Forex Cards
Spend abroad without the markup
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Loading in one
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Spending at merchants
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ATM withdrawals abroad
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Reload during travel
Find your card
What Our Plans Cover
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Loading in one or more foreign cur...
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Spending at merchants accepting th...
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ATM withdrawals abroad
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Reload during travel through the i...
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Balance refund or retention after...
Who Can Consider This Plan?
- Indian resident, generally aged 18 and above for forex cards
- Aged 21 to 60 for credit cards, with income criteria by variant
- Valid passport for international products
- Credit score, for credit card variants
- Compliance with remittance rules on forex loading
What May Not Be Covered?
- Any credit facility — this is a prepaid product
- Rewards or cashback on spending, on most cards
- Cross-currency charges avoided if you spend in an unloaded currency
- ATM withdrawal fees, which apply per transaction
- Loading beyond the applicable remittance limits
Always check the policy wording before you commit.
Why Choose Wealth & Covers?
- Expert advice to choose the right plan
- Plans from leading credit cards companies
- Hassle-free process and documentation
- End-to-end support, including claim assistance
- Dedicated relationship manager
- Expert Guidance Personalised advice from experienced credit cards professionals.
- End-to-End Support From choosing the right plan to claim assistance, we are with you always.
- Claims Assistance Hassle-free claim support to ensure you get what you deserve.
- Transparent Process Clear information, easy documentation and a hassle-free experience.
Overview
A forex card is a prepaid card loaded with foreign currency before you travel. The exchange rate is fixed at the point of loading, so subsequent currency movement does not affect what you have already loaded.
That rate lock is the central advantage over a credit card abroad. A credit card converts at the rate on the transaction date and adds a foreign currency markup — commonly around three and a half per cent — on every purchase. A forex card has no markup on spending in the loaded currency.
It is also the safer instrument. Because it is prepaid and separate from your bank account, a lost or compromised forex card exposes only the balance on it rather than your account or your credit line.
Who should consider it
Every international traveller. Students studying abroad, for regular expenses. Anyone who wants to fix the exchange rate in advance rather than accept whatever prevails during the trip.
Benefits
- Exchange rate locked at the time of loading
- No foreign currency markup on spending in the loaded currency
- Prepaid, so exposure is limited to the loaded balance
- Multi-currency variants hold several currencies on one card
- Usable at ATMs and merchants worldwide
- Reloadable during the trip if needed
What is included, and what is not
Read the right-hand column first. It is the one that tends to surprise people later.
Included
- Loading in one or more foreign currencies
- Spending at merchants accepting the card network
- ATM withdrawals abroad, subject to charges
- Reload during travel through the issuer
- Balance refund or retention after the trip
Not included
- Any credit facility — this is a prepaid product
- Rewards or cashback on spending, on most cards
- Cross-currency charges avoided if you spend in an unloaded currency
- ATM withdrawal fees, which apply per transaction
- Loading beyond the applicable remittance limits
Terms vary between providers and between plans from the same provider. The offer document you receive is what governs — we will walk you through it before you commit.
How it works with us
- 1 We separate the two products first A forex card is prepaid and locks a rate. A travel credit card earns rewards on spending. Different problems, different answers.
- 2 Travel pattern drives the choice How often you fly, which airlines, whether you use lounges, and where you spend abroad. The card follows that, not the brochure.
- 3 Benefit value calculated in rupees Lounge visits, miles and insurance converted to a real number against a real annual fee.
- 4 Application matched to eligibility Premium travel cards have income criteria. We apply where the profile fits rather than collecting rejections.
- 5 Set up for full payment and safe use abroad Auto-debit in full, international usage enabled, and the fraud reporting numbers saved before you travel.
Important considerations
The things a brochure tends to leave out. Read these before you decide.
- Load the currency of the country you are visiting. Spending in an unloaded currency triggers a cross-currency conversion charge that removes the main advantage.
- ATM withdrawal fees are charged per transaction. Fewer, larger withdrawals cost less than frequent small ones.
- Always choose to be billed in the local currency at the point of sale. Dynamic currency conversion offered by merchants is consistently worse value.
- Compare the loading rate across issuers. The margin on the rate itself varies and is the real cost of the card.
- Plan what happens to any unused balance — refund charges apply at most issuers, and retaining it for a future trip is often better.
Documents required
- PAN card
- Passport, for forex cards and international usage
- Aadhaar or other identity proof
- Address proof
- Income proof — salary slips, Form 16 or filed returns
- Travel documents such as visa and tickets, for forex card loading
Frequently Asked Questions
How is this different from using a credit card abroad?
A credit card converts at the rate on the transaction date and adds a foreign currency markup of around three and a half per cent on every purchase. A forex card locks the rate when you load and charges no markup on spending in the loaded currency. On a two-week trip that difference is substantial.
What happens if the rate moves after I load?
Nothing to the amount already loaded — that is the point of the product. If the rupee weakens after you load, you are protected; if it strengthens, you have locked a worse rate. Loading in tranches averages that out.
What if I spend in a currency I have not loaded?
A cross-currency conversion charge applies, which removes the main advantage of the card. Load the currency of the country you are visiting, and consider a multi-currency card for multi-country trips.
Should I accept when a merchant offers to bill me in rupees?
No. Dynamic currency conversion at the point of sale is consistently poor value — the merchant sets the rate. Always choose to be billed in the local currency and let your card handle the conversion.
What happens to money left on the card?
You can retain it for a future trip or encash it, usually with a refund charge and at the prevailing rate. Retaining it is often better if you travel regularly, and it avoids converting twice.
Want a shortlist instead of a catalogue?
Tell us the situation and an advisor comes back with two or three options that actually fit — and names what each one gives up.