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11 Best Forex Cards in India 2020 [Review]

11 Best Forex Cards in India 2020 [Review]

11 Best Forex Cards in India 2019 - Review & Comparison

Are you planning to take an Abroad Trip? Did you know that you could save a lot of money by using a Forex card instead of your debit or credit card? But which Forex Card Should You Choose among so many? Let’s see some of the best forex cards in India (2020).

These days, credit or debit cards are the most used payment method in the country as people know about the benefits they offer. They help you manage your funds with ease and not carry cash anywhere. This keeps you out of stress. Along with that, it is a great advantage for you if you want to improve your credit history. A good credit history helps you avail loans easily in the future. But, when you are traveling abroad, you should avoid using your credit card to make payments and purchases because it will cost you huge markup fees, conversion charges, and other fees. This is when opting for a forex card is the wisest decision as it helps you with foreign currencies very conveniently and that too without any extra charges.

Forex cards are one of the best options for spending your money wisely when you travel abroad. These cards are safe and serve as a less expensive replacement for your cash. It will also help you with reasonable exchange rates if you use a forex card with foreign currencies loaded in it. Even if the forex market rates keep increasing or decreasing, the rate of the funds you have loaded in your forex card remains the same.

Whenever you travel abroad, using a forex card is better. It saves you from the hassles of carrying cash and exchanging currencies. The payment of purchases in retail stores, hotels, restaurants, or any other place becomes easy when you are traveling.

What is a Forex Card?

Also known as a prepaid card, prepaid travel money card, or Travel credit card, A Forex card is a ‘ready to use card’ instead of a regional currency. It is available in a fixed amount but offers the facility to top up the card as per your requirement.

You can load it with any currency and use it like your debit or credit. One of the significant advantages of this card is that it helps you pay when you travel abroad and saves you from the inconvenience of currency exchange. And just like a credit or debit card, it can also be used to withdraw cash from an ATM. Forex card helps to keep your money safe when you are traveling abroad.

DIFFERENT TYPE OF FOREX CARDS IN INDIA:

There are two types of Forex cards in India. They are:

  1. Multi-currency Forex cards: A card that can be loaded with 23 different currencies and can be used throughout the world. When you are traveling from one country to another, it helps you change to the currency of the country you are going to visit from the currency you are currently using.
  2. Single currency forex cards: There is a high cross-currency charge on this card whenever you use a different currency and also comes with limited use.

There are few other kinds of forex cards also introduced like the Student Forex cards for students traveling abroad and the Contactless Forex Cards that help you pay for your purchase at retail outlets in a safe way. One should choose among these the best forex card as per his use.

BENEFITS OF A FOREX CARD

A forex card comes with a lot of benefits, especially when you are traveling abroad.

Here are a few benefits you get when you opt for a Forex Card in India:

  • A safe option to handle foreign currency while traveling abroad.
  • It is less expensive and comes with fewer charges than that of credit or debit cards.
  • It offers exclusive discounts and privileges.
  • For making payment of any purchase, all you need to do is swipe your card to pay.
  • The best Forex cards offer better rates for currency exchange than a traveler’s check or cash.
  • Forex cards in India come with special discounts, no ATM access fee, no cross-currency charges, and low transaction charges.
  • Its features make it a safe method of payment.
  • It is accepted worldwide.
  • It also offers free international sim cards, emergency cash assistance, and a lot of other privileges.

11 Best Forex Cards in India 2020

1.Axis Bank World Traveller Forex Card

This card is offered by Axis Bank in association with Miles and More; this is one of the best forex cards that aim at Indian travelers who undertake frequent international trips. The card comes with free Miles and More membership. You can earn award miles for loading and each time you spend using the Travellers Forex Card.

