Bank-issued multi-currency forex cards in 2026 — HDFC, Axis, SBI and ICICI compared
By Aarav Sharma (Aviation and travel-industry writer covering Indian airlines, airports and route economics. Cross-checks against DGCA, AAI and airline sources.) · Published · 10 min read
Bank-issued multi-currency forex cards compared in 2026 — HDFC ForexPlus, Axis Multi-Currency, SBI Foreign Travel Card and ICICI Sapphiro Forex — issuance, reload, cross-currency and rate lock.
Quick answer
Bank-issued multi-currency forex cards (HDFC ForexPlus, Axis Multi-Currency, SBI Foreign Travel Card, ICICI Sapphiro Forex) make sense in 2026 if you (a) want to lock in an exchange rate before travel, (b) already have a strong relationship with the issuer and don't want a fintech account, or (c) need a forex card for a single trip and don't want to apply for a credit card. They don't beat Niyo Global on cost for most users, and they don't beat Scapia Federal credit on flexibility. Verify the current issuance fee, reload fee and cross-currency fee on the bank's official forex page.
What a multi-currency forex card actually is
A prepaid card pre-loaded with foreign currency (USD, EUR, GBP, AUD, SGD, AED, etc.) at the time of issuance. The card supports multiple currency wallets simultaneously — you can load USD, EUR and GBP onto the same card, and when you spend in a given country the card draws from the matching wallet first. If you spend in a currency you haven't loaded, the card converts from your INR fallback wallet or applies a cross-currency fee, depending on the issuer.
Forex cards are LRS instruments — loading one is an outward remittance under the Liberalised Remittance Scheme, contributes to your ₹7L aggregate TCS threshold and is reported in your AIS. Unlike credit-card foreign spend (currently outside LRS as of the time of writing), forex-card loads will count.
HDFC Multicurrency Platinum ForexPlus
HDFC's flagship multicurrency forex card. Supports a wide range of currencies (around 22 currencies last verified). One-time issuance fee in the ₹500 + GST range; no annual fee. Reload via HDFC NetBanking or branch. Cross-currency fee typically around 2% when spending in a currency you haven't pre-loaded.
Strengths: large currency coverage, branch-based issuance for HDFC customers (30 minutes at a branch with passport + visa stamp), reasonable reload fee. Weaknesses: ATM withdrawal fees abroad (around $2 per withdrawal, verify), the cross-currency fee on unloaded currencies, and no lounge / rewards.
Best for: HDFC customers travelling to 1–3 destinations where you can pre-load the right currencies, who want a single forex instrument from the bank they already use.
Axis Bank Multi-Currency Forex Card
Axis's multicurrency card supports around 16 currencies. Issuance fee around ₹300 + GST, often waived for Axis Burgundy and Priority customers. Cross-currency fee around 3.5% (verify). Reload via Axis NetBanking, mobile app or branch.
Strengths: low issuance fee for premium-relationship customers, lounge access on the premium card variants (Priority and Burgundy), good app experience. Weaknesses: relatively high cross-currency fee, ATM withdrawal fees abroad.
Best for: Axis Burgundy / Priority customers travelling to known destinations with currencies on the supported list.
SBI Multi-Currency Foreign Travel Card
SBI's offering is the budget option. Issuance fee around ₹100 + GST, the lowest in the market. Supports a smaller set of currencies than HDFC or Axis (verify current list). No lounge, no rewards.
Strengths: lowest fee, branch network for first-time international travellers in Tier 2/3 cities. Weaknesses: app experience trails the others, cross-currency fee on unloaded currencies, narrow currency support.
Best for: first-time international travellers from Tier 2/3 cities with an existing SBI relationship, where simplicity matters more than features.
ICICI Sapphiro / Coral Forex Card
ICICI's multicurrency card supports a mid-range currency list. Issuance fee around ₹400 + GST (verify). ATM withdrawal fee abroad is typically lower than competitors (around ₹4 flat in some configurations — verify on the current schedule).
