Going abroad to study is a dream for many students but that dream comes with many problems. The most primary concern for students is related to the cost aspect. The big expenses such as college fees would already have been paid for but there are other expenses such as rent, food, etc. This is where a forex card comes into action

A forex card is simply a prepaid card that comes with loaded cash and can be used for financial transactions. Most of the forex card comes with a complimentary insurance cover, protection against change in currency price and much more.

Benefits of Forex Card

• Better Exchange Rates – Forex card gives us a difference of 50 paise as exchange rate markup in comparison of Rs 2 markup for buying us dollar.
• Fixed Exchange rate – Forex card is immune to the fluctuation of the exchange rate. If you have put 100 USD in forex card it will remain 100 USD despite a drop of       INR-USD Exchange Rate.
• Safe and Secure Option – There are a number of reasons for forex cards safer for financial transactions like online ATM pin exchange, block-unblock(temporary) as per need, etc.
• Forex Card is Universally accepted – Unlike other cards, a forex card is globally accepted. 
• Reload from anywhere – You can reload your forex card from anywhere online.
• Shop without limit – Forex card can be used at most of the merchant’s shops across the globe

How to get Forex Card?

One can get a forex card from any bank even if he/she is not an account holder in that bank. Authorized forex dealers are also known as money exchangers also give forex cards. In India, different banks have different procedures for forex card. For most of the banks you will need to fill an application form with personal details, amount of foreign currency, etc. and submit a self-attested copy of passport. Some banks may require a copy of the visa as well. Once the application is filled and all the paperwork is done the cardholder will receive his/her forex card with the card PIN.

Types of Forex Card in India

1.  Yes Bank Multi-Currency Travel Card – This card has the advantage of cost-effectiveness and security. This card charges Rs 125 for issuance which is one of the lowest in India. With the Help Of the online care portal, you can manage this card from anywhere. This card offers 10 currency wallets with a cross-currency charge of 2.75%.

2. Axis Bank Multi-Currency Forex Card -  This card is considered as one of the best cards for students as it offers benefits for students such as 1% cashback on POS/ECOM Transaction. You have to pay INR 300 plus GST for the issuance of this card.

3. ICICI Bank Single Currency Forex Card –  This card is preferred if you are planning to visit a single location. It is beneficial as it offers a discount of up to 10% on shopping, dining and other expenses at the merchant store. You will have to pay an initial fee of 150 INR for issuance of this card.

4. HDFC Multi Currency Platinum Forex Card – The most advantageous feature of this card is that it allows you to carry 23 different currencies on a single card at a currency fee of 2% which is least possible. The issuance fee of this card is 500 INR and the reload fee is 75 INR. 

5. Thomas Cook Forex Card – Thomas Cook is one of India’s leading integrated travel and travel-related financial services companies. They offer 2 types of forex exchange cards. One is a borderless prepaid card that is designed for the customer who travels across the globe as it offers various currencies at a currency conversion fee rate of 4.25%. The other card is one currency card in which you can only load USD. This offers the advantage of zero currency conversion rates.

6. IndusInd Bank Multi-Currency Forex Card – 8 currencies can be loaded on this card. This card can be used over 1.6 million VISA/VISA Plus ATMs and merchant establishment in over 200 countries worldwide. For chip single card 150 INR issuance fee is required and for chip paired card INR 250 is required.

7. Niyo Global Forex Card - This is next-generation INR forex card in which can be used globally (150+ counties) including India and can be loaded with any bank account without any charges. This card can be used at any merchant accepting a visa. The expenses can be tracked using NiYO Global App.

Things to keep in mind

• Find out about the pros and cons of forex cards offered by different banks.
• Order your forex card on time as it can take 2-3 days to get delivered
• AT the ATM, you must choose the credit card option as there will be no forex card option.
• Since the card is loaded with foreign currency, don’t swipe at placed which deals transaction in Indian Currency.
• Enquire about the time of activation of your card
• Check the Expiry Date of your card
• Do not use the forex card to pay in a currency other than the loaded one