Axis Bank World Traveller Forex Card

The currencies which the card supports are:

  1. US Dollar
  2. Euro
  3. Saudi riyal
  4. Thai baht
  5. New Zealand dollar
  6. Hong Kong dollar
  7. Australian Dollar
  8. Canadian Dollar
  9. Swiss Franc
  10. Japanese Yen
  11. Indian Rupee
  12. Singapore dollar
  13. Pound Sterling
  14. UAE Dirham
  15. Swedish kronor
  16. Danish Krone
  17. South African Rand

Security features:
  • The transactions become fast and secure when we are able to pay with MasterCard’s contactless technology.
  • The card uses the technology of chip and PIN, which is far more secure than legacy cards that use magnetic strips.
  • With the locked-in exchange rate feature users can save up to 4% on exchange rates besides avoiding extra fees per transaction.
  • Earn five award miles for every $5 spent on the card.

Additional benefits:
  • Trip Assist provides you emergency assistance.
  • Miles and More programs allow you to earn miles.
  • Welcome bonus of 1,000 air miles and 2,000 miles as a bonus reward on loading more than $4,000.
  • The remaining cash on the card can be used to do retail transactions in India through the INR wallet.

Axis Bank World Traveller Forex Card charges and fees

The fees and charges for this forex card are mentioned below:

Welcome Award Miles 1000 miles
Bonus award miles on loading more than 4000 USD 2000 Miles
Spend linked award miles for every $5 spent 5 miles

For more information about Axis Bank Word Traveller Forex Card Fees refer to this PDF from the bank website.

You can redeem your miles both online and offline with miles and more and its partners. Some of the partners are Taj Hotels, resorts, and palaces, PVR Cinemas, India times shopping, etc.

ATM Withdrawal abroad Card activation charge Encashment of funds Reload fee Balance inquiry Statement request Inactivity fees Add-on Card Fee Pin Change
US$2.36 Rs. 500 + GST Rs. 100+ GST Rs. 100 + GST Nil US $2.36 US $5.9 Rs.100.00 + GST Nil

Apply for Axis Bank World Traveller Forex Card

2.Multi-currency Forex cards by Axis Bank

Students traveling abroad for their studies or vacation or college trip or any other reason try to save money on each transaction they make, such as airfare, travel insurance, college fees, cash withdrawal, etc.

Axis Bank Multi-currency forex card is among the best forex cards for students and one of the best forex cards in India that allows you to hold 16 different foreign currencies in a single card.

The 16 currencies are as follows:

  1.  US Dollar
  2. British Pound
  3. Swedish Kronor
  4. Euro
  5. UAE Dirham
  6. Pound Sterling
  7. Singapore Dollar
  8. Danish Krone
  9. Australian Dollar
  10. Thai Bhat
  11. South African Rand
  12. Canadian Dollar
  13. New Zealand Dollar
  14. Japanese Yen
  15. Swiss Franc
  16. Saudi Riyal

Moreover, this card is of two types:

I. Contactless Forex Card: This card features Visa’s payWave technology. According to Visa’s payWave technology, you can just wave the card a secured card reader to make the payment. It is more secure because you don’t even need to hand over your card to someone to swipe it, you yourself can wave it over the card reader, and the payment is made.

II. Image Forex Card: This Axis Bank Multi-Currency Forex card gives you the option to personalize by allowing you to add an image of your choice on the card.

To apply for this card, you don’t need to be an existing customer of Axis Bank. The validity of this card is 5 years. You can reload and use it in as many trips as wanted in this time period. And the first 3 ATM transactions are complementary.

Security features:

This card comes with TripAssist by Axis Bank – emergency assistance which allows you to:

  • Block the card.
  • Lost passport assistance.
  • Get emergency cash.
  • With locked-in exchange rate feature, the cash in the card remains unaffected from fluctuating currency rates.

Additional Benefits:
  • You can withdraw cash at any Mastercard/VISA ATMs across the world.
  • Minimum 15% discount at various restaurants.
  • Earn 2 reward points for every USD 5 or equivalent amount spent in any currency.

