Forex Card

Understanding Forex Card Fees and Charges: What You Need to Know

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Planning an international trip can be an exciting yet overwhelming experience, especially when it comes to money matters. With multiple currency exchange options to choose from, selecting the right one can make or break your travel budget.

While cash and credit cards were among the most popular picks for international travel in the past, forex cards have emerged as one of the best ways to carry foreign currency in recent times. 

What is a Forex Card?

A Forex card is a prepaid travel card that allows you to load multiple foreign currencies to make payments while travelling overseas. It is one of the most convenient and secure ways to carry foreign currency as it protects you from dynamic currency conversion charges or hidden fees charged by your debit/credit card issuer.

Key Benefits of Forex Cards

Here are some notable advantages that make forex cards a preferred choice over other modes of foreign currency:

  • Better exchange rates – Banks offer competitive foreign exchange rates while loading the card. You also save on exchange rate fluctuations if you pre-load the card well in advance.
  • Security – Forex cards offer enhanced security as they insure lost card liability and have embedded chip technology. If your card gets stolen/lost, the stored amount can be retrieved.
  • Wide acceptance – Forex cards based on payment networks like Visa/Mastercard have worldwide merchant acceptance, even in remote areas. This ensures seamless payments.

Common Types of Forex Card Fees

While Forex cards make life easier for frequent international travellers, you must account for applicable fees to avoid surprises later. 

Here are the fees for the Niyo Global Card:

Fee CategoryCharges
Joining FeeFree
Annual Debit Card FeesFree
Account LoadingFree
International POS and Ecom Transactions5% TCS on the amount exceeding ₹7 lakhs in a financial year
Reissue of Lost, Stolen, or Damaged Card₹249 + GST
International ATM Transactions (Financial and Non-Financial Transactions)₹100 + GST (Applies to both cash withdrawal and balance inquiry)

Tips to Choose the Right Forex Card

Follow these tips to pick the best Forex card, such as Niyo Global card in India, tailored to your travel needs:

Compare Issuance & Reload Fees

Always compare one-time and recurring fees across banks to get the most affordable option. Options like multi-currency cards often have higher fees.

Check Transaction Limits

Opt for a card with higher daily ATM/POS limits to avoid transaction failures abroad. Also, see if you can customise international usage limits as needed.

Understand Applicable Charges

Check all charges applicable on POS/ATM transactions, cross-currency conversions, statement requests, etc., before signing up.

Compare Exchange Rates & Spreads

The dollar rate and spread on currency conversion offered by the card provider must be competitive vis-à-vis banks.


While Forex cards serve as an efficient payment tool for international trips, you must account for various fees applicable to get optimal value. From issuance to transactions and account management, charges can erode your travel budget if you are not careful.

Also Read: Paper Business Card Alternatives: Digital, NFC & Metal Cards Options



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