Best Forex Cards for Indian Students in Ireland

Best Forex Cards for Indian Students in Ireland

Ireland is home to many Indian students. In 2023, Ireland hosted approximately 7000 Indian students! Living in Ireland sounds like a dream come true, right? But this question may haunt you: how can I handle payments there? The answer is Forex cards. They offer a convenient way to handle payments.

Table of Contents

What is a Forex Card for Students

Forex cards, also known as Forex Travel Card or Prepaid Travel Card, are cards in which you can load money before you leave for another country. The best part is that when you load in the money, you lock in the exchange rate to protect your money from exchange rate fluctuations. There are several banks, like HDFC, ICICI, etc., that offer forex cards at no cost. However, they may charge a small fee if you take money out of the ATM.

What are the Benefits of a Forex Card

Here are some of the benefits of a Forex Card:

  1. Fixed Exchange rate: The biggest advantage of forex cards is that the moment you load money into the forex card, the exchange rate gets locked in at that point in time. The exchange rate remains constant irrespective of the exchange rate fluctuations in the market.
  2. Safe and Convenient: Traveling with a Forex card is one of the most convenient and safest ways to carry money abroad. This way, you won’t have to carry cash and worry about it being lost or stolen. If it does get lost or stolen, you can easily block the card immediately. Plus, these cards are widely accepted across the world.
  3. Easy Management: Using Forex cards is a convenient and easy way to manage money when in another country. With it, you can easily access your transaction details, check your bank account, and reload cash online. You can easily track your expenses, budget and spend efficiently.
  4. Global Acceptance: Forex cards are widely accepted in places across the world.
  5. Minimal Markup fee: Most Forex Cards charge a markup fee up to 3.5% of the transaction amount, which is significantly less in comparison to the markup fees charged by other transfer money abroad methods.
  6. Easy to Refund: This is a significant benefit of using a Forex Card. If you have any money in the card, you can approach the bank and get a refund easily. 
  7. Multiple Currencies: Unlike your debit or credit cards, you can keep multiple currencies in your Forex card. The card also provides you the flexibility to switch between currencies. 

Do you want to know another safe way to transfer money abroad? Transfer money abroad through HiWiPay. The outward remittance company allows you to safely transfer money abroad. All you need to do is fill out the A2 form, complete the KYC once, along with submitting the relevant documents, and that’s all! You can do it from anywhere, anytime. Visit HiWiPay website or download the app now.  

Read More: How To Pay University Fees In The USA From India

Top 5 Forex Cards For International Students in Ireland

1. Axis Bank Multi-Currency Forex Card

    Here’s what makes Axis Bank Multi-Currency Forex Card a popular choice:

    • Supports 16 currencies, including USD, Euro, Pound, etc. 
    • Lock in exchange rate when at the time of loading
    • Contactless payments
    • Emergency cash assistance
    • Insurance coverage
    • Special discounts and offers on hotels and dining
    • Priority and Burgundy customers enjoy an issuance fee waiver of INR 300

    Charges:

    • Initial Sale Fee: INR 300.00 + GST
    • Reload / Renewed Card Fee: INR 100.00 + GST
    • Add-on Card Fee: INR 100.00 + GST
    • Encashment Charges: INR 100.00 + GST
    • Axis Bank ATMs Pin Change: Nil
    • Balance Inquiry: Nil
    • International Visa/Master ATMs Cash Withdrawal: € 1.69
    • Balance Inquiry: € 0.5
    • Replacement Card Fee (Domestic): € 3
    • Replacement Card Fee (International): € 15
    • Cash Advance Transaction Fee: 0.50% of the transaction amount
    • Inactivity Fees: € 3.75
    • Currency Conversion: 3.50%

    Note: These charges are subject to change, and it’s always a good idea to check with the bank. Last updated 14/05/24. 

    2. HDFC Bank Regalia ForexPlus Card

      HDFC Bank Regalia ForexPlus Card only supports one currency, USD; however, here’s what makes it a preferred choice for Indian students in Ireland:

      • Available in US Dollars, but can be used anywhere without any cross-currency charges
      • Insurance coverage up to INR 5,00,000 against misuse due to counterfeit or skimming
      • Coverage for loss of checked-in baggage, loss of personal documents (only Passport reconstruction), and loss of Cash in Transit
      • Contactless payments
      • Locked-in exchange rate when loading money 
      • Complimentary lounge access at international airports

      Charges:

      • Card issuance Fee: INR 1000 plus applicable GST per card
      • Reload Fee: INR 75 plus applicable GST per reload transaction
      • ATM Cash Withdrawal: USD 4.00 per transaction
      • Balance Enquiry: USD 0.50 per transaction
      • Daily Limit for ATM Cash Withdrawal: Up to USD 5000
      • Currency conversion tax: Applicable on load, reload and refund transactions

      Note: These charges are subject to change, and it’s always a good idea to check with the bank. Last updated 14/05/24. 

