I am updating the list of forex cards for your upcoming international travel in 2025.
Sharing my personal experience as an international tourist.
- I use credit cards instead of forex cards for international shopping because I earn reward points and cashback on credit cards.
- I carry some foreign currency cash and Indian currency cash on my international trips. It’s easy to find forex conversion shops in international tourist destinations where INR can be converted to foreign currency at a good conversion rate.
- I withdraw foreign cash from an international ATM using my Indian debit card.
The short answer is that I do not use forex cards and you can also manage without a forex card if you are holding premium credit and debit cards that do not charge high forex transaction charges.
Carrying a forex card makes sense for students and travelers who do not have premium credit cards.
Forex cards are issued independently by popular banks like HDFC, ICICI, Axis, IndusInd and SBI.
Forex cards are also issued by private companies by collaborating with banks like Thomas Cook, Niyo Global, Wise, MakeMyTrip and BookMyForex.
For your quick reference, here is the list of the best forex cards in India
- Niyo Global Forex Card
- Makemytrip Tripmoney Global Cash Card
- IndusInd Bank Multi-Currency Forex Card
- BookMyForex Forex Card
- HDFC Multicurrency Forex Card
- Axis Bank Multicurrency Forex Card
- ICICI Bank Student Forex Card
- State Bank Foreign Travel Card
- Standard Chartered Multicurrency Forex Card
- Kotak Forex Card
Best Forex Cards in India 2025
#1. Niyo Global Forex Card – Forex Card With Zero Markup
Niyo has partnered with DCB, SBM and Equitas Bank to provide a forex card with zero markup fees. Niyo is the only forex card in the list that offers airport lounge access in India and abroad.
Niyo is the best forex card for Indian students because of zero forex loading charges.
Fees and Charges
- Card issuance fee – NIL
- Reload fee – Nil
- Currency conversion charges – Nil
- International ATM* (Cash Withdrawal and Balance Enquiry) – 100 + GST
Benefits of Niyo Global Forex Card
- Up to 8% interest on this savings account
- 5% TCS is charged if total shopping transactions exceed ₹7 lakhs in a given financial year – 5% tax on per transaction
#2. Makemytrip Tripmoney Global Cash Card – Forex Card
TripMoney is a fintech arm of MakeMyTrip. It has partnered with SBM Bank India to launch a Global forex card, powered by Visa. You can load money in INR and spend it globally in 155+ countries.
Makemytrip Tripmoney Global Forex card is best suited for Indian travelers with zero forex markup fee, lifetime free validity, and 100% digital in-app card management.
Fees and Charges
- Card issuance fee – Nil
- Annual fee – Nil
- Reload fee – Nil
- Cross currency fee – 3.5%
- Replacement card fees – Rs. 250 (India) Rs. 3,000 (Outside)
Benefits of MakeMyTrip Tripmoney Global Forex card
- No currency conversion charges
- Load in INR & spend Globally in 155+ countries
- Complimentary membership of MMT (MakeMyTrip) BLACK and GoTribe
- Discounts up to Rs. 70,000/- on MakeMyTrip and Goibibo
- Fully digital card application & management
#3. IndusInd Bank Multi-Currency Forex card
IndusInd Bank Multi-Currency Forex card has an entrenched chip that makes your transactions secure and easy. This card also offers currency withdrawals from all VISA ATMs, protection against currency fluctuations, and easy online banking.
IndusInd Bank Multi-Currency Forex card is specially designed for frequent international travelers who travel across different countries. You can load 14 currencies to your card to spend in different countries.
Fee & Charges
- Issuance fee – Rs 300
- Re-issuance of Card fee – Rs.100
- Reload Fee – Rs 100
- Cross Currency Fee – 3.5% markup
- Inactivity fee – Rs. 250 per quarter after 18 months of inactivity
Benefits of Indus Multi Currency Forex Card
- You can use this coupon code “AIRPORTC” to waive off card issuance fee.
- Offers like – free airport transfers, and discounts on processing charges when you send money abroad.
- Hassle-free refund process.
- Get instant alerts for all the transactions made through your Forex card to avoid fraud.
