplace your primary Card or it is stolen.
Features
4. Axis Bank Multi-Currency Forex Card
The Axis Bank, Multi-currency Forex card is one of the finest forex cards in India. It is one of the best forex card for Indian students.
You may make the payment by waving the card in front of a protected card reader. You should have a Visa card supporting the PayWave technology.
Students who are going to be traveling overseas for any reason, whether it be for their studies, a vacation, a college trip, or any other purpose, will try their best to find ways to save money.
This card save money on every purchase they make, including the airfare, travel insurance, college fees, cash withdrawals, and so on.
It is more secure since you do not even need to give over your Card to someone else for them to swipe it; rather, you can wave it over the card reader on your own to complete the transaction.
The USP of the card is:
- You can store up to 16 different currencies on a single card, making it one of the best forex cards in India.
- This Card is equipped with PayWave technology from Visa and serves as the Card's unique selling proposition.
compatible currencies
5. HDFC Bank Multi-Currency ForexPlus Card
It is a convenient, secure, and cashless method to carry foreign money on your journey overseas.
HDFC ForexPlus Cards are among the finest best forex card in India. If you are traveling outside of India, you should consider using one of these cards.
It offers contactless payments, complimentary insurance coverage. It provides emergency cash delivery, international acceptance, and access to airport lounges at international airports in India.
It is also possible to temporarily block your card by using Net Banking, if you do not plan to travel. The USP of the card is:-
- You can make payments with this Card for shopping, housing, eating, and more.
- The unique selling proposition of this Card is that customers get insurance protection 5 lakh worth that protects the Card from being misused.
compatible currencies
6. ICICI Bank Travel Card
ICICI Bank Forex Prepaid Cards now come equipped with the latest 3D Secure authentication.
It keeps your online transactions safe & Secure.
3D Secure has developed a straightforward checkout procedure that verifies your identity whenever you make a purchase.
In addition to the Primary Card, the kit you purchase for your ICICI Bank Multicurrency Forex Prepaid Card comes with a free replacement Card.
The USP of the card is :-
- By loading your card with 15 different currencies on one single card, you can avoid the cost of changing currencies and avoid rate changes in different countries.
- The unique selling proposition is that you may load money onto your Forex Prepaid Card and activate it right away so that you can begin using it right away to book overseas flights and accommodations.
compatible currencies
7. IndusInd Bank Multi-Currency Forex Card
For those who are frequently travelling abroad, the IndusInd Bank Multi-Currency Forex Card is the perfect solution for them.
This card can be loaded with about 8 different currencies.
Having a forex card from IndusInd Bank does not require you to be an existing customer of the bank in order to apply for it.
It is a card that gives you discounts at restaurants and on secure transactions when you use it.
It is important to note that because the card has a chip, it offers a very high level of protection against fraud.
Online transactions are simple and can be conducted in a variety of ways. This card allows you to withdraw cash from any VISA ATM in the world.
Any outstanding balance on the card of a cardholder will be able to be cashed in by them as soon as they return to India.
In the event that you lose your primary card, you can use this option to replace it. Upon loss, theft, or damage of your Card, a replacement may be issued to you.
You can use it twice a month for free withdrawals from ATMs of your choice in the currency of your choice.
Refunds are issued in a very user-friendly manner, and the process is quite straightforward.
Whenever a transaction is completed, you will receive an immediate notification.
The USP of the card is:-
- In the event that any transaction is made, you will be notified as soon as it takes place. The purpose of this is to prevent fraudulent activities from taking place.
- In addition to the main card, there is also an additional backup card included as part of the unique selling proposition.
- Besides the primary card, it also comes with a paired card key option, which is a backup card in case your primary card is lost or damaged.
- As soon as the cardholder returns to India, he or she will be able to encash the remaining balance on the card.
compatible currencies
8. HDFC Bank ISIC Student ForexPlus Card
This Card, which serves as a student identification card, has been designed specifically for students and distributed to them.
It comes with a plethora of perks, such as the ability to get discounts in about 130 countries on things like books, travel, etc.
