Summary: Discover the top 10 Forex cards in India for your international travel in 2024! Our team of experts has evaluated different forex cards in India based on various features and criteria to provide an unbiased ranking. Choose the best forex card of 2024 for your specific travel needs!
Also, Listen to Our Latest Audio on the Best Forex Cards in India!
When traveling abroad, a Forex card is the most convenient and affordable way to make payments abroad. In this blog, our team of experts has carefully assessed and compared the top 10 best forex cards of 2024, available in India. We have considered essential factors like exchange rates, issuance fees, withdrawal limits, reload/unload fees, and additional features each card provides. We aim to equip you with the necessary information so you can pick the best forex card that suits your specific travel needs.
What are Forex Cards and how are they comparatively better than other payment options?
Are you planning an international trip? If so, you’ll need to decide how you’ll pay for your expenses while abroad. Well, a forex card is the best payment option for international travel. It’s a prepaid card that you can load with foreign currency before you leave India. This means you won’t have to worry about carrying cash, and you’ll avoid high foreign transaction fees.
Additionally, a Forex card is typically linked to interbank/mid-market exchange rates, ensuring you get the best rate for currency exchange. Unlike regular credit or debit cards that may charge network rates on foreign transactions, most forex cards come with zero forex markup on mid-market rates, meaning no extra charges on international spending.
Here’s how a forex card is better than other payment methods:
1. A convenient and secure alternative to carrying cash
2. Equipped with chip-and-PIN technology for enhanced security
3. The exchange rate can be locked at the time of loading the card
4. Widely accepted by millions of merchants and ATMs globally
5. Often comes with zero issuance and annual charges
6. Zero rate fluctuations once the card is loaded
7. Comes with a user-friendly mobile app for spend management
8. Suitable for online transactions and multi-currency options available
9. 2-6% savings compared to credit cards or debit cards
Types of Forex Cards
To cater to diverse traveler needs, there are different types of forex cards available, broadly classified into two categories:
1. Single currency forex card: Designed for a specific currency, this card allows the preloading of funds and subsequent reloads as needed.
2. Multi-currency forex card: This card supports multiple currencies and can be preloaded accordingly. Both financial institutions like banks and online forex platforms offer such cards with multi-currency options.
Now that you know everything about forex cards, let’s explore the best forex cards available in 2024 and their rankings, but first, let us take a look at the ranking criteria.
Our Ranking Criteria for Choosing the 10 Best Forex Cards in India
By evaluating each forex card against the below-mentioned criteria, we aim to provide travelers with an unbiased and comprehensive ranking to help them choose the best forex card that suits their specific requirements for international travel.
1. Card Issuance Ease: How easy is it to apply for and receive a Forex card? Some cards have a lengthy application process, while others can be issued online quickly.
2. Card Delivery: How long does it take to receive a Forex card after you apply? Some cards are delivered on the same day, while others may take two to three days.
3. Reload/Unload Process: How easy is it to reload or unload funds on a Forex card? Some cards have a complicated reloading process, while others have a digital and instant reloading process.
4. Fees and Charges: What are the different fees associated with using a Forex card? We have evaluated various fees like issuance fees, transaction fees, annual maintenance fees, etc.
5. Exchange Rate: What is the exchange rate offered by the Forex card? We have compared the rates with prevailing base rates to determine markups in rates.
6. Rate Lock Feature: Does the Forex card offer a rate lock feature? This allows users to lock in their desired forex rates.
7. Withdrawal Limit: What is the withdrawal limit for the Forex card? We have reviewed the maximum daily withdrawal limit per day or per transaction.
8. Expense Management: Does the Forex card offer any expense management features? This could include features like tracking your spending or setting spending limits via a mobile app.
9. Replacing a Lost or Stolen Card: How easy is it to replace a lost or stolen Forex card? We have reviewed the process and ease of getting a replacement card in case of loss or theft.
10. Card Security: How secure is the Forex card? Some cards have advanced security features, while others may be more vulnerable to fraud.