#4. BookMyForex Forex Card
BookMyForex Multi Currency Prepaid Forex card is powered by Visa Forex card in partnership with YesBank. You can load/reload your Forex card with 14 currencies at zero margin rates. You will also enjoy free insurance coverage up to Rs. 1,50,000 against lost card liability, counterfeiting, and skimming.
BookMyForex forex card is the best option for both students and tourists because of zero margin loading rates and don’t want to spend money on card issuance fees.
Fee & Charges
- Issuance Fee – Nil
- Reload Fee – Nil
- Refund Fee – Nil
- Cross Currency Fee – 3.5% of transaction value
- Inactivity Fee – Rs. 0
- Card replacement fees – Rs. 250 (India) Rs. 3,000 (Outside)
Benefits of Yes Multi-Currency Forex Card
- Contactless payments
- Zero loading/ unloading charges
- Fastest transfers – funds received abroad in 12-48 hours
- Get card lost insurance coverage free up to 1.5 lakh.
#5. HDFC Multi Currency Platinum Forex Card
If you’re planning a trip that involves multiple countries, consider the HDFC Multicurrency Forex Card. With this card, you can load up to 22 currencies at a currency fee of 2%, which is the least possible fee and travel globally without any hassle.
You get a free insurance cover worth Rs.5 lakh that protects your forex card against any misuse due to counterfeiting or skimming.
Fee & Charges
- Issuance Fee – Rs 500 (waived off when you load $1,000)
- Reload Fee – Rs 75
- Re-issuance Fee – Rs 100
- Cross Currency Fee – 2% mark up
Benefits of HDFC Multi-Currency Forex Card
- Issuance fee will be waived if you load a minimum of USD1000 (or equivalent currency).
- Get an Amazon Voucher worth Rs. 1000 if you load/reload your HDFC Bank Forex Card through HDFC Bank Debit card with Rs. 1 lakh.
- Least cross-currency fee.
- You can add money to your Forex card easily through net banking.
#6. Axis Bank Multi-Currency Forex Card
Axis Bank Multi-Currency Forex Card allows you to lock in exchange rates before you travel. This means you won’t have to pay any cross-currency charges and make your payments in other countries at the same rate you had loaded/reloaded your forex card.
You can use this prepaid foreign currency card in 16 countries.
Fee & Charges
- Issuance Fee – Rs 300
- Reload Fee – Rs 100
- Encashment Fee – Rs 0
- Card Replacement Fees – Rs. 0 (India), charges vary overseas
- Cross Currency Fee – 3.5%
Benefits of Axis Multi-Currency Forex Card
- Get 3 lakh insurance coverage on lost/stolen and counterfeit cards.
- Get up to Rs.500 off on your Vi international roaming pack when you load/reload the Axis Bank Multi-Currency Forex Card.
- Lower rates for South Asian currencies
- Withdraw cash at any VISA/Mastercard ATM across the world.
You may like to read about – best forex brokers in India
#7. ICICI Bank Student Forex Card
ICICI Bank Student Forex Prepaid Card is specifically designed for students who are planning to study abroad. 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.
Fee & Charges
- Joining fee – Rs.499
- Annual fee – Rs.199 (from the second year onwards)
- Reissue card – Free for 1st time
- Reload fee – Rs. 100
- Cross currency charges – 3.5%
Benefits of ICICI Student Forex Card
- You receive an International Student Identity Card (ISIC) membership of Rs. 999
- Get a card protection plus insurance worth Rs.1,600.
- Free card replacement
- 1 month of ATM fee waiver
- 1 complimentary Indian international lounge access worth $ 20
- Get a lost card/counterfeit card liability coverage of up to Rs.5 lakh.
#8. State Bank Foreign Travel Card
State Bank foreign travel card works globally except in India, Nepal and Bhutan. If you already have an account with SBI then you will get the card easily.
The card is best for students, tourists, pilgrims and medical needs.
The minimum load or re-load amount is under:
| Currency | Minimum Load/ re-load Amount |
| USD | 200 |
| GBP | 120 |
| Euro | 150 |
| AUD | 200 |
State Bank foreign travel card is available in 2 variants – VISA International and Mastercard Asia and supports nine foreign currencies only.
