Best Forex Cards In India For International Payments
The top Forex cards in India are:
-
HDFC Bank Forex Card: Diverse currency support
-
BookMyForex Card: Competitive rates, high withdrawal limit
-
Axis Bank Forex Card: Transparent fees, lounge access
-
ICICI Bank Forex Card: Competitive rates, discounts, insurance
-
SBI Bank Forex Card: Affordable, rewards, discounts
-
Bank of Baroda Forex Card: User-friendly, competitive rates
-
Niyo Global Card by Equitas Bank: No issuance fee, cashback, rewards
-
IndusInd Bank Multi-Currency Card: Convenient, lounge access
-
Yes Bank Multicurrency Card: Competitive rates, discounts, rewards
-
Standard Chartered Forex Card: Instant issuance, insurance cover
In this article, TU experts will discuss a variety of Forex card options available in India, outlining their distinct features, fees, benefits, and suitability for different traveler profiles. They'll delve into comparisons between different offerings, focusing on aspects such as currency support, transaction fees, security features, validity periods, customer support availability, and additional perks like travel insurance and reward programs. Furthermore, the discussion will extend to providing valuable tips on selecting the most suitable Forex card based on factors such as currency coverage, fee structure, security measures, validity duration, customer service accessibility, supplementary benefits, and user-friendliness.
-
How to Use a Forex Card in India?
You can use a Forex card like a regular debit card to make purchases, withdraw cash from ATMs, or pay for services abroad. Just ensure it's loaded with the currency of the country you're visiting.
-
Can a foreigner get a forex card in India?
Yes, foreigners visiting India can obtain a Forex card from authorized banks and financial institutions. They need to submit necessary identification and travel-related documents to apply.
-
Can I get a Forex card in India immediately?
While some providers offer same-day issuance and delivery options, obtaining a Forex card usually requires completing an application process and verification, which may take a few days.
-
Can a Forex card be used as a credit card?
No, a Forex card is preloaded with a specific currency or multiple currencies and works like a debit card. You can only spend the available balance on the card, unlike a credit card where you borrow money up to a credit limit.
Best Forex cards in India
HDFC Bank Forex Card
HDFC Bank ForexPlus cards provide a safe and convenient way to carry foreign currency when you travel abroad, ensuring you don't face any inconvenience while away from home.
| Key Features | Description |
|---|---|
Issuance Fee |
Rs. 1,000 + applicable taxes |
Currency Support |
Available in 10 widely accepted global currencies – AUD / AED / CAD/ CHF/ EUR / GBP / JPY / SGD / SEK and US Dollars, You may enjoy favorable exchange rates and avoid foreign currency mark-up fees |
Transaction Fees |
Competitive transaction fees ensure cost-effective usage during trips |
Cross-Currency Usage Fee |
Nominal fee applicable when transacting in a currency not loaded on the card |
Joining Fee |
No joining fee; accessible to all interested users |
Welcome Benefits |
Hassle-free access to foreign currency; eliminates the need for carrying physical cash |
How to Get the Card
-
Visit the HDFC Bank website or a nearby branch.
-
Fill out the application form provided.
-
Submit the necessary documents, including ID proof, address proof, etc.
-
Load the card with your preferred currencies.
-
Receive your personalized Forex Card.
Forex cards offered by HDFC Bank
| Forex Card Name | Key Features |
|---|---|
Regalia ForexPlus Card |
Zero Cross Currency conversion mark-up charges - Load in US Dollars and use anywhere - Complimentary Lounge access to international airports in India |
Multicurrency Platinum ForexPlus Chip Card |
Available in 22 currencies, including USD, Euro, and GBP Protection against Forex fluctuations in these currencies - Create different currency wallets and transfer balance using NetBanking |
HDFC Bank ISIC Student ForexPlus Card |
Accepted as a student identity card worldwide - Available in USD, Euro, and GBP - ATM withdrawal available in local currency |
HDFC Bank Hajj Umrah ForexPlus Card |
Specially created for the convenience of pilgrims - Protection against fluctuations in Saudi Riyal and Indian Rupee - ATM withdrawal in local currency available during travel |
BookMyForex Card
The BookMyForex YES Bank Card is a popular Forex Card in India. It's a partnership between YES Bank and BookMyForex, offering important services with very few charges.
