Last Updated: 16th Dec’22
There has been a striking increase in the number of Indians heading abroad for better work opportunities and recreational travel. With foreign travel becoming increasingly common among Indians, figuring out a hassle-free payment method is the need of the hour. Once you have estimated the costs of staying abroad and prepared a realistic budget, the next step is to decide how you are going to pay for your expenses conveniently.
“Debit card” is the first option that may pop up in the minds of most people. However, we cannot ignore that the usage of this traditional payment method results in hefty conversion charges which can take a huge toll on your pocket. Other methods of carrying foreign currency include credit cards and Global INR Cards like from Trip Money, which is denominated in Indian rupees. Since foreign trips involve frequent payments, they necessitate the need for investing in the best forex card which facilitates savings. Forex cards often come with fantastic discounts, which in turn create ample money-saving opportunities during international trips.
Also Read: What is Forex Card? Complete Guide
This blog will elaborate on the details of top 4 travel forex cards available in India to help you make the right choice with ease.
1) BookMyForex Travel Card
In a bid to simplify overseas payments, BookMyForex has rolled out its own Visa-powered Interbank rate multi-currency forex card, in partnership with YesBank. This true zero markup card is the perfect travel companion for students, travelers and working professionals alike. It can be swiped at merchant outlets and used for ATM withdrawals without hefty charges.
Number Of Currencies:
The BookMyForex travel card can prove to be a good choice for working professionals, students and vacationers who regularly travel to multiple destinations. BookMyForex Forex card can be loaded with 14 different currencies, and the exchange rates on the forex card remain fixed, unlike any INR-based debit or credit cards. Some of the currencies that are supported by BookMyForex travel cards are US Dollar, Pound Sterling and Euro.
Card Validity:
The validity period of BookMyForex travel cards ranges between 3 to 5 years. The expiry date is usually imprinted on the card just like debit/credit cards. After the validity period is over, the card will be subject to renewal.
Fees and Charges:
Among all the cards mentioned in this blog, BookMyForex travel cards have zero issuance, refund and reloading charges. The cash disbursement fee would be just 2% of the total transaction amount.
Card Security Features:
a) Rigid PIN protection: BookMyForex card guarantees ease and peace of mind to travelers. It ensures the safety of their hard-earned money from theft and counterfeits with its rigid PIN protection mechanism.
b) Instant email/SMS Notifications: You will receive an email and SMS as soon as you swipe your card. This is an automatic fraud prevention mechanism so that you can block the card temporarily if you notice any unusual transactions.
c) Direct blocking service: The direct blocking facility greatly contributes to the security of the BookMyForex travel card. In the event of your card getting lost, you can block it right away without seeking customer care’s help.
d) Emergency cash support: BookMyForex provides emergency cash assistance in almost all popular international cities. You can opt for this cash support if your forex card gets stolen or lost.
e) Free insurance cover: BookMyForex travel card is backed with a free insurance cover to safeguard you against losses resulting from theft, assault etc.
Other Important Features:
a) Forex card at Interbank Rate: BookMyForex forex card is available at an Interbank rate, hence it is a True Zero Markup Forex Card. Interbank forex rates are the rates at which banks deal with each other for currency exchange and are considered true foreign exchange rates. Moreover, this is a very transparent rate that anyone can find on the internet.
b) Contactless payment: Merchants in some countries allow only contactless payments. This is where the contactless payment technology of forex cards can come handy for paying at POS terminals with just one tap.
c) Zero margin loading rates: You can load your BookMyForex forex card with currency at zero margin rates. This feature can help you keep unnecessary charges at bay. Also, you can reload your card remotely no matter where you are.
d) Same-day doorstep delivery: BookMyForex offers a 100% paperless and digital booking system for its forex card. Moreover, you can even get your forex cards delivered to your doorstep the same day you order them.
e) Real Savings: With BookMyForex forex card, you can save up to 5% on debit/credit cards and 1% on global INR cards. As the exchange rate is locked, there are no rate surprises. There are also zero charges for issuance, reloading, unloading, or annual maintenance.
f) Instant notifications: Whenever you spend money on something using your forex card, you will receive instant notifications. Spending alerts can allow you to track your forex card balance. This feature will allow you to track your spending along with their INR equivalents.
h) Encash facility: When you come back from your international trip, you can encash the remaining balance in your card.
Also Read: International Travel Restrictions and Entrance Guidelines by Countries
2) Axis Bank Forex Card
The Axis Bank multi-currency forex card is aimed at Indians who travel abroad on a regular basis. The card offers solid protection against currency fluctuations, thereby helping you maximize savings. This card can greatly simplify your everyday purchases in foreign countries.
Number Of Currencies:
Gone are the days when people had to reload their forex card with a new currency at the time of visiting a foreign country. The Axis Bank multi-currency forex card is capable of being loaded with 16 currencies like the Great Britain Pound, Canadian Dollar etc with locked-in exchange rates.
Card Validity:
This forex card from Axis has a long validity period of 5 years. This means that you can travel the world for 5 years straight without having to renew your card.