Fee & Charges
- Issue fee – Rs. 100
- Add-on cards – Rs. 100
- Reload fee – Rs. 50
- Cross currency charges – 3%
- Refund/ Cashout – Rs. 100
Benefits of State Bank Foreign Travel Card
- Option to have Single or Multicurrency card
- 2 Add-on cards by VISA & 1 by Mastercard in case of loss
- Reloadable any number of times
- Available also to foreign nationals residing in India (subject to KYC/FEMA norms)
- Reloadable at branches and through Internet Banking
#9. Standard Chartered Multi-Currency Forex Card
Standard Chartered allows the loading of up to 20 currencies on its forex card.
But the card gives you the flexibility to transact in any other currency apart from the 20 currency. It fetches the currency with sufficient balance and processes the transaction.
The contactless tech allows payment by waving the card.
Fee & Charges
- Issue fee – Rs. 299 (free if you have Prime savings or premium banking)
- Annual fee – NIL
- Reissue lost card – Rs. 199
- Reload fee – Rs. 99 (at branch, online free)
- Cross currency charges – 3.5% (if the currency is not available on your card)
Benefits of Standard Chartered Multi-Currency Forex Card
- Rs. 5 Lacs insurance cover for lost/ stolen card
- Allows duty-free shopping at Indian airports
- Rs. 50 Lacs of Personal air accidental insurance
- Free backup card in case of card lost
- Reloadable at any of the branches locally and through Online Banking
#10. Kotak Forex Card
5 years of validity is the Kotak Forex card’s USP, which suits students studying abroad. You have the option to load your Kotak forex card in a single or 13 currencies.
The drawback is – you can’t use the card in Afghanistan, Iran, North Korea, Cuba, Myanmar, Venezuela, the Crimea region, Syria, India, Nepal and Bhutan.
Fee & Charges
- Issue fee – Rs. 250
- Annual fee – NIL
- Reissue card – Rs. 250 in India (different for a specific country)
- Reload fee – Rs. 75 + Rs. 75 convenience fee
- Cross currency charges – 3.5%
Benefits of Kotak Forex Card
- Seperate web login to reload and manage card
- Backup card available beforehand
- Rs. 2 Lacs of lost card liability insurance
- Air accident cover of Rs. 15 Lacs
- Rs. 50,000 cover for loss of checked-in baggage, loss of passport or travel document
Different Types of Charges on Forex Conversion.
- Forex Rate. Check the latest foreign conversion rate on xe.com. Banks charge you a higher rate for selling you foreign currency. If USD to INR rate is showing Rs. 80 then expect the bank to charge you Rs. 82 or 83.
- Forex Conversion Charges. Most credit cards and debit cards charge 3.5% of the transaction amount. Some premium credit cards like HDFC Infinia, Standard Chartered Ultimate and Axis Magnus charge 2% forex markup.
- ATM Withdrawal Charges. Don’t use credit cards to withdraw cash from ATMs to avoid high interest and charges. Use a debit card or forex card to withdraw cash from a foreign ATM. Expect flat fees per ATM transaction in the range of Rs. 400 to 1000.
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 are included in the price. HDFC bank charges the 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 center that has issued the card. A few banks provide an option to reload your wallet through net banking.
Forex Card vs International Debit/Credit Card
If you compare forex card with an international debit or credit card, forex card is a much better option than the other two for the following reasons
- It is easy to apply and get as compared to credit cards.
- You can load multiple foreign currencies in one card for use abroad which is not possible with a 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 on your requirements. In case, you are still confused after reading all the information, you can go through my below recommendations and choose what is right for you.
If you are looking for the lowest cross-currency charges, and relatively lower loading charges then go for the Niyo Forex Card.
FAQs
I am traveling outside India for a trip, or vacation, and I have Axis Bank and ICICI Bank credit cards. Should I take a forex card?
If you have a premium credit card then there is no need for a separate Forex card for short-duration visits outside India. You can check the introduction.
The percentage of forex markup on your credit card is the only thing that you should cross-check. If it is more then go for a separate forex card.
How much is the legal limit of US currency and Indian Currency in cash one can carry to US?
As per US laws – There is no maximum limit on the amount of cash that you can carry to US. But RBI allows a maximum cash of $3,000 per trip. Anything over $3,000 should be in the form of a traveler’s cheque or Forex card.
