Traveling abroad can be an enriching experience, but it often comes with financial considerations, especially when dealing with currency exchange. To navigate this effortlessly, many travelers opt for forex cards, a convenient and secure way to make international payments. Axis Bank offers a range of forex cards tailored to different travel needs, but it’s essential to be aware of the associated charges before making a decision.
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In this comprehensive guide, we delve into the intricacies of Axis Bank forex card issuing charges, providing you with a clear understanding of what to expect. From the initial issuance fee to foreign currency conversion charges, we explore every aspect to empower you with informed decision-making.
Types of Axis Bank Forex Cards
Axis Bank offers a diverse selection of forex cards catering to varying travel preferences and financial needs. These cards fall into two primary categories:
Prepaid Forex Cards
- Axis Bank Multi-Currency Forex Card: A versatile card that allows you to load multiple currencies onto a single card.
- Axis Bank Signature Forex Card: A premium card offering exclusive benefits and higher transaction limits.
Reloadable Forex Cards
- Axis Bank Travel Currency Card: A convenient card that can be reloaded with funds as needed.
- Axis Bank Platinum Forex Card: A premium card with enhanced features and rewards.
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Issuing Charges for Axis Bank Forex Cards
Issuing charges are one-time fees levied by Axis Bank at the time of forex card issuance. These charges vary depending on the type of card chosen:
Card Issuance Fee
- Prepaid Forex Cards: Issuance fees typically range from INR 100 to INR 1,000.
- Reloadable Forex Cards: Issuance fees for reloadable cards are usually around INR 500.
Processing Fee
Some Axis Bank forex cards may attract a processing fee when funds are loaded onto the card. This fee is usually a small percentage of the amount loaded.
Foreign Currency Conversion Charges
When using your Axis Bank forex card overseas, you may encounter foreign currency conversion charges. These charges are levied by the payment gateways and banks involved in the transaction:
Forex Markup
Forex markup is a small percentage charged by Axis Bank on every foreign currency transaction. It varies depending on the currency and transaction amount.
Inter-Bank Markup
When a transaction is processed through a payment gateway, an inter-bank markup might be applied. This markup is typically small and is charged by the payment gateway.
Additional Charges
Depending on the circumstances, you may encounter additional charges when using your Axis Bank forex card:
Withdrawal Fee
Some ATMs or banks abroad may charge a withdrawal fee when you use your forex card to withdraw cash. This fee is levied by the ATM operator or bank and not by Axis Bank.
Axis Bank Forex Card Issuing Charges
Transaction Fee
Certain merchants or payment gateways may impose a transaction fee for using a forex card. This fee is determined by the merchant or payment gateway and not by Axis Bank.
By comprehending these associated charges, you can make an informed decision when selecting an Axis Bank forex card that best suits your travel plans and financial requirements. With careful planning, you can minimize costs and maximize the convenience of using a forex card while traveling abroad.