| Feature | Description |
|---|---|
Issuance Fee |
Zero issuance charges, making it an attractive choice for travelers. |
Currency Support |
Load up to 14 different currencies on a single card, ensuring coverage whether you're in New York or Tokyo. |
BookMyForex offers interbank rates, guaranteeing the best deal without any hidden markups. |
|
Minimal ATM Fees |
Withdraw cash from ATMs abroad with minimal fees, saving you money while traveling. |
Free International SIM |
Stay connected with a complimentary international SIM card that includes unlimited incoming calls and WhatsApp chats, enhancing your travel experience. |
Digital & Paperless |
The entire booking process is seamless, fully digital, and hassle-free, simplifying your experience with no paperwork involved. |
Same-Day Delivery |
Receive your personalized Forex Card promptly with same-day delivery service, ensuring you're ready for your travels without delay. |
How to Get the Card
-
Go to the BookMyForex website or visit their nearest branch.
-
Fill out the application form they provide.
-
Give them the documents they ask for, like your ID proof and address proof.
-
Load the card with the currencies you want to use.
-
And that's it! Your BookMyForex Card is all set for your adventures around the world.
Other Key features of BookMyForex YES Bank Forex Card
| Feature | Details |
|---|---|
Renewal Fee |
Rs. 250 (if the cardholder is in India) and INR 3000 (if the cardholder is outside the country) |
Best Suited For |
Travel |
Reward Type |
Reward Points |
Welcome Benefits |
Rs. 200 discount on your first transaction with BookMyForex. Use Promo code-NEWTOBMF. |
Axis Bank Forex Card
The Axis Multi-Currency Forex Card is like having one big wallet that can hold 16 different currencies all at once. It's managed by Axis Bank, and you get a Visa or Mastercard that works with both chip and swipe technology. This means you can use it anywhere in the world.
Each currency you load onto the card is like having its own separate pocket in your wallet. So, if you're traveling to multiple countries, you can load different currencies onto the card and use them as needed.
| Feature | Description |
|---|---|
Issuance Fee |
Affordable fee of Rs. 300 (plus taxes) |
Currency Support |
Load up to 16 widely used currencies on a single card |
Shopping Convenience |
Use the card for shopping, dining, and transactions at the loaded rate |
Southeast Asian Advantage |
Enjoy lowered rates on Southeast Asian currencies |
Priority & Burgundy Benefits |
Issuance fee waiver of ₹300 for Priority or Burgundy customers |
Widely Accepted |
Accepted for booking tours, sightseeing, and dining experiences with ease |
How to Get the Card
-
Visit the Axis Bank website or a nearby branch.
-
Fill out the application form provided.
-
Submit necessary documents (ID proof, address proof, etc.).
-
Load the card with your preferred currencies.
-
Your Axis Bank Multi-Currency Forex Card is ready for your global adventures.
This below table provides a clear breakdown of the fees associated with the Axis Bank Multi-Currency Forex Card.
| Service | Fee |
|---|---|
Issuance fee |
₹ 300 |
Load/reload per transaction |
₹ 100 |
Add on Card fee |
₹ 100 |
Inactivity fee |
$5 USD or currency equivalent |
Cross currency conversion fee |
3.50% |
ICICI Bank Forex Card
| Key Features | Description |
|---|---|
Issuance Fee |
Zero issuance charges, making it appealing for travelers |
Currency Support |
Load up to 15 major global currencies on one card, including USD, EUR, GBP, CAD, AUD, JPY, and more |
Chip and PIN Security |
Enhanced security features ensure the safety of your funds during transactions |
Real-Time Alerts |
Receive SMS and email alerts for every transaction, keeping you updated on your spending |
Emergency Assistance |
ICICI Bank provides prompt assistance in case of any travel-related emergencies |
Comprehensive Travel Insurance |
Enjoy peace of mind with complimentary travel insurance coverage |
How to get the card
-
Visit the ICICI Bank website and hover over “Cards” in the top menu.
-
Click on “Credit Cards” and choose a card based on your income and preferences.
-
Click on “Know More” for the card you want and review its features.
-
Click on “Apply Now” to submit your application.
-
Alternatively, apply through internet banking, iMobile Pay app, or at any Forex branch.