Special offer valid only for students:

  • ATM transaction fee is waived off
  • Issuance and reload fee is waived
  • 1% cashback on ECOM/POS transactions
  • Complimentary TripAssist service

Axis Bank Multi-Currency Forex Card Fees & Charges

The fees and charges for this forex card in India are mentioned below:

Initial Sale Fee Reload/Renewed Card Fee Add-on Card Fee Encashment Charges Pin Change Balance Inquiry Cross Currency Fee
Rs.300.00 + GST Rs.100.00 + GST Rs.100.00 + GST Rs.100.00 + GST Nil Nil 3.5%

For more information about Axis Bank Multi-currency Forex Cards refer to this PDF from the bank website.

Apply for Axis Bank Multi-currency Forex Cards

3.Axis Bank Diners card

The Axis Bank diners card only allows you to load USD. There are several other benefits associated with the card for travelers going to the US. The card gifts you 2 points every time you spend USD 5 at any shops/merchant outlets.

Axis Bank Diners card

Security features:
  • Along with the TripAssist features of the Axis Bank, they also have chip and PIN technology which works far better than old cards which used a magnetic strip.
  • Can Pay without lag directly at any Diners powered merchant outlets.

Additional Benefits:
  • Coverage of medical treatment and ATM robbery. (Maximum amount Rs 60,000)
  • Insurance coverage in case of theft/lost.
  • Users can encash the balance, transfer it to a resident foreign currency domestic account.

Axis Bank Diners Card Fees & Charges

The fees and other charges for this forex card are mentioned below:

ATM Withdrawal abroad Card activation charge Encashment of funds Reload fee Balance inquiry Pin Change Add-on Card Fee
US $2 Rs. 150 + GST Rs. 100+ GST Rs. 100 + GST Nil Nil Rs.100.00 + GST

For more information about Axis Bank Diners Card Fees refer to this PDF from the bank website.

Apply for Axis Bank Diners Card

4.HDFC Bank Multicurrency ForexPlus Card

HDFC ForexPlus Cards is among one of the best forex cards in India, it is easy, safe as well as a cashless way of carrying foreign currency on your trip abroad. You can use this card to make payments for shopping, lodging, dining, etc.

HDFC Bank Multicurrency ForexPlus Card | Best Forex Cards in India 2020

This card allows you to avail currencies of 22 different countries, which are:

  1. US Dollar
  2. Euro
  3. Pound Sterling
  4. Australian Dollar
  5. Canadian Dollar
  6. Swiss Franc
  7. Japanese Yen
  8. Singapore Dollar
  9. Swedish Kronor
  10. UAE Dirham
  11. Saudi Riyal
  12. Thai Baht
  13. South African Rand
  14. Danish Krone
  15. Omani Riyal
  16. Qatari Riyal
  17. Korean Won
  18. Hong Kong Dollar
  19. Norwegian Krone
  20. Bahraini Dinar
  21. New Zealand Dollar
  22. Kuwaiti Dinar

Security features:
  • Its payWave NFC technology helps you make a payment without providing information about the card that means contactless.
  • A backup card facility is available if your primary card is stolen or lost.
  • It comes with an embedded chip and PIN-based transactions.

Additional Benefits:
  • Emergency Cash Delivery Assistance: if you lose your card or there is a card failure HDFC bank provides Emergency Cash delivery service all over the world.
  • There is an extra assistant service for lost passport and lost luggage.
  • Free complimentary international SIM that offers talk time worth ₹200.
  • Customers also get insurance protection valued ₹5 lakh which protects the card against any misuse.

HDFC Bank Multicurrency ForexPlus Card Fees & Charges

The fees and other charges for this forex card in India are mentioned below:

ATM Cash Withdrawal Application fee Re-active Fee Reload Fee Re-active Fee
USD 2.00 500/- plus GST Rs 100 Rs 75 Rs 100

For more information about HDFC Bank Multicurrency ForexPlus Card Fees refer to the bank website.