Fees And Charges:
For getting your card issued, you will have to pay a flat fee of 300 INR. Keep it in mind that the issuance charge is not inclusive of GST. Priority and Burgundy customers enjoy an issuance fee waiver of ₹ 300. Apart from this, the reloading charges amount to 100 INR. For encashment upon returning from your trip, you will again have to pay 100 INR. The cross-currency markup fee is 3.5%.
Card Security Features:
a) Unique built in secret key: As a result of this secret key, a unique code is generated each time a contactless transaction is performed. Also every transaction is securely authorised.
b) Emergency assistance: If your forex card happens to get lost, you can seek emergency assistance with a single call. You can block your card and use emergency cash to manage expenses and book your return flight.
c) Replacement of card: A replacement or delivery of emergency cash/card to the user’s overseas location if the card has been lost or stolen, or if the card has been replaced.
d) Insurance coverage facility: Axis bank forex card features an insurance that covers up to 3,00,000 INR for lost, stolen or counterfeit cards. There would be a coverage of up to 60,000 INR in case of robbery or ATM assault for which an FIR has been filed.
Other Important Features:
a) Contactless payment technology: Boasting Visa’s payWave technology, 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.
b) Fully Paperless journey: You can apply for your card online in three easy steps, completely paperless and from the comfort of your home. You can get a forex card delivered to your home or you can pick it up from a branch the same day.
c) Personalized design: Axis bank gives you the golden opportunity to customize your card based on your preferences. You can either go with a personalized image or take your pick from the available designs.
d) Regular transaction alerts: You can opt for regular transaction alerts by registering your contact details and email with the bank.
e) Attractive Discounts: When you reload via the Internet or Mobile Banking, you’ll get a 30-paise discount on the exchange margin if you’re an Axis Bank Account holder. You can make reservations for dining, tours, and sightseeing with a widely accepted card.
3) HDFC Bank Forex Card
Forget about refilling your card with different foreign currencies every now and then as the HDFC bank forex card has the solution to this problem. HDFC Bank offers different types of forex cards for travellers to carry foreign currency abroad. Offering support for multiple currencies, the forex card from HDFC is backed by chip technology which makes transactions incredibly secure.
Number Of Currencies:
You can use the HDFC Multicurrency Platinum ForexPlus Chip Card to pay for your shopping and dining needs across countries. It can support a total of 22 currencies including Japanese Yen, Swedish Krona and Saudi Riyal.
Card Validity:
HDFC multi-currency Forex Cards come with an expiry of about 3-5 years.
Fees and Charges:
The issuance fee of the HDFC ForexPlus card is 500 INR. Every time you reload your card, you will have to pay 75 INR. Also, you will be charged a flat fee of 2 USD for ATM withdrawals overseas.
Card Security Features:
a) PIN protection and worldwide acceptability: HDFC bank forex card boasts high-end security elements and comes with robust PIN protection. Also, it is accepted worldwide at merchants and ATMs affiliated with Visa and Mastercard.
b) Emergency cash assistance: In case your card gets stolen or fails to work at merchant outlets, HDFC bank can provide you with emergency cash assistance.
c) Temporary card blocking: You can temporarily block/unblock your forex card by connecting with HDFC bank phone banking executives at any time of the day. Alternatively, you can use the prepaid net banking facility to block your card temporarily, especially when it has been stolen or lost.
d) Seamless tracking facilities: HDFC bank offers both SMS and email alert facility to ensure seamless tracking of your card. You can receive alerts on your registered mobile number regarding forex card purchases, withdrawals, wallet transfers etc.
e) Insurance coverage: You can get coverage up to 5,00,000 INR for losses resulting from the misuse of your card. Similarly, there is coverage of 50,000 INR for lost baggage and up to 20,000 INR for passport reconstruction. In the case of road/rail accidents (death cover only), the coverage amount is up to INR 200,000/- and in the case of air accidents (death cover only), the coverage amount is up to INR 5,00,000.
Other Important Features:
a) Contactless Tap & Pay: A built-in PayWave technology allows you to make contactless payments at retail outlets with the HDFC Bank Multi-currency ForexPlus Card. Payments can be made securely by waving the card within 4 cm of the machine.
b) Conveniently change ATM PIN: The good news is that you can conveniently change your ATM PIN from the comfort of your couch. You just have to leverage the prepaid net banking facility to change the ATM PIN.
c) Fixed Exchange Rates: When you make a transaction in a currency that is available on the card, you will be protected from fluctuations in the foreign exchange rate.
d) Support for online E-commerce transactions: HDFC forex card offers support for payments on online shopping portals. You may have to complete a two-factor authentication and enter your forex card’s net banking PIN to validate online e-commerce transactions.
e) Online Currency Management: Using the Prepaid Card NetBanking facility, you are able to conveniently add a currency and then transfer the balance from one currency to another.
f) Quick reload facility: There are various ways to reload your HDFC bank forex card. You can either head to a nearby bank branch or use the mobile banking app to reload your travel forex card.
g) 24 x 7 Personal Concierge / Referral Services: HDFC Bank’s Multi-currency ForexPlus Card offers Global Concierge Services and Referral Services to enhance your international travel and business experiences.
