A Forex Card is a card that helps you to make payment in the foreign currency. It is a prepaid travel card that can be loaded with a foreign currency. If you are traveling abroad it is recommended to make use of forex card. It is like credit card or debit card which can be used for shopping as well as withdrawal of the cash from an ATM. You can load these types of card with a currency like USD, AUD, CAD, etc. Forex card is one of the safest ways to carry money for international trips.
Types of Forex Card
Single Currency Card
Single currency forex card can be used only for the single currency. This means your single currency card can be loaded only with single currency either USD, GBP, CAD, etc. This card is useful if you are planning to visit a single country or a country where USD is well accepted.
Multicurrency Card can be loaded with multiple currencies. These types of cards are protected with currency fluctuation and valid for multiple trips. Multicurrency card is accepted widely in multiple countries. This card also supports emergency cash.
Credit card companies and banks are now issuing contactless cards. Contactless forex card enables quick contactless payments. You need not swipe your card in order to make payment using contactless card.
Things to consider while selecting Forex Card
You should consider the following points while selecting a forex card.
- You need to check fees and charges applicable on the card such as card issuance fee, cash withdrawal charges, currency mark-up charges, statement request charges, etc.
- As it is a prepaid card you need to load currency. It is advisable to use a multi-currency card. However, if you are taking a single currency card make sure to select currency carefully.
- Check for the insurance offered on your card. Many cards offers insurance covers such as protection against personal accident, loss of baggage, etc. You should check the coverage amount.
- When you are using the card, you need to make sure that you are swiping in the same currency which is loaded on your card. You have to pay currency conversion charges if you make payment in other currency.
- Make sure to select the card which is widely accepted at multiple foreign destinations.
5 Best Forex Card in India – 2019
Thomas Cook Borderless Prepaid Forex Card
Thomas cook Borderless Prepaid Forex Card is first in the list of best forex cards. It is a multicurrency card. Key features and benefits offered by Thomas Cook Borderless Forex Card are given below.
- Loading up to nine currencies onto a single card.
- Unspent funds can be utilized for the next trip.
- Cash withdrawal allowed at ATM abroad.
- Prepaid card not linked to any bank account.
- Insurance coverage up to USD 10,000.
- The Card is valid up to 5 years and multiple trips.
HDFC Multi-Currency Platinum Forex Card
HDFC Multi-currency platinum forex card is next best forex card in the list. It is a multicurrency prepaid card which allows loading up to 22 different currencies. It is contactless card comes with a lot of added benefits. Key features of HDFC Multi-Currency Platinum forex card are given below.
- Online currency management including the facility to transfer a balance from one currency to another.
- Protection against foreign currency fluctuation.
- Cash withdrawal is allowed in any currency throughout the world.
- Additional security with temporary card blocking facility.
- Emergency cash delivery assistance.
- Free Complimentary Insurance Coverage up to 5 Lakh.
Indus Multi-Currency Forex Card
Indus Multi-Currency Card is easy to use card with multiple currency support. This card supports 14 different currencies. Key Features and benefits of Indus Multi-Currency card are given below.
- Embedded chip-based security in a card.
- Support up to 14 different currencies.
- ATM withdrawals allowed at all Visa ATM’s.
- Online access to card balance and currency spending.
- Protection against exchange rate as the exchange rate remains unchanged after card loading.
- Zero charge on ATM withdrawals.
ICICI Bank Multicurrency Platinum Travel Card
ICICI Bank Multicurrency Platinum Travelcard is one of the best cards while traveling abroad. You can load this card with multiple currencies and enjoys the rich feature set offered by the card.
- Load up to 15 different currencies in the card.
- Online account management to view transactions and balance.
- Free cash withdrawal transactions from all VISA ATMs.
- Instant loading and activation of the card.
- Multiple options for loading currency.
- Lost car liability cover up to 2 Lakh.
Yes Bank Multi-Currency Travel Card
Yes Bank multicurrency travel card is one of the most popular cards available for foreign travelers. This card automatically selects the currency wallet as per the local currency of the transaction. This card offers great discounts at merchant outlets while shopping abroad. Key features of Yes Bank Multi currency Travelcard is given below.
- You can load up to 15 currencies in the card.
- Online account management to view transactions and checking balance.
- Chip based card with higher security.
- Lost card insurance coverage up to 5 Lakh.
- Card validity up to 5 years and supporting multiple trips.
Documentation and Eligibility to avail Forex Card
In order to avail Forex card you require self-attested photocopies of following documents along with original for verification.
- Visa or Confirm Air Ticket
- PAN Card
- Any other supporting document if required as per RBI guideline
Please note that maximum $2.5 Lakh per annum can be loaded for the individual purpose as per RBI guideline.