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There are three ways to spend money when travelling abroad — cash, credit card and forex card. Because, some cards charge you a fixed amount of Rs for issuing the card while others offer it to you for a higher fee of Rs Some cards are single currency while others are multi currency ones.
Some are designed for frequent travelers while others are best for students. Read my experience of currency conversion when I travelled Thailand. Forex card is one of these mainstream services offered by Thomas Cook.
The Borderless Prepaid Card is a multiple currency card designed for customers who travel extensively across the globe. Borderless prepaid card enables you to load eight currencies onto a single card which provides convenience while travelling to different countries. The currency conversion fee with Borderless prepaid card is 4.
You can load eight currencies onto your Borderless card. One currency card is second variant of Thomas cook forex card which is a single currency card. The single currency you can load is the USD. This can be avoided by use of One Currency Card. This card is valid upto 5 years. IndusInd Bank Multi Currency Forex card is specially designed for the frequent international travellers who travel across different countries.
You can load 8 of the widely used currencies to your card to spend in different countries. This makes managing multiple currencies on trips abroad relatively simple. Besides, you can use this card at over 1.
In addition, this card offers dining privileges and secure transactions. While travelling abroad, you would need a backup card in case your primary forex card gets lost. Indusind bank multi-currency forex card comes with a paired card kit option. You can load up to 8 currencies on this card and travel globally without any hassle.
The best part is that with just one ATM pin you can access your account online or withdraw funds from multiple currencies. ICICI single currency forex card is a good choice if you are planning your visit to a single location. This card comes with an issuance fee of Rs which is a little higher than other forex cards but is worth paying for given the benefits it offers.
The benefits include insurance cover, least cross currency fee, global assistance, special offers, and much more. You can load up to 23 currencies on this card and travel globally without any hassle. This forex card charges Rs. Even with the lower joining fees, this card offers you 10 currency wallets and lower cross-currency charges of 2.
Cross currency charges are second lowest after HDFC forex card. This card can be used as a single card for 10 different currencies but the default currency on this card is United States Dollar.
You can load these currencies at any of the Yes Bank Branches. So, from a forex services point of view, Axis bank multi currency forex card is the best option for students. With this card, you can pay by simply waving your card at a secured card reader. The Axis Bank Multi-Currency Forex card can be personalised by adding an image of your choice to the card.
You can add your own image or you can choose from the designs available in axis bank image gallery. Lastly, the forex card comes with a validity of 5 years and can be purchased without the need of an account with Axis Bank. You can simply walk into any Axis Bank branch and sign up for the card. If you compare forex card with an international debit or credit card, forex card is much better option than the other two for the following reasons.
You might have made your decision of which forex card is best for you depending upon your requirements. Incase, you are still confused after reading all the information, you can go through my below recommendations and chose what is right for you. Your email address will not be published.
Notify me of followup comments via e-mail. You can also subscribe without commenting. I started CashOverflow in and it has changed my life beyond my expectations. Start Your Online Business. Additional menu Last Updated: Borderless Prepaid Card The Borderless Prepaid Card is a multiple currency card designed for customers who travel extensively across the globe.
Free replacement of lost or stolen card. The card is chip and PIN enabled that comes with fraud protection. Hassle free refund process. Get instant alerts for all the transaction made through your Forex card to avoid fraud.
Paired card kit equips you with an extra back-up card, in case your primary card is lost. Personal air accident cover only death upto Rs 10 lakhs.
Lost card Liability insurance cover upto Rs 2 lakh. Least cross currency fee. You can add money to your forex card easily through net banking. The card is valid for 5 years during which you can reload it and use it for multiple trips Get card lost insurance coverage upto 3 lakh. You can make payment on all international online merchant websites.
The card automatically chooses the currency wallet as per the local currency of transaction from the multiple available wallets on the card. In addition, this forex card is of two types 1. Air travel insurance upto Rs 3 lakh. Zero card lost liability. Currency conversion fees is included in the price. You will not be charged any additional fees for purchases in shops and stores.
You can withdraw money from any ATM across the globe but will have to pay charges for cash withdrawal from an international ATM. You cannot top-up the forex card abroad even if your bank has a branch there. You will have to contact the centre that has issued the card. A few banks provide option to reload your wallet through net banking. No currency conversion charges for shopping abroad by swiping forex cards. Can get a replacement card without affecting your funds in case of loss or theft.
Lesser currency conversion fee charged. Fixed exchange rate even in case of currency fluctuations in the forex market. Conclusion Which Forex Card is best for you You might have made your decision of which forex card is best for you depending upon your requirements.
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