Students who travel abroad for studies or otherwise look to save money on every transaction they make- from air fares, travel insurance, university fees to cash withdrawal from local ATMs.
So, from a forex services point of view, Axis bank multi currency forex card is the best option for students. This card offers special benefits to students such as 1% cashback on POS/ECOM transactions, no charges on ATM transactions, and complimentary TripAssist service.
Besides, the issuance charges & reload charges are waived off as well.
In addition, this forex card is of two types
1. Contactless Forex Card
Contactless forex card is powered by VISA’s payWave technology. With this card, you can pay by simply waving your card at a secured card reader. You don’t even have to hand over your card to any other person.
2. Image Forex Card
The Axis Bank Multi-Currency Forex card can be personalised by adding an image of your choice to the card. You can add your own image or you can choose from the designs available in axis bank image gallery.
Lastly, the forex card comes with a validity of 5 years and can be purchased without the need of an account with Axis Bank. You can simply walk into any Axis Bank branch and sign up for the card.
Fee & Charges
- Issuance Fee – Rs 300 (one time)
- Reload Fee – Rs 100
- Reactive Fee – Rs 100
- Cross Currency Fee – 3.5%
Currencies You Can Load
You can load up to 16 currencies on this card as seen below
|USD||Euro||British Pound||Singapore Dollar|
|Australian Dollar)||Canadian Dollar||Japanese Yen||Swiss Franc|
|Swedish Krona||Thai Baht||United Arab Emirates Dirham||Saudi Riyal|
|Hong Kong Dollar||New Zealand Dollar||Danish Krone||South African Rand|
Benefits of Axis Multi-Currency Forex Card
- Earn 2 points for every USD 5 or equivalent amount in any other currency spent on your card at merchant outlets.
- Get minimum 15% off at various restaurants across the world.
- Air travel insurance upto Rs 3 lakh.
- Zero card lost liability.
- Withdraw cash at any VISA/Mastercard ATMs across the world.
Special Offers for Students
If you are a student, then this card offers the following special benefits
- Issuance/reload fee is waived
- Earn 1% cashback on POS/ECOM transactions
- ATM transaction fees is waived off
- Complimentary TripAssist service
- A discount of Rs. 750 on outward remittance
Here are some interesting points related to Forex Travel Cards
- Banks issue forex travel cards at very low cost (Rs 150- 500).
- The card will be loaded with foreign currency at today’s exchange rate. So you don’t have to worry about fluctuating currency rates.
- Currency conversion fees is included in the price. HDFC bank charges least fee @ 2%.
- You will not be charged any additional fees for purchases in shops and stores.
- You can withdraw money from any ATM across the globe but will have to pay charges for cash withdrawal from an international ATM.
- You cannot top-up the forex card abroad even if your bank has a branch there. You will have to contact the centre that has issued the card. A few banks provide option to reload your wallet through net banking.
- As per RBI regulation, you cannot keep more than $2000 in your forex card.
Forex card vs International Debit/Credit card
If you compare forex card with an international debit or credit card, forex card is much better option than the other two for the following reasons
- It is easy to apply and get as compared to the credit cards.
- You can load multiple foreign currencies in one card for use abroad which is not possible with debit/credit card.
- No currency conversion charges for shopping abroad by swiping forex cards.
- Lower issuance fee.
- Can get a replacement card without affecting your funds in case of loss or theft.
- Lesser currency conversion fee charged.
- Fixed exchange rate even in case of currency fluctuations in the forex market.
Conclusion (Which Forex Card is best for you)
You might have made your decision of which forex card is best for you depending upon your requirements. Incase, you are still confused after reading all the information, you can go through my below recommendations and chose what is right for you.
If you are looking for maximum currency wallets, lowest cross- currency charges, and a relatively lower loading charges then go for HDFC Bank Multi Currency Forex Plus Chip.
If you are looking for economy forex card with lower charges on everything more like a entry level/starter card, go for Yes Bank Multi currency Travel Chip Card.
If you are looking for single currency forex card you can purchase the ICICI bank forex card.