11. Hot Deals on Forex Card: Does your Forex card include exclusive offers? Many forex card providers offer introductory deals or promotions to attract new customers. These can include cashback or discounts, vouchers, reward points, etc.
Top 10 Best Forex Cards in India for 2024
Whether you are a frequent traveler or planning a one-time vacation, a Forex card provides a convenient and efficient way to manage your foreign currency transactions abroad. Based on our ranking criteria, the following are the top 10 best forex cards in India for 2024:
| S . No. | Best Forex Cards in India | Rating |
|---|---|---|
| 1 | BookMyForex Zero Markup Forex Card | 4.6/5 |
| 2 | Axis Bank Multi-Currency Forex Card | 4.4/5 |
| 3 | HDFC Bank Multi-Currency ForexPlus Card | 4.2/5 |
| 4 | IDFC Bank Multi-Currency Forex Card | 4.1/5 |
| 5 | IndusInd Bank Multi-Currency Forex Card | 4.1/5 |
| 6 | ICICI Bank Contactless Multi-Currency Forex Prepaid Card | 4.0/5 |
| 7 | Standard Chartered Multi-Currency Forex Card | 3.9/5 |
| 8 | SBI Bank Multi-Currency Foreign Travel Card | 3.8/5 |
| 9 | Bank of Baroda Multi-Currency Forex Card | 3.7/5 |
| 10 | Kotak Mahindra Bank Forex Travel Card | 3.4/5 |
Please find the details below for each of these top forex cards:
BookMyForex Card
BookMyForex card is proven to be the ultimate forex card for international travelers. The card can be used in 150+ countries without any hassle, and the exchange rates on the card remain fixed, unlike any INR-based debit or credit cards. BookMyForex Multi-Currency Forex Card is available at the exact interbank/mid-market rate, hence it is India’s true zero markup forex card. The card is accepted globally at 35+ million stores, 1+ million e-commerce websites, and 2+ million ATMs.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Very easy to apply, 24*7 online booking option, no account opening is required, quick issuance | 4.8/5 |
| Card Delivery | Super fast delivery, Same-day doorstep delivery of the card | 5/5 |
| Reload/Unload Process | Free reloading and unloading, Digital and instant reloads available via the BookMyForex App | 5/5 |
| Fees and Charges | Issuance Fee: Zero, Annual/Inactivity fee: Zero, Reload/Unload fee: Zero Replacement fee: INR 250, ATM Withdrawal fee: USD 2 or eqv | 4.4/5 |
| Exchange Rate | Interbank-linked exchange rates, true zero markup* rates | 5/5 |
| Rate Lock Feature | Book Now & Pay Later option available, lock-in rates for up to 3 days. No rate fluctuations once the card is loaded | 4.8/5 |
| Withdrawal Limit | USD 7,500 or eqv limit for POS/ Ecommerce/Cash Advance, USD 1000 limit or eqv for ATM Cash Withdrawal | 4.1/5 |
| Expense Management | Manage transactions using the BookMyForex App, Real-time tracking and sorting of transactions, Secure online transactions with disposable virtual cards, Nearby ATM tracker and so much more | 4.6/5 |
| Replacing a Lost or Stolen Card | Easy replacement process, Insured against lost card liability, skimming, phishing, counterfeiting, and Internet banking fraud, minimal replacement charges | 4.5/5 |
| Card Security | Chip-and-PIN enabled, SMS alert feature, bank-grade security, free insurance cover | 4.8/5 |
| Hot Deals on Forex Card | Book your card via BookMyForex App and get up to 1500 OFF, Get a free international SIM with your Forex card order, Make a card unboxing video and win a gift hamper worth Rs 3000, Grab BookMyForex personalized Forex card for FREE, Enjoy amazing Visa offers on travel, dining, shopping, and more | 4.5/5 |
Overall Rating: 4.6/5
Axis Bank Forex Card
