zerodha

6 Best Forex Cards in India – 2022

There are three ways to spend money when traveling abroad – cash, credit card and forex card.

It’s difficult to find the best forex card.

Because some cards charge you a fixed amount of Rs 150 for issuing the card while others offer it to you for a higher fee of Rs 500. Some cards are single currency while others are multi-currency ones. Some are designed for frequent travelers while others are best for students.

To make your life easy I have compiled a list of best forex cards in India 2022 that will help you pick the right one based on your needs, ensuring a hassle-free journey.

You can check my complete guide on forex trading in India if you want to learn about forex trading.

Best Forex Card in India With Zero Markup

#1. Thomas Cook Forex Card

Thomas Cook Forex Card Review India

Thomas Cook is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services which included foreign exchange, corporate travel, insurance, visa & passport services . Forex card is one of these mainstream services offered by Thomas Cook.

For being the best in this line, Thomas cook regulates two variants of forex cards, a Borderless prepaid card (multicurrency card) & One currency card.

Borderless Prepaid Card

The Borderless Prepaid Card is a multiple currency card designed for customers who travel extensively across the globe.

Borderless prepaid card enables you to load eight currencies onto a single card which provides convenience while travelling to different countries.

The currency conversion fee with Borderless prepaid card is 4.25% which is on the higher side.

Currencies You Can Load

You can load eight currencies onto your Borderless card. These currency includes

US DollarsEuro
Australian DollarsBritish Pounds
Swiss FrancsCanadian Dollars
Singapore DollarsJapanese Yen

One Currency Card

One currency card is second variant of Thomas cook forex card which is a single currency card. The single currency you can load is the USD.

One of the biggest advantage of One Currency card is ‘zero currency conversion’. You don’t have to bear currency conversion charges when you require to convert your USD to pay in the local currency at the destination. This can be avoided by use of One Currency Card.

This card is valid upto 5 years. The maximum top allowed in the card is USD 10,000 and the minimum is as low as USD 100.

Card Fee & Charges (Both Cards)

  • Initial Load & Issuance Fee – Rs 150
  • Reload Fee – Rs 100

Benefits of Thomas Cook Forex Card ( Both Cards)

  • Insurance cover upto USD 10,000
  • Backup card available at zero cost.
  • Free replacement of lost or stolen card.
  • The card is chip and PIN enabled that comes with fraud protection.
  • ‘Thanks Again’ airport loyalty program that lets you earn points on purchases made at North America airports.

Check outBest forex broker in India 2022

#2. IndusInd Bank Multi Currency Forex card

IndusInd Bank Multi Currency Forex card is specially designed for the frequent international travellers who travel across different countries. You can load 8 of the widely used currencies to your card to spend in different countries. This makes managing multiple currencies on trips abroad relatively simple.

Besides, you can use this card at over 1.6 Million VISA / VISA Plus ATMs and merchant establishments in over 200 countries worldwide. In addition, this card offers dining privileges and secure transactions.

While travelling abroad, you would need a backup card in case your primary forex card gets lost. Indusind bank multi-currency forex card comes with a paired card kit option. It equips you with an extra back-up card  in case your primary card is lost.

Lastly, you don’t need to have an account with IndusInd bank to get this multi-currency forex card.

Fee & Charges

  • Issuance fee for chip single card  – Rs 150 (one time)
  • Issuance fee for chip paired card – Rs 250 (one time)
  • Reload Fee – Rs 100
  • Reactive Fee – USD 5
  • Cross Currency Fee – 3.5%

Currencies You Can Load

You can load up to 8 currencies on this card and travel globally without any hassle. The best part is that with just one ATM pin you can access your account online or withdraw funds from multiple currencies.

US Dollar (USD)Canadian Dollar (CAD)
Australian Dollar (AUD)Saudi Riyal (SAR)
Euro (EUR)Singapore Dollar (SGD)
British Pound (GBP)United Arab Emirates Dirham(AED)

Benefits of Indus Multi Currency Forex Card

  • Get 2 free ATM withdrawals per currency per month.
  • Hassle free refund process.
  • Get instant alerts for all the transaction made through your Forex card to avoid fraud.
  • Paired card kit equips you with an extra back-up card, in case your primary card is lost.

#3. ICICI Bank Single Currency Forex Card

ICICI Bank Single Currency

ICICI single currency forex card is a good choice if you are planning your visit to a single location. The best thing about this card is that you can reload it at any of the ICICI Forex branches, their online platform-Forex@Click, or through their iMobile app.

This forex card also provides benefits such as upto 20% discount on dining, shopping, and other expenses at merchant outlets across the globe, online account management facility, and a travel insurance cover of up to Rs 10,00,000.

