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 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 Dollars | Euro |
| Australian Dollars | British Pounds |
| Swiss Francs | Canadian Dollars |
| Singapore Dollars | Japanese 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 out – Best 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 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 out – Best 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 Dollar | New Zealand Dollar | Kuwait Dinar |
| Australian Dollar | Hong Kong Dollar | Qatari Riyal |
| Canadian Dollar | Singapore Dollar | Bahrain Dinar |
| Euro | Oman Riyal | Korean Won |
| UAE Dirhams | Japanese Yen | Saudi Riyal |
| Sterling Pound | Malaysian Ringgit | Norwegian Krone |
| Swiss Franc | Thailand Baht | Danish Krone |
| Swedish Krona | South 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 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
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
| USD | Euro | British Pound | Singapore Dollar |
| Australian Dollar) | Canadian Dollar | Japanese Yen | Swiss Franc |
| Swedish Krona | Thai Baht | United Arab Emirates Dirham | Saudi Riyal |
| Hong Kong Dollar | New Zealand Dollar | Danish Krone | South 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.
I m going for study purpose to Kazakhstan which card is better for me.
Mohammad, go for Axis bank multicurrency and load with USD.
Which forex card has the minimum ATM withdrawal charges?
For going to Singapore and Thailand which forex card is useful ?
SK Sharma, HDFC multicurrency forex plus is a good option.
I make travel plans every year. Which card is best suited?
Also buying single currency cards will exchange rates impacte?
Nancy it depends on which country you are travelling to.
Hi,
I asked in axis bank for multi currency forex card for student but they told me there isn’t any product like this.
Please suggest from where can i get axis bank student card.
Raxit, Axis bank was giving cashback offer to students earlier, now they are giving 10% cashback up to USD 100 equivalent on POS/Ecom transactions
You can apply here
Hi, i am a student and got accepted in an Australian university to do my masters which is for 2 years. I have an account in south indian bank which offers thomas cook forex cards, also a canara bank international debit card option and also a hdfc card. Im confused to choose which one is right for my use as an student.
Check out Axis bank multicurrency card, This card offers special benefits to students such as 1% cashback on POS/ECOM transactions and no charges on ATM transactions.
I am going to srilanka for a visit, which forex card should i go for?
My son is studying in Antigua.
Which card would be good for him to use there.
I’m going to Thailand for a months internship, I’m a student
which one would be useful
Hitesh you can go for Axis multicurrency forex card.
I’m traveling to Spain to attend a wedding and the duration of the trip is just about 7 days so which card would u recommend?
Go for Thomas Cook multicurrency card..
Traveling to the US for a holiday, need a card I can use for renting cars, booking internal flights etc which card would you recommend?
Hey Jason, Thomas Cook Single currency card would be great for you.
going to Srilanka which card should i opt for.
My son is going to Slovakia for Mechanical Engineering course. Which Forex card you recommend.
Thanks
Altaf, Thomas cook multicurrency card is a good option.
Hii am planning to migrate New Zealand. So should I need this forex card to use there??
Sabore, I would recommend HDFC Multicurrency card.
Hi, I am travelling to Germany on a tourist schengen VISA for 3 months.
I will be staying in Germany primarily but will be making few trips across europe. Which forex card is best suitable for me?
Animesh … Thomas Cook Borderless card will work for you.
Hi Pradeep,
I am traveling to Dubai and from there I will be going to Denmark and France so which card do you suggest?
HDFC Multicurrency forex plus will be highly useful… Dev.
Hi. Traveling to Austria france and Switzerland on a 15 day trip in oct 19. Please suggest best out of Icici, niyo or hdfc foreX cards. Or any other option
HDFC forex is the best.
Hi Pradeep
I have moved to Canada for Permanent residents and my plan to move case in the forexcard form and in that when I reached there and opens my bank account I should transfer my money in to account through card for that which card is best for me
Chirag.. Axis bank’s multicurrency card you can use.
NIYO GLOBAL CARD is the best card forex card till date.
NO conversion charges
No joining charges
Best currency rate : Live VISA Rate
Hi, i am travelling to Thailand in December. I see HDFC card is best for me, but what i am confused and curious to know about is carrying cash (and getting it exchanged from INR to Bhatt is better or Forex Card).
Which is more better option?
