Are you considering using a forex card when traveling abroad? If so, you’re likely wondering which option is the best for your needs. After all, there are a variety of forex cards available in India—each one has its distinct advantages and disadvantages. In this post, we’ll break down everything you need to know about forex cards in India so that you can make an informed decision about which option is right for you.
What is a Forex Card?
A forex card is a prepaid card used primarily for payment while traveling abroad for various purposes like food, shopping, online or offline.
It works just like any other debit card—you can use it anywhere major credit cards are accepted, such as hotels, restaurants, and stores.
However, since it’s a prepaid card denominated in foreign currency, you won’t have to worry about exchange rate fluctuations or incurring extra fees when using the card overseas.
Types of Forex Cards in India
Multi-Currency Forex Card: A Multi-Currency Forex card is a travel card that can be loaded with multiple currencies. This type of forex card is ideal for frequent travelers who frequently visit different countries and need to spend in foreign currencies.
With a multi-currency forex card, you don’t have to worry about exchanging currencies or paying hefty fees when traveling internationally.
Single Currency Forex Card: A single currency forex card is best suited for those traveling to just one country where the local currency predominates. With a single-currency forex card, you do not have to worry about exchange rates and cross-currency charges, as all transactions are done in the same currency.
Benefits of Using Forex Cards
Easier to carry
The primary benefit of using a forex card is convenience.
With a single card, users can access multiple currencies without worrying about exchanging money or carrying different cash types while traveling.
No cross-currency charges –
Since most forex cards are accepted at major retailers and restaurants worldwide, they provide an easy way to make payments without worrying about foreign exchange fees or conversion rates.
Rewards and discounts
Additionally, many forex cards offer additional benefits such as loyalty points, discounts on retail purchases, or even free insurance coverage if something happens while you’re away from home.
Easy to reload–
You can quickly reload your forex card from anywhere worldwide, making it convenient for frequent travelers.
Best Forex Cards in India
There are several excellent options for choosing the best forex card for your needs in India.
HDFC Multicurrency Platinum ForexPlus Chip Card
With HDFC ForexPlus Cards, traveling abroad has never been easier! Enjoy cashless transactions in foreign currency with one of the best forex cards available on the market. Shop, dine, and stay without worrying about carrying large amounts of hard cash around – you can trust this safe and secure way to transfer funds like a pro!
Available in currency –
Australian Dollar, AED (Dirhams), Canadian Dollar, Euro, Hongkong Dollar, Japanese Yen, Singapore Dollar, Sterling Pound, Swiss Franc, Swedish Krona, Thailand Baht, South African Rand, Oman Riyal, New Zealand Dollar, Danish Krone, Norwegian Krone, Saudi Riyal, Korean Won, Bahrain Dinar, Qatari Riyal, Kuwait Dinar, and US Dollar currencies
Features –
- Withdraw cash or use the card at the Point of Sale (POS) terminal in any currency anywhere in the world
- You will be protected against foreign exchange rate fluctuation.
- You can conveniently add a currency, and transfer the balance from one currency to another using Prepaid Card NetBanking facility.
- Complimentary Insurance Cover.
- Protection upto INR 500,000/- against misuse due to counterfeiting/skimming
- Loss of checked-in baggage cover coverage up to INR20,000
- Loss of personal documents (only Passport reconstruction) coverage up to INR50,000/-
- Loss of Cash in Transit coverage up to INR 60,000/-
HDFC Regalia ForexPlus Card
The HDFC Regalia ForexPlus card is the perfect solution for individuals traveling worldwide. This fully-loaded card can be loaded with US Dollars and used anywhere in the world without worrying about cross-currency conversion charges.
Furthermore, it treats you like royalty with complimentary lounge access to international airports in India. With this card, you can save time and money on your next trip abroad.
Available in currency –
Single currency forex card. You can load it in US dollars and use it anywhere.
Features –
- Zero cross currency Mark-up charges
- They are accepted at all VISA/MasterCard affiliated merchants/establishments worldwide and for online shopping.
- Get 2 Complimentary lounge access per quarter until the card’s validity within International airports in India. Check the list of airport lounges available for free access.
- comprehensive insurance cover
Charges –
Card issuance Fee: INR 1000 plus applicable GST per card
Reload Fee: INR 75/- plus applicable GST per reload transaction
Transaction charges
ATM Cash Withdrawal – USD 4.00
Balance Enquiry – USD 0.50
Daily Limit for ATM Cash Withdrawal – USD 5000
Cross currency charges
- For transactions where the transaction currency is different than the currency available on the HDFC Regalia ForexPlus Card bank will not charge any cross-currency conversion charges on such transactions.
Wrap Up
Choosing the right forex card for your needs in India isn’t always easy – but with the correct information and research at your fingertips, you can be sure that you’re making an informed decision that will serve your needs well while traveling abroad!
From convenience to potential savings on foreign exchange fees or even loyalty points on purchases made abroad, many benefits are associated with using a forex card while traveling.
We hope this post has helped you understand why a forex card may be the perfect choice for your next trip abroad!