Every year, millions of Indian students heading to destinations like the USA, UK, Germany, and across Europe lose substantial money to hidden forex markups, unfavourable exchange rates, and surprise transaction fees. The solution sits quietly in your wallet—a forex card designed specifically for international spending.Â
What is a Forex Card?
A forex card, also called a prepaid travel card or multi-currency card, allows you to make purchases at merchant outlets, withdraw cash from ATMs, and pay for services internationally without carrying physical cash.
​​Let’s explore the best forex cards for students that offer great exchange rates, low fees, and effortless global payments.
Top 5 Forex Cards for Indian Students
Each forex card comes with distinct advantages catering to different student needs. Your choice depends on your destination country, spending patterns, and how frequently you’ll need to reload funds. The cards listed below represent the most reliable options available to Indian students.Â
1. Niyo Global Forex Card
Niyo has partnered with SBM Bank, DCB Bank, and Equitas Small Finance Bank to provide a savings account with an international debit card offering genuine zero forex markup. This card accepts payments in 100+ currencies using live VISA exchange rates without any additional markup.
The standout feature is zero loading charges. You simply transfer money to your Niyo account using NEFT, RTGS, IMPS, or UPI, and funds become instantly available for international use. This approach eliminates the complex forex card loading process entirely.
Fees and Charges
| Fee Type | Amount |
|---|---|
| Card Issuance Fee | ₹0 |
| Annual Maintenance Charge (SBM) | ₹423 + GST (waived with ₹5,000 average monthly balance for 3 months before anniversary) |
| Annual Maintenance Charge (DCB) | ₹499 + GST (waived with ₹5,000 average quarterly balance) |
| Annual Maintenance Charge (Equitas) | ₹0 (currently free) |
| Reload Fee | ₹0 |
| Currency Conversion Charges | ₹0 |
| International ATM Withdrawal | ₹100 + GST per withdrawal |
| International ATM Balance Enquiry | ₹100 + GST |
Key Benefits
- Earn interest: up to 6.5% (SBM), 7% (Equitas), 7.5% (DCB), credited monthly
- Complimentary airport lounge access quarterly (domestic & international, with minimum spend)
- Instantly lock/unlock your card via the app for security
- Virtual card issued immediately for online transactions
- Niyo Coins rewards on international spend redeemable for flights, visas, and ATM fees
2. MakeMyTrip TripMoney Global Cash CardÂ
TripMoney, operated by MakeMyTrip’s fintech division, partnered with SBM Bank India to launch this VISA-powered forex card. You load money in INR and spend globally in 155+ countries without forex markup on VISA exchange rates.
The card suits leisure travellers who book through MakeMyTrip particularly well. You receive complimentary MMT Black membership, which provides exclusive discounts and priority customer service. The fully digital application process takes minutes with instant virtual card issuance.
Fees and Charges
| Fee Type | Amount |
|---|---|
| Card Issuance Fee | ₹0 (₹499 + GST after promotional period) |
| Annual Fee | ₹0 |
| Reload Fee | ₹0 |
| Cross-Currency Fee | 3.5% |
| Card Replacement Fee | ₹250 (India), ₹3,000 (abroad) |
| International ATM Withdrawal | ₹450 per transaction |
| Domestic ATM Withdrawal | ₹20 per transaction |
Key Benefits
- Zero forex markup on VISA rates—pay the exact exchange rate
- Load INR and spend instantly in 155+ countries
- Complimentary MMT Black membership with priority service and travel perks
- Discount vouchers up to ₹70,000 for MakeMyTrip & Goibibo bookings
- Free balance checks via app; ATM enquiries cost ₹100 + GST
3. IndusInd Bank Multi-Currency Forex Card
IndusInd Bank designed this multi-currency forex card for professionals and tourists travelling across multiple countries. The embedded chip technology provides enhanced security whilst the ability to load 14 currencies makes it ideal for European tours.
The card protects you against currency fluctuations by locking in rates at loading time. You can withdraw currency from all VISA ATMs worldwide and manage your card through IndusInd’s online banking platform.
Fees and Charges
| Fee Type | Amount |
|---|---|
| Issuance Fee | ₹300 (waived with code "AIRPORTC") |
| Re-issuance Fee | ₹100 |
| Reload Fee | ₹100 |
| Cross-Currency Markup | 3.5% |
| Inactivity Fee | ₹250 per quarter after 18 months of no transactions |
Key Benefits
- Load up to fourteen currencies on a single card, avoiding multiple cards or separate wallets
- Promotional free airport transfers available during certain periods, check with the bank
- Discounted processing charges for international money transfers for existing cardholders
- Refunds are processed smoothly, usually within five to seven working days
- Using the coupon code AIRPORTC waives the three hundred rupee issuance fee
4. BookMyForex Forex Card Â
BookMyForex offers two distinct variants through their banking partners. The multi-currency card supports 14 currencies in partnership with YES Bank. The single-currency USD card represents their revolutionary service.
The single-currency USD card charges zero markup on interbank rates and, most importantly, zero cross-currency conversion fees. You can spend in 180+ currencies across 200+ countries without conversion charges. For students in countries using Vietnamese Dong, Indonesian Rupiah, Kazakhstani Tenge, or Cambodian Riel, this card proves invaluable.
