How the finances of the Indian traveler are managed has changed fundamentally in a foreign country. It is not a matter of either having big sums of money or using credit cards with high charges any longer. The market is instead dominated by the Forex Card which is a prepaid tool that aims at fixing the exchange rates and reducing the transaction costs. This move is influenced by the need to be very financially prudent and avoid suspicious charges charged by the old systems of banking.
To achieve global finances, it is very important to know the difference between the high-markup bank card and the zero-markup travel card. The fact that the best Forex Cards deal with the two greatest threats to the budget of a traveler is that they include volatile exchange rates and excessive hidden charges — a key reason why Forex Cards in India have become the preferred choice for modern travelers.
Why Forex Cards Beat Credit/Debit Cards: The Cost of Convenience
In the case of a Forex Card versus a regular Indian credit or debit card, the main reason behind the choice of a financial one in spending abroad is to circumvent penal fees, besides reducing security threats.
The biggest saving is made in the avoidance of the Forex Markup Fee. Most Indian credit and debit cards have a Foreign Transaction Fee, which is usually between 2-3.5% (including GST) on all transactions based overseas. The fee is charged only after conversion of the currency, highly overpricing the resultant charge. Whereas, in stark contrast, the finest Forex Cards either impose no markup (as the Federal Bank Scapia or some BookMyForex cards), or a comparatively significantly smaller flat fee, which means that the traveler will have access to a more closely approximated wholesale interbank rate.
Moreover, Forex Cards help the traveler to avoid the expensive Dynamic Currency Conversion (DCC) Trap, where the merchants give them a smooth deal to charge the transaction in Indian Rupees (INR). This convenience will always involve a bloated exchange rate, usually up to 8% above the exchange rate in the market. The forex card also enables a traveler to have a good exchange rate at the time they load a forex card before travelling, a monetary security, and the device safeguards a customer against forex fluctuations, unlike credit cards.
Lastly, with respect to security and control, the Forex Cards are prepaid. In the event that it is lost or stolen, the financial risk is limited to the amount that was pre-loaded, unlike credit cards, where the loss or fraud consists of a limit up to the credit limit.
Key Factors for Choosing the Best Forex Card
- Cost Structure (Forex Mark-up/Spread)
- Choose a card with a forex mark-up or spread as close to zero as possible.
- This is the extra fee banks add to the wholesale exchange rate.
- Issuance and Reload Fees
- Check the cost to issue the card and reload money.
- Some cards may charge up to ₹500 for issuance and around ₹75 per reload.
- Cross-Currency Conversion Fee
- Applies when spending in a currency not preloaded on the card.
- Typically ranges from 2% to 3.5%.
- The best cards avoid this fee entirely.
- Security and Additional Benefits
- Look for cards offering free travel insurance, airport lounge access, and zero-liability protection against fraud.
- Convenience
- The card should be easy to manage digitally and allow seamless transactions abroad.
List of Top 10 Forex Cards in India
The 10 cards that the companies have the best to offer in the Indian market have been listed below and their fee structure, acceptance, and value-added features have been considered.
1. HDFC Bank multi-currency platinum forexplus card.
The HDFC ForexPlus Card is a subject of great confidence as it belongs to the largest bank in the Indian market in its private sector. The Platinum and Regalia versions are multi-currency cards which enable users to fund up to 22 currencies at the same time, which is highly flexible in various destinations. The weakness of the card is that it is only accepted in the Visa/Mastercard system and can be loaded or reloaded easily using the Electronic banking platform provided by HDFC.
Key Features
- Supports up to 22 currencies
- Free international SIM
- Insurance coverage:
- ₹25 lakh for air accident/death
- ₹5 lakh for misuse/skimming
Pros
- Strong brand trust and reliability
- Comprehensive insurance coverage
- Instant reload through a powerful digital platform
- Good security features like temporary card blocking
Cons
- Medium forex markup (around 2%) on standard variants
- Reload fee of ₹75 + taxes
- Full features available only on higher card variants
2. ICICI Bank Multi-Currency Travel Card (Sapphiro Variant).
The ICICI Multi-Currency Travel Card is a no-frills option for those who already use ICICI Bank services, and it integrates smoothly with the bank’s mobile application. The high-end Sapphiro card is particularly appealing because it eliminates the cross-currency conversion fee, making it ideal for multi-country trips where you may need to spend in currencies you haven’t preloaded. As one of the practical choices among Forex Cards in India, it allows effortless fund transfers between different currency wallets through a self-care portal and offers a high ATM withdrawal limit.
