Are you planning to travel abroad for sightseeing or a business trip? Then you are in the right place, so pay attention and read on till end. The plan of traveling abroad mainly revolves around booking airline tickets at the best price, bookings for stay, the places to visit and food options. In addition to these, there is another important point to consider that you might be missing or still thinking about is how to carry your money for the trip.
There are various options by which money can be carried. These include the Debit and Credit Cards, Cash, Forex cards, and Traveler’s cheque. Each of them has its advantages and disadvantages and you can compare them based on their convenience and security. However, Forex card is the best and most convenient option for carrying money abroad. Let us have a look to understand more about Forex cards and why it is the best way of carrying currency abroad. I will also share the best Forex card in India 2020 that you can purchase for your international travel.
WHAT IS FOREX CARD?
A Forex Card lets you store your money electronically and make payments through it while traveling abroad without the need to carry cash. It can be used to withdraw foreign currency as well from the ATMs. You can imagine it to be a prepaid card which you can load with the foreign currency and use it as you use your debit or credit cards to pay for all your expenses on travel. Forex cards are normally registered with either MasterCard or Visa network and are thus acceptable all around the world. It is the easiest and safe way to carry money for international travel.
TYPES OF BEST FOREX CARD IN INDIA
There are 4 types of Forex cards available in India that you can select based on your requirement:
Single Currency Forex Card
This is the most basic type of Forex Card that can be loaded with one currency which is USD and the payments can be done in that currency only. It can be used in other countries too but for that, you’ll have to pay the cross-currency charges.
Multi-Currency Forex Card
This is a great option if you are traveling to multiple countries in a single trip. This card can be loaded with 23 currencies. One currency can be shuffled to another using this card.
Student Forex Card
This is the most preferred card for students studying on foreign land. These cards can be loaded by their parents in India too. Moreover, the cards can be used as a student identity card universally.
This is the card that feeds the unique Forex needs. As an example, the cards used by pilgrims visiting Hajj are specialized Forex Cards.
8 BEST DEMAT ACCOUNT IN INDIA – REVIEWED
1. YES Bank Multi-Currency Travel Card
This Yes bank travel card is one of the best Forex card in India owing to its cost-effectiveness and security. The card comes with an online portal to manage the card anywhere and anytime. This card has a validity of two years and can be used on multiple trips.
Currencies: This card can be loaded with up to 15 currencies. The foreign exchange rate is locked during the issuance of the card.
Charges: The issuance fee is INR 125 and can be reloaded at a nominal fee of INR 100.
2. Axis Bank Multi-Currency Forex Card
This is a Multi-Currency Forex Card that lets you travel to multiple countries with a hassle-free experience. This card protects against currency fluctuations too. Also, the balance can be en-cashed while returning from the trip. Moreover, the card comes with contactless technology that allows you to use it by waving cards on a contactless reader. The validity of the card is specified on the card.
Currencies: This card can be loaded with 16 most popular currencies of the world.
Charges: The initial issuance fee is INR 300 with GST. The card can be reloaded with INR 100 as a reload fee.
3. ICICI Bank Travel Card
ICICI offers many travel cards such as Coral, Goibibo, Multi-Currency, Sapphiro and Student Forex Card. Forex card provided by ICICI is considered the best Forex card in India. ICICI Bank also offers the replacement card in case of theft or misplacement. This replaced card can be activated immediately. These cards come with the validity of 5 years.
Currencies: This card can be loaded with up to 15 different currencies.
Charges: The card issuance fee is INR 150 and the reloading fee is INR 100 every time you reload the card.
4. HDFC Regalia ForexPlus Card
This is a Forex Card provided by HDFC with no cross-currency charges that give you a hassle-free experience of traveling. This card is globally accepted and has features such as contactless payments, emergency cash delivery, and access to airport lounge at international airports in India and complimentary insurance coverage. The card can be blocked temporarily using the internet banking application.
Currencies: This card can be loaded with US Dollars.
Charges: The card issuance fee is INR 1000 per card and reloading fees at the time of reloading. Also, there is a fee of INR 100 for re-issuance in the case of theft or lost card.
5. Thomas Cook Forex Card
Thomas Cook is another financial service provider company in India that offers services such as foreign exchange, visa and passport services, insurance and corporate travel. It also offers Forex Cards of both single and Multi-Currency. The currency conversion fee for the Multi-Currency card is 4.25% and for the single currency card is 0. The validity of this card is 5 years. The card gives benefits such as insurance coverage, free replacement in case of theft, PIN-enabled card, and loyalty program.
Currencies: This card can be loaded n up to 8 currencies. Single currency cards can be loaded with USD currency.
Charges (Both Cards): The issuance fee s INR 150 and the reloading fee is INR 100.
BEST FOREX CARD IN INDIA – BENEFITS
Forex cards are considered best because of the multiple benefits it offers in addition to just making payments. First of all, you are completely protected from the fluctuations in the prices of foreign currency. It allows you to carry multiple currencies with a single card if visiting more than one country. The card is safe to use and all the transactions can be tracked with internet banking. Moreover, it allows you to change password online, load cash as many times, block-unblock card anytime. You can even get the emergency cash within few hours in case you lost your card. Additionally, Forex card comes with free insurance against theft, loss, and misuse of the card. Forex cards get you many discounts, offers and lounge access making it a great option.
Overall, this is all about the Forex cards that you should know before buying one. I have covered all the details with charges and other specifications for the best Forex card in India. I hope this article be helpful to you in deciding the best Forex card you can buy. You can compare the charges and other benefits before taking the final decision.