Forex Card
A prepaid card loaded in foreign currency before you travel — better exchange rate than ATM withdrawals abroad and no FX markup on swipes.
A Forex Card is a prepaid travel card loaded with foreign currency at the time of issuance. When you swipe it abroad or withdraw cash from a foreign ATM, no FX conversion happens — you spend money already in that currency.
- Debit card abroad: ~3.5% FX markup + ATM fee + GST = roughly 5–6% lost on every transaction
- Forex card: ~0–1% spread at loading time, then zero markup on use
- **Niyo Global** — zero forex markup, free 5 ATM withdrawals/month abroad. Best for ad-hoc travel.
- **Scapia Federal Bank** — rewards 10% back on flights/hotels, decent forex rates. Best for mileage-collectors.
- **IndusInd Eazy** — multi-currency, free ATM withdrawals, premium customer support.
- **ICICI Sapphiro Forex Plus** — old reliable; better rates than HDFC but more friction.
What to do day-of-trip: 1. Order 1–2 weeks before travel (delivery takes 5–10 days). 2. Load it 2 days before flying — the rate locks at load time. 3. Carry 2 cards (different banks) in case one is blocked for "unusual activity." 4. Keep ₹50–100 of local cash on you for taxis where cards don't work.
The hidden trap: all forex cards have an "inactivity fee" if you don't use them for 6+ months. Withdraw the residual balance back to INR within 30 days of returning.