Best Forex Cards In India 2024

Any foreign trip planning must prudently include a discussion about Forex Cards. A forex card enables one to make cashless transactions abroad. One can easily apply for a Forex Card in India 2024 as various financial institutions offer the same. The application can be made online, and users can load the card with as much balance as they want. Forex cards are a convenient alternative to cash or debit/credit cards. This guide will provide significant insight into the Forex cards available in India in 2024, along with their features, benefits, eligibility, documents required, and other related information. 

Features and Benefits of Forex Cards

Some of the top Forex Cards available in India include the HDFC Bank ForexPlus Card, ICICI Bank Travel Card, Axis Bank Forex Card, State Bank of India Multi-Currency Foreign Travel Card, and Kotak Mahindra Bank Multi-Currency World Travel Card. Each card has certain unique features and certain common features. The applicant must pick the best Forex Card as per their own needs and requirements. However, here we have curated the top 10 Forex Cards in India in 2024.

Some of the top Forex Cards in India in 2024 are as follows.

ICICI Bank Coral Prepaid Forex Card

Card Name	ICICI Bank Coral Prepaid Forex Card
Issuing Bank	ICICI Bank
Joining Fees	INR 1000 + GST
Renewal Fees	NA
Suitable For	Shopping and travelling
Pros	Joining Benefits, Vouchers, OneAssist Complete Card Protection feature, Insurance coverage
Cons	Limited access with charges applicable. Limited currency support.

Goibibo ICICI Bank Forex Prepaid Card

Card Name	Goibibo ICICI Bank Forex Prepaid Card
Issuing Bank	ICICI Bank
Joining Fees	INR 499 + GST
Renewal Fees	NA
Suitable For	Shopping and travelling
Pros	Attractive welcome benefits, dining benefits, shopping benefits, travel benefits, and forex benefits.
Cons	Applicable in only specific countries, charges applicable on joining.

IndusInd Bank Multi-Currency Travel Card

Card Name	IndusInd Bank Multi-Currency Travel Card
Issuing Bank	IndusInd Bank
Joining Fees	INR 149 + GST
Renewal Fees	INR 149 + GST
Suitable For	Frequent international travellers
Pros	No conversion charges, Online usage activated, Quick delivery of the card.
Cons	Markup fees applicable for exchanging in different currencies.

ICICI Bank Sapphiro Forex Prepaid Card

Card Name	ICICI Bank Sapphiro Forex Prepaid Card
Issuing Bank	ICICI Bank
Joining Fees	INR 2999 + GST
Renewal Fees	INR 499 + GST
Suitable For	Shopping and travelling
Pros	Cashless transactions, convenient and easy to use, secure card for usage.
Cons	Absense of grace period for repayment of interest. Charges and fees applied.

State Bank Multi-currency Foreign Travel Card

Card Name	State Bank Multi-currency Foreign Travel Card
Issuing Bank	State Bank of India
Joining Fees	INR 500 + GST
Renewal Fees	NA
Suitable For	Travelling
Pros	Contactless payment enabled, No markup fees, easy reload facility, vast acceptance of the card.
Cons	Fees and charges are applicable for various facilities, customer service can be a bit slow.

Axis Bank World Traveller Forex Card

Card Name	Axis Bank World Traveller Forex Card
Issuing Bank	Axis Bank
Joining Fees	INR 499 + GST
Renewal Fees	INR 499 + GST
Suitable For	Frequent international travellers
Pros	Accessible in 16 counties, can be used for multiple purposes, users can earn miles award and points.
Cons	High Fees and charges, limited usage, cash withdrawals not possible.

ICICI Bank Student Forex Prepaid Card

Card Name	ICICI Bank Student Forex Prepaid Card
Issuing Bank	ICICI Bank
Joining Fees	INR 499 + GST
Renewal Fees	INR 199 + GST
Suitable For	Students studying abroad
Pros	Safe and convenient for students studying abroad, insurance cover included, discounts available.
Cons	NA

BookMyForex Yes Bank Forex Card

Card Name	BookMyForex Yes Bank Forex Card
Issuing Bank	Yes Bank
Joining Fees	No Fee
Renewal Fees	No Renewal Fees
Suitable For	Frequent international travellers
Pros	Safe and convenient for students studying abroad, insurance cover included, discounts available.
Cons	NA

Features and Benefits of Forex Cards

Forex cards, also known as prepaid travel or currency cards, are a convenient and secure way to carry foreign currency while travelling abroad. In India, forex cards are offered by several banks and financial institutions, and they come with a range of features and benefits, including

