written by | November 3, 2022

Best Guide on Forex cards and Multi-currency cards in India

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Table of Content


A Forex Card is a hassle-free and more secure option in case of handling your Foreign Exchange while travelling abroad. The numerous benefits of a forex card appeal to people travelling abroad to not miss out on the slew of benefits Forex cards offer. Let’s get ahead and learn what Forex cards mean. The Forex Card is accessible to Indians and Foreign nationals in India. It can be issued to customers who maintain an account with Banks and non-customers.

Did you know? As many as 10 Private and Nationalized banks provide Forex cards to people travelling abroad, with each of them providing a different and unique set of features to cater for the needs of their customers.

Also read: Digital Payment Methods - Types & Benefits of Different Digital Payment Methods

What is a Forex card?

Forex cards, also called prepaid cards or prepaid travel money cards, are instant and ready-to-use cards instead of being considered a regional currency.  Although It is readily available in fixed proportions, There is a facility to instantly top-up the forex card according to the requirements of the cardholder. The advantage of using a Forex Card when abroad is that online transactions will not attract additional charges.

Use of Forex Card

Forex cards can be loaded up with the exact amount required and used similarly, just like a credit or a Debit card. These are considered useful as Forex cards help to pay in foreign currencies when you travel abroad.

Various Benefits of Forex card

There are various benefits attached to using a Forex card, which is as follows:

  • It is considered a safe option to handle foreign currency while you travel abroad
  • It is inexpensive, with minimal charges, compared to credit or Debit cards, and comes with various exciting offers like discounts and special privileges.
  • It is accepted worldwide and offers various international SIM cards free of cost. It also provides cash assistance and many other privileges to the cardholder.
  • Forex cards usually provide better rates for currency exchange than those provided by a traveller’s cheque or cash.
  • It is a simple and easily accessible payment method, as you only need to swipe your card to pay for items you wish to purchase.

Top 10 Best Forex cards available in India for international Payments

The top 10 Best forex cards in India for international payments are as follows:

  • World Traveller Forex card by Axis bank: 

Axis bank offers this card while being in association with Miles and more. It is considered one of the best forex cards for Indian travellers going on international visits. This card also comes with a free Miles and More membership. This card supports foreign currencies such as US Dollar, Euro, Saudi Riyal, Japanese Yen, Pound Sterling and many more.

  • Axis bank Multicurrency Card: 

Axis bank has developed a forex card for students willing to travel abroad for higher studies, vacations or college trips, termed the multicurrency forex card. Often considered the best Forex card for Students, As many as 16 various types of foreign currencies are supported in this card, and it comes in two distinctive styles- Contactless and images forex card. In a contactless forex card, you can wave the card and pay, and in an image forex card, you can add an image of your choice on the card.

  • Diners card by Axis Bank: 

This card allows you to stash up USD. This card covers medical treatment and ATM robbery up to a maximum limit of 3,00,000, providing insurance coverage in any case of theft or losing possession of the card. This card also gives the cardholder 2 points in each situation when the cardholder spends an amount of 5 dollars or more at any merchant store or shop outlet.

  • Forex card by Thomas Cook: 

Thomas cook provides two types of forex cards- A borderless prepaid card designed for travellers who like to travel often across the globe and a currency card with a single currency card where you can stash up on USD. These come up with insurance coverage and free replacement if the card is reported to be lost or stolen.

  • Multicurrency Forex card by IndusInd Bank: 

Curated specifically for people who love to travel to international destinations frequently, This IndusInd Bank Multicurrency Forex card can take up to 8 types of foreign currencies to spend in various countries. You can also use this card at over 1.5 million VISA and VISA plus ATMs across the globe, and you also don’t need an IndusInd bank account to get the Multicurrency Forex card.

Also read: Government Testing ‘UPI Lite’ for Payments without Internet

  • Single Currency Forex card by ICICI bank:

This card is the best choice if you are planning to visit any foreign country. You can reload any amount of the said currency in any of the ICICI forex branches or through their online platform. 

  • Multi-Currency Platinum Forex card by HDFC bank:   

This multicurrency forex card, provided by HDFC bank, allows you to carry with you as many as 23 different foreign currencies in a single card at a minimal currency fee of 2%. It comes with various benefits such as insurance coverage, global assistance, special offers and privileges for the cardholder. You can visit an HDFC Bank branch and get the multicurrency platinum Forex Card.

  • Multicurrency Forex card by YES bank: 

Those willing to travel to Multiple international destinations can certainly try the Multicurrency Forex card by YES Bank. The issuance fee for this Forex card is comparatively lower, and this card offers you as many as ten different foreign currencies at your disposal to use. Also, there are minimal cross-currency charges of 2.75%, which is the second lowest for an HDFC Forex card.

  • ISIC Student Forex Plus Card by HDFC Bank: 

This card was specially introduced for the requirements of students, and it comes with benefits ranging from discounts in over 130 countries on purchasing books or travel purposes. This card supports USD, Euro and sterling pounds. It comes with Insurance coverage, a complimentary international SIM card and protection from fraud. This card is considered one of the best Foreign Travel cards for students.

  • Foreign travel card by SBI: 

Considered one of the safest and hassle-free forex cards provided by the biggest nationalized bank of our country, The State Bank of India, this Foreign travel card can load up to 7 foreign currencies for meeting the needs and requirements of the cardholder. You can use this card to pay for various shops, hotels and restaurants. They also come up with 24/7 global assistance and security features to ensure consumers feel safe using foreign travel cards. This card supports US dollars, Pound Sterling, euros, Japanese Yen, Saudi Riyal, Singapore Dollars and many other currencies.

Also read: Payment Gateways - Understand Payment Gateways, Types, Limitations & more

Conclusion

The article was all about Forex cards, the benefits, and the best forex cards in India used for international payments. We hope that with the help of the information shared on this blog, You will be able to decide which Forex card you need for your next international visit to a single or various foreign countries.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting

FAQs

Q: Which Forex card is considered best for Students?

Ans:

ISIC Student Forex plus card is considered best for students since it provides discounts on purchasing books and travel in over 130 countries.

Q: State any 5 best forex cards in India for International Payments.

Ans:

Five best forex cards in India are:                                                                                                

1. World traveller forex card by Axis bank                                                                                          

2. Axis Bank Multicurrency card                                                                                                      

3. Forex card by Thomas cook                                                                                            

4. Multicurrency Forex card by YES Bank                                                                                   

5. Foreign Travel card by SBI

Q: State 2 benefits of Forex card.

Ans:

Two benefits of Forex cards are                                                                                                        

  1. It is considered a safe option to handle foreign currency while you travel abroad.                
  2. It is a simple and easily accessible method of payment, as all you require is to swipe your card to pay for items you wish to purchase.

Q: What are Forex cards?

Ans:

Forex cards also termed prepaid cards or prepaid travel money cards, is considered instant and ready-to-use card instead of being considered a regional currency.  Although It is readily available in fixed proportions, There is a facility to instantly top-up the forex card according to the requirements of the cardholder.

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.