Comparing the best forex cards in India? Here's what you should choose
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Comparing the best forex cards in India? Here's what you should choose

Manisha Ramawat

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If you're reading this blog, we bet you would have googled "best forex cards in India" at least once. And, if you've searched it more than once, there's one thing we'd like to say to you - you're not alone!

Going to the U.S. is a life-changing experience, and you need to be well-prepared from all aspects to have a smooth transition as soon as you touch down. One factor that tops the list is getting an international card that allows you to access cross-country currencies. This is where cards like Forex come into play and precisely for two reasons -

  • They are immensely popular; your uncle in Chicago or your friend who visited California last year must have used it and recommended it to you.
  • They have flexible options, one that suits both an international student or a working professional traveling abroad.

But back home, things look different - since Forex cards are not the preferred option for daily transactions and have multiple options to choose from, it becomes difficult for students to choose the one that's best for them.

We did a little homework and analyzed the best forex cards in India to make it easy for you. In this article, you get to know all about a forex card, the multiple options you have, along with the pros and cons of each card. So, let's begin!

What is a Forex card?

In a nutshell, consider a forex card as a travel card to load up your money and transact in a foreign country. You can accept the destination country's currency in a digital form before you travel, and transact with a forex card as soon as you land abroad.

Choosing your forex cards might be tricky, as some offer single currency options while some offer multi-currency ones. Some are designed for frequent travelers, and some are ideal for students. Let’s glance through the best forex cards in India and see what they have to offer.

Thomas Cook Forex Card

As a renowned player in the travel space, Thomas Cook offers various travel-related financial services encompassing foreign exchange, corporate travel, visa, passport, and insurance services. Among its mainstream offerings is its forex cards which come in two variants - Borderless prepaid card and One currency card.

The Borderless prepaid card is designed for those who frequently travel, enabling you to load eight different currencies (USD, AUD, Euro, British Pounds, Swiss Francs, CAD, Singapore Dollars, Japanese Yen) onto a single card. The second variant, One currency card, enables you to load USD and comes with zero currency conversion charges.

At a glance -



Back up card at zero cost and free replacement of stolen or lost cards

Comes with an initial load and issuance fee, and reload fees

Airport loyalty program - where you can earn points on your purchases at North American airports

Borderless prepaid cards come with a high cross currency conversion fee of 4.25%

5-year validity with maximum top of $10,000 and a minimum of $100

Axis Bank Forex Cards

Axis bank offers a wide range of forex cards (five different offerings), where each is designed to cater to the needs of different types of travelers. While some of its offerings allow you to load only one currency, Axis bank multi-currency forex card enables you to load cash in sixteen currencies.

You can use it in all the countries across the globe (only for foreign travelers), except China, Bhutan, and Nepal. The charges incurred depend on the country you are traveling to.

At a glance -



5 year validity for the card, and can be applied without the need of an Axis bank account

Comes with additional fees for signing up, reloading and cash withdrawals (other than Axis Bank ATMs)

Complimentary benefits for students

The cross currency conversion fee stands at 3.5%

Earn points at merchant outlets

Inactivity fee (36 months) of $5

HDFC Forex Cards

HDFC offers a variety of forex card options that cater to the needs of both frequent travelers and one-time travelers. The bank has four different forex card offerings and remains one of the few banks with a student-centric card. Be it holidays, personal visits, business travel, immigration, employment-related, travel for medical treatment, or study travel - HDFC has a card for every scenario.

At a glance -



Non-HDFC banking clients can apply

Comes with a considerable issuance and reloading fee 

The ISIC ForexPlus students card is accepted as a identification card for students across the globe

Multi-currency Forex card offer the least cross currency fee as compared to its peers

Regalia Forex Plus card comes with waivers on ATM access fee or ownership charges

IndusInd Forex Cards

The IndusInd bank has launched its Indus Multi-Currency Forex Card, which boasts of its enhanced security features and can enable you to load eight widely used currencies across the world. If you are a frequent traveler, managing multiple currencies with an IndusInd card is relatively simple compared to its peers.

At a glance -



Comes with a paired kit option, equipping you with a backup card in case you lose the primary one

Inactivity (18 months) fees of $3 per quarter

An IndusInd bank account is not needed to get its forex card

Cross currency conversion fees stand at 3.5%

Two free ATM withdrawals per currency per month

Inactivity fee (36 months) of $5

Enhanced fraud protection

Niyo Global Card

Niyo has associated with DCB bank to bring a tech-enabled, modern experience for its users. The Niyo global card is built ideally for students who want to access their card and convert money anyplace, anytime!

What’s not so cool is the signing up process that requires a physical visit in one of the Niyo service-enabled cities.

At a glance -



Can be used in over 90 currencies

Limited to few Indian cities

Can load cash to your Niyo Global card from your INR account

Comes with additional charges and visa exchange rates

As a student, what are my other options?

Though forex cards may be pretty popular in various countries, they are often opted by individuals who cannot qualify for a credit card or a debit card through a traditional checking account. Forex cards may be an ideal option for short-term, frequently traveling individuals who do not qualify for a bank account or have bad or nonexistent credit.

Prepaid cards or forex cards are generally more expensive to use than a debit card or checking account. As a student, you will have more convenient options like a checking account or a credit card with exclusive benefits. Unlike frequent travelers, as a student, you will be living in the destination country for a substantial amount of time. It is better to take advantage of various benefits its banking system may have to offer.

If you are traveling to countries that thrive on a credit-based economy like the U.S., credit cards are a more viable option where you can save more and be liable to additional privileges as you spend.

You can always sign up to Zolve if you’re planning to pursue your higher education in the U.S. and require a high-limit credit card that covers you for your daily expenses with a host of amazing benefits such as zero annual fees, no SSN requirement and foreign transaction fee.