      3. HDFC Bank Multicurrency Platinum ForexPlus Chip Card

        Here’s what makes HDFC Bank Multicurrency Platinum ForexPlus Chip Card on of the best choices:

        • Supports 22 currencies
        • Locked-in exchange rate
        • Contactless payments
        • Insurance coverage up to INR 5,00,000 against misuse due to counterfeit or skimming
        • Coverage for loss of checked-in baggage, loss of personal documents (only Passport reconstruction), and loss of Cash in Transit 

        Charges:

        • Card issuance Fee: INR 500 plus applicable GST per card
        • Reload Fee: INR 75 plus applicable GST per reload transaction
        • ATM Cash Withdrawal: USD 2.00 per transaction
        • Balance Enquiry: USD 0.50 per transaction
        • Daily Limit for ATM Cash Withdrawal: Up to USD 5000
        • Cross currency Conversion Mark-up charges: 2%
        • Currency conversion tax: Applicable on load, reload and refund transactions
        • Offers travel benefits, such as lounge access, concierge services, and special discounts on hotels and dining

        Note: These charges are subject to change, and it’s always a good idea to check with the bank. Last updated 14/05/24. 

        4. BookMyForex YES Bank Forex Card

          Here are the features and charges of the BookMyForex YES Bank Forex Card, issued under the partnership of YES Bank and BookMyForex:

          • Available at exact interbank rates with zero added margin
          • Contactless payment
          • No issuance charges
          • No reloading or unloading charges
          • Complete card management at the app, where services are available 24/7
          • Same-day card delivery
          • Insurance coverage against lost/stolen cards
          • Offers discounts and deals over several categories

          Charges:

          • Issuance Fee: INR 0.00
          • Reload Fee: INR 0.00
          • Refund Fee: INR 0.00
          • Cross Currency Fee (Markup Fee): 3.5% of Transaction Value
          • Inactivity Fee (Inactive period 12 months from the last transaction on the card): INR 0.00
          • Cash Disbursement fee: 2% of transaction amount
          • Replacement Card Fee In-India: INR 250
          • Replacement Card Fee (Out of India): INR 3000

          Note: These charges are subject to change, and it’s always a good idea to check with the bank. Last updated 14/05/24. 

          5. Niyo Global Card by Equitas Bank

            Niyo Global Card by Equitas Bank comes under the top 5 choices for Forex cards for Indian students in Ireland because:

            • Forex card available in physical and virtual variants (virtual card only allows online domestic transactions)
            • Zero forex markup
            • Visa exchange rates applicable on international payments
            • No TCS on spends upto INR 7 lakhs
            • Card delivery in 2-3 days

            Charges:

            • No joining fee 
            • No annual fee
            • Zero forex markup on international transactions
            • No fee for adding money in your account
            • International ATM withdrawal charges: INR 110+ GST  
            • Card ordering/reordering charges: INR 199 + GST

            Note: These charges are subject to change, and it’s always a good idea to check with the bank. Last updated 14/05/24. 

            How to Apply for a Forex Card

            Applying for a Forex Card is a straightforward process. Here’s what you need to do:

            1. Choose your Forex card provider: Check out the most popular and reliable Forex card providers. Compile them into a list to compare their features and benefits. Choose the one that fits your needs and goals. 
            2. Visit the Bank or Forex Card provider website: You can apply for a Forex card by visiting the bank or by doing so online.
            3. Fill out the application form: Next, fill out the application application form. You will have to give your personal details, travel plans, and card preferences.
            4. Submit the required documents: You’ll need to submit a self-attested copy of your passport, visa, and ticket. 
            5. Make payment: Once you have gained approval for the application, load the card with the desired amount.

            Please note that the exact process and requirements may vary depending on the bank or provider. It is always advisable to check with them before applying.

            Documents Required for Forex Card

            To apply for a Forex Card, you don’t need a lot of documents. Here’s everything you need:

            1. Forex Card application form
            2. A self-attested copy of your Passport 
            3. A self-attested copy of your Visa (For non-customers)
            4. A self-attested copy of your Ticket (For non-customers)

            Note: Don’t forget to carry original documents at the time of submission for verification. Also, it is always advisable to check with your bank or forex card provider for the most accurate and up-to-date information. 