It may take advantage of exclusive deals and advantages available only to members. The card is recognized as a valid form of student identification in every state
In addition to protection against accidental death, policyholders get an insurance cover of up to 5 lakhs rupees. The fee for lost baggage is 50,000 Indian rupees. Coverage for rebuilding a passport, up to a maximum of 20,000 rupees.
Customers will get a free foreign SIM card with talk time equal to Rs.200 as a complimentary perk.
The USP of the card is:-
- Partner hotels offer complimentary services if you’re the holder of this card.
- When cash withdrawals are made from ATMs connected to the All Point Network, the ATM ownership charges will be waived for withdrawals made from those ATMs.
compatible currencies
9. Axis Bank Diners card
You may only load funds onto the Axis Bank Diners Card in US Dollars (UNITED STATES DOLLAR).
Travelers headed to the United States may take advantage of many additional perks linked with the Card.
If you spend USD 5 in a shop or merchant outlet, the card will give you 2 points every time you spend the money.
Aside from that, it also offers additional benefits such as medical treatment and coverage for ATM robbery up to a value of Rs 60,000.
The USP of the card is:-
The Card's unique selling proposition is that in addition to the TripAssist capabilities offered by Axis Bank, it also has chip and PIN technology.
functions noticeably more effectively than the older cards that rely on magnetic strips.
When you purchase at least US$5 at any store or retail outlet using the Card, you will get two bonus points.
compatible currencies
10. HDFC Regalia ForexPlus Card
This Card is pre-loaded with United States Dollar (USD) cash from the manufacturer.
There are no fees associated with the currency exchange. You can pay for transactions in a variety of different currencies.
In addition, there is no fee assessed while converting currencies using this Card. Service provided at no cost by Participating Hotels. You will get reward points for every dollar that you spend.
At the international airport, passengers have free access to the lounges. Insurance coverage ranges from 50,000 to 500,000 Indian rupees.
If cash withdrawals are handled at ATMs affiliated with the All Point Network, the ATM ownership costs will not be applied.
Method of payment using contactless technology. If the Card is lost or damaged, HDFC will assist anywhere globally.
If the Card is misplaced, an emergency cash delivery will be made within 6-7 hours, which is the Card's unique selling proposition (USP).
The USP of the card is:-
You can make payments with this Card for shopping, housing, eating, and more.
The unique selling proposition of this Card is that customers get insurance protection 5 lakh worth that protects the Card from being misused.
compatible currencies
11. BookMyForex Travel Card
BookMyForex, in collaboration with YesBank, has released its very own Visa-powered forex card to make making payments abroad more straightforward.
Students, those already traveling, and even working professionals will find that this Card is the ideal travel companion.
It does not incur any costly fees when used for ATM withdrawals or to have its balance scanned at retail locations.
The fact that BookMyForex has helped clients save 19.25 crores by selling more than 1,25,000 forex cards to this day is the defining characteristic that sets the company apart from its competitors.
Because of its stringent PIN protection method, it guarantees the security of the customers' hard-earned money.
People who often travel to various locations and vacationers, may find that a BookMyForex travel card is an option that works well for their needs.
The USP of the card is:-
The Card can simultaneously support a total of 15 different currencies originating from various countries.
The Card's unique selling proposition (USP) offers the convenience and security that the BookMyForex card offers to travelers is the Card's unique selling proposition (USP).
compatible currencies
12. SBI Multi-Currency Foreign Travel Card
SBI Multi-Currency Foreign Travel Card is among the wisest and most secure alternatives available.
It is possible to load it with seven different currencies, each from different country.
When it comes to foreign exchange cards in India, It is accessible around the clock and across the globe.
Due to the fact that it has the MasterCard Acceptance Mark, you can use the MasterCard Acceptance Mark for a variety of payments.
It including restaurant bills, shopping bills, dining bills, and other accommodation bills all over the world.
The USP of the card is:-
The Card's main selling point is that it may be used around the clock and in any country.
It has the MasterCard Acceptance Mark, you may use it to make various payments, including bills at restaurants, shopping, eating, and other accommodation costs anywhere around the globe.
compatible currencies
13. Niyo Global Card
According to a survey carried out by one of the most reputable travel agencies, the Niyo Global Card is the greatest and most well-known currency card.
