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Travelling abroad involves careful planning, especially when it comes to managing expenses. A forex card offers a reliable and secure way to carry foreign currency during international trips. It protects against currency fluctuations and reduces the need to carry large amounts of cash. For students, tourists, and business travellers alike, it simplifies overseas spending and offers better value than cash or credit cards.
A forex card, also known as a forex prepaid card, is a travel card loaded with foreign currency. It allows you to make purchases or withdraw cash in the local currency of your destination.
These cards can be preloaded with one or multiple currencies, depending on the issuing bank. They work just like a debit card at ATMs, restaurants, shops, and online platforms abroad.
A forex card functions on secure networks such as Visa or Mastercard. It eliminates the need for daily currency conversions, making it easier to stick to your travel budget.
Most banks offer cards with features like online balance checks, ATM access, and PIN protection. These features ensure that your transactions remain safe and convenient throughout your trip.
Using a forex card offers several advantages over carrying cash or using international debit or credit cards. One key benefit is cost-effectiveness. Since the exchange rate is locked in at the time of loading, it protects you from currency fluctuations.
Security is another major advantage. The card is PIN-protected and can be blocked instantly if lost. This makes it safer than carrying large amounts of foreign currency.
Convenience is also a strong factor. You can preload the card with multiple currencies and use it across ATMs, hotels, restaurants, and online platforms. This makes spending abroad straightforward and controlled.
Some banks allow you to track your transactions and view account statements in real time. This helps with managing your expenses more effectively during your trip.
To get forex card services, you can apply through a bank’s website, mobile app, or visit a branch. The process is simple and does not require an existing bank account in many cases.
Select a forex card from a bank or authorised provider based on your travel needs and supported currencies.
Apply through the bank’s website, mobile app, or visit a nearby branch.
Provide basic details such as name, travel destination, travel dates, and currency required.
Upload or submit the documents such as, Valid passport, Visa (if applicable), Confirmed air ticket, PAN card. Some banks may ask for additional documents depending on the travel purpose.
Once documents are verified, choose the amount and currency to load. Pay through net banking, debit card, or bank transfer.
The card is typically issued within 24–48 hours. You can collect it from the branch or get it delivered if available.
Activate your card using the bank’s app or helpline. Link it to your account for balance checks, reloading, and transaction alerts.
Choosing the best forex card in India depends on your travel needs, destination, and usage pattern. Several banks offer reliable options with varied features and benefits.
Here is a detailed comparison of some top options available to Indian travellers:
Card Name |
Key Features |
Currency Support |
Benefits |
|---|---|---|---|
|
14 currencies |
|
|
BookMyForex Card |
|
Multi-currency |
|
HDFC Bank Multicurrency ForexPlus Card |
|
22 currencies (incl. USD, Euro, GBP) |
|
Thomas Cook Forex Card |
|
Up to 9 currencies |
|
ICICI Bank Forex Prepaid Card |
|
Up to 15 currencies |
|
Disclaimer: The fees and benefits for these credit cards are subject to change at the issuer’s discretion. Check the issuer’s official website before applying.
Note: When choosing, compare annual fees, ease of top-up, security features, and customer support to find a card that suits your travel plans.
It’s important to understand the forex card charges before selecting a card. While these cards are cost-effective, they do come with certain fees.
Typical charges include:
Card issuance fee (one-time)
ATM withdrawal fees (per transaction abroad)
Currency conversion fee (if spending in a non-loaded currency)
Inactivity fee (if unused for a long time)
Reload and encashment charges
Some providers waive certain charges based on usage or promotional offers. Always read the fee structure carefully before applying.
Being aware of these costs helps you avoid unexpected deductions and better manage your international travel budget.
Travellers often compare forex cards with forex credit card options to decide which suits them best. Both offer international payment convenience but differ in key areas.
A forex card is a prepaid card loaded with foreign currency. You spend only what you load, helping you control expenses. Since rates are fixed at the time of loading, you are protected from exchange rate fluctuations.
On the other hand, a forex credit card lets you spend in foreign currency and pay later in INR. However, it may involve dynamic currency conversion and higher interest charges if the bill is unpaid.
Forex cards are generally more cost-effective and secure. Credit cards may offer benefits like reward points but often come with higher charges and interest risks.
Your choice depends on spending habits, travel duration, and whether you prefer prepaid control or postpaid flexibility.
Reloading your forex card during international travel is easy and can usually be done online through your bank’s website or mobile app.
Here’s how:
Log in to your internet banking account or the card’s online portal
Select the reload option and enter the amount and currency
Verify the transaction using a secure PIN or one-time password
Complete the payment through your preferred Indian payment method
Some banks also allow authorised family members in India to reload the card. They must visit a branch with valid ID and written authorisation from the cardholder.
Before travelling, confirm that your provider supports international reloading. Always track your balance and reload early to avoid any disruptions.
Using a forex card overseas is straightforward, but a few tips can help ensure smooth transactions.
Always choose to be charged in the local currency to avoid double conversions.
Use ATMs that support your card’s network (Visa or Mastercard).
Be aware of any withdrawal limits and associated fees. Avoid using the card for fuel or car rentals if surcharge fees apply.
Keep a secondary payment method as backup, such as cash or a domestic debit card.
Always keep your PIN secure and report lost cards immediately.
Track your spending through mobile apps or email alerts. This helps you stay within budget and detect any unauthorised transactions quickly.
A forex card is not mandatory but is highly recommended for secure and cost-effective foreign currency transactions.
Yes, it helps lock exchange rates, manage expenses, and reduce currency conversion and withdrawal fees abroad.
It allows travellers to make purchases and ATM withdrawals in foreign currency without carrying physical cash.
A forex card is often cheaper and safer for prepaid spending, while a credit card offers postpaid flexibility with higher charges.
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| 1min read
Posted on 16 May
Roshani Ballal
Academy by Bajaj Markets
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