The Axis Bank Multi-Currency Forex Card is aimed at Indians who travel abroad regularly. The card offers protection against currency fluctuations, thereby helping you maximize savings. The Axis Bank multi-currency forex card can be loaded with 16 currencies. Boasting Visa’s payWave technology, the Axis Bank forex card can save plenty of your precious time while making payments. Instead of swiping your card, you just have to wave it in front of the merchant terminal and the payment will be completed.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Hassle-free issuance process, Apply online or visit any Axis Bank branch, the documentation process can be slightly lengthy | 4.2/5 |
| Card Delivery | 3-4 working days, dispatched via reliable courier services | 3.6/5 |
| Reload/Unload Process | Login to Axis Mobile Banking App or Internet Banking to reload, The Reload fee is Rs.100.00 + GST | 3.5/5 |
| Fees and Charges | Issuance Fee: 300+GST, Annual/Inactivity fee: USD 5 or eqv, Reload/Unload fee: 100+GST, Replacement fee: USD 3 or eqv, ATM Withdrawal fee: 0.5% of transaction amount | 3.5/5 |
| Exchange Rate | 2.50% markup over base rates | 3.5/5 |
| Rate Lock Feature | Book Now & Pay Later option is not available while booking, however, no rate fluctuations once the card is loaded | 4/5 |
| Withdrawal Limit | USD 10,000 or eqv limit for POS/ Ecommerce/Cash Advance, USD 1000 limit or eqv for ATM Cash Withdrawal | 4.5/5 |
| Expense Management | Manage transactions using the Axis Mobile App, and check balance either online or via the app itself | 4.4/5 |
| Replacing a Lost or Stolen Card | Customer support team to block the lost or stolen card, replacement card to be provided within 7-8 working days | 3.9/5 |
| Card Security | Unique built-in secret key, Emergency assistance, insurance coverage | 4.7/5 |
| Hot Deals on Forex Card | Get up to 1500 INR discount, earn 500 welcome bonus points | 4.5/5 |
Overall Rating: 4.4/5
HDFC Bank Forex Card
HDFC Bank offers different types of Forex cards for travelers namely HDFC Bank ForexPlus Card, HDFC Bank Multicurrency Platinum ForexPlus Chip Card, and HDFC Bank ISIC Student ForexPlus Card. Out of these cards, the HDFC Bank Multi-Currency ForexPlus Card is the most popular, ensuring a hassle-free and secure travel experience. Offering support for multiple currencies, this card from HDFC is also backed by chip technology which makes the card incredibly secure.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Both online & offline application modes available, issuance is not free | 3.5/5 |
| Card Delivery | For an HDFC Bank Savings Account customer, the card is delivered within 3 working days. For others, it can take up to a week | 3/5 |
| Reload/Unload Process | Visit the HDFC Bank branch or use Internet Banking to reload the card, Reload fee is Rs.75.00 + GST | 3.5/5 |
| Fees and Charges | Issuance Fee: 500+GST, Annual/Inactivity fee: N/A, Reload/Unload fee: 75+GST, Replacement fee: 85+GST, ATM Withdrawal fee: USD 4 or eqv | 3.5/5 |
| Exchange Rate | 2-3% markup over base rates | 3.6/5 |
| Rate Lock Feature | Book Now & Pay Later option not available, rates get locked only when the currency is loaded | 4/5 |
| Withdrawal Limit | Daily limit of USD 5000 or eqv for ATM Cash Withdrawal | 4.5/5 |
| Expense Management | Easy online Card management using Prepaid Card Netbanking | 4.5/5 |
| Replacing a Lost or Stolen Card | HDFC Bank PhoneBanking to be informed the replacement card gets activated. Be sure to avail backup card facility during card application | 4.1/5 |
| Card Security | Robust PIN protection, emergency assistance, insurance coverage | 4.6/5 |
| Hot Deals on Forex Card | Complimentary Lounge access to international airports in India | 4.3/5 |
Overall Rating: 4.2/5
IDFC Bank Multi-Currency Forex Card
