Among other things, a Forex travel card is a must-have for any student who is traveling abroad for higher studies. It acts as a safer and cheaper substitute for cash payments as they can avail the benefit of exchange rates. Once the card is loaded with funds, it doesn’t get impacted by forex market fluctuations. With the myriad of choices offered by leading Indian banks, student travelers no longer need to worry about spending money abroad in local currency. They can use the forex card for shopping as well as withdrawing money from the ATM.
This article analyzes the top rated forex cards to help students make an informed choice about the best forex card in India in the year 2020.
Table of Contents
Top Forex Cards for Indian Students Travelling Abroad
BookMyForex Cards
BookMyForex’s multi-currency prepaid forex cards can be used by students globally like debit cards but with added benefits. Multi-currency prepaid forex cards are preloaded with the required foreign currency and many other attractive features.
BookMyForex multi-currency travel cards allow currency exchange free of any charges as they are loaded with foreign currency at exact Interbank rates. They can be used to withdraw money from ATMs across the world for a minimum fee, much lower than debit cards. BookMyForex prepaid cards are accepted virtually everywhere across 30 million stores, 2 million ATMs, and 1 million e-commerce sites.
Security Features: This card is PIN, and Chip secured to prevent misuse, theft and counterfeit by fraudsters.
Additional Benefits:
- Insurance cover for card theft
- Email/SMS notification for all card activity
- Emergency cash support in case of lost or stolen card
- No charges for issuance, reloading or unloading funds on the card
- Swift and proactive resolution of issues by the support team
Axis Bank Forex Cards
Axis bank offers several options of forex cards for students traveling abroad with attractive features and benefits:
Multi-Currency Forex Card
Axis bank’s multi-currency forex card supports 16 foreign currencies through a single card. This is an ideal option for students who will need to take trips often to any of the countries covered as their spending will be taken care of through a single card.
Security Feature: the security of this card is ensured by the TripAssist emergency assistance feature by Axis Bank that protects the card in the event of loss or theft. TripAssist can help the forex card owner in the following ways:
- Block the card
- Obtain emergency cash
- Get aid for lost passport
Additional Benefits:
- Contactless forex card facility through the payWave technology in ATM and PoS machines
- Card is valid for 5 years with option to reload and use for multiple trips
- ATM transaction charges are waived off for the first 3 uses for a year.
World Traveller Forex Card
The world traveler forex card by Axis bank is associated with the Miles and More program. The program member can earn miles at each use and the card can be reloaded later. This card supports 17 currencies across the world.
Security Feature:
The PIN and Chip technology is embedded into this card offering a great level of security. This card’s contactless technology prevents exposure to fraudsters and enables quick and safe transactions.
Additional Benefits:
- Emergency assistance through the TripAssist feature
- Miles accumulation through Miles and More feature
Diners Card
The Diners card is ideal for students who have set their eyes on the USA as their study destination as this card only supports the USD currency. For every $5 spent at select outlets, the owner can earn 2 points that can be redeemed at diners and clubs.
Security Feature:
This car comes with the PIN and Chip technology and the TripAssist feature for additional security.
Additional Benefits:
This card insures the owner for an amount up to Rs, 1.5 lakhs covering loss due to theft and Rs. 60,000 for medical treatment and robbery.
HDFC Bank Forex Cards
ISIC Student ForexPlus Card
The ISIC Student ForexPlus card works as an international student ID card that provides access to a wide range of discounts on food, books, travel and so on. The ISIC card can be used for all study related payments abroad including book and tuition as well as withdrawing money from the ATM. The card supports 3 currencies- USD, Euro and GBP.
Security Features
- The card has an EMV chip that offers security against fraudulent activity and scammers.
- If the card gets lost or stops working, the student can seek help from the emergency cash assistance feature of the card across the globe.
Additional Benefits
- Insurance coverage of up to Rs. 5 lakhs against forex card fraud and accidental coverage(road/rail/air) of up to Rs.25 lakhs.
- Coverage for loss of baggage up to Rs. 50,000, checked baggage of up to Rs. 20,000 and passport loss up to Rs. 20,000.
Regalia ForexPlus Card
Regalia ForexPlus cards can be loaded with USD currency and can be used for payments through other currencies as well. There are no extra charges for this forex card service. The AllPoint Network of this card allows access to over 55,000 ATMs across 5 countries.
Security Features
- Contactless Payment facility is available with this card
- Global Assistance feature of the HDFC card helps the owner in case the card stops working
Additional Benefits
- Lounge access in most airports in India and concierge services across partner hotels.
- Insurance cover of up to Rs. 5 lakhs for fraud, Rs.50,000 for baggage loss and Rs.20,000 for passport restoration.
ICICI Forex Prepaid Card
Student Forex Prepaid Card
This is an International Student Identity Card (ISIC) with membership for just Rs.590 and joining benefits of Rs.5000. The annual fees on this card is Rs. 199 from the second year and the owner can avail benefits like ISIC membership voucher and insurance coverage.
Security Features:
- This card has the One Assist package that protects the card owner against fraud for online, offline and ATM transactions.
- The forex card can be blocked with just one phone call in case of any suspicious activity.
Additional Benefits:
- 40% discount on excess baggage and 20% discount on DHL courier service
- Card Protection Plus insurance plan worth Rs. 1,600 can be availed by the card owner
- Insurance coverage of Rs. 5 lakhs for lost or counterfeit cards can be availed.
- Emergency travel assistance as a part of the One Assist Package.
Sapphiro Forex Prepaid Card
The Sapphiro forex prepaid card offers joining benefits of upto Rs. 10,000. The joining fees for this card is Rs. 2,999 +GST and an annual fee of Rs.999+GST from the second year. The Sapphiro Forex card offers several exclusive privileges for the owner.
Security Features:
- This card has the One Assist package that protects the card owner against fraud for online, offline and ATM transactions.
- The forex card can be blocked with just one phone call in case of any suspicious activity.
Additional Benefits:
- World-wide international lounge access with 2 free lounge visits and Dragon Pass membership for USD 99.
- Shopping voucher worth Rs.500 and Uber discount voucher Rs.1000.
- OneAssist Complete Cards Protection for card and wallet security.
- Emergency travel assistance as a part of the One Assist Package.
The Final Word Before choosing the best forex card in India from the above options, the student must consider various factors such as cost of transfer, flexibility to transact, ATM withdrawal fees, daily spend limit and so on. Forex cards are one of the most convenient and safe ways for students to carry money abroad if utilized effectively.
