Globalisation is at its peak today and relatively, travelling has become more common than ever. Whether you are travelling for personal or business reasons, it can be done easily without an arduous journey overwrought with jeopardy. And while there is added convenience with technology, there is also an easier way to pay for your sojourn. There are different types of forex cards that can help you in this process!
What Is A Forex Card?
A Forex card is the one that is the most efficient and effective way to carry around your money when you travel overseas. It carries foreign currency and almost every country accepts this card. It’s more like a prepaid credit card that allows the user to deposit funds in different currencies and use it for their benefit. Apart from that, a forex card can also be used in ATMs to withdraw money as well as basic transactions. You do not have to worry about carrying hard cash everywhere you go. Forex Card comes to your rescue!
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Different Types Of Forex Cards
There are different types of forex cards made entirely to suit the need of the users. Although the two main categorizations of the types of Forex cards are:
- Single Currency Forex Card: As you can see by the name, it can only hold a single currency. The single currency forex card can be preloaded with one specific currency and can be reloaded whenever required!
- Multi-currency Forex Card: Again, as the name suggests; this card can be preloaded with different types of currencies. Depending on what kind of card you choose; banks, travel agencies, and financial institutions often give you multiple choices from which you can choose the card based on the currencies you want to preload it with.
Now that we know the main two classifications of the Forex Cards, let us see some of the Top Best Forex Cards in India today.
Best Forex Cards
| Card | Currencies It Holds |
| HDFC Multi Currency Platinum Forex Card | Kuwait Dinar, New Zealand Dollar, Hong Kong Dollar, Canadian Dollar, Australian Dollar, Euro, Singapore Dollar, Oman Riyal, UAE Dirhams, Korean Won, Sterling Pound, Saudi Riyal, Norwegian Krone, Thailand Baht, Swedish Krona, Malaysian Ringgit, South African Rand, Japanese Yen, Thailand Baht, Swiss Franc. |
| Induslnd Bank Multi-Currency Forex Card | Canadian Dollar, US Dollar, Euro, Saudi Riyal, United Arab Emirates Dirham, British Pound, Australian Dollar. |
| Thomas Cook Forex Card | British Pound, Canadian Dollars, Japanese Yen, US Dollars, Swiss Francs, Australian Dollars, Singapore Dollars. |
| ICICI Bank Single Currency Forex Card | Singapore Dollar, US Dollar, Australian Dollar, British Pound, Canadian Dollar, Arab Emirates Dirham, Japanese Yen, Swiss Franc. |
| Axis Bank Multi-Currency Forex Card | Euro, USD, Australian Dollar, Singapore Dollar, Japanese Yen, Canadian Dollar, Thai Baht, Swedish Krona, Saudi Riyal, New Zealand Dollar, South African Rand, Danish Krone, Hong Kong Dollar, United Arab Emirates Dirham. |
| YES Bank Multi-Currency Travel Forex Card | GBP (British Pound), USD (United States Dollar), SGD (Singapore Dollar), EUR (Euro), JPY (Japanese Yen), HKD (Hong Kong Dollar), CAD (Canadian Dollar), SGD (Singapore Dollar), CHF (Swiss Franc). |
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Types, Benefits & Things To Consider When Getting A Forex Card
There are many advantages of a forex card, well for one it is an attractive alternative when it comes to paying methods when travelling abroad.
- When compared to banks for exchanging money, Forex cards are a cheaper and advisable alternative. It is also cheaper to issue these cards for the banks and it results in the applicant getting a better conversion rate.
- Forex cards are much like credit or debit cards, they are very easy to carry around irrespective of how much cash it holds. The chip and pin technology secure this plastic money.
- Most banks do not require you to have a direct relationship with them to issue a Forex card.
- In the event of loss or theft of the card, a person can hotlist the card by contacting the issuing institution or bank. They will freeze the card.
- For PoS terminals abroad, there are no charges for forex cards whereas credit and debit cards have a small fee each time.
- For queries or assistance, there is a service provided round the clock with dedicated helplines and online tracking.
- Some of the card issuers also let you block the card temporarily and reactivate it when the cardholder decides to go abroad. In this way, you save yourself from additional costs such as penalties for lack of use or any kind of maintenance charges.
- A number of issuers also offer the user discounts and deals when the card is activated, hence incentivising their whole use.
Check out: How to handle a late student loan payment
FAQs
1.What kind of card is forex?
A forex card is a prepaid card that may be loaded with money in foreign currency. It is widely accepted, and you can use your forex card to pay for purchases or make withdrawals in foreign currency from an ATM. Single currency cards and multicurrency cards are the two main types of forex cards.
2.How many types of forex cards are there?
Single currency cards and multicurrency cards are the two main types of forex cards.
We hope that this blog helps you selecting the right Forex card, and if you find this blog on “Different Types Of Forex Cards – Top Best Forex Cards” then make sure you check out our other informative blogs linked below!
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