The IDFC Bank Multi-Currency Forex Card is also designed for international travelers who require access to multiple currencies on a single card. Offering protection against currency fluctuations, it enables users to load up to 14 different currencies. With Mastercard’s contactless technology, transactions are quick and secure, enhancing the overall travel experience.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | The issuance process is straightforward, Applications are available online or at any IDFC Bank branch. | 4.3/5 |
| Card Delivery | The card is delivered within 4-6 working days | 4.1/5 |
| Reload/Unload Process | Card can be reloaded at the authorized branch, Reloading and unloading can also be done via IDFC Bank's Mobile Banking App or Internet Banking. | 4.2/5 |
| Fees and Charges | Zero Issuance fee, Zero Reload/Unload fee, Replacement fee: 200+GST, ATM Withdrawal fee: 1.5 USD | 4.0/5 |
| Exchange Rate | 3.25% markup over base rates | 3.5/5 |
| Rate Lock Feature | Rate is locked only when the card is loaded, and not while order booking | 3.3/5 |
| Withdrawal Limit | Daily withdrawal limits apply; 5000 USD or equivalent | 4.0/5 |
| Expense Management | Track transactions and check balance through NetBanking or the IDFC Bank Mobile App | 3.9/5 |
| Replacing a Lost or Stolen Card | Replacing a Lost or Stolen Card: | 4.2/5 |
| Card Security | PIN & Chip secured, emergency assistance available, 24*7 helpline and assistance service | 4.6/5 |
| Hot Deals on Forex Card | Earn 1000 reward points with your forex card, Get a Free International SIM card | 4.2/5 |
Overall Rating: 4.1/5
IndusInd Bank Multi-Currency Forex Card
The IndusInd Bank Multi-Currency Forex Card is another good option for international travelers, offering the ability to load up to 14 currencies on a single card. With this card, you can avoid currency fluctuations and enjoy the ease of contactless payments using Mastercard’s PayPass technology. You can also withdraw cash from any VISA-enabled ATM globally.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Both Online & Offline Application Processes, Customers don't need an IndusInd Bank account to purchase the card. | 4.3/5 |
| Card Delivery | Card delivered within 24–48 hours after you've ordered it online | 4.4/5 |
| Reload/Unload Process | Card can be reloaded and unloaded by visiting the IndusForex portal, Visiting an IndusInd Bank branch is another option | 4.5/5 |
| Fees and Charges | Issuance Fee: INR 150+GST, Annual/Inactivity fee: USD 3 or eqv per quarter, Reload/Unload fee: INR 100+GST, Replacement fee: N/A, ATM Withdrawal fee: USD 2 or equivalent | 3.4/5 |
| Exchange Rate | 3.5% markup over base rates | 3.2/5 |
| Rate Lock Feature | locks in the exchange rate only at the time the card is loaded | 3.7/5 |
| Withdrawal Limit | Rs.7 lakh daily limit/ POS withdrawal limit | 4.2/5 |
| Expense Management | IDFC FIRST Bank's mobile app can be used with their multi-currency forex card | 4.3/5 |
| Replacing a Lost or Stolen Card | Block the card and report to the bank on their customer care number about the lost/stolen card, A replacement card is provided already in the welcome kit | 4.4/5 |
| Card Security | PIN & Chip secured, emergency assistance available, transaction alerts in real-time, online tracking | 4.4/5 |
| Hot Deals on Forex Card | Get 10% cashback up to Rs. 250 on hotel bookings, Get free airport transfers worth up to Rs. 300. | 4.0/5 |
Overall Rating: 4.1/5
ICICI Bank Contactless Multi-Currency Forex Prepaid Card
Whether you are a student, a frequent traveler, or a corporate professional, ICICI Bank has a Forex card that suits your needs. The Bank offers a range of forex cards that cater to the needs of individuals traveling abroad. Their contactless multi-currency prepaid forex card is designed to provide a convenient and secure way to carry foreign currency while traveling to multiple countries. With this forex card, customers can easily make payments and also withdraw cash in the local currency of the country they are visiting.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Online Application Process, ICICI Bank account is mandatory | 4.2/5 |
