Dubai / UAE
AED is a common load currency. Compare markup on AED vs loading USD and converting — some cards load AED natively at a better rate.
Forex cards in India: multi-currency travel cards explained
A forex card is a prepaid multi-currency card you load before you fly. It sits at the junction of PPI rules and FEMA / the Liberalised Remittance Scheme — so it is not a domestic gift PPI and should never be treated like one.
The travel junction
How a forex card works
You load foreign currency (USD, EUR, GBP, AED, SGD and more) onto the card before travelling, at a rate you lock at load time. Abroad, you tap or swipe and the issuer debits the loaded currency. That gives you predictable budgeting, avoids carrying cash, and — because the rate is locked — protects you from intra-trip swings.
FEMA / LRS: resident individuals can remit up to the LRS limit (currently US$250,000 per financial year) across all forex purchases. Verify the current limit before loading. Forex cards for visiting foreign nationals and NRIs are a separate special-purpose PPI under the 2026 framework.
Don't treat a travel card as a domestic gift PPI. Forex cards follow FEMA, not gift-PPI rules. And never buy "discounted" forex load from unofficial resellers.
Typical forex card fees
| Fee | Typical range | Notes |
|---|---|---|
| Issuance / card fee | ₹0 – ₹1,000 | Some issuers waive for premium accounts. |
| Load fee (markup on conversion) | 0% – 1% | Often zero on the base currency; extra on exotic currencies. |
| ATM withdrawal fee | ₹0 – ₹200 per withdrawal | Plus the foreign bank's own fee in some countries. |
| Inactivity / dormancy fee | ₹0 – ₹100 per month | Charged after a period of no use — check before buying. |
| Reload fee | 0% – 1% | Loading more currency mid-trip can attract markup. |
| GST | 18% on fees | Applied on service fees, not on the loaded value. |
Forex card vs credit vs debit — the markup math
Travellers constantly search this. The rule of thumb:
- Prepaid forex card: load fee + 0–1% markup. Predictable, locked rate.
- Credit card: 1.5–3.5% markup, but a zero-markup credit card can beat a forex card on fees.
- Debit card: markup plus the risk of DCC (dynamic currency conversion) at the terminal — you can silently pay 3–5% extra.
Use the calculator to compare your exact numbers. The inputs are illustrative defaults — replace them with your issuer's published numbers.
Forex cost calculator
Which forex card for this trip?
Europe
EUR cards avoid double conversion. Watch ATM fees in countries where cash machines are sparse and DCC is common.
US / UK
USD and GBP are the most liquid load currencies, so markups are lowest. Zero-markup cards shine here.
Popular issuer products include HDFC ForexPlus, SBI multi-currency travel cards, ICICI prepaid forex and digital players like Niyo Global. We keep methodology consistent so comparisons stay fair — always check the issuer's current fee PDF before applying.
Forex card FAQs
Yes — full KYC plus proof of travel (ticket/itinerary) is typically required under FEMA for loading. Keep your passport and travel documents handy.
Yes, generally — unused foreign currency is converted back to INR at the issuer's buy rate, minus a conversion fee. Do this before the card's validity expires to avoid dormancy charges.
Prepaid forex cards are issued under PPI framework but are governed by FEMA/LRS for loading limits. Treat them as a separate category from domestic gift or general-purpose PPIs.
Disclaimer: Informational content only — this site does not issue forex cards and is not financial or legal advice. Markups, fees and limits are set by the RBI, FEMA and the issuer; verify the current text before relying on any number.