The Customs & Border Protection Govt organization in the US mandates declaration and filing of the form if your combined amount (cash + instrument) is over $10,000.
Is there any SBI card for International trip?
State Bank Foreign Travel Card from SBI will be handy if you are already an SBI customer.
Without having bank account can we have the student forex prepaid card issued?
Yes, you can have a student forex pre-paid card without having a bank account.
ICICI Bank Student forex pre-paid card and Axis Bank Multi currency forex card allow this.
Do Forex cards offer lounge access?
Airport lounge access is an integral feature of credit cards not of forex cards. Only a handful of Forex cards offer lounge access at airports in India. Niyo is one of them.
Can I swipe my forex card in India?
Your Forex card won’t work in India and in certain countries restricted by your bank. Forex cards are loaded in currencies other than INR and your transaction will be declined due to this mismatch.
Which forex card is better, HDFC or SBI?
Both the cards have its own benefits and limitations. HDFC allows 22 currencies whereas SBI allows 9 only. Feature-wise HDFC looks better. But you need to check your requirements before you select one of them.
Is forex card taxable in India?
Tax Collected at Source (TCS) will be applicable on all forex drawals under LRS exceeding Rs. 7 Lacs in a financial year.
Best And Informative Article
Hello Pardeep,
I have a account with HDFC and already have a regalia first CC. We have two vacations (bali/sgp) and one business trip planed for next year (dubai) (2023). We are not frequent travellers (once a year we take an interbation vacation)
My query is which card should I prefer to pay/withdraw in these countries? hdfc regalia cc / hdfc forex card/ niyo global forex card.
TIA
You will incur same forex charges when you withdraw using forex card.
I advise you to use HDFC Regalia for swipe transactions and use a debit card to withdraw cash from the foreign ATM.
I am planning to travel to Maldives for 5 days what should I bring forex card or cash?? Which would be better for Maldives travel?
It’s better to spend money via your credit card if you are travelling for vacation.
Does Axis Bank Multicurrency Forex card offer lounge access?
No. You need a credit or debit card for free lounge access. Checkout this airport lounge article for detils
Hello I will be travelling to the US for my masters program. I am having an account in axis bank. Axis bank conversion rates are too high compared to other banks. Should I get an axis bank forex card or Niyo forex card.
Niyo is an INR based debit card facilitating international usage (similar to forex card).
But for every payment in foreign currencies online, the INR balance in your Niyo card will be converted to the foreign currency and then the payment will be processed.
Whereas, with your Axis bank forex card you can pay directly in USD loaded in your forex card.
To get a Niyo card you need to undergo KYC for opening a current account with DCB bank. This may take time.
Apart from that Axis Bank Multicurrency Forex card comes with benefits like offer Emergency cash assistance, insurance coverage and travel offers. This is not available with Niyo.
I am going to singapore for a week. Which card will be best for me
You can use credit cards as well. Premium cards in India offer as less as 2% forex charges.
Hi i am travelling to phuket for a trip do j need a forex card. If yes which is the best card?
You need to carry a Forex travel card loaded with Thai Bhat (THB) for online payments, shopping, etc.
Apart from that keeping 500 to 1000 THB in smaller denominations as cash will help you make taxi, and local payments.
You can pick the HDFC Multicurrency Forex card and load it with THB. You get complimentary insurance cover for air accidents, baggage, docs, and cash loss.
Emergency cash assistance and a backup card facility is also there.
Sir,
I’m travelling to Germany for my masters. I have a savings account with HDFC. I’m in dilemma choosing a forex card between HDFC and Niyo. Sir, could you please make a recommendation for me in this regard?
Thank you, sir.
K.Gopi Krishna,
You already have an account with HDFC Bank. You should get a HDFC Multicurrency forex card loaded with Euros.
To get a Niyo card you need to undergo KYC for opening a current account with DCB bank. This may take time.
Niyo is an INR based card. For every payment in foreign currencies online, the INR balance in your Niyo card will be converted to the foreign currency and then the payment will be processed. Whereas, you can pay directly in Euros loaded in your forex card.
Apart from that HDFC Multicurrency Forex card offer Emergency cash assistance, backup card and insurance protection for lost card. This is not available with Niyo.