            Conclusion

            In conclusion, Forex cards are one of the most safest and convenient ways to carry money and spend money for international students. They have better exchange rates, contactless payments, online management, and additional benefits. 

            Frequently Asked Questions

            What are the best forex cards for international students from India to Ireland?

            Top 5 Forex cards are:

            1. Axis Bank Multi-Currency Forex Card
            2. HDFC Bank Regalia ForexPlus Card
            3. HDFC Bank Multicurrency Platinum ForexPlus Chip Card
            4. BookMyForex YES Bank Forex Card
            5. Niyo Global Card by Equitas Bank

            Do forex cards offer special discounts or benefits for students in Ireland?

            Yes, forex cards offer special discounts or benefits for students in Ireland, such as complimentary lounge access to airports in India and abroad, and special privileges and discounts.

            Can international students load multiple currencies on these forex cards for travel within Europe?

            Yes, international students load multiple currencies on these forex cards for travel within Europe, but the currencies depend on the bank or forex card service provider.

            How can international students ensure the security of their forex cards in Ireland?

            Do the following things to ensure the security of your forex card in Ireland:

            1. Don’t share the PIN with anyone.
            2. Don’t use unfamiliar ATMs or Point of Sale (POS)
            3. Don’t forget to enable SMS and email alerts 
            4. User two-factor authentication

            Who is eligible for a Forex Card?

            Any Indian national who is KYC-compliant can apply for a Forex card.

            What is difference between a credit card and a forex card?

            A credit card is mostly for borrowing funds and paying them back later along with interest; however, you need to load the Forex card with money before using it. 

            How to get a Forex card for studying abroad?

            Applying for a Forex Card, you need to:

            1. Choose your Forex card provider. 
            2. Visit the Bank or Forex Card provider website to apply for a Forex card.
            3. Fill out the application form and give your personal details, travel plans, and card preferences.
            4. Submit the required documents (Copy of your passport, visa, and ticket) 
            5. Load the card with the desired amount after approval.

            References:

            Works Cited

            “Apply for Multi Currency Forex Card Online – Axis Bank.” Www.axisbank.com, www.axisbank.com/retail/forex/travel-forex-card/forex-card. Accessed 17 May 2024.

            “How to Get a Forex Card What Are the Documents Required for a Forex Card | HDFC Bank.” Www.hdfcbank.com, www.hdfcbank.com/personal/resources/learning-centre/pay/how-to-get-a-forex-card. Accessed 17 May 2024.

            “Multi Currency Card – Multicurrency Platinum Forex plus Chip Card | HDFC Bank.” Www.hdfcbank.com, www.hdfcbank.com/personal/pay/cards/forex-cards/multicurrency-platinum-forexplus-chip-card. Accessed 17 May 2024.

            “Niyo Global – International Travel Card with Zero Forex Markup.” Goniyo.com, 2023, campaigns.goniyo.com/competition-search2023/?Phrase_AllDevice_India&msclkid=f3827f20405b17e143d319636c36c65a&utm_source=bing&utm_medium=cpc&utm_campaign=SB_Bing_Search_Niyo_Impressions_IMPShare_Brand-Kws_IND_11July&utm_term=Niyo%20Global%20Card&utm_content=Brand%20Keywords%20Phrase. Accessed 17 May 2024.

            “Regalia Forex plus Card – Single Currency Forex Card | HDFC Bank.” Www.hdfcbank.com, www.hdfcbank.com/personal/pay/cards/forex-cards/regalia-forex-plus-card. Accessed 17 May 2024.

            “What Is Forex Card for Students Best Forex Card for Students | HDFC Bank.” Www.hdfcbank.com, www.hdfcbank.com/personal/resources/learning-centre/pay/what-is-a-forex-card-for-student. Accessed 17 May 2024.

            www.bookmyforex.com. “Forex Card | Buy Multi-Currency Prepaid Travel Card | BookMyForex.” Get the Best Forex Card at Exact Interbank Rate (True Zero Markup) from BookMyForex. Book Online in 5 Minutes & Get Same-Day Doorstep Delivery. Use Our App to Get Real-Time Spending Notifications. Buy the Best Multi-Currency Travel Card Accepted Globally., www.bookmyforex.com/forex-card/. Accessed 17 May 2024.

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