Best Forex Prepaid Cards in India

While forex cards can be used like debit cards to make online and offline spends just like debit cards, how they function is entirely different.

• Loading the Card: When you get a forex card from a bank or any other financial institution, you have to load it with the desired foreign currency or currencies. For example, if you are travelling to Europe, you can load different currencies like Euro, Pound Sterling, etc. as per your travel destinations. Exchange rate is locked at the time of loading the card.
• Using the Card: Once abroad, you can use the forex card at any POS machine to make payment in the country’s local currency, without incurring extra charges. You can also use the card to withdraw cash in the local currency from ATMs overseas, just like a debit card.
• Reloading: Most forex card issuers allow you to reload the card online through internet banking. So, if your balance runs low, you can reload the card. Prevailing rates at the time of reloading will be considered.

Once you return from the trip, you can either encash the remaining amount or keep it loaded for future travel. Especially if you have multi-currency forex cards, you should keep them as they can be used for loading other currencies as well.

Though the features and benefits may slightly vary across issuers, forex cards largely come in two variants:

• Single-currency Forex Card: Suitable for travellers visiting only one country, this type of forex cards allows loading of only one currency type.
• Multi-currency Forex Card: This type of forex card can be loaded with multiple currencies at a time and hence suits the needs of people who frequently travel to multiple destinations.

Apart from these two categories, Student Forex Cards are also available. They function in the same way as regular forex cards but are offered only to students travelling abroad for studies.

Forex cards come with the following features and benefits:

• Zero Forex Mark-up Fee: Unlike most credit cards that charge forex mark-up fee of up to 3.5%, forex cards do not charge any forex mark-up fee as long as you make transactions in the pre-loaded currency.
• Locked-in Exchange Rates: Since exchange rates are locked at the time of loading the card, travellers are safe from the volatility of forex rates.
• Online and Offline Usage: Forex cards can be used to make online spends in foreign currency. They can also be used to make payment in local currency at POS terminals or to withdraw cash from ATMs, when abroad.
• Easy Reloading and Tracking: Most forex cards can be easily managed via internet banking or mobile app. If you run out of balance, you can conveniently reload anywhere in the world.
• Chip and PIN Security: Since forex cards are protected with chip and PIN, they are a safer alternative to carrying cash overseas.
• Lost Card Assistance: If you lose your forex card when travelling to another country, you can call your issuing bank’s customer support and they will get it replaced at minimal charges.

The table below shows some of the best forex cards in India from leading banks and financial institutions:

Issuer	Forex Card Name	Issuance Fee	Currencies
HDFC Bank	Multicurrency Platinum ForexPlus Chip Card	Rs. 500 + Taxes	22 Currencies
Niyo Solutions	Niyo Global Forex Card	Nil	Can be used in 180+ countries
ICICI Bank	Multi-Currency Forex Prepaid Card	Nil	15 Currencies
IndusInd Bank	Indus Multicurrency Forex Cards	Nil	14 Currencies
Axis Bank	Axis Bank Multi-currency Forex Card	Rs. 300 + Taxes	16 Currencies
BookMyForex	BookMyForex YES BANK Multi-currency Forex Card	Nil	14 Currencies
Kotak Mahindra Bank	Kotak Forex Card	Nil	15 Currencies

Eligibility Criteria for Forex Cards

While the eligibility criteria for forex cards may slightly vary across issuers, here are some common conditions that the applicant’s must meet:

• He/she must be an Indian Resident travelling abroad or a foreign national staying in India
• He/she must be at least 18 years of age
• He/she must be salaried or self-employed

Documents Required to Apply for Forex Cards

Usually, self-attested copy of the following documents are required at the time of applying for a forex card:

• PAN Card
• Valid Passport
• Copy of international travel ticket or visa
• Copy of Passbook or Account Statement for the account used for funding the Forex card

Note: The above list is only suggestive. Banks may ask more documents basis their internal policies.

You can apply for a forex card online by visiting the respective issuer’s website.