Apply for HDFC Bank Multicurrency ForexPlus Card

5.HDFC Bank ISIC Student ForexPlus Card

As the name suggests, this card is introduced for students and works as a student identity card. It comes with lots of benefits like you can get discounts in around 130 countries like books, travel, etc.

You would also like to read – Best Banks For A Personal Loan In India

HDFC Bank ISIC Student ForexPlus Card

The card allows the following 3 currencies:

  1. USD
  2. Euro
  3. Sterling Pounds

Security features:
  • Can avail of special discounts and exclusive benefits.
  • Protection from skimming and fraud, the card comes with an EMV chip.
  • Card is accepted as student identity card across the country.

Additional Benefits:
  • An added benefit of insurance cover of up to Rs 5 lakhs along with accidental death coverage.
  • Baggage loss charges are Rs. 50,000.
  • Passport reconstruction cover, maximum of Rs 20,000.
  • Customers will get free, complimentary international SIM with talk time worth Rs.200.
  • It can be purchased 60 days in advance from the date of travel.

HDFC ISIC Student ForexPlus Card Fees & Charges:

The fees and other charges for this forex card in India are mentioned below:

Card issuance fee Reload Fee Re-issuance of Card Fee ATM Cash Withdrawal Balance Enquiry Charge slip Retrieval
Rs.300 Rs.75 Rs.100 USD 2.00 USD 0.50 USD 3.00

For more information about HDFC Bank ISIC Student ForexPlus Card Fees refer to the bank website.

Apply for HDFC Bank ISIC Student ForexPlus Card

6.HDFC Regalia ForexPlus Card

This card comes loaded with USD currency. There are no-cost currency charges. You can pay for payments across other currencies as well. Also, the cross-currency charge for this card is zero.

HDFC Regalia ForexPlus Card

Security features:
  • Contactless payment method.
  • HDFC provides assistant worldwide if the Card is lost or is failing.
  • Emergency cash delivery within 6-7 hours if card is lost.

Additional Benefits:
  • Complimentary service by Partner hotels.
  • Earn reward points for every $1 spent.
  • Free access to lounges in the international airport.
  • Insurance coverage from Rs. 50000 to 5 lakhs.
  • In case of cash withdrawals managed at ATMs associated to All Point Network, the ATM ownership charges get waived.
 

HDFC Regalia Forex Plus Card Fees & Charges

The fees and other charges for this forex card in India are mentioned below:

Card issuance fee Application fee  Reload Fee Re-issuance of Card Fee ATM Cash Withdrawal Balance Enquiry
Rs.1000 500/- plus GST Rs.75 per reload Rs.100 per card USD 4.00 USD 0.50

*Rs. 1000 is the card issuance fee.

For more information about HDFC Bank ISIC Student ForexPlus Card Fees refer to the bank website.

Apply for HDFC Regalia ForexPlus Card

7.Thomas Cook Borderless Prepaid Card

Another best forex card in India, this card comes with a validity of 5 years, and another best thing about this card is that you get a backup card free of cost. You can use this backup card if you lose your card’s primary forex card or it gets stolen.

Thomas Cook Borderless Prepaid Card | Best Forex Cards in India 2020

This card allows you to avail currencies of 9 different countries through one single card, which are:

  1. Swiss Francs
  2. US Dollars
  3. Australian Dollars
  4. British Pounds
  5. Euro
  6. Canadian Dollars
  7. Singapore Dollars
  8. Japanese Yen
  9. Arab Emirates Dirham

Security features:
  • Card protection based on a Chip and PIN.
  • Backup card without any charges.
  • Not linked to your bank account.
  • Dedicated customer support and emergency service.

Additional Benefits:
  • No cash withdrawal charges at ATMs are deducted.
  • Backup Card available at Zero Cost.
  • No surcharge at ATM’s across All Point network.
  • Insurance cover up to USD 10,000.
  • Free replacement of lost or stolen card.

