Are you considering a trip abroad? Why not get a Prepaid Forex or Travel Card to avoid all the problems with currency conversion? It also helps to resolve the inconveniences associated with carrying cash abroad. Do not miss to check the best forex card before planning your trip. Check the use of a forex card before you take one!
One of the simplest ways to carry foreign currency on a trip is through a Travel Card. Consider it a prepaid card that you may load with well-known currencies, including USD, EUR, CAD, GBP, AED, SGD, and more. There are multiple uses for a forex card. Once loaded, you can use it to pay for your travel in the local currency of the country you visit, just like a debit card. Such cards can also be in online mode.
You can use a forex Card online to pay for almost everything on sites that accept card payments, including hotel reservations, admission tickets, bus or train passes, shopping, and restaurant bills. Additionally, you can use the card to withdraw cash in local currency at ATMs abroad.
How does a Forex Card work?
A forex card is your best friend during your foreign travels. While in India, you can load your travel card using the bank’s current exchange rates. One can load most of the widely recognized currencies onto the card. Once you’ve chosen the foreign currency for your card, you can quit fretting about the ever fluctuating exchange rates.
When you arrive at your destination, you can buy stuff with the Travel Card just like you would with a debit card. Additionally, you can constantly replenish the Travel Card through the bank’s internet banking service through its portals online.
Forex cards are among the safest ways to carry money on international travel.
Uses of a forex card
Like a debit card, you can load forex cards with the precise amount needed and use them similarly. These are helpful as they enable you to make payments in foreign currencies when travelling. You can also pay easily through a forex card online.
Travelling using the foreign currency is a secure alternative.
Compared to international credit or debit cards, it is more affordable.
It is accepted everywhere and provides a variety of free international SIM cards. Additionally, it offers the cardholder numerous other rights, including cash aid.
In comparison to using an almost extinct traveller’s check, or cash, forex cards typically offer better conversion rates.
You swipe your card to pay for the products you desire to buy, making it an easy and convenient mode of payment.
What are the different types of forex cards you could purchase?
Multi Currency cards and single-currency cards are the two main categories of currency cards. Using a single currency card is restricted and incurs higher cross-border costs abroad. A multi currency card can be used in more countries depending on the currencies loaded on the card. You can use it to transact in up to 23 different currencies. You can transfer money between other currencies whenever you need to use prepaid NetBanking, for instance, if you’re travelling to two countries that use different currencies. Check the list of best forex card to assist you best in your trip.
Let’s compare forex cards to help you pick the best multi currency forex card for international travel.
5 Best Multi Currency Forex Cards
NIYO GLOBAL CARD
The Niyo Global Card is the best and most well-known currency card and very popular amongst Indians travelling internationally.
A top-notch worldwide VISA Signature Debit Card with various features and bonuses comes with the Niyo Global forex card, providing a flawless and opulent global banking experience. It is also an online forex card.
SOME OF THE MAIN FEATURES OF THE NIYO FOREX CARD ARE :
- Zero foreign exchange markup: Normally, when using a credit or debit card from a different bank to make payments in a foreign currency, the bank assesses a markup fee on the total amount of the transaction. The most significant foreign travel cards should have 0% forex markup. Niyo Global offers a zero forex markup on all international transactions, meaning, it doesn’t charge you for the convenience of transacting in foreign currency.
- Spend in more than 150 nations by loading INR: You can deposit INR into your Niyo Global card before you take off on your trip or anytime during your travels. You don’t have to worry about which currency to load on your card. Niyo Global automatically converts INR to the local currency of the nation you are currently in. In more than 150 nations, it can be used at ATMs and to make purchases at businesses accepting visa cards.
- 100% digital onboarding and KYC: Without having to run to the bank to fill out complicated paperwork, the Niyo Global App ensures quick account opening. You can do it comfortably from wherever you are.
