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6 Best Forex Cards in India – 2022

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best forex card in india

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

It’s difficult to find the best forex card.

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

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

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

Best Forex Card in India With Zero Markup

#1. Thomas Cook Forex Card

Thomas Cook Forex Card Review India

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

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

Borderless Prepaid Card

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

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

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

Currencies You Can Load

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

US DollarsEuro
Australian DollarsBritish Pounds
Swiss FrancsCanadian Dollars
Singapore DollarsJapanese Yen

One Currency Card

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

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

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

Card Fee & Charges (Both Cards)

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

Benefits of Thomas Cook Forex Card ( Both Cards)

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

Check out – Best forex broker in India 2021

#2. IndusInd Bank Multi Currency Forex card

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

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

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

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

Fee & Charges

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

Currencies You Can Load

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

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

Benefits of Indus Multi Currency Forex Card

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

#3. ICICI Bank Single Currency Forex Card

ICICI Bank Single Currency

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

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

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

Fee & Charges

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

Currencies You Can Load

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

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

Benefits of ICICI Forex Card

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

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

Benefits of HDFC Multi-Currency Forex Card

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

#5. Yes Bank Multi-Currency Travel Forex Card

Yes Bank Multi-Currency

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

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

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

Fee & Charges

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

Currencies You Can Load

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

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

Benefits of Yes Multi-Currency Forex Card  

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

You would like to read – Top forex broker in India

Best Forex Card For Indian Students

#6. Axis Bank Multi Currency Forex Card

Axis bank multi currency forex card

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

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

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

In addition, this forex card is of two types

1. Contactless Forex Card

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

2. Image Forex Card

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

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

Fee & Charges

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

Currencies You Can Load

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

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

Benefits of Axis Multi-Currency Forex Card  

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

Special Offers for Students

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

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

Here are some interesting points related to Forex Travel Cards

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

Forex card vs International Debit/Credit card

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

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

Conclusion (Which Forex Card is best for you)

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

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

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

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

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About Pardeep Goyal

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

Reader Interactions

Comments

  1. Ashish Gupta says

    I am travelling to UK for 8 days. I prefer to carry as little cash as possible. I already have an HDFC account and its Debit & Credit card (Business Regalia). I will be making quite a few transactions in reataurents and hotels/airbnbs. What will you recommend?

    Reply

    • Pardeep Goyal says

      Ashish.. You can use your HDFC Regalia credit card in your tour. You will have to pay only 1.75% foreign conversion charges using Regalia credit card.

      Still if you want a forex then I would suggest you to go for HDFC Regalia forex card.

      Reply

  2. Parag says

    Hi Pradeep,

    I am traveling to New Zealand and I came across one website buyforex.com
    They offered me lesser conversion rate compare to others. Is it good to buy from them? Are they genuine?

    Thanks,
    Parag

    Reply

  3. Subhash says

    Hi Pardeep,

    I’m traveling to Sweden for 2 months, will stay in Sweden only and won’t withdraw cash much. At all places will swap card.
    Please suggest which card will helpful

    Reply

  4. Soumya Subhra Paria says

    Hi Pardeep,

    I am going to Switzerland for a 14 day trip with my wife. I will be visiting only Switzerland and no other countries. Can you please recommend a forex card for me?

    Reply

  5. Vibhor says

    I’m going to US for a month vacation. I have HDFC regalia and hdfc diners card. I want to know which forex card should I carry. I have sufficient cash USD to cover my expenses.

    Reply

  6. sunil says

    Sir, i am student who will start masters program in USA and have not plans to move anywhere else.I am confused that which card will be useful for me because my spending will be on dining,some shopping(only limited for necessities),exam fees,tuition fees etc…. in short complete student card kind of stuff. I am a complete saving guy. I want to opt a card where i can get excellent benefits and discounts or any free transactions fees.