Nitin, I have my experience to share. That would be handy for you – https://staging.cashoverflow.in/foreign-travel-currency/
AT
I’m travelling to china for a 2week, for business purpose .which
forex card shall I buy????
No forex card for chinese currency Tarik… However you can use Thomas cook single currency to load US dollars and then convert into yuans in china
I am going on a vacation to Vietnam and have plans for out of india every 1 or 2 years. Which forex card should i be going for.
Sai, Hdfc multicurrency forex plus is the best.
Hi
I see no forex card loads Israeli currency. So, should I load with US dollar ?
In that case, should I first convert Indian rupee to dollar ?
What is the best option ?
Yes you have to convert Indian rupees into US dollars. You can use Thomas cook single currency card.
I’m Deepak and i’m going to south africa for studies so which forex card is better. Kindly help me
Deepak go with Axis bank’s multicurrency card. I will be a good option for you.
I’m travelling to singapore for a week, which forex card shall I buy? I will be needing only Singaporean dollars.
Hdfc forex plus is the best. Pooja.
My son has gone for job in oman. He will need funds for survival as salary will come after 2 months. Which forex card is best for him .what will be its validity and can I get it prepared here in india and despatch it to him in muscat
HDFC forex plus multicurrency provides facility to load Oman Riyal.
How are these forex cards as compared to Niyo cards offered in the market. Can you please suggest which would be better.
Nitesh… I will do research on Niyo and will update in my article. Thanks for suggestion.
Hi, I am student going Canada for higher studies, which forex card is better?
Go for Axis multicurrency card.
I guess I have made my choice! Thank you for laying down the features and charges of the various cards. I was going towards SBI earlier, but now I think I would bring with me the HDFC Multicurrency with USD and SGD (because I have a layover in SINgapore) for using in Jakarta.
Thank you once again 🙂
Awesome.. 🙂
I am travelling to Saudi Arabia, let me which forex card is good in this region.
Thanks
Ahmed, Hdfc forex plus is recommended
I’m going to Bali for one week and will also need some Singapore dollars to spend at the airport. Do you recommend Hdfc card? I have an account with Hdfc bank
Yes Hdfc multicurrency would work for you.. Thomas.
HI Pradeep, At the outset, thanks for the extremely informative and useful blog.
Kindly advise on the following:
1. I will be travelling to Vietnam for one month.
2. My wife is travelling to Japan for 15 days.
We both hold HDFC Bank Regalia Credit Cards.
Which Forex Cards should we take for our respective travels?
Regards and thanks
Col Narinder Singh
Col. Narinder ji, you can opt for HDFC Multicurrency forex plus.
I’m planning to travel to Brazil for 6months and, I might need to withdraw cash from ATM more often than POS purchases. In this case which card do you suggest me?
Venkat,
No forex card loads Brazilian currency (Real). You can go for single currency card from Thomas cook and load with dollars which you can use to withdraw from local ATMs in Brazil.
I am going to join job in singapore, so will only require money from my side until my bank account is created (which will took few weeks), than i will transfer money from my Indian bank to singapore bank . So what would you suggest for me to carry cash/debit card/forex card ?
Hdfc forex plus you can use hitesh
Thanks Pradeep
I am going for vacation to Mauritius in December. U have mentioned that Thomas Cook’s single currency card is not having any currency conversion charges then how HDFC is better when it charges 2%. Also which card should I prefer.
Hey Ashutosh,
You can load only US Dollars in Thomas cook but if you want to load Indian rupees then Thomas cook will not work..
And among Indian banks Hdfc charges the minimal..
Hello sir,
Iam goin to australia for masters so please suggest me which forex card is good in australia with less charges as well for withdraw
Vipul, go for Hdfc Multicurrency forex card as it has lowest forex conversion charges..
Hi.
I have to travel to Switzerland in November so which forex card is good for me?
Hey Sachin.. You can go for Hdfc Multicurrency card due to its low charges..
i am going to Bali this year. which card will suit me the best?and is it possible to load money in U.S Dollars and use it in Indonesia?
Yes.. Use Thomas cook single currency card for loading US dollars and use them in Indonesia..
I am going to italy for higher studies . Which should i prefer?
Axis Bank Multi Currency Forex Card will be a great choice.
Hi Pradeep,
I am traveling to Dubai and from there I will be going to Denmark and France so which card do you suggest?