| Card Delivery | The shipping time is 48-72 hours. Card to be delivered within 4-5 working days. | 3.6/5 |
| Reload/Unload Process | Instant reload facility, Visit the HDFC Bank branch or use Internet Banking or iMobile App to reload the card, Charges to be applicable | 4.5/5 |
| Fees and Charges | Issuance Fee: 150+GST, Annual/Inactivity fee: 299+GST, Reload/Unload fee: 100+GST, Replacement fee: USD 3 or eqv, ATM Withdrawal fee: USD 2 or eqv | 3.2/5 |
| Exchange Rate | 3.5% markup over base rates | 3/5 |
| Rate Lock Feature | Book Now & Pay Later option not available, no other information available | 2.5/5 |
| Withdrawal Limit | Daily limit of USD 2000 or eqv for ATM Cash Withdrawal | 3/5 |
| Expense Management | Online Card management using the iMobile App | 4.5/5 |
| Replacing a Lost or Stolen Card | ICICI Bank Customer Care to be informed, Free replacement card, balance to be transferred to the Secondary Card. | 5/5 |
| Card Security | High-end security, Emergency travel assistance, travel insurance | 4.7/5 |
| Hot Deals on Forex Card | Get ₹1000 voucher on loading $1000 or equivalent foreign currency in ICICI Bank Forex card, Get a Free Int’l SIM card for your travel abroad, Get complimentary Lounge access, 5% cashback on all airline and hotel spending, BookMyShow voucher and Uber voucher worth Rs 500. | 5/5 |
Overall Rating: 4.0/5
Standard Chartered Forex Card
The Standard Chartered Multi-Currency Forex Card is a prepaid travel card offered by Standard Chartered Bank, designed to provide a secure and convenient way to carry foreign currency while traveling abroad. It allows you to load up to 20 different currencies on your card. The Forex Card is also equipped with chip-and-PIN technology to enhance security and protect against fraudulent transactions.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Online Application Process, Standard Chartered Bank account may be required. | 3/5 |
| Card Delivery | No information available on the Standard Chartered website about card delivery | 1/5 |
| Reload/Unload Process | Reload the Forex card at any of the branches locally or through online banking | 4.5/5 |
| Fees and Charges | Issuance Fee: INR 299, Annual/Inactivity fee: USD 5 or eqv, Reload/Unload fee: Zero, Replacement fee: INR 349, ATM Withdrawal fee: USD 2 or eqv | 3.5/5 |
| Exchange Rate | 3.5% markup over base rates | 3/5 |
| Rate Lock Feature | Book Now & Pay Later option not available, Exchange rate is locked once you load the card | 3.5/5 |
| Withdrawal Limit | Daily limit of USD 2000 or eqv for ATM Cash Withdrawal | 3.1/5 |
| Expense Management | Online Card management using SC Mobile App or Online Net Banking | 4.3/5 |
| Replacing a Lost or Stolen Card | Report to the bank about a lost/stolen card, Raise a card replacement request | 3.6/5 |
| Card Security | Chip-and-PIN secured, pre-loaded insurance cover | 4.3/5 |
| Hot Deals on Forex Card | Use the balance currency on your Multi-Currency Forex Card at Duty-Free stores at any Indian airport | 4.0/5 |
Overall Rating: 3.9/5
SBI Bank Multi-Currency Foreign Travel Card
The SBI Bank Multi-Currency Foreign Travel Card is a secure and convenient way to carry currency while traveling abroad. Designed to meet the needs of frequent travelers, it offers various features and benefits that make it an ideal choice for managing foreign currency transactions. The card is widely accepted at millions of Visa/Mastercard merchant establishments worldwide, except for Nepal and Bhutan. It is issued in association with VISA International and MasterCard Asia/Pacific Pte. Ltd.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Both Online & Offline Application Processes, lengthy and time-taking | 3.6/5 |