As a result of the cooperation of DCB Bank, this card has been issued.
It is also easy to operate the card through their mobile application, and if the card is not in use, you can even lock the card once it is not in use.
The USP of the card is:-
The Card's unique selling proposition is that in addition to the TripAssist capabilities offered by DCB Bank, it also has chip and PIN technology, which functions noticeably more effectively than the older cards that rely on magnetic strips.
When cash withdrawals are made from ATMs connected to the All Point Network, the ATM ownership charges will be waived for withdrawals made from those ATMs.
compatible currencies
Benefits of Forex cards
Foreign exchange (Forex) cards provide travellers an advantageous alternative to the conventional means of making payments while they are travelling outside of the country.
In addition to these advantages, foreign exchange cards provide other advantages, some of which are detailed below:
When compared to other methods, particularly those used in banks, using forex cards may save you money.
As a consequence of the fact that it is less expensive for banks to issue forex cards, applicants will obtain a higher rate of exchange when they use their cards. Because of its design, using it as a payment method is completely risk-free.
The majority of financial institutions do not need prospective customers to already have a working connection with the bank, such as via the maintenance of a checking or savings account.
Applicants have access to a broad variety of cards from which they may choose one that best suits their requirements.
Cards that may be used to buy foreign currency are convenient since they are recognised and accepted everywhere.
Some of them may also be used to make payments for purchases made online in other countries.
Simply swiping your credit or debit card through the reader at the point of sale will enough to complete the payment for any item.
The finest forex cards provide customers with better exchange rates than a traveler's check or cash does when exchanging currencies.
Forex cards in India come with exclusive discounts, no ATM access cost, no cross-currency fees, and minimal transaction fees. Additionally, there are no fees to convert one currency into another.
When the cardholder returns, they will be able to cash in the remaining money on the card at the current exchange rate.
What are the few things that one should consider before taking a forex card
Before you can hone in on the best option, there are a few things you need to examine and make sure you're keeping in mind. You ought to give them some consideration, don't you think?
Verify if the daily spending cap on your card is suitable for your needs by comparing it to those limits.
If it has a daily use restriction of a particular limit that is lower than your expenditure, then you will not be able to make use of this card since it will be useless to you.
You need to make sure that you ask about the activation time for your card as well. In addition to that, familiarise yourself with the process for generating a PIN in case you end up forgetting it.
Make a note of the customer service number on the back of your card. The Reserve Bank of India recommends that the value of the remaining funds on your forex card not exceed a sum that is equivalent to two thousand dollars.
When you get back from your vacation, you should immediately cash in any leftover funds if you have any.
Conclusion
The evolving financial climate in India has contributed to the rise in demand for forex cards in recent years.
A best forex cards is like a godsend for all travellers since it enables them to make payments in a flexible, easy, and cost-effective manner.
If you have a passion for travelling and are enthusiastic about doing so, you shouldn't pass up this opportunity because of the extra advantages it offers.
In conclusion, we aim to make your travel experience as enjoyable as possible while also catering to your individual needs, such as providing you with a single currency card.
if you only plan on visiting a single nation, multi-currency forex cards if you plan on visiting multiple nations, and additional benefits.
frequently asked question
1. Is it good to buy forex card?
They are less complicated to use than traveler's checks, less expensive to use than credit and debit cards, and safer than cash transactions.
These ForexPlus cards let you to make purchases in all of the most common currencies used internationally.
They are generally recognised everywhere, and they safeguard you against swings in the rates used to calculate international transactions.
2. Can I reload my card from overseas?
You may reload your card by going to a branch of the bank, filling out the Forex Reload form or the A2 form, and submitting a check or debit instruction for the amount that has to be reloaded.
If you are an account holder, you have the ability to utilise NetBanking to reload your card from any location at any time, even when you are travelling internationally.
3. How many days prior to my trip can I buy the forex card?
60 days before the scheduled departure date of the trip.
4. Can I transfer money from forex card to bank account?
Although it is possible to view the amount of your forex card online, you will not be able to transfer money from your forex card to your bank account.
The majority of foreign currency cards assess a charge for each ATM withdrawal made outside of the country, and there is often a maximum daily withdrawal amount.
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