-
Submit copies of your PAN card, Aadhar card, Passport (with Visa), and Form A2 along with the application form.
-
You can also buy the ICICI Bank Forex Prepaid Card online and receive it within 4-5 working days.
Charges and Fees for ICICI Multi-Currency Travel Card
| Fee Type | Amount |
|---|---|
Issuance Fee |
₹ 150 |
Currency Loading Fee |
₹ 100 |
ATM Cash Withdrawal Fee |
Varies |
Inactivity Fee |
$5 USD |
Overseas ATM Withdrawal Charges
| Currency | Withdrawal Fee |
|---|---|
US Dollar |
$2.00 USD |
Great British Pound |
£1.50 GBP |
Euro |
€1.50 EUR |
Thai Baht |
16.00 THB |
SBI Bank Forex Card
| Feature | Description |
|---|---|
Currency Support |
Load up to nine foreign currencies on a single card |
Chip and PIN Security |
The EMV-compliant card stores encrypted and confidential information, ensuring safety during transactions. |
Global Acceptance |
Withdraw local currency from over 2 million ATMs worldwide accepting Mastercard cards. Pay directly for goods and services at 34.5 million merchants wherever you see the Mastercard Acceptance Mark (excluding India, Nepal, and Bhutan) |
Exchange Rate Lock |
By loading your card, you lock in the value of your balance, avoiding exchange rate fluctuations while abroad. |
Online Management |
Easily manage your card online, check balances, and view transaction details. |
24/7 Global Assistance |
If your card is lost or stolen, contact the Card Services team immediately. An additional card is available for backup. |
How to get the card
-
Visit the SBI website or a nearby branch.
-
Fill out the application form.
-
Submit necessary documents (ID proof, address proof, etc.).
-
Load the card with your preferred currencies.
-
Your State Bank Foreign Travel Card is ready for your global adventures!
Fees and charges
| Fee/Charge | Amount |
|---|---|
Initial Card Issuance Fee |
Rs. 100 (plus GST) |
Annual Membership Fee |
None |
Reloading Fee |
Rs. 50 |
Foreign Currency Mark-up Fee |
None (for transactions in loaded currency) <br> 3% of transaction amount (for transactions in other currencies) |
ATM Withdrawal Fee |
USD 1.75 |
Bank of Baroda Forex Card
| Feature | Description |
|---|---|
Issuance Fee |
Zero issuance charges |
Currency Support |
Load up to three major currencies: GBP, USD, EURO |
Immediate Activation |
Card is activated instantly upon issuance |
3 Years Validity |
Validity period of three years from the date of issuance |
Mobile Application |
Convenient management through the mobile app |
Location-Based Offers |
Access to live offers based on your location while traveling |
Enable/Disable Anytime |
Control card usage by enabling or disabling it remotely |
Multiple Reloads |
Ability to top up the card with additional funds as needed |
How to Get the Card
-
Visit the Bank of Baroda website or a nearby branch.
-
Fill out the application form with your details.
-
Submit necessary documents such as ID proof and address proof.
-
Load the card with your preferred currencies.
-
Your Bank of Baroda TravelEasy Multi Currency Forex Card is now ready for your global adventures!
Fees and charges
| Category | Transaction Fee (INR) |
|---|---|
ATM Withdrawal |
0.9% of transaction |
Replacement Charges |
400-500 |
Charge Back Fee |
100-200 |
Refund Fee Per Currency |
250 |
Deduction on Expired Card |
400-500 |
Inactivity Fee |
400-500 |
New ATM Pin |
100-150 |
Cross Currency Transaction |
3% of Transaction Value |
Niyo Global Card by Equitas Bank
The Niyo Global Card is like having a special bank account that helps you save money and spend it when you travel to different countries. It's made possible through a partnership with Equitas Small Finance Bank. Here's what makes it special
| Feature | Description |
|---|---|
Zero Forex Markup Charges |
No additional charges for converting currencies during international transactions |
Multi-Currency Support |
Load the card with more than 130 foreign currencies for global travels |
TCS Exemption |
Spend up to ₹7 lakh abroad without worrying about Tax Collected at Source (TCS) |
Virtual and Physical Variants |
Choose between a virtual card (for online domestic transactions) and a physical card (for in-store purchases, ATM withdrawals, and airport lounge access) |
Easy Onboarding |
Seamless first-time experience through the Niyo app for managing account details effortlessly |
Insurance Cover |
Enjoy insurance coverage worth ₹5 lakhs by the Deposit Insurance & Credit Guarantee Corporation (DICGC), an RBI subsidiary |
How to Get the Card
Eligibility: The Niyo Global Card is exclusively available to Indian passport holders with a Niyo Global digital savings account.