• Security: Forex cards are more secure than carrying cash, as they come with chip-and-PIN protection and can be easily blocked or cancelled if lost or stolen.
• Wide acceptance: Forex cards are widely accepted at millions of merchant establishments worldwide, including hotels, restaurants, shopping centres, and ATMs.
• Multiple currencies: Forex cards can be loaded with multiple currencies, allowing travellers to avoid the hassle of carrying different currencies or exchanging money multiple times during their trip.
• Online transactions: Forex cards can be used for online transactions, including booking flights, hotels, and other travel-related services.
• Zero transaction fees: Most forex cards offer zero transaction fees for international transactions, making them a cost-effective way to spend money abroad.
• Competitive exchange rates: Forex cards offer competitive exchange rates, usually better than those offered by currency exchange bureaus or banks.
• Reloadable: Forex cards can be reloaded easily from anywhere using the bank’s online banking platform or mobile app.
• Emergency assistance: Forex cards come with 24×7 customer support and emergency assistance, including cash disbursement and card replacement services.

Joining Fee of Best Forex Card In India

Forex Cards joining fees refers to a fee that any customer has to incur while applying for a card. The fee varies from provider to provider and in certain cases, banks also simply waive the fees. When finding the best Forex Cards in India, the joining fee becomes an essential factor to consider. Consequently, applicants should proactively explore their options in terms of forex card joining fees across several providers to pick out a card that also fits their budget.

What are the Types of Forex Cards?

There are primarily two types of forex cards in India:

1. Single Currency Forex Card: This type of forex card can be loaded with only one foreign currency, such as USD or EUR. These cards are ideal for travellers who are visiting only one country or region.
2. Multi-currency Forex Card: This type of forex card can be loaded with multiple foreign currencies, such as USD, EUR, GBP, AUD, and more. These cards are ideal for travellers who are visiting multiple countries or regions.

Both types of forex cards are available in physical and virtual forms and can be easily reloaded as and when required.

How To Apply for a Forex Card?

There are various banks and financial institutions in India that offer Forex Cards. The first step would be to compare their features, fees, and rates and choose the one that suits you the best. Moreover, the further process, in general, involves the following steps.

• Submit the application form: Most Forex Card issuers have an online application process. Fill in your personal and travel details, and upload the required documents such as your passport, visa, air ticket, etc.
• Provide KYC documents: Forex Cards are regulated by the Reserve Bank of India, and you will need to provide KYC documents such as a PAN card, Aadhaar card, and address proof.
• Load funds onto the card: Once your application is approved, you can load funds onto the card using online banking, a debit card, or NEFT/RTGS.
• Activate the card: Some Forex Cards are automatically activated, while others require you to call customer care and activate it.
• Use the card: You can use the Forex Card for shopping, dining, and withdrawing cash at ATMs abroad. Most Forex Cards offer zero or low foreign currency conversion fees and competitive exchange rates.

Remember to keep the Forex Card PIN and customer care number safe and handy during your travel.

Eligibility for Acquiring a Forex Cards in India

In general, the eligibility for acquiring a forex card in India depends on the following criteria:

• You must be at least 18 years of age to apply for a forex card in India.
• You should be a resident of India as per the Foreign Exchange Management Act (FEMA) guidelines.
• You need valid documents such as a passport, visa, PAN card, and other documents as specified by the issuing bank.
• You should have a valid reason for travelling abroad, such as for education, business, or leisure.
• You need sufficient funds in your bank account to load the forex card.
• A good credit score helps approve the forex card application.
• You need active savings or a current account with the issuing bank to apply for a forex card.

It’s advisable to check with the issuing bank for their specific eligibility criteria and documentation requirements before applying for a forex card.

Documents Required To Apply For a Forex Card In india

The required documents for applying for a Forex card in India may vary based on the card issuer and the type of Forex card you choose. However, the following documents are generally required to apply for a Forex card. 

• Passport
• Visa
• Airline Ticket
• Proof of Residence
• Proof of Identity
• PAN Card
• Application Form
• Photographs

What are the Uses of a Forex Card?

There are various uses for a Forex Card in India. These can be summed up as follows. 

• Forex cards can be used as a convenient and safe way to carry money while travelling abroad. It eliminates the need to carry physical currency. It can be easily used to withdraw money from ATMs or to make purchases at merchants that accept international Visa/MasterCard debit cards.
• Forex cards can also be used to make online purchases from international websites that accept Visa/MasterCard debit cards. This is especially useful for people who frequently purchase products or services from foreign websites.
• Forex cards can be used to transfer money to other individuals or companies in foreign countries. This can be done by loading the card with the required amount and transferring it to the recipient’s card.
• Traders can also use Forex cards to deposit and withdraw funds from their trading accounts. This provides a convenient and secure way to transfer money between trading accounts and bank accounts.
• Forex cards can also be used to pay for emergency expenses while travelling abroad. This includes expenses such as medical emergencies, hotel bookings, or flight cancellations.