You don’t need to have a savings or a current account with the ICICI bank for purchasing this ICICI forex card. You can avail this card through their online platform Forex@click and get a door delivery within 2 days.

Fee & Charges

  • Issuance Fee – Rs 150 (One time)
  • Reload Fee – Rs 100
  • Reactive Fee – USD 5 (for every 180 days of inactivity)
  • Cross Currency Fee – 3.5%

Currencies You Can Load

You can load the forex card with any of the below 9 currencies

US Dollar (USD)Singapore Dollar (SGD)British Pound (GBP)
Australian Dollar (AUD)Arab Emirates Dirham (AED)Canadian Dollar (CAD)
Euro (EUR)Swiss Franc (CHF)Japanese Yen (JPY)

Benefits of ICICI Forex Card

  • Up to 59% discount on dining, shopping, and stay.
  • Personal air accident cover (only death) upto Rs 10 lakhs.
  • Lost card Liability insurance cover upto Rs 2 lakh.
  • Loss of travel documents cover upto $500.
  • Hassle free refund.
  • Real-time account management.
  • Easily reloaded forex card online through Forex@Click or iMobile app

You must check outBest credit card for airport lounge access in India

#4. HDFC Multi Currency Platinum Forex Card

HDFC Bank Multi Currency Platinum Forex Plus Chip card allows you to carry 23 currencies on one single card at a currency fee of 2%, which is the least possible fee.

This card comes with an issuance fee of Rs 500 which is a little higher than other forex cards but is worth paying for given the benefits it offers. The benefits include insurance cover, least cross currency fee, global assistance, special offers, and much more.

One more thing is that you don’t need a bank account with HDFC Bank to purchase the HDFC Bank Multi Currency Forex Plus card. You can simply visit any HDFC Bank branch and purchase the card.

Fee & Charges

  • Issuance Fee – Rs 500 (one time)
  • Reload Fee – Rs 75
  • Re-active Fee – Rs 100
  • Cross Currency Fee – 2%

Currencies You Can Load

You can load up to 23 currencies on this card and travel globally without any hassle. The currencies are

US DollarNew Zealand DollarKuwait Dinar
Australian DollarHong Kong DollarQatari Riyal
Canadian DollarSingapore DollarBahrain Dinar
EuroOman RiyalKorean Won
UAE DirhamsJapanese YenSaudi Riyal
Sterling PoundMalaysian RinggitNorwegian Krone
Swiss FrancThailand BahtDanish Krone
Swedish KronaSouth African Rand 

Benefits of HDFC Multi-Currency Forex Card

  • Get 10% discount on booking a self-drive car through Europcar Rentals.
  • 15% discount on Airbnb reservations.
  • 40% discount at US store shopping and delivery to India.
  • Least cross currency fee.
  • You can add money to your forex card easily through net banking.

#5. Yes Bank Multi-Currency Travel Forex Card

Yes Bank Multi-Currency

Yes bank multi-currency travel forex card is a good option for those people who plan to visit multiple destinations abroad and don’t want to spend more money on card issuance fee. This forex card charges Rs.125 for issuance which is the lowest among all the forex cards in India.

Even with the lower joining fees, this card offers you 10 currency wallets and lower cross-currency charges of 2.75%. Cross currency charges are second lowest after HDFC forex card.

Besides, you don’t need to have a savings or a current account with the ICICI bank for purchasing ICICI forex card. You can simply visit any ICICI branch & can purchase the card.

Fee & Charges

  • Issuance Fee – Rs 125 (one time)
  • Reload Fee – Rs 100
  • Encashment Fee  – Rs 75 (every time)
  • Cross Currency Fee – 2.75%

Currencies You Can Load

This card can be used as a single card for 10 different currencies but the default currency on this card is United States Dollar. You can load these currencies at any of the Yes Bank Branches.

USD(United States Dollar)GBP (British Pound)
EUR (Euro)SGD (Singapore Dollar)
AUD (Australian Dollar)AED (UAE Dirhams)
JPY (Japanese Yen)CAD (Canadian Dollar)
HKD (Hong Kong Dollar)CHF (Swiss Franc)

Benefits of Yes Multi-Currency Forex Card  

  • Get upto 8% discount on Hotels.com
  • Second least cross currency fee after HDFC multi-currency forex card.
  • The card is valid for 5 years during which you can reload it and use it for multiple trips
  • Get card lost insurance coverage upto 3 lakh.
  • You can withdraw cash at any VISA/Mastercard ATMs across the world.
  • You can make payment on all international online merchant websites.
  • The card automatically chooses the currency wallet as per the local currency of transaction from the multiple available wallets on the card.