| Card Delivery | Standard delivery time: 7-10 working days, express delivery: 2-3 working days, but an additional fee is applicable | 3.2/5 |
| Reload/Unload Process | Card can be reloaded only at any authorized branch | 2.7/5 |
| Fees and Charges | Issuance Fee: INR 100+GST, Annual/Inactivity fee: USD 1.5 or eqv, Reload/Unload fee: INR 50+GST, Replacement fee: INR 100+GST, ATM Withdrawal fee: USD 1.75 or eqv | 3.6/5 |
| Exchange Rate | 3% markup over base rates | 3.6/5 |
| Rate Lock Feature | Book Now & Pay Later option not available, exchange rate locked-in when you load the card | 3.7/5 |
| Withdrawal Limit | Daily limit of USD 10,000 or eqv for ATM Cash Withdrawal and USD 10,000 eqv for POS | 4.8/5 |
| Expense Management | Card management using Online Net Banking only | 4.0/5 |
| Replacing a Lost or Stolen Card | Report to the bank about the lost/stolen card, A replacement card will be issued (subject to location), and may arrange for funds in case of an emergency | 3.5/5 |
| Card Security | Good safety features, PIN & Chip secured | 4.2/5 |
| Hot Deals on Forex Card | ISIC (International Student Identify Card) Membership, International SIM card with a 28-day validity period and up to 5 GB of data | 4.3/5 |
Overall Rating: 3.8/5
Bank of Baroda Multi-Currency Forex Card
The Bank of Baroda Multi-Currency Forex Card is another secure option for travelers to manage foreign currency while abroad. With its multi-currency support, chip and PIN security, and worldwide acceptance, it provides a hassle-free travel experience. The Forex Card supports contactless payments, allowing users to make quick and secure transactions for purchases by simply tapping the card on a compatible Point-of-Sale (POS) terminal.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Offline Application Process, Can be purchased by both account holders and non-account holders. | 3.7/5 |
| Card Delivery | Same-day delivery of the card, card to get activated after 1-2 days | 4.7/5 |
| Reload/Unload Process | Card can be reloaded only at any authorized branch | 2.7/5 |
| Fees and Charges | Issuance Fee: INR 150+GST, Annual/Inactivity fee: USD 5 or eqv, Reload/Unload fee: INR 50+GST, Replacement fee: USD 5 or eqv, ATM Withdrawal fee: 0.9% of the transaction amount | 3.8/5 |
| Exchange Rate | 3% markup over base rates | 3.6/5 |
| Rate Lock Feature | No information available on the bank’s website | 2.3/5 |
| Withdrawal Limit | No Information available about the daily limit on the bank’s website | 2.2/5 |
| Expense Management | Forex card can be managed using the bank’s mobile app | 3.8/5 |
| Replacing a Lost or Stolen Card | Report to the bank about the lost/stolen card, A replacement card will be issued on request | 4.1/5 |
| Card Security | PIN & Chip secured, emergency assistance available | 4.2/5 |
| Hot Deals on Forex Card | Get FLAT 6% OFF on Domestic & International Flights, and FLAT 5%OFF on Dubai Visa, Get FLAT 20% OFF on MRP across the whole range of grills, accessories, and consumables, etc | 4.8/5 |
Overall Rating: 3.7/5
Kotak Mahindra Bank Forex Travel Card
The Kotak Mahindra Bank Forex Card may be a convenient solution for frequent international travelers, offering the ability to load 13 currencies on one card. It provides protection against currency rate fluctuations and ensures a hassle-free experience. The card also offers purchase protection insurance, lost card liability insurance, air accident insurance, and more.