- Tap and Pay: The Niyo Global card enables contactless payments at merchants, providing faster transactions and shorter lines at the register without the card ever leaving your hand.
- Enhanced security: The Lock/Unlock/Block Card features of the Niyo Global app give you heightened security. You can increase your chip and PIN card’s safety and security through the app’s ability to temporarily lock specific payment methods, including online purchases, ATM withdrawals, card swipes, contactless payments, and international transactions. The app gives you real time updates of all transactions which will help you monitor your transactions. You can even permanently block your card if misplaced or stolen.
- Free airport lounge access: The Niyo Global card offers complimentary airport lounge access across India. It works at both domestic and international terminals in India. You can begin your journey with the luxuries offered by the lounges.
- No Joining or Annual fees
- Free Debit card delivery
IndusInd Bank Multi-Currency Card
Among frequent travellers, the IndusInd Bank Multi-Currency Card is ubiquitous and a popular international forex card. This card offers 14 different currencies and advantages like no foreign markup fees and internet use. Customers can take advantage of the packages up to two free ATM withdrawals each month.
- A single card costs INR 150 plus GST to be issued.
- The cost to issue a paired card is INR 250
- Reloading fee: INR 100 plus GST
ICICI Bank Forex Prepaid Card
The ICICI Bank Forex Prepaid Card is the ideal choice if you want to visit a particular country. It is also an online forex card. It can be modified to fit your travel itinerary. To reload this card, you can use ICICI FX branch, website, or mobile app.
Additionally, it provides discounts of up to 20% on shopping, dining out, and several other establishments worldwide.
They also provide insurance protection up to INR 10,000,000. You can open this account with ICICI Bank without needing a savings or current account, and you get the card in just two days.
- Issuance fee: INR 150 (one-time charge)
- Reloading fee: INR 100
- USD as the reaction fee (for every 180 days of inactivity)
- the currency conversion cost of 3.5 percent
SDBI Multi-Currency Foreign Travel Card
The SBI Multi-Currency Foreign Travel Card is yet another option for foreign exchange cards in India. You can load seven different currencies into it.
You can use it to pay for a wide range of things, such as restaurant tabs, shopping, eating, and other lodging expenditures, worldwide because it carries the MasterCard Acceptance Mark.
- Insurance costs are INR 100 plus GST.
- The cost of further services is INR 100 plus GST.
- The cost of reloading is INR 50 plus GST.
HDFC Multi-Currency Forex card
The HDFC Multi-Currency Forex card is one of the most well-liked. It supports 22 multiple currencies on a single card.
These cards have contactless technology, which can shuffle money between two currencies and provide additional insurance and concierge services. Furthermore, they shield users from fluctuations in foreign exchange rates.
If the data is misused, customers are entitled to compensation of upto INR 5 lakh associated with some terms and conditions.
- Fees: INR 500 plus GST for issuance.
- Reloading fee: INR 75 + GST
- Charges for currency conversion: 2%
Top 10 Forex cards available in India for international Payments
- Niyo Global Forex Card
- World Traveller Forex card by Axis bank
- Axis bank Multicurrency Card
- Diners card by Axis Bank
- Forex card by Thomas Cook
- Multicurrency Forex card by IndusInd Bank
- Single Currency Forex card by ICICI bank
- ISIC Student Forex Plus Card by HDFC Bank
- Foreign travel card by SBI
- Multicurrency Forex card by YES bank
In India, the use of currency cards has been increasing over time. Indians travelling abroad prefer to carry a currency card because it gives an inexpensive and straightforward way to make payments. Indeed it is the biggest use of forex card.
For a travel enthusiast who likes to discover new destinations, carrying a forex card for international travel is the best way to travel without worry and not carry cash everywhere.
Unlike a single or mutliple currency forex card, the INR-based Niyo Global card with zero forex markup on international spends takes away the confusion of which currency to load on your card. Choose the best forex card for travel for hassle-free international travel!