    Reply

  8. Abhisek says

    hi Pardeep ,

    I am travelling to Hongkong,South Korea and Japan . Which Forex card should i use if i have to make transactions in local currencies in each of these countries and use the forex card for cash withdrawal from local ATM with no or a very minimum fees .

    Thanks

    Reply

  9. Arpit Gupta says

    I am traveling to Malaysia on Work Permit.
    Initially my employer will be providing me a forex card.
    but which Card I should use personally for a month or two in case of emergency if I need more cash.

    Reply

  10. Nitish Gupta says

    Hello,
    I am going to Switzerland and Italy for 12 days.
    Whats the best card for the trip considering its vacation.

    Reply

  13. Bhagya says

    I am a frequent flier and fly around the globe. I take somewhere around 4 to 6 trips every month. Any recommendation for me?? I would really appreciate your help.

    Reply

  14. Ajinkya says

    Hi Pradeep,
    Me along with my family are going for a week long vacation in Dubai. Our itinerary along with transfers and various entry tickets has already been paid for. I am looking for forex card for shopping and dinning which would you suggest. Also once the trip is over I will be withdrawing the amount.
    Thank you.

    Reply

  15. Ravi says

    Hi Pardeep,

    I am going for an Europe tour comprising, UK, France, Netherlands, Belgium, Germany, Austria, Switzerland, Italy and Spain. Which is the best forex card, which has zero or less transaction charges for purchases in these countries..

    Thanks in Advance..

    Reply

  17. Kunal Lahore says

    Hi Pradeep,

    We are 4 family members going on Europe travel trip through Kesari (first time out of india)

    Please suggest forex card. we are thinking to get at least 2 cards or 4 cards for each. Looking for least charges for widrawal & card use. Exactly which currencies we will need for below itenary??

    Our itenary:
    England: London 2N, France: Paris 2N, Belgium: Brussels, Netherlands (Holland): Amsterdam/Rotterdam 1N, Germany: Cologne/ Manheim 1N, Titisee, Switzerland: Schaffhausen, Zurich, Lucerne 3N, Engelberg, Lauterbrunnen, Jungfraujoch, Interlaken, Liechtenstein: Vaduz, Austria: Wattens, Innsbruck 1N, Italy: Venice, Padova 1N, Pisa, Florence, Arezzo 1N, Rome 1N, Vatican: Vatican City

    Response will be appreciated.

    Reply

  20. Krishna says

    I was travelling to UK and Ireland to attend courses for 20 days. Which card would be best for me. Appreciate your reply

    Reply

  21. amit says

    Which Forex card is better at Australia specially for student.
    No charges towards cash withdrawal and maximum benefits.

    Reply

  22. Nathan says

    Hi,

    I am travelling to Maldives for 4 days. I have already pre-booked the trip via MMT. But I need to pay for to&fro transfers from Airport to resort and vice-versa. The total payable amount comes close 1500USD + if I use any other services.

    Please suggest whether forex card will be helpful rather than paying via credit catd (I am owning HDFC Regalia & Citi Corporate credit card)?

    Reply

  23. Salil says

    Hi Sir,

    I have taken NIYO GLOBAL CARD on recommendation of my friend who has taken it last year and is using it regularly at USA for his expenses.

    My questions:
    -Should I take any other card as back up or is Niyo Global card good enough.
    – They claim to give all transactions at visa exchange rate without any markup..is that true.

    Please help me urgently

    Reply

    • Pardeep Goyal says

      Salil… Niyo global is not forex card, its a prepaid travel card. You get currency exchange at the time of the transaction, not like a forex card in which currency conversion is fixed at that time of card loading and remains the same irrespective of fluctuations.

      You can use Thomas cook single currency card as a backup if you have to use in USA only.

      Reply

    • Pardeep Goyal says

      Ruby you have to visit your US Bank and ask them to transfer money from your forex card to the bank account. They will charge a nominal transfer fee. Or you can withdraw money from ATM and deposit in the bank.

      Reply

    • Pardeep Goyal says

      Cards have very less acceptability in Bali. You can use only in big malls. Cash is main mode of transactions.