Features & Benefits with Ratings
| Features/Benefits | Details | Rating |
|---|---|---|
| Card Issuance Ease | Online Application Process, Kotak Bank account is mandatory | 4.2/5 |
| Card Delivery | Choose to have the card delivered to your doorstep or pick it up from a branch | 3.8/5 |
| Reload/Unload Process | Reload funds via Kotak Net Banking or the Mobile Banking app. Contact the card issuer by mail to unload the funds | 3.7/5 |
| Fees and Charges | Issuance Fee: 250+GST, Annual/Inactivity fee: N/A, Reload/Unload fee: 275+GST, Replacement fee: USD 20 or eqv, ATM Withdrawal fee: USD 2 or eqv | 2.5/5 |
| Exchange Rate | 3.5% markup over base rates | 2.9/5 |
| Rate Lock Feature | Exchange rate is locked in when you load a Kotak Bank forex card | 3.5/5 |
| Withdrawal Limit | Daily limit of USD 2000 or eqv for ATM Cash Withdrawal | 2.8/5 |
| Expense Management | Online Card management using the Kotak Mobile Banking App | 3.8/5 |
| Replacing a Lost or Stolen Card | Contact Kotak Mahindra Bank to report the loss overseas, File a claim for fraudulent transactions, Get a replacement card after visiting any Kotak branch | 2.8/5 |
| Card Security | High-end security, Emergency travel assistance, Lost card liability insurance | 4.2/5 |
| Hot Deals on Forex Card | No active offers on the card | 1/5 |
Overall Rating: 3.4/5
Tips to Consider Before Buying a New Forex Card
Make sure you consider these factors before buying a new Forex card for your next trip to get the best value for money.
a) Be aware of RBI guidelines and other charges involved
It is important that you familiarize yourself with the latest RBI guidelines and other charges ensuing your card’s usage. The overall foreign exchange limit for each person is 2,50,000 USD or equivalent per financial year.
b) Daily spending limit of the Forex card
The card you are planning to purchase might come with a spending cap. Once the spending limit of your card is exhausted, you will not be able to use it anymore for that particular day.
c) Card activation and PIN generation
You should always ask your Forex card provider how long it would take for your card to get activated from the date of purchase. You can also inquire about card reloading time, delivery schedule, etc.
d) Check the Fees and Charges
There are different fees and charges associated with forex cards such as Card issuance fees, Replacement Card Fees, Cross Currency Mark-up Charges, Inactivity Fees, etc. Make sure to check with your service provider about these charges.
e) Check Insurance on Your Card
As with credit cards, forex cards also provide some insurance coverage. Insurance may cover you against personal injury, baggage loss at the airport, and card fraud. Verify with your service provider to check what type of insurance coverage your card offers.
f) Cash Withdrawal abroad using an ATM
Make sure the Forex card allows you to withdraw cash from easy-to-get ATMs abroad without charging you a fortune. Even better, if cash withdrawals are free of charge.
g) Card Linked to a Mobile App
Having a mobile app that allows you to check transactions and manage your Forex card makes foreign exchange and travel much easier. Some providers may not offer a dedicated app so it is important to check this factor.
h) Number of Currencies Supported
Rather than having multiple single currency cards for global currencies, it is easier to have a single forex card that enables you to hold multiple currencies. Choose a Forex card that offers access to more currencies without incurring additional fees.
How to Apply for A Forex Card in India?
Applying for a forex card is a pretty straightforward process; you can apply for it online through various banks, fintech platforms, and major forex card players. Note that for banks, you may have to sometimes visit a bank branch for the desired card. It is best to apply for the card online via forex platforms as they offer cards with specific perks and benefits. Just open the respective website, submit the necessary documentation using the online portal, and make the payment. And your forex card will be delivered to your doorstep.
Wrapping up
People go abroad for a variety of purposes like availing healthcare facilities, building lucrative careers, exploring tourist spots, etc. Since international travel comes with a plethora of expenses, a Forex card can work miracles for making overseas payments faster and simpler. While there are so many best forex card providers nowadays, you should make the final selection keeping in mind all the vital points and rankings discussed in the blog.
Leave a Reply