Application Process
-
Visit the Niyo website or download the Niyo app: Access the Niyo platform through the website or by downloading the mobile app.
-
Fill out the application form: Complete the application form provided by Niyo, providing your personal details.
-
Submit necessary documents: Submit required documents such as identification proof and address proof along with the application form.
-
Choose your card variant: Select your preferred card variant, either virtual or physical, based on your usage preferences.
-
Load your preferred currencies: Load the card with your desired foreign currencies to start using it for international transactions.
IndusInd Bank Multi-Currency Card
| Feature | Description |
|---|---|
Issuance Fee |
Zero issuance charges |
Currency Support |
Supports up to eight major currencies: USD, EUR, AUD, GBP, SGD, SAR, CAD, AED |
Currency Conversion Charges |
No currency conversion charges |
ATM Withdrawals |
Two free ATM withdrawals per month per currency |
Validity |
Card remains valid for 3 years from the date of issuance |
Online Booking & Activation |
Card delivery and activation within 24-48 hours |
How to Get the Card
-
Visit the IndusInd Bank website or a nearby branch.
-
Fill out the application form.
-
Submit necessary documents like ID proof and address proof.
-
Load the card with your preferred currencies.
Yes Bank Multicurrency Card
| Feature | Description |
|---|---|
Issuance Fee |
Zero issuance charges |
Currency Support |
Load up to 15 foreign currencies on a single card |
Locked-In Exchange Rates |
Protect yourself from currency rate fluctuations by locking in foreign exchange rates |
Cross-Currency Usage |
Use the card seamlessly across different currencies without additional fees |
Online Account Management |
Easily manage your card through the customer care portal online |
Long Validity |
Card remains valid for 3 years from the date of issuance |
Easy Encashment |
Reuse unutilized funds for future trips or encash them conveniently |
24/7 Customer Service |
Round-the-clock assistance available for any queries or issues |
How to Get the Card
-
Visit the Yes Bank website or a nearby branch.
-
Fill out the application form.
-
Submit necessary documents (ID proof, address proof, etc.).
-
Load the card with your preferred currencies.
-
Your Yes Bank Multicurrency Travel Card is ready for your global adventures.
Standard Chartered Forex Card
| Feature | Description |
|---|---|
Multi-Currency Option |
Load up to 20 currencies for diverse travel destinations |
Contactless Card |
Convenient and secure payments with a simple wave of the card |
Insurance Cover |
Protection against card misuse, personal air accidental insurance, loss of baggage, and personal documents |
Duty-Free Shopping |
Utilize balance currency at duty-free stores in Indian airports |
Transaction Limits |
Set transaction limits instantly through the Forex Card portal |
Instant Issuance |
Enjoy instant issuance and activation at the branch for unparalleled convenience |
Savings Guaranteed |
Avoid cross-currency mark-up charges applicable on debit and credit card transactions overseas |
Backup Card |
Activate a free backup card for automatic fund retrieval in case of loss, theft, or damage |
How to Get the Card
-
Visit a Standard Chartered branch.
-
Provide necessary documents (eligibility details available on their website).
-
Complete the application process.
-
Receive your card kit, including the primary and backup cards.
Best Forex brokers
Your location is United States
If you would like to learn about the best brokers in your region, please use the “Find my broker” service.