Fees and ChargesÂ
| Fee Type | Multi-Currency Card | Single-Currency USD Card |
|---|---|---|
| Issuance Fee | ₹0 | ₹0 |
| Reload Fee | ₹0 | ₹0 |
| Refund Fee | ₹0 | ₹0 |
| Cross-Currency Fee | 3.5% of transaction value | ₹0 (spend in any currency globally) |
| Card Replacement Fee | ₹250 (India), ₹3,000 (abroad) | ₹250 (India), ₹3,000 (abroad) |
| ATM Withdrawal Fee | 2% of transaction amount | ₹0 (zero charges on cash withdrawals) |
| Cash Disbursal Fee on University Payments | Not Applicable | ₹0 (free payment of tuition fees) |
Key Benefits
- Exact interbank exchange rates with zero markup reflecting true market value
- Free insurance coverage up to ₹1.5 lakh for lost card liability, counterfeiting, and ATM skimming
- Instant 24/7 card reloads through the BookMyForex app, including weekends and holidays
- Limited-time offer of up to 2% cashback on single-currency card transactions, capped at ₹7,500
- Digital top-up via the BookMyForex app or website without visiting a branch
5. HDFC Multi-Currency Platinum Forex Card
HDFC Bank’s flagship forex card allows loading of up to 22 currencies, which represents the highest number amongst major Indian banks. The 2% cross-currency markup stands as the lowest in the banking sector for multi-currency cards.
The card includes robust insurance coverage worth ₹5 lakhs protecting against counterfeiting and skimming. HDFC’s global network provides 24/7 customer support through international toll-free numbers in 32 countries.
Fees and Charges
| Fee Type | Amount |
|---|---|
| Issuance Fee | ₹500 + GST (waived when loading $1,000 or equivalent) |
| Reload Fee | ₹75 + GST |
| Re-issuance Fee | ₹100 |
| Cross-Currency Markup | 2% (lowest amongst major banks) |
| ATM Withdrawal Fee | Varies by currency ($2 for USD, £1 for GBP) |
| Daily ATM Withdrawal Limit | Up to $5,000 or equivalent |
Key Benefits
- Load up to 22 currencies including USD, EUR, GBP, AED, AUD, CAD, JPY, CHF, SAR, SGD, and THB, covering most popular travel destinations
- Cross-currency markup of 2% is the lowest among major Indian banks for multi-currency cards
- Issuance fee of ₹500 plus GST is waived when you load a minimum of $1,000 or equivalent at card issuance
- Limited-time offer of Amazon vouchers worth ₹1,000 on loading or reloading ₹1 lakh or more via HDFC Bank debit card
- Insurance cover of ₹5 lakh protects against misuse from card cloning, counterfeiting, or ATM and merchant skimming
Key Takeaways
Selecting the right forex card sets the foundation for smooth financial management during your international education journey. Cards like BookMyForex’s Single Currency option and Niyo Global win on zero reload charges and transparent pricing, whilst HDFC and ICICI offer extensive currency support and insurance coverage. Students heading to popular destinations like the USA, UK, or Australia will find value in both multi-currency and USD-based cards, whereas those studying in multiple countries should verify currency support before applying.
Managing your finances abroad is just one part of your educational journey. Just as your forex card simplifies payments overseas, AdmitX simplifies the entire process of studying abroad. We support you through every step, from university selection to visa approval, making your international education dream achievable.
- University Selection GuidanceÂ
- SOP ReviewÂ
- Study-Abroad Document TemplatesÂ
- Free IELTS Bootcamp CourseÂ
- Scholarship Assistance
- Visa Support Services
Â
And much more!Â
Book your FREE study abroad counselling session today!Â
FAQs
Which forex card offers zero forex markup without annual charges?
Niyo Global Forex Card provides genuine zero forex markup on all VISA transactions and zero loading charges.
Can I earn rewards using a forex card?
Yes, Niyo Global’s Niyo Coins rewards programme allows you to earn rewards on international transactions.
How many currencies can HDFC's forex card support?
HDFC Multi-Currency Platinum Forex Card supports up to 22 currencies, the highest amongst major Indian banks.
What is the cross-currency markup on BookMyForex USD card?
BookMyForex single-currency USD card charges zero cross-currency conversion fees on 180+ currencies.Â
When must I surrender unspent forex after returning to India?
You must surrender unspent foreign currency within 180 days of returning to India.
What is the maximum annual forex limit for students under RBI?
Students can remit up to USD 2,50,000 annually under the Liberalised Remittance Scheme (LRS).
Do I need a bank account to apply for a forex card?
No, you can apply through authorised travel partners like MakeMyTrip without opening a bank account.
What major documents are required for a forex card KYC?
You will need a valid PAN card, proof of identity, and proof of address to complete the Know Your Customer (KYC) process for a forex card.
Are balance enquiries charged at foreign ATMs?
Yes, Many banks charge a fee for non-financial transactions, such as a balance enquiry, at an ATM outside of their network or abroad.
What GST applies to forex card currency conversions?
GST of 0.18% (minimum ₹45) applies for amounts up to ₹1,00,000 on currency conversions.
If you are an aspirant looking to study at your dream university, book an appointment with AdmitX today and start your applications early to avail yourself of all the benefits.
