When choosing a Forex card in India, there are several popular options each with its own set of features and benefits:
- HDFC Bank Multicurrency ForexPlus Card: This card is praised for its broad acceptance and can carry 22 different currencies. It offers various security features including chip and PIN technology, and emergency cash delivery. Additional benefits include a backup card, insurance cover, and contactless payments
- Axis Bank Multi-Currency Forex Card: Known for zero cross-currency charges and the ability to load multiple currencies, this card also offers emergency cash assistance and insurance coverage. It features Visa’s payWave technology for faster payments
- ICICI Bank Travel Card: This card is also widely accepted and can be managed via a convenient mobile app, though it comes with some fees like a joining fee of Rs. 499 and an annual renewal fee
- BookMyForex Card: It offers zero markup exchange rates and can be loaded with 14 different currencies. It also features super fast card delivery, free reloads and unloads, and a very easy replacement process in case the card is lost or stolen
- Yes Bank Multi-Currency Travel Card: This card supports over 10 currencies and provides high security and low costs, including real-time SMS alerts on transactions. It’s suitable for those looking for an economical option with robust features
- Niyo DCB Global Card: This modern multi-currency card offers access to Visa’s entire network and is linked with a DCB bank account. It appeals especially to residents of Tier 1 and Tier 2 cities in India and has a joining fee of Rs. 200
Here’s a comparison of popular Forex cards in India in tabular format, highlighting their key features and fees:
| Feature | HDFC Bank Multicurrency ForexPlus Card | Axis Bank Multi-Currency Forex Card | ICICI Bank Travel Card | BookMyForex Card | Yes Bank Multi-Currency Travel Card | Niyo DCB Global Card |
|---|---|---|---|---|---|---|
| Currencies Supported | 22 | Multiple | 15 | 14 | Over 10 | 150+ |
| Issuance Fee | Rs. 500 + GST | Rs. 300 + GST | Rs. 499 + GST | Zero | Rs. 125 + taxes | Rs. 200 |
| Reload Fee | Rs. 75 | Rs. 100 + GST | Rs. 100 | Zero | N/A | Rs. 100 |
| ATM Withdrawal Fee | USD 2.00 | 0.5% of transaction amount | Varies by currency | USD 2 | N/A | First free, then Rs. 100 |
| Cross-Currency Charge | 2% | Zero | Varies | True zero markup | N/A | As per Visa rates |
| Special Features | Emergency cash, contactless payments | Emergency assistance, insurance | App management | Rate lock feature | High security, SMS alerts | Full Visa access |
| Insurance Cover | ₹5 lakh | Yes | Yes | Insured against loss | Yes | N/A |
Here’s a comparison of some popular Forex cards in India, considering factors like fees, currencies, and usability:
| Travel Style | Card Recommendation | Why it’s a good fit |
|---|---|---|
| Frequent Traveler (Multiple Currencies) | * Niyo Global Card by Equitas Bank * BookMyForex YES Bank Forex Card * Axis Bank Multi-Currency Forex Card | All offer multiple currencies, reload options for extended trips, and competitive rates. Niyo stands out with its 7% interest on a linked savings account. |
| Budget Traveler (Minimal Fees) | * Niyo Global Card by Equitas Bank * BookMyForex YES Bank Forex Card | Both have no forex markup fees, keeping conversion costs low. Niyo also avoids issuance fees. |
| Student Traveler | * ICICI Bank Student Forex Prepaid Card * | Designed specifically for students, it offers lower fees and basic features suitable for study abroad needs. |
| Convenience Seeker (Wide Acceptance) | * BookMyForex YES Bank Forex Card * | Co-branded with YES Bank for potentially wider ATM and store acceptance compared to other cards. |
| Frequent Flyer (Travel Perks) | * HDFC Bank Multicurrency Platinum ForexPlus Chip Card (Higher Tiers) * | Higher tiers of this card offer travel insurance and airport lounge access, ideal for frequent flyers accumulating benefits. |
Additional Considerations:
- Standard Chartered Forex Card: Renowned for good customer service and emergency cash assistance (charges may apply).
- Transaction Fees: While some cards avoid forex markup fees, check for transaction fees that might apply for ATM withdrawals or POS purchases.
- Inactivity Fees: Some cards may charge fees for non-use for extended periods.
List of charges applied on forex cards in india
Here’s a list of common charges that may be applied on Forex cards in India:
- Issuance Fee: This is a one-time fee charged when you first get the card. It varies depending on the bank and the type of card.
- Reload Fee: This charge is applied each time you reload money onto your Forex card.
- ATM Withdrawal Fee: Fees charged for withdrawing money from an ATM outside India. Some cards offer a few free ATM withdrawals.
- Cross-Currency Charge: This fee is applied if you transact in a currency that is not loaded on the card. This is usually a percentage of the transaction amount.
- Inactivity Fee: Some cards may charge a fee if the card is not used for a prolonged period.
- Balance Enquiry Fee: Fee charged for checking your balance at an ATM.
- Replacement Fee: If your card is lost or stolen and needs replacement, this fee is charged.
- Currency Conversion Fee: While loading funds into your card, a currency conversion fee might be applicable if you are converting domestic currency into foreign currency.
- Encashment Fee: Fee charged when you encash the balance on your card upon returning from your trip.
- Statement Request Fee: Some banks may charge a fee if you request a physical statement of your card’s transactions.