Comparison of the basic parameters of the best Forex cards India in 2024
| Card Name | Card Issuance Ease | Fees and Charges | Withdrawal Limit | Welcome Benefits | Best For |
|---|---|---|---|---|---|
HDFC Bank Forex Card |
Easy |
Varies by type |
Varies by type |
Cashback, discounts |
Frequent travelers, online shoppers |
BookMyForex Card |
Convenient |
Competitive rates |
High withdrawal limit |
Discounts, offers |
Travelers, students |
Axis Bank Forex Card |
Hassle-free |
Transparent fees |
Generous |
Lounge access, offers |
Frequent travelers, luxury experiences |
ICICI Bank Forex Card |
Simple |
Competitive rates |
Flexible |
Discounts, insurance |
Tourists, business travelers |
SBI Bank Forex Card |
Straightforward |
Affordable |
Ample |
Rewards, discounts |
Budget-conscious travelers |
Bank of Baroda Forex Card |
User-friendly |
Competitive rates |
High withdrawal limit |
Discounts, offers |
International students, frequent flyers |
Niyo Global Card by Equitas Bank |
Quick and easy |
No issuance fee |
Generous |
Cashback, rewards |
Tech-savvy travelers, digital banking |
IndusInd Bank Multi-Currency Card |
Convenient |
Transparent charges |
Flexible |
Lounge access, offers |
Luxury travelers, shopping enthusiasts |
Yes Bank Multicurrency Card |
Effortless |
Competitive rates |
Ample |
Discounts, rewards |
Frequent travelers, shopping abroad |
Standard Chartered Forex Card |
Instant issuance |
Competitive fees |
Flexible |
Insurance cover |
All-purpose travel card |
How to choose a Forex Card
Here are some tips to help you choose a Forex Card:
-
Currency Support: Look for a card that supports the currencies of the countries you plan to visit. Having multiple currency options on a single card can save you from the hassle of carrying multiple currencies.
-
Fees and Charges: Pay attention to the fees and charges associated with the card, including issuance fees, transaction fees, ATM withdrawal fees, and currency conversion charges. Choose a card with reasonable fees that align with your travel needs.
-
Security Features: Opt for a card with robust security features such as chip and PIN technology, encryption, and fraud protection. This ensures the safety of your funds during transactions and minimizes the risk of unauthorized usage.
-
Validity Period: Check the validity period of the card. Choose a card that offers a longer validity period, preferably three years or more, to avoid the hassle of frequent renewals or expiration while you're traveling.
-
Customer Support: Consider the availability of customer support services. Look for a card issuer that provides 24/7 customer assistance, especially for emergencies like lost or stolen cards, card blocking, or fund retrieval.
-
Additional Benefits: Explore the additional benefits offered by the card, such as travel insurance, airport lounge access, reward points, or discounts on travel-related expenses. These perks can enhance your travel experience and provide added value.
-
Ease of Use: Lastly, consider the ease of use of the card. Choose a card that offers convenient features like online account management, mobile app accessibility, and easy reloading options, making it hassle-free to manage your finances while traveling.
Rules and Regulation
Licensing in India
In India, brokers are regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The former supervises foreign currency and the latter controls the stock market. The conditions for obtaining a license are: sufficient capital, a detailed business plan, compliance with rules and regulations, professional qualifications of key employees, and a professional reputation of the applicant.
Investor protection in India
To resolve disputes, traders can approach the RBI and SEBI that prevent fraud and dishonest activity in the securities market.
Taxation in India
Traders in India are subject to two primary types of taxes: direct and indirect. Direct taxes include a 5%-30% income tax. Capital gains tax is 15% for short-term profits and 10% for long-term ones. Trading income under 2.5 lakhs of Indian rupees is not taxable.
Expert Opinion
In 2024, choosing the right Forex card in India involves considering factors like currency support, fees, security, validity, customer support, and perks. It's essential to match the card's features with your travel habits and preferences to maximize benefits and minimize costs. While some cards offer competitive rates and rewards, others prioritize convenience with features like instant issuance and mobile app accessibility. Understanding these helps travelers make informed decisions, ensuring a seamless and cost-effective international travel experience.
Summary
In 2024, the best Forex cards in India cater to various needs, offering features like multi-currency support, competitive rates, and additional benefits such as lounge access and rewards. Top contenders include HDFC Bank, BookMyForex, Axis Bank, ICICI Bank, SBI Bank, Bank of Baroda, Niyo Global Card, IndusInd Bank, Yes Bank, and Standard Chartered. Applicants typically need to submit identification and address proof, with some cards offering instant issuance. Factors like currency coverage, fees, security features, validity period, customer support, and supplementary benefits influence card selection.
Team that worked on the article
Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).