Key Features
- Supports up to 15 currencies
- 2 free international lounge visits through Dragon Pass
- Comprehensive insurance: lost card, missed flight, baggage delay
- No cross-currency conversion fee (Sapphiro variant)
Pros
- Zero cross-currency conversion fee on Sapphiro
- Wide and extensive insurance coverage
- Ideal for frequent flyers with lounge access
- Easy digital reload with smooth app experience
Cons
- High membership fee (approx. ₹2,999) for Sapphiro
- ATM withdrawal charges apply (approx. $2 per withdrawal)
3. Axis Bank Multi-Currency Forex Card.
It is also known that the Axis Bank Multi-Currency Card is densely distributed in North America and Europe with the possibility of loading 16 currencies. The card has got an immediate rate lock whereby the user is insulated against foreign currency changes once s/he loaded it which is a huge advantage when doing budgeting. It has some of the most vital features such as 24/7 International emergency customer support and excellent fraudulent use insurance. The reload process has a small charge, and Axis bank has an easy to use mobile banking application where mobile reloading can be done.
Key Features
- Load up to 16 major currencies
- Locked-in exchange rate option
- Free insurance cover up to ₹3 lakh for fraudulent use
- Strong and rewarding loyalty program
Pros
- Competitive rate lock feature
- Robust travel assistance services
- Strong rewards system
- Widely accepted across global networks
Cons
- Moderate issuance fee (₹300 + GST)
- Moderate reload fee (₹100 + GST)
- High cash-out fee at ATMs (0.5% of transaction value)
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4. Scapia Co-branded Credit Card by Federal Bank.
The Federal Bank Scapia Co-branded Credit Card is a new-generation, zero-markup option in India catering to the frequent, tech-savvy traveler segment. This card charges no joining or annual fees—a rare advantage combined with its standout feature: 0% forex markup on all international transactions. This ensures highly competitive exchange rates that stay close to the interbank rate. As one of the emerging choices among Forex Cards in India, it strongly focuses on travel rewards, offering Scapia Coins that can be redeemed for flight and hotel bookings.
Key Features
- No forex markup on foreign expenditures
- No joining or annual fees
- Lounge access at Scapia partner airports (as applicable)
- 20% rewards in Scapia Coins on travel bookings
Pros
- Excellent exchange rate, close to interbank rates
- Completely free card with no annual charges
- High reward returns on travel-related bookings
Cons
- Limited reward redemption options (only via Scapia app for travel)
- No reward points earned on international transactions
5. Multi-Currency Card (Zero Markup) BookMyForex.
BookMyForex, the top-ranking online world exchange platform provides an actual zero rate, multi-currency credit card that it collaborates with other banks. The significant proposal of the card will be to offer interbank-linked exchange rates without any additional concealed markup charges, which will save a lot of money. Application, delivery (a day later), reloading, and management are all digitized through the BookMyForex mobile application. It is the first of its kind that considers transparency and low cost to be its top priorities where it might also feature promotions such as book now, pay later by locking in the price.
Key Features
- Zero markup with precise interbank rates
- Load up to 15 foreign currencies
- 24/7 digital booking and card management
- Free issuance and free reloads
Pros
- Industry-best exchange rates with no added margin
- Transparent fee structure with zero hidden charges
- Instant activation and fast doorstep delivery
- Easy management through the BookMyForex platform
Cons
- ATM withdrawal fee (generally around USD 2)
- Possible cross-currency fees on certain older card variants
- Requires use of the BookMyForex app or portal for full functionality
6. RBL Bank World Safari Credit Card.
The RBL Bank World Safari Credit Card is a premium offering designed for high-spending international travelers. Its most attractive feature is the 0% forex markup on all foreign currency purchases, making it one of the best options for saving money abroad. As one of the strong contenders among Forex Cards in India, it also comes with an impressive set of travel privileges, including complimentary international lounge access through Priority Pass, golf benefits, and exclusive reward points.