Best Forex Card For Indian Students

#6. Axis Bank Multi Currency Forex Card

Axis bank multi currency forex card

Students who travel abroad for studies or otherwise look to save money on every transaction they make-  from air fares, travel insurance, university fees to cash withdrawal from local ATMs.

So, from a forex services point of view, Axis bank multi currency forex card is the best option for students. This card offers special benefits to students such as 1% cashback on POS/ECOM transactions, no charges on ATM transactions, and complimentary TripAssist service.

Besides, the issuance charges & reload charges are waived off as well.

In addition, this forex card is of two types

1. Contactless Forex Card

Contactless forex card is powered by VISA’s payWave technology. With this card, you can pay by simply waving your card at a secured card reader. You don’t even have to hand over your card to any other person.

2. Image Forex Card

The Axis Bank Multi-Currency Forex card can be personalised by adding an image of your choice to the card. You can add your own image or you can choose from the designs available in axis bank image gallery.

Lastly, the forex card comes with a validity of 5 years and can be purchased without the need of an account with Axis Bank. You can simply walk into any Axis Bank branch and sign up for the card.

Fee & Charges

  • Issuance Fee – Rs 300 (one time)
  • Reload Fee – Rs 100
  • Reactive Fee – Rs 100
  • Cross Currency Fee – 3.5%

Currencies You Can Load

You can load up to 16 currencies on this card as seen below

USDEuroBritish PoundSingapore Dollar
Australian Dollar)Canadian DollarJapanese YenSwiss Franc
Swedish KronaThai BahtUnited Arab Emirates DirhamSaudi Riyal
Hong Kong DollarNew Zealand DollarDanish KroneSouth African Rand

Benefits of Axis Multi-Currency Forex Card  

  • Earn 2 points for every USD 5 or equivalent amount in any other currency spent on your card at merchant outlets.
  • Get minimum 15% off at various restaurants across the world.
  • Air travel insurance upto Rs 3 lakh.
  • Zero card lost liability.
  • Withdraw cash at any VISA/Mastercard ATMs across the world.

Special Offers for Students

If you are a student, then this card offers the following special benefits

  • Issuance/reload fee is waived
  • Earn 1% cashback on POS/ECOM transactions
  • ATM transaction fees is waived off
  • Complimentary TripAssist service
  • A discount of Rs. 750 on outward remittance

Here are some interesting points related to Forex Travel Cards

  • Banks issue forex travel cards at very low cost (Rs 150- 500).
  • The card will be loaded with foreign currency at today’s exchange rate. So you don’t have to worry about fluctuating currency rates.
  • Currency conversion fees is included in the price. HDFC bank charges least fee @ 2%.
  • You will not be charged any additional fees for purchases in shops and stores.
  • You can withdraw money from any ATM across the globe but will have to pay charges for cash withdrawal from an international ATM.
  • You cannot top-up the forex card abroad even if your bank has a branch there. You will have to contact the centre that has issued the card. A few banks provide option to reload your wallet through net banking.
  • As per RBI regulation, you cannot keep more than $2000 in your forex card.

Forex card vs International Debit/Credit card

If you compare forex card with an international debit or credit card, forex card is much better option than the other two for the following reasons

  • It is easy to apply and get as compared to the credit cards.
  • You can load multiple foreign currencies in one card for use abroad which is not possible with debit/credit card.
  • No currency conversion charges for shopping abroad by swiping forex cards.
  • Lower issuance fee.
  • Can get a replacement card without affecting your funds in case of loss or theft.
  • Lesser currency conversion fee charged.
  • Fixed exchange rate even in case of currency fluctuations in the forex market.

Conclusion (Which Forex Card is best for you)

You might have made your decision of which forex card is best for you depending upon your requirements. Incase, you are still confused after reading all the information, you can go through my below recommendations and chose what is right for you.

If you are looking for maximum currency wallets, lowest cross- currency charges, and a relatively lower loading charges then go for HDFC Bank Multi Currency Forex Plus Chip.

If you are looking for economy forex card with lower charges on everything more like a entry level/starter card, go for Yes Bank Multi currency Travel Chip Card.

If you are looking for single currency forex card you can purchase the ICICI bank forex card.

About Pardeep Goyal

I love to talk about money saving hacks (Credit Cards, Travel, Shopping, Taxes). I share transparently how I am making passive income and where I spend my money.

364 thoughts on “6 Best Forex Cards in India – 2022”

  1. I am planning to go to Vietnam this December.
    May I know which forex card will be best.What about international debit card.?

