Travel card makes life a traveler very simple as it is safe, easy to use and helps users save money on exchange rates. With the advent of multi currency cards, a traveler can have single card with various currencies loaded on it. Kenznow provides a comprehensive comparison of various Travel Currency cards provided by leading banks and financial institutions. This comparison of Travel Card shall help readers make informed decision on choosing the best Foreign Currency Travel Card. HDFC forex cards offer features standard in all major forex cards, but its high number of supported currencies give it a clear edge.
Thomas Cook is a company that has made its name almost entirely on managing travel-related finances. The company offers both single and multi-currency forex cards. The currency conversion cost is 4.
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The card is aimed at people who frequently travel to multiple countries. On the other hand, the single currency card better known as One Currency offers validity up to 5 years since the date of issuance. ICICI is one of the most trusted banking chains in the country, and their forex card stands upon the same trust.
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ICICI offers a single currency forex card, which is excellent for travellers who frequently travel to the same country. Perhaps the most alluring feature of this card is the ease of reloading it; you can reload the forex card at any of the ICICI forex branches, or through their online platform, or even their mobile app iMobile.
Through their online platform, you can apply and receive the forex card in merely two days. ICICI forex card offers great discounts on services like dining, shopping and other through its global partners. IndusInd Bank offers a rather great forex card for people who occasionally visit many countries. The multi-currency forex card can load up to 8 of the most-used currencies. But the truly spectacular feature of the card comes with its backup plan.
Many travellers often lose their card during travel, for which almost all forex card companies offer insurance. But IndusInd goes a step further with a backup card. The forex card with a paired chip card option, so that you can use the backup card immediately after your first one gets lost. Also, IndusInd forex card earns you discounts at various diners, hotels, and other services.
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If you are not a die-hard traveller and would instead save some money on your forex card, YesBank offers a sweet deal. The travel forex card by YesBank supports up to 10 widely-used currencies. However, YesBank truly shines when it comes to its fees. With just Rs. On top of that, its currency conversion rate is only 2. The low rates and a decent number of currencies make YesBank forex card an ideal choice for people who want to have a forex card for a just-in-case situation. As is the case with most major forex card providers, you do not need to have a YesBank account to get their forex card.
If you are a student living in a foreign country and would rather prefer efficiency over variety, then this card might be for you. However, it makes up for this by offering features that suit those living in other countries for a long time. Another great choice for students living in foreign countries, the Axis Bank multi-currency forex card targets those who are more economical than adventurous. Despite that, it supports up to 16 currencies — one of the most currencies supported by major forex cards.
Yet, the card takes extra care of students by not charging a fee for most transactions like ATM withdrawal.
What are Forex Cards?
Furthermore, no issuance or reload charges are levied on the card-holders. The card comes with a validity of 5 years. The bank offers two types of forex cards. The Contactless Forex card, like most contactless cards, work by simply waving the card over the secured card reader. The Image Forex card, on the other hand, allows you to add a custom image on the card and serve as your identification.
Inexpensive :- One should plan in advance to buy foreign currency in card or cash to avoid last minute rush and pay more. This will give them an opportunity to load the forex card multiple times and average out the cost. As the conversion happens on the day of loading, prepaid forex cards provides a hedge against currency fluctuations.
Forex Cards: Niyo Global vs Other Forex Cards
There is absolutely no charges when travel cards are swiped at POS terminal abroad. ATM withdrawal charges applies in both credit card or forex card. Safe:- In the event of loss or theft of card, it can be blocked by calling the toll free number available in the card-kit. All forex cards now use the chip and pin technology. The manual available in the card kit should be thoroughly read before using the card. Forex as such is closely regulated in India and Bank needs to adhere to all the suggestion and guidance given by RBI while offering their services related to foreign exchange.
As such forex cards are also regulated by the same FEMA guidelines and the issuer of cards need to follow the regulations while keeping the interest and safety of travellers. Fees and Charges :- A through perusing of the user manuals accessible will give clear thought on expenses and accuses related of the card. The web pin is made available in the card kit.
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Swipe in the same currency as loaded :- Always pay in the same currency that is available in your card at all merchant POS to avoid any cross currency charges. If the card has filled in with multiple currencies, ensure that you have sufficient balance for the currency that is being charged.
Ensure that the billing is done in EUR and charged on your card. Secondly you must have enough EUR in the card to pay off the bill else your USD wallet will get automatically charged and cross currency charges will get applied.
Keep and use your forex card safely :- International frauds in cards through skimming is well known. User should make sure that the card is swiped and charged in front of him. At the outset, decide on the total quantity of forex that is required and how much to take in cash and balance in card. Check whether the destination currency is available on the card or not.
Compare and save on travel money
Check the rates online and the offers available on cards. We can provide the best rates and offers on forex cards due to our arrangements with multiple banks. Best option is to apply online for forex card, which can be delivered or picked from any of our branch locations available in more than 20 cities in India. Forex Cards usually have a validity of 5 years. Depending on need, you can load different currencies on same card.