Key Features
- 0% forex markup
- Free international lounge access through Priority Pass
- Extensive travel insurance coverage
- High reward points on domestic travel spending
Pros
- Premium travel privileges with lounge membership
- Zero forex markup for international use
- Strong travel insurance benefits
- Great reward accumulation on domestic business travel
Cons
- High joining/annual fee (around ₹3,000 + taxes)
- High cash advance charges
- Complicated reward structure
7. Thomas Cook Borderless Prepaid Card.
Another alternative that has earlier enjoyed the backing of experience of Thomas Cook in terms of travel and foreign exchange is the Thomas Cook Borderless Prepaid Card that is a good substitute to bank-issued cards. The card has a reputation of being readily available to non-bank clients and has an option of getting a competitive rate lock. Multi-currency cards support up to nine different currencies and are very popular in the Mastercard system.
Key Features
- Load up to 9 major currencies
- Competitive rate lock option
- Built-in travel insurance
- 24/7 international emergency assistance
Pros
- Easily available even for non-bank customers
- Competitive base exchange rates
- Strong fraud-prevention measures
- Supported by dedicated travel assistance services
Cons
- 4.25% forex conversion charge for spending in currencies not loaded on the card
- Inactivity penalty fee of 5 USD every 6 months
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8. State Bank of India (SBI)- Multi Currency Foreign Travel Card.
The SBI Multi-Currency Foreign Travel Card is a reliable choice, especially for the wide customer base of India’s largest public sector bank. Its fees and markups are not the lowest in the market, but its real strength lies in the strong trust factor and extensive acceptance network associated with the SBI brand. As one of the dependable options among Forex Cards in India, this card is ideal for users who prefer the safety and familiarity of a government-backed bank. It supports loading multiple currencies and can be managed conveniently through SBI’s online portals.
Key Features
- Load up to 9 major currencies
- High security with Chip and PIN
- Option for add-on family cards
- Easy reload through the YONO app
Pros
- High trust and reliability of India’s largest PSU bank
- Widely accepted on Mastercard networks
- Suitable for government and institutional users
Cons
- High forex markup (around 3%) compared to private banks
- Limited digital features compared to modern competitors
9. IndusInd bank multi currency travel card.
The IndusInd Bank Multi-Currency Travel Card is widely appreciated for its quick issuance and responsive customer support, making it an excellent choice for high-net-worth individuals and frequent international travelers. This card allows loading up to 14 currencies at once, offering great flexibility for those visiting multiple countries. Supported by a robust digital platform, users can reload funds, track balances, and manage the card instantly from anywhere. As one of the dependable Forex Cards in India, it ensures strong security, high transaction limits, and a smooth, hassle-free travel and spending experience.
Key Features
- Supports loading up to 14 currencies in one card
- High daily withdrawal and POS limits
- EMV-chip security features
- Instant transaction alerts
Pros
- Strong security and protection features
- Wide multi-currency support (14 currencies)
- Reliable customer support tailored for frequent travelers
- Quick card issuance
Cons
- Higher reload charges (₹100 + GST)
- Activation process may take up to 24 working days
- Fewer options for 0% forex markup offers
10. YES Bank Multi-Currency Forex Card.
The YES Bank Multi-Currency Forex Card is a multifunctional offering which provides the usual functions of rate lock and loading into many currencies. Description The card is made convenient and fast to process. What will be the key features? 15 Currency load up to 2-year card validity; Lock fixed exchange rates on the foreign currency; Lost card protection up to ₹3 lakh; Chip-and-PIN products.
