Are Credit Cards same as Forex Cards?

Many banks advertise forex cards as credit cards. But is it really that? This question has always bothered people planning to take trips abroad. The answer is it isn’t either a credit card or debit card. It comes under the category of prepaid card. Prepaid cards help you travel freely alleviating you from the trouble of carrying a lot of cash. You can load all the cash you need in your prepaid forex card and travel all around the globe hassle free. Forex cards have an edge over credit cards and debits cards is in terms of currency conversion rate, which can inflate your travel bill to a great extent.

What are the advantages of Forex cards?

Cash Management: Managing cash while traveling is a really worrisome issue. It doesn’t let you enjoy the moment to its fullest. There’s always a fear that runs at the back of the mind of an individual, “What if my cash gets stolen?” On the other hand, forex cards are easy to handle and, even if it gets lost, you’ve an extra one to back you up.

Traveller’s Cheque: Losing a traveller’s cheque during a trip can actually ruin your vacation experience. The process of replacing it is intensely tiring and time-taking. On the contrary, forex cards is easy to use and you get an additional card, in case you lose it.

Currency Conversion Rate: If you use your credit cards or debits cards in some other country, you will have to pay excruciating currency rates that might increase your cost of traveling. With the forex cards, you can load the currency of your choice before hand only and make your travel experience a better one.

Global Concierge and Referral Services: Some of the forex cards come with 24x7 Global Concierge and Referral Services that help you plan your itinerary and assist you with other travel related queries or doubts.

Which are the Best Forex Cards in India by HDFC Bank?

HDFC ForexPlus Card: HDFC is known for its approach towards financial problem solving. When it saw how travel lovers were struggling with all the cash and traveler’s cheque issue, it introduced the HDFC ForexPlus Card. Certainly, one of the best forex cards in India right now, in terms of safety and convenience. There are a variety of prepaid cards available under the Forex Plus Card category which provide different benefits. Let’s have a look:

• MakeMyTrip HDFC ForexPlus Card: It was launched in association with MakeMyTrip (one of the largest travel aggregators in India) to provide a seamless travel experience to the customers.  Along with the card comes complimentary Insurance cover. Also, the main benefit that it provides is that it offers protection against exchange rate fluctuations.
• Regalia ForexPlus Card: It is apt for travel buffs planning to do an extensive one country tour. It lets you load one currency on the card. Regalia ForexPlus Card is available in USD and other popular currencies. No withdrawal fees are charged, if you decide to withdraw cash from an ATM. Free Insurance cover is also provided alongwith this card.
• Multi Currency ForexPlus Card: This card is definitely going to augment your travel experience to another level as it lets you load upto 22 currencies on your card. Taking a Euro trip will be so convenient using this card. You can load all the currencies of the country that your planning to go in one card and travel freely. It comes with the Contactless payment feature wherein you can just have to tap your card and the payment is done.