Forex Card Buy Online: Best Cards & How to Use

Travelling abroad? A prepaid forex card is one of the smartest ways to carry foreign currency. It offers better exchange rates than cash, works like a debit card internationally, and is safer than carrying large amounts of foreign currency. This guide covers everything about buying and using forex cards in India.

What is a Forex Card?

A forex card (also called a prepaid travel card or multicurrency card) is a prepaid card loaded with foreign currency. You can use it for:

• Shopping at international POS terminals
• Online purchases in foreign currency
• ATM withdrawals abroad
• Contactless payments where supported

Forex cards are issued by banks and authorised dealers regulated by the Reserve Bank of India (RBI) under the Liberalised Remittance Scheme (LRS).

Popular Forex Cards in India

RBI Limits on Forex

Under the Liberalised Remittance Scheme (LRS), RBI allows resident individuals to remit up to USD 250,000 per financial year (April–March) for permitted transactions including:

• Travel abroad (business or personal)
• Education
• Medical treatment
• Gifts and donations
• Investment abroad

Important: This USD 250,000 limit covers ALL forex transactions — cash, forex card, wire transfer, and international debit card spends combined.

Tax Collected at Source (TCS)

As per the Income Tax Act:

• 5% TCS on forex remittance above ₹7 lakh per financial year (general)
• 20% TCS on overseas tour packages (from ₹0, no threshold)
• 0.5% TCS if remittance is for education funded by a loan
• TCS is adjustable against your income tax liability

How to Buy a Forex Card Online

Step 1: Choose Your Card

Compare exchange rates, supported currencies, loading fees, and ATM withdrawal charges across banks.

Step 2: Apply Online

1. Visit your bank's website or the forex provider's portal
2. Select "Forex Card" or "Travel Card"
3. Enter your travel details — destination country, travel dates
4. Select the currency and amount to load
5. Upload documents (see below)

Step 3: Submit KYC Documents

• Passport (mandatory for forex card)
• PAN card
• Valid visa (for the destination country)
• Air ticket or travel itinerary
• Passport-size photograph
• Form A2 (declaration for forex purchase — the bank usually generates this)

Step 4: Pay and Load

• Pay via net banking, UPI, or bank transfer
• The forex card is loaded at the exchange rate locked at the time of payment
• Card is delivered to your address or available for pickup at the branch

Step 5: Activate the Card

• Set your ATM PIN via the bank's app or by calling customer care
• Register on the bank's forex card portal for balance tracking

Loading and Reloading Your Forex Card

Tip: Load your forex card when exchange rates are favourable. Some banks offer rate alerts.

Charges & Fees

Note: Foreign ATM operators may charge their own fee on top of the bank's charges.

ATM Withdrawal Abroad

1. Insert your forex card at any Visa/Mastercard-enabled ATM
2. Select "Withdrawal" → Choose "Savings" or "Credit" (depends on ATM)
3. Enter the amount in local currency
4. Decline the ATM's conversion offer (DCC — Dynamic Currency Conversion) — always choose to be charged in the local currency
5. Collect your cash and receipt

Daily ATM withdrawal limit: Typically USD 1,000–USD 5,000 equivalent per day (varies by bank and card).

Using Your Forex Card Online

• Use it for hotel bookings, Uber, online shopping abroad
• Enter card number, expiry date, and CVV as you would with any debit/credit card
• Enable international online transactions via the bank's app before use
• Some banks support setting transaction limits for added security

Important Tips

1. Load the primary currency of your destination country to avoid cross-currency charges
2. Keep a backup — carry a second forex card or small amount of cash
3. Inform your bank about your travel dates to avoid card blocking
4. Check balance regularly via the bank's app or SMS alerts
5. Encash unused balance within 180 days of return (as per FEMA regulations)

Forex Card vs Cash vs International Debit Card

Frequently Asked Questions

Q1. Can I buy a forex card without a visa?

Some banks issue forex cards without a visa for certain countries (visa-on-arrival destinations). However, most banks require a valid visa or travel proof.

Q2. What happens if my forex card is lost abroad?

Immediately call the bank's 24/7 helpline to block the card. Most banks provide an emergency replacement card or emergency cash within 24–48 hours.

Q3. Can I use a forex card in India?

Forex cards are meant for international use. You cannot use them for domestic transactions within India. You must encash the remaining balance after returning.

Q4. Is there a limit on how much forex I can load?

Yes, under the RBI's LRS, you can load up to USD 250,000 per financial year across all forex transactions combined.

Q5. How do I check my forex card balance?

Use your bank's mobile app, internet banking portal, SMS service, or call customer care.

Q6. Can I load multiple currencies on one card?

Yes, most multicurrency forex cards support 5–22 currencies on a single card. You can load different currencies and switch between them.

Q7. What is cross-currency markup?

If you spend in a currency not loaded on your card, the bank converts from your loaded currency at a markup of 2%–3.5%. Always load the currency of your destination.

Disclaimer: CitizenNest is an independent platform and is not affiliated with any bank or the Reserve Bank of India. Information is based on publicly available data from official sources. Forex rates, charges, and policies may change — always verify with your bank before purchasing.