Using the right forex card can save you thousands of rupees on international trips. Regular debit/credit cards charge 3-4% markup on foreign transactions, while the best forex cards offer zero markup. Plus, you lock in exchange rates before travel, protecting against currency fluctuations.
Why You Need Forex Cards
Zero Markup Fees
Regular cards charge 3-4% on forex. Best forex cards have 0-1.5% markup.
Locked Exchange Rates
Load money at today's rate and avoid currency fluctuation risks.
Free ATM Withdrawals
Many cards offer free international ATM withdrawals, saving ₹200-500 per transaction.
Better Security
Not linked to bank account. Easy to block if lost. Chip-enabled for security.
Top 8 Forex Cards Compared
BookMyForex Card
Pros
- ✓ Zero markup
- ✓ Best rates guaranteed
- ✓ Free ATM withdrawals
- ✓ Excellent app
Cons
- ✗ Reload takes 4-6 hours
- ✗ Physical delivery needed
Niyo Global Card
Pros
- ✓ Zero markup
- ✓ Free unlimited ATM
- ✓ Instant card
- ✓ Great app
Cons
- ✗ Lower withdrawal limit
- ✗ Not available in all cities
HDFC ForexPlus Card
Pros
- ✓ Trusted brand
- ✓ Wide acceptance
- ✓ Insurance included
- ✓ Easy reload
Cons
- ✗ Has markup
- ✗ ATM fees apply
ICICI Forex Prepaid Card
Pros
- ✓ Easy for ICICI users
- ✓ Good support
- ✓ Online reload
- ✓ Secure
Cons
- ✗ Markup charges
- ✗ ATM fees
- ✗ Limited currencies
Axis Bank Forex Card
Pros
- ✓ Good rates
- ✓ Wide acceptance
- ✓ Mobile banking
- ✓ Insurance cover
Cons
- ✗ Markup exists
- ✗ ATM charges
Thomas Cook Forex Card
Pros
- ✓ Physical stores
- ✓ Cash backup
- ✓ Travel insurance
- ✓ Doorstep delivery
Cons
- ✗ Higher markup
- ✗ Limited currencies
IndusInd Multi-Currency Card
Pros
- ✓ Good rates
- ✓ Easy reload
- ✓ Mobile app
- ✓ Lower ATM fee
Cons
- ✗ Has markup
- ✗ Limited currencies
Fi Money Card
Pros
- ✓ Modern app
- ✓ Low markup
- ✓ Easy setup
- ✓ Good UX
Cons
- ✗ New player
- ✗ ATM fees apply
How to Choose the Best Forex Cards
Frequently Asked Questions
Is forex card better than debit card abroad?
Yes, forex cards are much better. Your debit card charges 3-4% markup on foreign transactions plus ATM fees. Best forex cards have 0% markup and free ATM withdrawals, saving you thousands on a typical trip.
How much money can I load on forex card?
Under LRS (Liberalized Remittance Scheme), you can load up to $250,000 per year on forex cards. For amounts above $50,000, you need to provide PAN and purpose documentation.
What if I have leftover balance after trip?
You can either keep it for future trips (most cards have long validity) or convert back to INR. Some cards charge a fee for encashment, so check before buying.
Which currency should I load for USA trip?
Load USD directly. This way you lock in the rate and avoid double conversion. If you load INR and pay in USD, there's conversion loss.
Are forex cards safe?
Yes, very safe. They're not linked to your bank account, have chip security, PIN protection, and can be blocked instantly via app if lost. Much safer than carrying cash.
Disclosure: Fees and features are indicative and may change. Please verify with the card provider before applying. Times of Visa may earn a commission from applications made through affiliate links, at no extra cost to you.