How Does a Forex Card Work

A forex card is an excellent travel companion allowing you to carry multiple currencies conveniently. Moreover, it offers better exchange rates than cash and credit cards and is secure and easy to use.

Here’s how it works:

• Once you have the card, you can load it with the desired amount of foreign currency. You can load up to 18 currencies on a forex card.
• The exchange rate is fixed at the time of loading the card. It is not affected by the fluctuations in the currency exchange market.
• You can use the forex card to withdraw cash from ATMs or make payments at merchant outlets. You can also use it for online transactions and to pay for hotel bookings, flight tickets, and other travel expenses.
• Forex cards are secure and come with chip and pin protection. They also have a backup card, which can be used in case of loss or theft of the primary card.
• Using the internet or mobile banking, you can reload your forex card anytime, anywhere.

Factors to Consider Before Buying a New Forex Card

Suppose you are considering buying a new Forex Card. In that case, the below-mentioned pointers can assist you in gaining significant insight into how you can better invest and use a Forex Card. 

• Currency exchange rates: Look for a Forex card that offers the best exchange rates for your desired currency. Compare rates across different providers to ensure you get the best deal.
• Fees and charges: Check the fees and charges associated with the card. These may include issuance fees, ATM withdrawal fees, transaction fees, and currency conversion charges. Make sure to choose a card that has low or no fees.
• Accepted currencies: Check the list of currencies that the Forex card supports. Ensure that it covers all the currencies you plan to use.
• Security: Look for a card that offers high levels of security, such as chip and PIN technology, two-factor authentication, and fraud protection. This will help keep your money safe while travelling.
• Reload options: Check the reload options available for the card. Some cards offer the option of reloading online or through mobile apps, while others require visiting a branch.
• Customer service: Look for a provider that offers good customer service. This can help you resolve issues or concerns using the Forex card.
• Travel insurance: Some Forex cards come with travel insurance, which can be helpful in case of emergencies. Check if the card you are considering offers this feature.

Overall, it is important to research and compare different Forex cards before making a decision. This will help you find a card that meets your needs and offers the best value for money.

What is the Difference Between Forex Cards & Credit Cards?

Forex cards and credit cards are both widely used in India for making transactions, but they have distinct differences and serve different purposes.

Factors	Forex Cards	Credit Cards
Purpose	Forex cards are primarily used for foreign currency transactions	Credit cards are used for domestic transactions
Currency	Forex cards are pre-loaded with a foreign currency	Credit cards are linked to your domestic currency
Usage	Forex cards can be used for making payments and cash withdrawals in foreign currency	Credit cards are used for making payments and cash withdrawals in domestic currency
Charges	Forex cards typically charge lower fees for foreign currency transactions compared to credit cards	Credit cards charge higher in comparison to credit cards.
Credit Limit	Forex cards do not offer any credit limit as they are pre-loaded with a fixed amount	Credit cards offer a credit limit that allows you to borrow money up to a certain limit
Interest	Forex cards do not charge interest as they are pre-loaded with a fixed amount	Credit cards charge interest on the outstanding balance if the payment is not made on time

Advantages of Using a Forex Credit Card for Foreign Travel

Some advantages of using a Forex card for foreign travel are listed below. 

• Convenient and secure
• Competitive exchange rates
• Rewards and discounts
• Emergency assistance
• Multi-currency facility.

Do’s and Don’ts While Using a Forex Card

Anyone owing a Forex card will benefit from acquainting themselves with some do’s and don’ts. These are given below. 

Do’s:

• Keep track of your balance and transaction history regularly.
• Use the card only at authorised foreign exchange dealers and ATMs.
• Set a PIN for your forex card and keep it confidential.
• Inform your card issuer immediately if your card is lost or stolen.
• Check the forex rates before making a transaction.

Don’ts:

• Share your forex card details with anyone.
• Use your forex card for transactions in countries where the currency is not loaded on the card.
• Use your forex card for illegal transactions.
• Use the card at merchants or ATMs that seem suspicious.
• Keep your card and PIN together, or write your PIN on the card

Conclusion

In conclusion, forex cards in India have become a popular choice for international travellers due to their convenience and security. They offer a hassle-free way to carry foreign currency and make transactions abroad. The forex card market in India has witnessed significant growth over the years, with multiple banks and financial institutions offering forex cards with varying features and benefits.