If you’re planning an international trip, you’ll need to make sure you have a way to pay for your expenses. A forex card is a great option because it allows you to load multiple currencies onto a single card, which can save you money on exchange rates and transaction fees.
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In this article, we’ll compare two of the most popular forex cards in India: the ICICI Forex Card and the HDFC Forex Card. We’ll cover the features, fees, and benefits of each card so you can decide which one is right for you.
Key Features of the ICICI Forex Card
- Can be loaded with 21 different currencies
- No transaction fees on purchases made in the loaded currency
- Competitive exchange rates
- 24/7 customer support
- Chip and PIN technology for added security
Key Features of the HDFC Forex Card
- Can be loaded with 14 different currencies
- No transaction fees on purchases made in the loaded currency
- Competitive exchange rates
- 24/7 customer support
- EMV chip and contactless payment technology for added security
Fees and Charges
Both the ICICI Forex Card and the HDFC Forex Card have similar fees and charges. Here’s a breakdown:
- Card Issuance Fee: ICICI Forex Card – INR 500, HDFC Forex Card – INR 500
- Reloading Fee: ICICI Forex Card – 1% of the amount reloaded, HDFC Forex Card – 1.5% of the amount reloaded
- Foreign Exchange Markup: ICICI Forex Card – 3.5%, HDFC Forex Card – 3.5%
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Benefits of Using a Forex Card
There are several benefits to using a forex card, including:
- Convenience: You can load multiple currencies onto a single card, which eliminates the need to carry cash or multiple credit cards.
- Security: Forex cards are protected by chip and PIN technology, which makes them more secure than cash or credit cards.
- Cost Savings: You can save money on exchange rates and transaction fees by using a forex card.
Which Forex Card is Right for You?
The best forex card for you depends on your individual needs. If you’re planning on traveling to multiple countries and need to load multiple currencies, then the ICICI Forex Card is a good option. However, if you’re only traveling to a few countries and need to load a smaller amount of money, then the HDFC Forex Card is a more affordable option.
Here’s a table that summarizes the key differences between the two cards:
| Feature | ICICI Forex Card | HDFC Forex Card |
|---|---|---|
| Number of currencies | 21 | 14 |
| Transaction fees | None on purchases made in the loaded currency | None on purchases made in the loaded currency |
| Exchange rates | Competitive | Competitive |
| Customer support | 24/7 | 24/7 |
| Security features | Chip and PIN | EMV chip and contactless payment |
| Card issuance fee | INR 500 | INR 500 |
| Reloading fee | 1% of the amount reloaded | 1.5% of the amount reloaded |
Icici Forex Card Vs Hdfc Forex Card
Conclusion
Whether you choose the ICICI Forex Card or the HDFC Forex Card, you’ll be getting a convenient and secure way to pay for your expenses while traveling abroad. Be sure to compare the features, fees, and benefits of each card before making a decision.