Thomas Cook Borderless Prepaid Card Fees & Charges

The fees and other charges for this forex card are mentioned below:

ATM Withdrawal Abroad Card Activation Charge Reload Fee Inactivity Fees Cross Currency Charge
USD $ 2 Rs. 150 + GST Rs. 100 + GST USD $5 Nil

For more information about Thomas Cook Borderless Prepaid Card Fees refer to Thomas cook website.

Buy Thomas Cook Borderless Prepaid Card

8.Thomas Cook One Currency Card

This card can be stuffed with USD and used throughout the world. Issued on the MasterCard network, this card is valid for up to 5 years.

Thomas Cook One Currency Card

See Also
Axis Bank Buzz Credit Card Review in 2019

Security features:
  • Like in a modern debit or credit card, to make the transactions safe and convenient, this forex card comes with Chip and PIN technology.
  • Zero cross conversion charge.
  • Chip and Pin protected.
  • Free replacement of lost or stolen cards.

Additional Benefits:
  • No cash withdrawal charges at ATMs are deducted.
  • Backup Card available at Zero Cost.
  • No surcharge at ATM’s across All Point network.
  • USD 10,000 cover-up under any complimentary insurance.

Thomas Cook One Currency Card Fees & Charges

The fees and charges for this forex card are mentioned below:

ATM Withdrawal Abroad Card Activation Charge Reload Fee Inactivity Fees Cross Currency Charge
US$ 3.99 Rs. 150 + GST Rs. 100 + GST US $5 Nil

Buy Thomas Cook One Currency Card

9.IndusInd Bank Multi-Currency Forex card

This Forex card is for the once who frequently travel abroad. About 8 currencies can be loaded on this card. It is not necessary that you must be an existing IndusInd Bank customer to opt for this forex card. You also get dining, and safe transaction offers with this card.

IndusInd Bank Multi-Currency Forex card

There are different currencies that can be loaded are as follows:

  1. United States Dollar
  2. Euro
  3. Australian Dollar
  4. Great Britain Pound
  5. Singapore Dollar
  6. Saudi Riyal
  7. Canadian Dollar
  8. UAE Dirham
  9. Hong Kong Dollar
  10. Swiss Franc
  11. Japanese Yen
  12. New Zealand Dollar
  13. South African Rand & Thai Baht

Security features:
  • The card is highly secured as it comes with an embedded chip.
  • Easy online transactions.
  • Allows withdrawals from all VISA ATMs.
  • It comes with a paired card key option, which is a backup card in case you lose the primary card.
  • Cardholders can easily encash the remaining balance once they come back to India.

Additional Benefits:
  • Card replacement is available in case of loss or damage of card.
  • It offers you 2 free ATM withdrawals per currency every month.
  • The refund process is very convenient.
  • Get instant alerts for transactions.
  • It provides you with instant transaction alerts. This helps avoid fraud.
  • Extra back up card is provided along with the primary card.

IndusInd Bank Multi-Currency Forex Card Fees &Other Charges

The fees and charges for this forex card are mentioned below:

Issuance Fee *(Single Card) in INR Issuance Fee (Chip Single Card in INR) Reload Fee in INR Re-Issue Card Fee in INR
150 150 100 100

For more information about IndusInd Bank Multi-Currency Forex card Fees refer to the bank website.

Buy IndusInd Bank Multi-Currency Forex card

10.ICICI Bank Multi-Currency Platinum Travel Card

This travel/forex card is a prepaid foreign currency card that will make your foreign trip enjoyable without constant worrying of cash problems. You can load this card with multiple foreign currencies in India and use it abroad to withdraw cash in the local currency.

The ICICI Bank MultiCurrency Platinum Travel Card also comes with features such as travel insurance, emergency assistance, advanced account management features.