      Better to keep USD along with you and convert into local currency after reaching Bali. A lot of shops near all beaches and markets.

      Reply

  26. Vishal Jain says

    Hi Pardeep,
    I am not frequent traveller, going dubai for a week on vacation, which card will you suggest to carry

    Reply

  27. ishant Kukreja says

    Hi Pradeep I am going to new zealand for a vacation. Which travel forex card would be best for me in all aspects.
    Thank You

    Reply

  28. Anup TG says

    Dear Pardeep,

    I see that you are recommending different cards for students. My daughter is going to UK for 6 months for a Semester abroad. She will be needing a card for cash withdrawal and POS payments. I want a card which does not have any cash withdrawal fees or POS fees. Which card is better?

    Thanks in advance

    Reply

  30. Nilesh says

    hi Pradeep ,
    I am traveling to Singapore for work which is the suitable Forex card I should go with ?
    Thanks,
    Nilesh

    Reply

  31. Jay says

    Hi I have HDFC Infinia credit card which has 2% foreign txn fee and good rewards program. I plan to travel to New Zealand next month. Do you think I should get a forex card, or will the Infinia credit card be good enough? I am looking for suggestion regarding what will be more cost effective.

    Reply

  33. Paku says

    Im going on immigration to Canada.
    What is the best Forex Card that I should opt for.
    Is Thomas Cook Single currency alright

    Reply

  34. sankar says

    Hi Pradeep,

    Great is your expertise. I would like to have some advice.

    I am moving to Austria for Job.
    I would like to have minimum/no transaction charge while using the card in POS, online or ATM withdrawal. Which one is best in Austria also from aftersales service point of view?

    Regards
    Sankar

    Reply

  35. Shweta says

    Hi Pradeep,

    Have you heard about Niyo Global Card. Lot of my friends seems to have taken it overseas and gave rave reviews about it. Want to hear your views.

    Reply

    • Pardeep Goyal says

      Thailand is mostly a cash country. You can use your credit card for swipe in the malls.. else I recommend you to carry cash. You can withdraw cash directily from your debit card by paying a nomimal fees of 200 baht per transaction (recommend you to make a transaction of 20,000 baht in a single go).

      If you still want to carry a forex card, then go for HDFC Regalia forex.

      Reply

  37. varun saxena says

    Hi Sir,

    I will be going to Prague for a month for work. Which card should I use as after a month I will have my account created in their bank.

    Reply

  38. Fardin says

    Hi! Mr. Pradeep,

    I have planned to save money in euros as per my plans, for my further studies for france, which card should i go for or should i actually go for a forex card or something else.

    Awaiting for your reply
    Thnx

    Reply

  39. Yash Agarwal says

    Hi, I am traveling to Singapore for 6 months internship as a student.
    Which will be the best card for me?
    I request you to let me know about this query.

    Reply

  40. Rushi varmora says

    i am going to poland for 5 months as student . which card should i issue? should i use forex card for payments or should i withdraw money and use it for goods exchange in poland? please reply fast.. it is urgent

    Reply

  42. rutvik says

    will i be able to receive payments from clients in this forex card which one will be good… payments can be USD/ Euro /GBP / YEN etc

    Reply

  43. ABHINAV BALLA says

    I’m going for a trip with my parents to Singapore, Malaysia and Thailand for 10 days. Which card is best?

    Reply

  47. sachin says

    Hi Pradeep,

    I’m going to a Maldives for a work. will be there aroud 18 months. which Forex card u will suggest. consider the all over charges.

    Reply

  48. Rutvik Patel says

    hi i am Rutvik i am traveling to Canada for studies which Forex card will be good and will give me the best conversion ratios for inr to cad .Do u know how much service charge is applied on forex cards

    Reply

  50. Kevin says

    i’m a student going to australia for my masters and id like to the best option in forex cards for students other than the axis bank multi currency card

    Reply

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