🛫 Why Use Forex Cards?
Indian travelers today prefer forex cards over cash and credit cards because they offer:
✔ Better exchange rates
✔ Zero / low markup fees
✔ Multi-currency support
✔ ATM withdrawals abroad
✔ Secure chip + PIN
✔ Compatible with all countries
Ideal for: tourism, business trips, international students, long stays
🏆 Best Forex Cards for Indians (2026 Rankings)
1️⃣ Niyo Global Zero-Markup Forex Card
Best for: Frequent Europe/US travelers & students
💳 Why it’s good:
- Zero forex markup on foreign transactions
- Works in 150+ countries
- No annual fee
- Virtual card available
- No hidden loading charges
💰 Charges:
| Feature | Details |
|---|---|
| Forex Markup | 0% |
| Issuance Fee | ₹0 |
| ATM Withdrawal | ₹500 + ATM fees |
| Reload Fee | ₹0 |
| Network | VISA |
2️⃣ HDFC Bank Multicurrency Forex Card
Best for: Students + long stays
🌍 Load up to 22 currencies, including USD, EUR, GBP, AED, SGD, CAD.
💰 Charges:
| Feature | Details |
|---|---|
| Markup | Included in rate |
| Issuance Fee | ₹500 + GST |
| ATM Withdrawal | $2 (USD) |
| Reload Fee | ₹75 |
| Network | Mastercard |
✔ Good for universities + tuition transfers
3️⃣ Axis Bank Forex Card
Best for: Travel to UAE, UK, EU, USA
🌎 Multi-currency + strong acceptance in ATMs worldwide.
💰 Charges:
| Feature | Details |
|---|---|
| Markup | Included |
| Issuance Fee | ₹300 |
| ATM Withdrawal | $2.5 |
| Reload Fee | ₹100 |
| Network | VISA |
4️⃣ ICICI Bank Student Travel Card
Best for: International students
🎓 Student-focused benefits:
✔ Fee payments
✔ Discounts for universities
✔ Insurance included
💰 Charges:
| Feature | Details |
|---|---|
| Forex Markup | Included |
| Annual Fee | ₹650 |
| ATM Withdrawal | $2.25 |
| Reload Fee | ₹100 |
5️⃣ BookMyForex Forex Card
Best for: Best exchange rates
💡 This is a marketplace — compares rates from banks.
Advantages:
✔ Better rates than banks
✔ Home delivery
✔ Zero commission
✔ Multi-currency
💰 Fees vary based on provider.
🏦 What Forex Card Should You Choose?
Use this pick guide:
| Traveler Type | Best Card |
|---|---|
| Europe / US Tourist | Niyo Global |
| UAE / Qatar / Middle East | Axis Bank / HDFC |
| International Students | ICICI Student / HDFC Multi |
| Business Travelers | Niyo Global |
| Best Rates | BookMyForex |
📌 Documents Needed to Apply
✔ Passport
✔ PAN card
✔ Flight ticket (optional for some)
✔ Visa copy (if applicable)
✔ College admission letter (students)
💱 How Reloading Works
Forex cards can be reloaded online via:
✔ Net banking
✔ Payment gateway
✔ Bank branch
✔ Agents (BookMyForex)
Reload times:
- Niyo Global → Instant
- Banks → 2–24 hours
🌐 Where Forex Cards Work
Works in:
✔ Hotels
✔ Shops
✔ Transport
✔ ATMs
✔ Online purchases abroad
Not recommended for:
✖ Visa fees
✖ Immigration fees
✖ Local government charges (cash preferred)
❓ Forex Card vs Credit Card vs Cash
| Feature | Forex Card | Credit Card | Cash |
|---|---|---|---|
| Rate | Best | Worst (+3.5% markup) | Moderate |
| Safety | High | Medium | Low |
| ATM | Allowed | Allowed | N/A |
| EMI / Refunds | No | Yes | No |
| Use Abroad | Yes | Yes | Limited |
✈️ Countries Where Forex Cards Are Most Useful
✔ USA
✔ UK
✔ Europe (Schengen)
✔ UAE
✔ Singapore
✔ Japan
✔ Australia
✔ Canada
🏦 Do Forex Cards Save Money?
Yes.
Credit cards usually charge 3.5% markup + GST + FX fees.
Forex cards avoid most of that.
Savings example:
| Transaction | Credit Card | Forex Card |
|---|---|---|
| $500 spend | ₹44,625 | ₹41,500 |
| Savings | — | ₹3,125 saved |
📌 Disclaimer
This article is for informational purposes only. Actual policy terms and coverage may vary. Always read the policy wording or consult a licensed insurance professional.