What is Forex Card?

Recently, a friend asked me about the best forex cards available in the market. Although I was sure that Niyo Global is the best forex card but just to convince him I did a data comparison on forex cards of major Indian banks. While the concept of forex cards is simple and straightforward. Their only benefit is the ability to lock the exchange rate. However, banks seem to be making money at every step in this very simple product.

Issuance Fees : All forex cards have issuance fees ranging from INR to 3,, depending on bank and card variant. This is over and above the cash withdrawal fees levied by the ATM in a foreign location.

Cross currency charges : This charge is levied when forex card is used to make payment in other currency. Wallet-to-Wallet Transfer Fees: This fees is applicable for multi-currency cards, where say you make payment in GBP, but you dont have enough GBPs on your cards, however, there is sufficient balance in other currencies. This is nicely explained here , courtesy Yes Bank. Once you return from abroad and want to convert your forex back into INR, banks will charge bucks for converting foreign currency back into INR.

Below are the forex rates for forex cards of major banks as on 14 th Feb. Rates for Niyo Global are Visa rates taken from here. Clearly, not only banks charge higher rates compared to Visa rate but also charge high spread between buying and selling rates. Thus putting us consumers at a disadvantage.

This is because it offers 0 cross-currency charges and no charges for the wallet-to-wallet transfer, which can be useful for someone who is constantly on the move across different countries and some other offers. While I could not get the annual fees, refund fees and inactivity fees for these cards; knowing HDFC Bank it is better to assume there will be some fees applicable for these too.

Below are the details on the same. I have written about Niyo Global Forex card extensively here.

Below is a brief recap. Niyo offers the card as a prepaid debit card and opens a current account in your name with DCB Bank. Therefore, it is your account where you transfer the money in INRs and can swipe it anywhere in the world. There are no cross-currency charges too. One can use the card in India as a debit card too on any PoS machine.

The same card can be used for online transactions too; this is useful in scenarios where one needs to book in foreign currency ahead of the travel.

I did a spend comparison between Niyo Global and other forex cards. This card lets you enjoy a hassle-free travel experience without worrying about any cross-country charges. Although this card is solely made for the US dollar, it gives you a host of amazing features. Contactless payment, complimentary insurance coverage, emergency cash delivery, global acceptance, and airport lounge access at international airports in India are some of them.

Card Validity: You can check the validity of your forex card mentioned on its front side.

Disclaimer

You can reissue your card by paying the fee of INR per card in the case of theft or lost card. There are a few things that you must check and keep in mind before zeroing on the right one. You might want to have a look at them. Apply for Credit Card Online.

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