4) ICICI Bank Forex Card
With the ICICI bank forex card, you can make hassle-free payments abroad and pave the way for a memorable travel experience. As surprising as it may sound, this card functions the same way as a debit card. The only difference is that the money is deducted straight from your forex card’s balance.
Number Of Currencies:
The ICICI bank forex card is deemed an all-in-one solution for international travel as it can be loaded with 15 currencies. Some popular foreign currencies it supports are the Swiss Franc, Australian Dollar, Euro and the UAE Dirham.
Card Validity:
The long validity of this card makes it a must-have companion for travelers who frequently embark on long vacations. The card will be valid for 60 months, i.e., 5 years from the date printed on the card.
Fees and Charges:
For getting your ICICI bank forex card issued, you will have to pay a joining fee of 150 INR. Similarly, reloading charges equal to 100 INR. You will also be subject to 3.5% cross-currency markup charges. Take note that all these above-mentioned charges are non-inclusive of GST.
Card Security Features:
a) High-end security: ICICI bank forex card boasts high-end security to keep you safe against theft and fraudulent practices. The card features a solid chip and PIN security for added protection.
b) Free replacement card: Get your replacement card activated immediately if your primary card is stolen, lost, or damaged.
c) Travel Insurance: The forex cards offered by ICICI banks come with travel insurance, ensuring your complete security when traveling abroad.
d) Secured Transactions: Through 3D secure authentication, you are assured of the highest level of security for your transactions.
e) Emergency travel assistance: ICICI bank offers emergency travel assistance when your forex card is lost or stolen.
Other Important Features:
a) Instant activation of forex card: Your ICICI bank forex card gets activated for making payments the moment you purchase it. You can instantly load your card with the desired amount of money without any waiting period.
b) Automatic selection of currency wallet: It must be noted that there are multiple wallets available on the ICICI forex card. The card is equipped with smart technology that recognizes the transaction currency and automatically selects the right currency wallet. If the selected wallet runs out of balance, the remaining amount is debited from the wallet of another currency at real-time rates. Hence, the card also supports transfer of funds from one digital wallet to another.
c) Buy/Reload/Refund Online: Buy your Forex Prepaid Card from the comfort of your home and get it delivered to your doorstep. Additionally, reloading or unloading is just a click away.
d) Self-care portal: The ‘Self Care Portal’ allows you to manage all your Forex Prepaid Card services at one-stop without having to visit a branch. With the Self-Care Portal, you can monitor your spending, block/unblock cards, reset ATM PINs, transfer funds from one wallet to another, and much more.
e) Exclusive Discounts: ICICI Bank Forex Prepaid Card offers amazing discounts on dining, shopping, accommodations, and much more while traveling overseas. For those last-minute souvenirs for family and friends, use your Forex Prepaid Card balance at Duty Free stores when returning from an international trip.
Factors 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. RBI has clearly stipulated that Indians travelling abroad can carry foreign currency up to a maximum of 3000 USD. Also, the overall foreign exchange limit for each person is 2,50,000 USD or equivalent per financial year. Once you return home from your trip, you can encash the remaining balance in your forex card. On top of this, you should check whether any special charges are associated with your respective card. Generally, you will not have to shell out extra bucks for swiping your card at merchant outlets. However, you may have to bear a nominal fee for availing services like balance enquiry, card replacement, statement request etc.
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. See to it you get in touch with the card issuing authority and inquire beforehand to confirm whether the card accords with your spending plans.
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 schedules etc. Ensure you keep your card’s helpline number handy by jotting it down somewhere. In case you forget your card’s PIN, you can dial the helpline number to follow up with support agents to initiate PIN generation as fast as possible.
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, International SMS Alert Charges, Charge Slip Retrieval Charges, Inactivity Fees, etc. If you are getting a forex card, make sure to ask your service provider about these charges so that you don’t end up paying more. Consider switching to another service provider if the charges seem unreasonable.
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 cover your card offers.
BookMyForex Travel Card vs Other Bank Forex Card: A Comparative Analysis
| Parameter | BookMyForex Prepaid Card | Other Bank Forex Card |
|---|---|---|
| Load/Unload at Zero-Margin | Available | Not Available |
| Issuance Fee | Zero fee | ₹350 and above |
| Contactless Payment | Available for free | Available but at extra cost |
| Direct Block Feature | Available | Not Available |
Takeaway
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 is no dearth of forex card providers nowadays, you should make the final selection keeping in mind all the vital points discussed above.
No forex card provider in the market can provide you with the same level of affordability, security and convenience as Bookmyforex’s travel card. The best forex card in India offered by BookMyForex is accepted across 1 million E-commerce sites and over 30 million stores globally.
Related Resources:
What is Forex Card? Complete Guide
Benefits of Forex Card for Students and Travellers
How to Apply for Forex Card? Steps & Documents Required
How to Reload & Unload Forex Card? Steps & Documents Required
Charges and Usage Limits of Forex Card
Tips for Using a Forex Card While Travelling
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