• Visit the issuer’s website and choose the forex card
• Enter your mobile number and proceed
• Enter your name as per PAN, email ID, and other required details
• Enter the details of your travel
• Select foreign currency and the amount that you would like to load (you can also check the prevailing exchange rate on the application page)
• Proceed to make payment
• Once the process is complete, your card will be delivered to your mailing address

Alternately, you can also visit the nearest bank branch to apply.

The fees and charges on forex cards vary as per card variant. Here are some important charges that you must check before getting a forex card.

• Card issuance fee
• Card reload fee
• ATM withdrawal charges
• Balance enquiry fee
• Cross-currency conversion mark-up charges

In addition to these charges, you must also ask about the limits applicable to your forex cards, such as:

• Daily Limit for ATM Cash Withdrawal
• Maximum loading limit on the card
• Maximum daily usage limit

Forex cards are arguably the most economical way to conduct transactions in foreign currency. However, several credit cards now come with zero forex mark-up feature, which makes them better than forex cards, as cardholders can earn rewards or cashback on their foreign transactions without having to pay additional fee.

Here are some of the key differences between forex cards and credit cards:

Category	Forex Card	Credit Card
Foreign Currency Mark-up Fee applied on all transactions	No	Yes
Exchange Rate	Applied once at the time of card loading	Applicable at the prevailing rate on every transaction
Supported Foreign Currency	Available in 15-20 foreign currencies	Available in most foreign currency
Credit Extended	No	Yes
Insurance Cover	Certain cards provide it	Available with certain cards

What is the cost of a Forex Card?

The fees and charges associated with forex cards differ across card variants and card issuers. You must check the detailed terms and conditions related to the card before applying.

What are the uses of a Forex Prepaid Card?

Forex cards can be used to make transactions in foreign currency. You can use them at POS terminals in foreign countries or to withdraw cash from ATMs when travelling abroad. You can also use them to make online purchases in foreign currency.

Which Forex card has zero cross-currency usage fee?

Most forex cards would charge zero foreign exchange mark-up fee as long as you use them for the pre-loaded currencies. If you use it to pay in a currency that is not loaded on the card, then you would be charged a mark-up fee.

Which Forex card has the lowest issuance fee?

A number of forex cards like Niyo Global Forex Card, BookMyShow Multi-currency Forex Card and Multi-Currency Forex Prepaid Card come with zero issuance fee.

Can a Forex Card be used to withdraw cash?

Yes. A forex cards can be used to withdraw cash from an ATM overseas. However, minimal charges may apply.

Can you get a Forex Card in one day?

While most cards would take 3-5 business days to be delivered, some forex cards such as BookMyForex YES BANK Multi-currency Forex Card are delivered within 24 hours of application.

Do you need a visa to get a Forex Card?

Yes. In most cases, banks ask for a proof of your foreign travel and a valid international travel ticket or visa suffices for the same.

How much cash can you carry on a Forex Card?

The maximum amount that you can load on a forex card differs from one issuer to another. It is important to check the limits and all the associated terms and conditions before applying.

Can I transfer money from my Forex Prepaid Card to my Bank Account?

If you have balance remaining in your forex card and wish to get it transferred to your savings account, you must visit the nearest bank branch and fill a form for the same. Keep your forex card, ID Proof, account details and a cancelled cheque handy.

How do I load money on my Forex Prepaid Card?

You can load/reload money on your forex prepaid card using the respective bank’s internet banking or mobile banking service.

What currencies can be loaded onto the Forex Card?

The list of eligible currencies varies from banks to bank and also across card variants. Single-currency forex cards can be loaded with only one currency of your choice whereas multi-currency forex cards have several options like Euro, Yen, Pound Sterling, Australian Dollar, Canadian Dollar, etc.

What should I do if I cannot withdraw funds from an ATM using my Forex Prepaid Card?

If you cannot withdraw cash from an ATM using your forex card, you should contact the issuing bank on their overseas customer support. Before that, you must also check the available balance on your forex card to ensure you have not run out of funds.

What is the limit for cash withdrawals from ATMs using Forex Prepaid Card?

Different banks and financial institutions have set different cash withdrawal limits for their forex cards. For example, daily limit for ATM cash withdrawal on HDFC Bank’s Multi-currency Forex Card is USD 5,000* or equivalent in any other currency.