    Reply
  2. I’m going to Germany for my studies. So I will be staying there for atleast 2 years. Which card should I preferably choose ?

    Reply
  3. My daughter is going to UK (London) for study in the month of September 2019 for a period of one & half year course . Kindly let me know the which Forex card is beneficial to her while staying in UK. She having international debit card.

    Reply
  4. Hi,
    I am going to Kyrgyzstan for study.
    I have to pay fee in USD.
    Which card best for me also which card has low transaction charges?
    Also I already have axis visa card.

    Should I go for another card, as axis charge more I think.

    Reply
  5. Hi.
    I am going to Ireland with work permit for two years so what is the best card for me as I will withdraw money from ATM also.

    Reply
  6. Hi, I will be travelling to south africa for study, Which is the best travel card ? based on your review, Can I go with axis card?

    Reply
  7. I bought a Forex card from Axis Bank. Difficulties in getting back Rupeed against unspent balance at the current selling rate. Please help

    Reply
  8. Hi,

    I am not a frequent international traveler….let’s say once a year. And i am traveling to Singapore this month. What card would you recommend for me?

    Reply
  9. Hello, Thanks for an nice post, very helpful
    I will travelling to Singapore & Malaysia, wanted to check your views on using a Credit Card vs using a Forex Card for this travel
    Two queries,
    1. I have HDFC Bank’s Regalia Credit Card, it provides me foreign Currency Mark-up Fee of 2% on international transactions. The HDFC Bank forex card also has the same charges. Should I stick with Credit Card or use a Forex Card
    2. Is there any Forex card, where I can load Malaysian Ringgets?

    Reply
  10. I am studying abroad in russia is hdfc multicurrency forex card best for me
    Pls do suggest me low charges forex card

    Reply
  11. I want to go to Canada for two – five years as a student , so which card is best for me
    well from your aritcle i liked to choose Axis bank’s card but after reading some comment below the article i noted that you didn’t recommended axis bank’s forex card to anyone
    so please give me a best solution and also inform me that is this card useful at any banks atm & swip machine as well at any location in canada and for how much time it will be active

    Reply
  12. Sir I am a student and study in Kyrgyzstan for 5years. Which forex card is best for me to pay the rent,college fee ,and expenses during stay there.

    Reply
  13. Hey,
    I am travelling to Turkey next month. I also have a short-time layover in Oman. None of these options provide Turkish Lira. Which one do you think would be best and affordable for my 10 day trip to Turkey?
    Thanks in advance!

    Reply
  14. I am travelling to bali from Calcutta for 5 days for holiday, which card would be the best option and also of which bank??

    Reply
  15. Hi, I am going to the USA for my master’s. Which Forex card should I carry? I am looking for an economical card which charges low conversion and withdrawal fee. As I’ll be only in the USA, so even single currency forex card would also work.

    Reply
  16. I got student visa and going to USA . Does ATM withdrawal charges matter? Which criteria we should consider most? Also What about SBI forex card? and according to your suggestion, Which card will be best suitable for me?

    Reply
    • Axis multi currency card is for you. This card offers special benefits to students such as 1% cashback on POS/ECOM transactions, no charges on ATM transactions, and complimentary TripAssist service.

      Reply
  17. Hi iam traveling to Mauritius next week and will stay there for 1 week
    My hotel booking is done.I have HDFC regalia first(MasterCard)Credit card and SBI Credit card.
    Is it ok to use credit card or buy a forex card?
    Wi there be a fee everytime I swipe my credit card overseas?

    Reply
    • John.. Axis bank’s multicurrency card is good for students because this card offers special benefits to students such as 1% cashback on POS/ECOM transactions, no charges on ATM transactions, and complimentary TripAssist service.

      Reply
  18. Hey i am going to US for 3 years for studying MS. Can u pls suggest which bank forex card has maximum benefits for students?
    I was thinking of ICICI bank but would like to know from you which is good in terms of everything?

    Reply
    • Rashmi.. I would suggest you to go with Axis Multicurrency as it has no Atm withdrawl charges and other benefits like cashback for students.. You can compare ICICI, HDFC and AXIS from the article..

      Reply
  19. I PURCHASED THOMOS COOK MULTICURRENCY CARD(BORDERLESS PREPAID) ,BUT SORRY TO SAY VERY BAD EXPERIENCED FACING TODAY. AS I HAVE GIVEN REQUEST TO RELOAD THE AMOUNT ON 21.06.2019 FRIDAY MORNING TO MY AGENT DUE TO EMERGENCY ,BUT EVEN AFTER 3 DAYS I.E.ON 24.06.2019 AMOUNT IS NOT LOADED AND MY SON IS FACING FINANCIAL PROBLEM AT SPAIN. WHAT IS THE USE OF PREPAID CARD IF YOU CANNOT RELOAD IN EMERGENCY. I WOULD REQUEST ALL NOT TO BUY SUCH HOPELESS CARD FOR YOUR FOREIGN TOUR.

