Living abroad, the dream of many youngsters and professional aspirants; to study, learn and experience a whole new culture and gain many insightful experiences, comrades and memories along the way. But with crossing borders come numerous restrictions, the foremost being the currency changes from country to country and the problem of over-spending. This is where Foreign Exchange or Forex Cards, also known as a travel prepaid card, come into play. By helping students living abroad have a convenient and secure way to carry foreign currency. It functions like a debit or credit card, and is pre-loaded with foreign currency which assists in quick and easy payments and withdrawals worldwide. If you or anyone you know is planning a move soon, this article will assist with the best prepaid forex cards to aid in their journey.
What is a Forex Card?
A forex card (also known as a travel card or prepaid travel card) is a pre-loaded card used to make payments while traveling abroad. It works like a debit card but is loaded with foreign currency instead of the usual host country’s currency. A user can swipe it for payments, withdraw cash at ATMs and sometimes even online shopping. Suffice to say that card is your best friend in easy, effortless transacting.
Key Features
- Currency: Can hold many widely used foreign currencies such as USD, GBP etc
- Security: Safer than relying on credit cards and definitely more secure than cash.
- Stay in Budget: Since these cards are prepaid, overspending can be avoided
- No Credit, No Debt: As Forex cards do not work on credit, they do not rack up interest so there is no debt associated.
- Global Reach: Can be used at millions of merchants and ATMs worldwide.
- Fluctuation Shield: Fixed exchange rate when loading funds, helps to combat exchange rate fluctuations
- Versatile: Usable for international travel, study or business purposes.
- Some cards are multi-currency (supporting multiple foreign currencies on one card), while others are single-currency. Most Indian banks and financial institutions offer them with additional benefits like insurance, emergency cash and free replacement if lost.
Best Forex Cards in 2025
1. Niyo Global Card
A Forex card issued by Niyo Solutions, in collaboration with State Bank of Mauritius and DCB Bank, which has the ability to make transactions in more than 120 currencies and even allows UPI loading with zero mark-up fee.
Key Benefits:
- Zero forex mark-up
- No joining or renewal fees.
- Accepted globally (Visa network)
- Great for students wanting real-time INR to Forex conversion with no fees
2. HDFC ForexPlus Card
Issued by HDFC Bank, this card is a prepaid foreign exchange card, which comes in various types such as multi-currency cards like the Platinum and single-currency options. For students, the HDFC ISIC Student ForexPlus Card is a prepaid forex card tailored for Indian students pursuing education abroad. It works as both a forex card and a globally recognized International Student Identity Card (ISIC).
Key Benefits:
- Available in USD, EUR and GBP
- Accepted globally
- Secured with EMV chip and PIN for secure transactions
- Prepaid Card NetBanking
- Protection against forex fluctuations
Also read: Flipkart Axis vs. Kotak Myntra Credit Card – Which Shopping Card Offers a Better Deal?
3. BookMyForex Student Forex Yes Bank Card
Yes Bank has curated a forex card that can be purchased without the need of a bank account. It is convenient and supports loading in 14 currencies and there are no mark-up fees on transactions in these currencies. However, a 3.5 percent cross-currency usage fee applies for currency other than the one on the card.
Key Benefits:
- Free international SIM card
- Online reload option
- No issuance or reload fee
- This card is great for students looking for cost-efficiency and extra perks.
4. Axis Bank Multi-Currency Forex Card
With 16 foreign currencies to offer, the Axis Bank Multi-Currency Forex Card issued by Axis Bank is a forex card that offers no mark-up fee in loaded currencies.
Key Benefits:
- Powered by Visa’s PayWave technology and allows the student to pay by just waving the Axis Bank Multi-Currency Forex Card.
- There is the mobile app for balance checks and reloads
- Travel insurance coverage
- Emergency card replacement
- Also offers exclusive dining benefits, emergency assistance services and special travel offers
5. ICICI Bank Student Sapphiro Forex Prepaid Card
With its cost-effective international benefit, this card is also designed for students traveling abroad, it supports 15 currencies, has no mark-up rates and no cross-currency charges. However, its high issuance fee of ₹2999, exclusive of taxes and additional charges with the free ATM Withdrawal.
Key Benefits:
- Joining fee of ₹2999
- 2 complimentary lounge access visits
- Higher joining fee compared to some other forex cards
Written by Teertha Ravi
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