As an Indian traveler, you must have come across the dilemma of choosing the right forex card for your international trips. With so many options available in the market, it can be overwhelming to select the best forex card that suits your needs. In this article, we will explore the various factors that you should consider while selecting a forex card and list the best forex cards for Indian travelers.
What is a Forex Card?
A forex card is a prepaid travel card that allows you to load multiple foreign currencies onto a single card. The card can be used to withdraw cash from ATMs or make purchases at merchant outlets that accept Visa/Mastercard. The advantage of using a forex card over cash is that you get competitive exchange rates, and you don’t have to worry about carrying multiple currencies.
Factors to Consider While Selecting a Forex Card
- Exchange Rates: The exchange rate is one of the essential factors to consider while selecting a forex card. You want a card that offers competitive exchange rates so that you can get the most value for your money.
- Fees and Charges: Forex cards come with several fees and charges, such as issuance fees, reload fees, transaction fees, and ATM withdrawal fees. You should compare these fees and charges across different forex cards and select the one that offers the lowest fees.
- Security: Since a forex card contains multiple currencies, it is essential to ensure that the card is secure. Look for features such as chip and PIN protection, inbuilt insurance, and the ability to block the card in case of loss or theft.
- Accepted Currencies: Different forex cards support different currencies. You should select a forex card that supports the currencies of the countries you plan to visit.
- Reload Options: You should look for a forex card that offers multiple reload options, such as online banking, mobile banking, or even a physical branch location. This will ensure that you can reload your card from anywhere, anytime.
Best Forex Cards for Indian Travelers
Axis Bank Forex Card, HDFC Bank ForexPlus Card, ICICI Bank Travel Card, SBI Multi-Currency Foreign Travel Card, and Kotak Mahindra Bank Forex Card are some of the best forex cards for Indian travelers.
Axis Bank Forex Card
Axis Bank’s forex card is one of the most popular forex cards for Indian travelers. The card allows you to load up to 16 different currencies, and you can easily reload the card using Axis Bank’s internet banking or mobile app. The card also offers features such as chip and PIN protection, emergency assistance, and inbuilt insurance.
HDFC Bank ForexPlus Card
HDFC Bank’s ForexPlus card is another popular forex card for Indian travelers. The card allows you to load up to 22 different currencies and comes with features such as chip and PIN protection, inbuilt insurance, and emergency assistance. You can reload the card using HDFC Bank’s internet banking or mobile app.
ICICI Bank Travel Card
ICICI Bank’s Travel Card is a popular forex card that allows you to load up to 15 different currencies. The card comes with features such as chip and PIN protection, emergency assistance, and inbuilt insurance. You can reload the card using ICICI Bank’s internet banking or mobile app.
SBI Multi-Currency Foreign Travel Card
SBI’s Multi-Currency Foreign Travel Card allows you to load up to four different currencies onto a single card. The card comes with features such as chip and PIN protection, inbuilt insurance, and the ability to block the card in case of loss or theft. You can reload the card using SBI’s internet banking or mobile app.
Kotak Mahindra Bank Forex Card
Kotak Mahindra Bank’s forex card allows you to load up to 17 different currencies onto a single card. The card comes with features such as chip and PIN protection, inbuilt insurance, and emergency assistance. You can reload the card using Kotak Mahindra Bank’s internet banking or mobile app.
In conclusion, selecting the best forex card for your international trips requires careful consideration of various factors, such as exchange rates, fees and charges, security, accepted currencies, and reload options. It is also crucial to compare the features and benefits offered by different forex cards to select the one that best suits your needs.
The above-listed forex cards are some of the best forex cards for Indian travelers and come with several features and benefits that can make your international travel more convenient and secure.
By selecting the right forex card, you can enjoy your international trips without worrying about currency exchange rates or carrying multiple currencies.