Strengths: ICICI's banking app integration if you already use iMobile, fee structure that can be competitive on ATM-heavy itineraries. Weaknesses: smaller currency list, occasional reload-friction reports.
Best for: ICICI customers who want bundled bank-relationship benefits.
Why bank-issued forex cards are losing share
Three reasons. (1) Niyo Global / BookMyForex Wow / Wise are aggressively positioned at 0% markup and free ATM, which structurally undercuts the cross-currency fee + ATM fee combination on bank cards. (2) 0% markup credit cards (Scapia, IDFC FIRST WOW) cover the use case of "go abroad and swipe at zero forex cost" without the LRS / TCS overhead of a forex-card load. (3) The branch-issuance UX of forex cards feels dated compared to apps that deliver a card in 4 hours doorstep.
Banks have responded by waiving issuance fees for premium-relationship customers and bundling lounge access. But for cost-sensitive consumers, the fintech alternatives are now meaningfully better.
Where forex cards still win
One genuine advantage of forex cards: rate lock. When you load USD onto a forex card today, you lock in today's USD/INR rate. If INR weakens against USD before your trip, the loaded balance is unaffected. Niyo, Scapia and Wise spend at the wholesale rate on the day of transaction — so a weakening INR translates into higher INR cost at the swipe.
For travellers heading to USD/EUR/GBP destinations 6+ months out, locking in the rate via a forex-card load can be a small hedge — typically 1%–3% saving if the INR moves against you. The hedge works both ways: if INR strengthens, you've locked in a worse rate. Don't over-index on rate lock unless you have a strong directional view.
The second advantage: forex cards work cleanly as a "designated travel instrument" for income-tax / FEMA documentation. If you ever face an enquiry about overseas spend, a forex-card statement is a cleaner audit trail than a debit-card statement with intermingled domestic and foreign transactions.
Practical guidance
If you are choosing between a bank forex card and Niyo / Scapia / BookMyForex Wow for a 2026 international trip:
- For a single short trip to a single country where you want zero friction: BookMyForex Wow Card (delivered in 4 hours, doorstep, no banking-relationship hassle).
- For a multi-country trip in Europe: Niyo Global or Scapia (no cross-currency fee).
- For an HDFC / Axis / ICICI / SBI customer who wants one product from their existing bank: the bank's multicurrency forex card is fine; just understand you'll pay slightly more than the fintech alternatives.
- For frequent international travellers: skip the forex card entirely. Run on Scapia Federal credit + Niyo Global debit. The combination beats every bank forex card on cost and matches them on convenience.
See also our best forex cards in India 2026 guide for the broader landscape and zero forex markup credit cards for the credit-card alternatives.
Frequently asked questions
Does loading a forex card count toward LRS and TCS?
Yes. A forex-card load is an outward remittance under LRS and contributes to your ₹7 lakh annual aggregate threshold. Above the threshold, 20% TCS applies (with reduced rates for education and medical).
Can I reload a forex card from abroad?
Most banks support online reload from your Indian bank account via NetBanking or app, which works from abroad if you have internet. The reload may take a few hours to reflect. Plan ahead.
What happens to leftover balance after my trip?
You can keep it for a future trip (cards are usually valid for several years), convert back to INR via your issuing bank (an inward conversion typically takes 5–7 business days and may carry a small fee), or use it on online international purchases.
Are forex cards safer than credit cards abroad?
Forex-card fraud protection is generally weaker than credit-card fraud protection. RBI's rules cap consumer liability tightly on credit cards if you report fraud within 3 working days; forex-card fraud recovery can take weeks. Don't carry your entire trip's budget on a single forex card.
Which bank's forex card has the widest currency support?
HDFC Multicurrency Platinum ForexPlus has historically had the widest list (around 22 currencies). Verify the current list on HDFC's forex page.