Dev,
You should go for HDFC forex plus, multicurrency card.
Hi.. I am going to Hong Kong, Australia and Singapore in October and November this year.. I am a student… Which forex card will be best suitable for me?
Thanks..
Hey varun, Axis Multicurrency or HDFC multicurrency card.. Both are good but your being a student prefer Axis otherwise go for hdfc..
Hi.. I am going to Hong Kong, Australia and Singapore in October and November this year.. I am a student… Which forex card will be best suitable for me?
Thanks
Axis bank multicurrency should be your first choice or go for hdfc multicurrency card..
I’m going to Scandinavian countries, some of which have currencies other than Euro. Which card would be the best option?
Hdfc multicurrency card allows you to convert into Scandinavian currency (Krone)..
I am travelling to Bali, please let me know which one would be better or any other alternative options.
Go for Hdfc multicurrency
Hi,
I am not a frequent international traveler….let’s say once a year. And i am traveling to Russia this month. What card would you recommend for me?
Use Thomas cook single currency card. load with USD and convert into local currency in Russia.
Hi,
I am going to Canada permanently next month. I need to carry a forex card with me. So I can use it in beginning for the time being I don’t get a active Canadian bank account. In which I can transfer my funds from Indian bank afterwords. And my transit stay will be in Europe and may I will be spending some there also. So should I carry multi currency card or single one. With some cash Euro’s??
Harkaran, Multicurrency card will be beneficial for you. I would suggest to go for Hdfc forex plus.
i am going to canada for 6 months , will require canandian dollars and usd . pls guide me
Thomas Cook one currency card (it has zero currency conversion charges) and you have to load in USD and when you require to convert your USD to pay in the local currency at the destination, there’s no conversion fee.
otherwise, Go for Hdfc multi-currency card.
planning for a trip to berlin- prague – amsterdam for 10-12 days. hich card would be the best for me? thanks
Thomas Cook Multicurrency card would be best for you Anoop.. Because it is widely accepted in germany and europe
I am travelling to Thailand for work for a year .
so I just need some INR to be exchanged to Thai BAHT and USD.
What do you suggest ?
Go for Hdfc forex plus card to load Indian rupees and convert them into Baht in Thailand.
I am going to Hong Kong for job n will be staying there for 2 yes, which card I should take, pls advice
Krishna, since Hdfc multicurrency forex plus allows to load Honkong dollars, that would be the best for you.
I’m going to UK for a year of study. I intend on carrying maximum amount through Forex card and minimum cash withdrawal charges. Which card would you suggest?
Hey Preeti..
Go for Axis multicurrency card.. It is for specially for students..
I am going to Portugal for 3 months for business trip. I’ll also be exploring other countries in Europe. Please suggest which card will be suitable?
You can use Hdfc multicurrency card as it has low forex conversion rate and it also allow you to convert to Scandinavian currencies if you are going to such countries..
Which card is best for a short leisure trip to Bali, Indonesia?
You can use Thomascook single currency card. Load USD in Thomas cook and convert to IDR while on the trip without any conversion charges.
PS
I forgot to add, I am already holding HDFC Bank Regalia Credit Card.
Will Forex Card add significant benefit, or should I use my above Credit Card?
Regards / NS
Hi Pradeep,
My compliments to you on your extremely informative Website and Online advise.
I will be going to Vietnam for a month plus in October.
I expect my total approx. spend to be Rs 1 Lakh, of which I propose:
1. Taking Rs 45K in USD
2. Balance in Forex Card.
Which the best suited Forex Card for me?
Regards and thanks for your assistance.
Narinder Singh
Go with Thomas cook to convert USD into local currency and rest you can use your Regalia credit card as it also has low foreign conversion charges of 2% only.
Hi Pradeep,
My compliments to you on your extremely informative Website and Online advise.
I will be going to Vietnam for a month plus in October.
I expect my total approx. spend to be Rs 1 Lakh, of which I propose:
1. Taking Rs 45K in USD
2. Balance in Forex Card.
Which the best suited Forex Card for me?
Regards and thanks for your assistance.
Lt Col Narinder Singh
Use Thomas cook to load USD and use them to convert into local currency without any conversion fee.. Rest you can use your Regalia credit card because it also has low foreign conversion fee of 2%.