I am updating the list of forex cards for your upcoming international travel in 2023.
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
Best Forex Cards in India 2023
#1. Niyo Global Forex Card – Forex Card With Zero Markup
Niyo has partnered with DCB bank to provide a forex card with zero markup fees. You can get this card if Niyo is present in your city.
Niyo is 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
- 5% interest on this saving amount
- 5% TCS is charged if total shopping transactions exceeding ₹7 lakhs in a given financial year – 5% tax on per transaction
#2. Makemytrip Tripmoney Global Cash Card – Forex Card
TripMoney has partnered with SBM Bank India to launch a Global forex card, powered by Visa. You can load money in INR and spend globally in 150+ 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
- Currency conversion charges – Nil
- Balance enquiry fee – Nil (in app)
- Domestic ATM balance enquiry- Rs. 10
- International ATM balance enquiry- Rs. 255
- Domestic ATM cash withdrawal– Not allowed
- International ATM cash withdrawal – Rs. 450
Benefits of Makemytrip Tripmoney Global Forex card
- No currency conversion charges
- Load in INR & spend Globally in 150+ countries
- Complimentary membership of MMT (MakeMyTrip) BLACK and GoTribe
- Discounts upto 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 the frequent international travellers 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% mark up
- Inactivity fee – USD 3.00 per quarter after 18 months of inactivity
Benefits of Indus Multi Currency Forex Card
- You can use this coupon code “AIRPORTC” for waive off card issuance fee.
- Recieve an Uber voucher worth 500 or 1000 when you load funds below 1 lakh or above 1 lakh respectively.
- Hassle free refund process.
- Get instant alerts for all the transaction 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 upto Rs. 1,50,000 against lost card liability, counterfeit, 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 – USD 5 (Inactive period 12 months)
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 upto 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 the 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 off if you load minimum USD1000 (or equivalent currency).
- Get 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
- Add-on Card Fee – Rs 100
- Cross Currency Fee – 3.5%
Benefits of Axis Multi-Currency Forex Card
- Get 3 lakh insurance coverage on the lost/stolen and counterfeit cards.
- Get up to Rs.1,000 off on your Vodafone international roaming pack when you load/reload the Axis Bank Multi-Currency Forex Card.
- You can swipe your forex card at over 80 million merchant outlets and 1000 e-commerce websites.
- Withdraw cash at any VISA/Mastercard ATMs 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.590.
- Get a card protection plus insurance worth Rs.1,600.
- Enjoy a 40% discount on your excess baggage.
- Get 20% discount on courier service by DHL.
- Get a lost card/counterfeit card liability coverage of up to Rs.5 lakh.
Understand the 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.
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 $10000 USD or equivalent currency 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.
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://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%.