ICICI Bank Multi-Currency Platinum Travel Card | Best Forex Cards in India 2020

The currencies that can be loaded are as follows:

  1. US Dollar
  2. Pound Sterling
  3. Euro
  4. Canadian Dollar
  5. Australian Dollar
  6. Singapore Dollar
  7. Arab Emirates Dirham
  8. Swiss Franc
  9. Japanese Yen
  10. Swedish Krona
  11. South African Rand
  12. Saudi Arabian Riyal
  13. Thai Baht
  14. New Zealand Dollar
  15. Hong Kong Dollar

Security features:
  • Liability insurance cover of up to Rs 2 lakhs on lost cards.
  • In case of loss of card/the card being misplaced will get help 24*7.
  • Duty Free shopping at Indian airports.

Additional Benefits:
  • Superior security through 3D Secure and CHIP & PIN technology.
  • Discounts on shopping, dining, and stay.
  • Up to Rs 10 lakhs of cover on personal air accident cover.
  • Convenient refund process.
  • Instant account update in real-time.
  • It can be easily reloaded online.
  • Wallet to wallet transfer.

ICICI Bank Single Currency Forex Card fees and charges:

The fees and charges for this forex card are mentioned below:

ATM withdrawals Joining fee Reload fee Inactivity fee Cross currency fee ATM Balance inquiry fee Replacement of lost card fee
USD 2.00 Rs.150 + GST Rs.100 + GST USD 5 for every 180 days of inactivity 3.5% + applicable GST USD 0.50 USD 3 if lost in India USD 20 if lost abroad

For more information about ICICI Bank MultiCurrency Platinum Travel Card Fees refer to the bank website.

Apple for ICICI Bank MultiCurrency Platinum Travel Card

11.SBI Foreign Travel Card

This is one of the most worthy, smart, safe, and hassle-free forex cards. It can be loaded with 7 currencies at once. You can use this card to make payments in shops, hotels, and restaurants worldwide because it has the MasterCard Acceptance Mark.

SBI Foreign Travel Card

The currencies that can be loaded are as follows:

  1. US Dollars (USD)
  2. Pound Sterling (GBP)
  3. Euro (EUR)
  4. Canadian Dollar (CAD)
  5. Australian Dollar (AUD)
  6. Japanese Yen (YEN)
  7. Saudi Riyal (SAR)
  8. Singapore Dollar (SGD)

Security features:
  • The card is issued on the VISA International platform.
  • The card can be used on medical, tourism, pilgrimage, etc.
  • You can contact the SBI Card Services Team and get your card blocked instantly in case your card is lost or stolen.

Additional Benefits:
  • Add-on cards, not exceeding more than two.
  • It can be used to pay for your shopping, restaurants and accommodation bills.
  • The minimum amount that can be loaded and reloaded is USD200 and equivalent in other currencies.
  • The facility of emergency cash replacement as per the amount of balance in your card.
  • In case of loss/damage/misplacement of the card, only two Add-on or supplementary cards can be provided to the cardholders.
  • 24/7 global assistance is provided.
  • Operable by 4 digit PIN at ATMs and by PIN/Signature at Merchant Establishments.
  • Competitive exchange rates.

SBI Foreign Travel Card fees and other charges: 

 The fees and charges for this forex card are mentioned below:

FTC Issuance Fee Add-on cards fee (not more than 2) Reloading fee on the card ATM Balance inquiry fee ATM Withdrawal Fee
Rs.100+GST
each
Rs.100+GST Rs.50+GST USD 0.50 USD 1.75

GCAS fee per transaction through VISA

  • Lost/Stolen Report- USD 35 or equivalent in other currencies.
  • Cash/Card Replacement- USD 175 or equivalent in other currencies.
  • Miscellaneous enquires- USD 5 or equivalent in other currencies.

For more information about SBI Foreign Travel Card Fees refer to the bank website.