    Reply
  20. The AXIS bank forex card details for the student benefits need to be cross checked and updated accordinly. As per AXIS bank, the ATM transaction fee shall be levied and there is no 1% cash back.

    Reply
  21. Hi Pardeep,
    I have noticed that you have recommended HDFC Forex card for travel to Paris,Germany, berlin and switzerland at the top of the Comments.
    I had travelled to Germany in April 2016 and had taken along my HDFC Multicurrency Forex Card which carried the VISA Logo.
    However, I had a lot of issues in its usage as I found out that VISA & MC Cards are hardly accepted in Germany. On the contrary I found Thomas Cook Branches all over. I could not withdraw any EUROS from ATMs. Another drawback I faced was that while swiping at any POS it would not even ask me for my PIN. Which was a great security risk.

    I intend to travel to Germany and other European Countries soon again. Could you guide / comment which is the other best alternative.

    Am I correct in understanding that the currency conversion fee of 4.25% would be applicable only if I want to withdraw / spend in currency other than the one I have loaded onto the card. viz. If I take a thomas cook card loaded with EUROS and spend in EUROS itself in europe it would be done at par without any charges.

    Awaiting your reply,
    Thanks & Regards.

    Reply
  22. Hi, I’m travelling to prague for 5 weeks summer course. Could you suggest which forex card shall i take? With minimum cost

    Reply
  23. Is HDFC regalia forex card any good? I am travelling to the US this month and would like to get the best forex card available in terms of everything. Please help?

    Reply
  24. I am going to Singapore and Malaysia for 13 days with family… Please suggest what is the best forex option for me?

    Reply
  25. Hi i am traveling to France – Spain – Netherlands.
    Which will be the best card to use or shall i just stick with my current credit and debit card .. is it too expensive to use Indian issued debit card to withdraw local currency

    Reply
  26. Hi . Does any of these cards allow withdrawal of large amount , at a bank counter while abroad ? Eg . Go to a bank and withdraw 5000GBP in 1 day , instead of paying ATM withdrawl fees with a limit of 800 GBP each day ?

    Reply
    • you can not withdraw 5000 pounds in one go at any atm. if I am correct, maximum you can withdraw is 750 euro/pounds in one go.

      Reply
  27. How would you rate the SBI Foreign Travel Card vis-a-vis the others that you have researched and published? Pl share your views. Thank you.

    Reply
  28. I would be traveling to 3 cities Dubai, Sydney, and Singapore as a student, staying 3.5 months in each city. Can you please help me out finding the best forex cards for this purpose.

    Reply
  29. Can you please help me review BookMyForex forex card. They charge Rs 100 for issuance. They dont charge a reload fee. They dont charge unloading fee. There conversion rate also seems to be compititive . They said they have a tie up with Axis bank and the card issued is from Axis bank.
    Can you please also help review the forex card from BuyForexOnline as they seem to have better competitive rates than some of the cards discussed above.
    It would be very helpful if you could share your comments on these cards.

    Reply
  30. Hi, Pradeep nice article. can you please suggest me which would be the best card for me HDFC or forex from bookmyforex .You have not mentioned anything about book my forex can you please highlight on that? I am travelling to France ,Belgium ,Netherlands and Norway. From your article i could see its only hdfc that is providing Norwegian krona in multi currency forex card .

    Reply
  31. Hi,

    I am travelling to Canberra, Germany this summers(Mid-May to Mid-July). I’ll have to spend 1000-2000 AUD using that card during my time there. Please let me know the best possible option.

    Thanks:)

    Reply
      • My son is going to US, in August 2019, for study. He will stay there for next 2 to 4 years. His expenditure would be around 50000 USD per year.
        Which card would be preferred

        Reply
        • Hello Sir, I would suggest you to go for Indusind or HDFC bank Multi currency forex card, indusind will be the best.
          You can contact them and get more details, I’ll be using Indusind as it also provides with 3 Atm transactions free in the first month and a free airport transfer (discount of upto 300/-)

          Reply
  32. Hi,

    I am travelling to Paris,Germany,berlin and switzerland for a holiday trip from mumbai. Which is the best forex card to apply for? I may not go abroad soon after this trip. So just looking for 1time use

    Reply

Leave a Comment

Save Upto 90% on brokerageOpen Demat Account Now
Share via
Copy link
Powered by Social Snap