Key Features
- Strong focus on customer support for international transactions
- Fast and convenient digital reload options
Pros
- Versatile and user-friendly card
- Competitive currency loading rates
- Strong lost-card liability protection
- 24×7 customer support for international queries
Cons
- Above-average forex markup (around 2.75%)
- Renewal fee of ₹20
- Some services require visiting a physical bank branch
Forex Card Comparison Table
| Rank | Forex Card/Provider | Primary Type | Forex Markup Fee | Issuance Fee (Approx.) | ATM Withdrawal Fee (Approx.) | Best Feature for Cost |
| 1 | Federal Bank Scapia CC | Credit Card (Zero Markup) | 0.00% | ₹0 (Zero) | High (CC Cash Advance Fee) | Zero Forex Markup |
| 2 | RBL World Safari CC | Credit Card (Zero Markup) | 0.00% | High (Annual Fee applies) | High (CC Cash Advance Fee) | Zero Forex Markup + Premium Travel Perks |
| 3 | BookMyForex Card | Prepaid (Zero Markup) | 0.00% | ₹0 (Zero) | Low ($2 USD equivalent) | True Interbank Rates & Same-Day Delivery |
| 4 | HDFC Bank ForexPlus | Prepaid (Multi-Currency) | 2.00% | ₹500 | Moderate ($2-$3 USD equivalent) | Strong Reliability & Global Value Program (Cashback) |
| 5 | ICICI Bank Travel Card | Prepaid (Multi-Currency) | 2.50% | ₹499 – ₹2,999 | Moderate ($2-$3 USD equivalent) | Zero Cross-Currency Fee (Sapphiro) |
| 6 | Axis Bank Forex Card | Prepaid (Multi-Currency) | 2.50% | ₹300 | High (0.5% of transaction amount) | Reliable Rate Lock Feature & Wide Currency Options |
| 7 | Thomas Cook Borderless | Prepaid (Multi-Currency) | 2.50% | ₹150 | Moderate ($3 USD equivalent) | Accessibility (Non-Bank Customer) & Travel Focus |
| 8 | SBI Foreign Travel Card | Prepaid (Multi-Currency) | 3.00% | ₹100 | Low ($1.75 USD equivalent) | Immense Brand Trust and PSU Network Reliability |
| 9 | IndusInd Bank Card | Prepaid (Multi-Currency) | 2.75% | ₹500 | Moderate ($2.5 USD equivalent) | Quick Issuance and Efficient Customer Service |
| 10 | YES Bank Forex Card | Prepaid (Multi-Currency) | 2.75% | ₹0 (Issuance Fee) | Moderate ($2.5 USD equivalent) | Standard Versatility and Ease of Digital Reload |
Conclusion: Securing Your Global Wallet
The issue of money management in foreign markets has evolved dramatically in India. The rise of zero-forex-markup credit cards—such as the Federal Bank Scapia and RBL World Safari—and transparent prepaid solutions like the BookMyForex Card has significantly reduced the cost of international spending.
While zero-markup credit cards offer excellent rates and perks, the safety, predictability, and controlled budgeting provided by prepaid Forex Cards in India make them a preferred choice for most travelers, especially students and those on fixed budgets. The key is avoiding high markups, hidden fees, and unnecessary extra charges while still enjoying the convenience of digital payments.
Today’s Indian traveler can navigate global expenses with ease thanks to locked-in competitive exchange rates, secure Chip-and-PIN technology, and cards designed with minimal ancillary costs.
FAQs
1. What’s the Basic Difference Between a Forex Card and a Multi-Currency Credit Card?
A Forex Card is loaded; you fill it with foreign currency prior to the journey and the rate is locked in, and you are not as exposed to it as you would be to an ATM deposit (safer). A Multi-Currency Credit Card is a post-paid credit card. Although zero markup cards would be the exchange rate, they depend on your credit limit and put you at the hands of increased cash advance charges at ATMs.
2. What is Dynamic Currency Conversion (DCC), And Why Do We Need to Avoid it All The Time?
DCC refers to the alternative to use Indian Rupees (INR) at foreign destinations. It is not advisable since the payment processor associated with the merchant will charge it at the exchange rate which is usually with some hidden markup between 4 and 8 percent resulting in the transaction being much more costly compared to paying in the local currency.
3. Is it Possible to Withdraw Money in The Form of a Forex Card on Any ATM in a Foreign Country?
Yes. Forex Cards are readily accepted in millions of international ATMs that accept either Visa or the Mastercard system. But you will have to pay a fixed ATM withdrawal fee (generally $ 2 -7 USD equivalent) by your card issuer, and usually another fee by the host foreign bank.
4. Which Has Better Exchange Rate on Zero-Markup Credit Card or Prepaid Forex Card?
The Zero-Markup Credit Card (similar to Scapia) usually has a better rate, and is typically based upon an exchange rate that is very close to the interbank rate on the day of the transaction. Prepaid Forex Cards also have competitive exchange rates, however they have a slightly wider spread when you are loading the currency.
5. Is it Possible to Reload My Forex Card in Case I Am in a Foreign Country?
Yes, the majority of bank cards and non-bank cards issued today have digital reloading possibilities with the help of their mobile application or internet banking portal. In case, the card is associated with a bank account, one of the family members may be also authorized to reload the card on your behalf in India, in accordance with FEMA regulations.