Apple for SBI Foreign Travel Card

A few interesting facts about Forex Travel Cards

  • The bank issue these cards at a very low price ranging from Rs 150 to Rs200.
  • The foreign currency loaded on the card will be at the present day’s exchange rate. Even if the market values of the currencies change, your rate remains fixed and unchanged.
  • The Fees charged for the conversion of currency is included in the price. There are no charges charged extra for that.
  • No additional amount is charged every time you make any purchase. When you buy something from a retail shop, you can simply swipe your Forex card to pay the bill, and for that, no fees will be charged.
  • You can withdraw money from the ATM worldwide, but if you use an international ATM, you’ll be charged.
  • You cannot top-up your Forex Card abroad. If you want to, contact the centre which issued your card first.
  • One cannot put more than $2000 in the Forex Card ( as directed by RBI)

FOREX CARD VS INTERNATIONAL DEBIT/CREDIT CARD

If you look into all the benefits and offers a Forex Card has, it is a much better option than a credit or debit card. You can look through different benefits you get from different forex cards and choose for yourself, the best forex card.

Below are a few reasons why opting for a Forex card in India is a good decision:

  • Easier to apply and get it approved than credit cards. The process to get a forex card in India is very easy and convenient.
  • Unlike credit or debit cards, you can load multiple foreign currencies. If you are traveling from country to country Forex card helps you load the currency you need in your card.
  • There are no currency conversion charges when you swipe your Forex Card.
  • A low issuance fee is charged.
  • You can opt for a replacement card without any inconvenience if your forex card is lost or it fails to work.
  • Even if the market rate of the currencies keeps falling or rising, the exchange rates remain fixed.

Which Forex Card Should You Choose?

Forex cards can be used for all kinds of transactions. Multiple currencies can be loaded in one single card, and you can load money up to 2.5 lakh at maximum as directed by the RBI.

You can get yourself a forex card from your bank or a forex dealer, and you are not required to be an existing customer of the bank for getting yourself a forex card.

Just fill out an application form with your details, the amount of foreign currency you need, etc., along with it, you need to submit a self-attested photo of your passport, a copy of Visa and few other documents as asked by the bank.

There are multiple options before you choose a good forex account as per your need.

There are a few charges applied to your forex card:

  • Cash withdrawal charge at any ATM
  • Balance inquiry charge
  • International SMS Alert charge
  • Replacement Card Fee
  • Statement request charge
  • Charge slip retrieval charge
  • Statement request charge
  • Cross currency markup charge
  • Inactivity Fees

Forex cards come with lots of privileges and special offers. You must choose the best option among all the forex cards and decide after that as it will throw a light on your business history. The card you choose depends entirely on your requirement. Some card may have higher fees, or some cards are of single currency while others are multiple currencies, some might be best for students while some for travelers who are traveling abroad.

Forex cards are ideal for traveling abroad because:

  • It does not incur any conversion charges. When you use a credit card to make a purchase in a foreign country, conversion charges are applied. And that is charged up to 3.5% of the transaction value. But a forex card has no such charges.
  • Fluctuations in foreign exchange rates have no effect on it. Through other methods of payment, there are chances that as the rates of foreign currencies go higher, you will also be charged accordingly no matter what. When you use a forex card, your foreign exchange rates remain the same, and you are not charged any extra fees.
  • No cash withdrawal fee is charged. While withdrawing money from an ATM using a credit card or debit card, there is a withdrawal fee charged to you which may go up to 2 percent to 3.5 percent of the withdrawal amount. There is also the involvement of mark-up fees and other charges. Forex cards have a limited withdrawal limit, and the withdrawal of cash through it is much cheaper or not at all.
  • You can load different currencies and exchange them anytime as forex cards are really flexible. You can exchange up to 22 foreign currencies through it.

Forex cards are an excellent replacement for credit or debit cards or cash. Providing more benefits, offers, and privileges without any inconvenience and hassles make it a better choice for people. Whether a student or a traveler, you can avail full advantage of using a forex card. There are various options available for you in terms of choosing a Forex card so, one should choose the best Forex card for yourself and enjoy the benefits they provide.

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