Bank-issued multi-currency forex cards in 2026 — HDFC, Axis, SBI and ICICI compared
By Kabir Malhotra (Kabir Malhotra writes about how Indian travel buyers actually pay — UPI vs credit card vs forex card surcharges, reward-point math on the top travel credit cards, RBI tokenisation, EMI-on-flights and the small fees that compound across a year of bookings.) · Published · 10 min read
Bank multi-currency forex cards lock in rates and ringfence your travel budget, but newer zero-markup cards have eaten their lead. Here is an honest 2026 comparison.
Quick answer
Bank-issued multi-currency forex cards from HDFC, Axis, SBI and ICICI let you preload several currencies at a locked rate, ringfencing your travel budget from rupee swings. Their weakness is cost: issuance, reload, cross-currency and ATM fees add up, and they no longer beat zero-markup fintech debit cards on day-to-day spending. They still shine for organised travellers, corporate trips and anyone who wants a rate locked before departure. Always confirm current fees on the bank's site.
What a multi-currency forex card actually is
A multi-currency forex card is a prepaid card you load with foreign currency before you travel. Unlike a debit card linked to your rupee account, the money sits in currency wallets (USD, EUR, GBP, and so on) at the rate you locked when loading.
- Rate lock: once loaded, your USD or EUR is yours at that rate — later rupee depreciation does not touch the loaded balance.
- Budget discipline: you can only spend what you loaded, which curbs overspending and ringfences travel money from your main account.
- Cross-currency fee: if you spend in a currency you did not load (or run out of one wallet), the transaction draws from another wallet with a cross-currency markup, often around 3%. Loading the right currencies matters.
- Reload and refund: you can top up remotely, and unused balance can be encashed back to rupees after the trip, usually at the prevailing buy rate minus a fee.
HDFC Multicurrency Platinum ForexPlus
HDFC's flagship forex card supports a wide set of currencies on one card and is one of the most widely held among Indian travellers.
- Currencies: a broad multi-currency wallet covering the major travel currencies, useful for multi-country Europe or mixed itineraries.
- Fees: an issuance fee, a reload fee, and ATM withdrawal and balance-enquiry fees abroad. There is typically no cross-currency markup when you spend in a loaded currency, but the usual fee applies if a wallet is empty.
- Management: the card is managed through HDFC's NetBanking/forex portal for reloads, balance checks and blocking.
- Best for: HDFC customers who want a single card for a multi-country trip and value the rate lock. Confirm the exact issuance, reload and ATM fees on hdfcbank.com before buying.
Axis Bank Multi-Currency Forex Card
Axis offers competitive multi-currency cards, often bundled with travel perks and lounge access on higher variants.
- Currencies: a strong multi-currency loadout covering the main travel currencies on one card.
- Fees: issuance and reload charges plus international ATM withdrawal and balance-enquiry fees; cross-currency markup applies when spending outside a loaded wallet.
- Perks: some Axis forex variants add airport-lounge access and emergency card-replacement support, which can matter on longer trips.
- Best for: Axis customers and travellers who want perks alongside the rate lock. Verify the live fee schedule and any lounge benefits on axisbank.com, as these change.
SBI Multi-Currency Foreign Travel Card
SBI's forex card has the reach of India's largest bank behind it and is a dependable, no-frills option.
- Currencies: covers the major travel currencies; check that your destination's currency is supported before loading.
- Fees: issuance, reload, ATM and inactivity/encashment fees apply; the structure is generally straightforward but not always the cheapest.
- Reach: wide branch network helps if you need in-person support, encashment or troubleshooting back home.
- Best for: existing SBI customers and travellers who prefer a public-sector bank and branch access. Confirm the current charges on the SBI/sbicard site before applying.
ICICI Sapphiro / Coral Forex Card
ICICI's forex cards span tiers, with Sapphiro and Coral variants aimed at different spenders.
- Currencies: multi-currency support across the major travel currencies on a single card.
- Fees: issuance, reload and international ATM/balance-enquiry fees; cross-currency markup applies outside loaded wallets.
- Tiering: higher variants may add lounge access or concierge-style benefits — useful for frequent or premium travellers.
- Best for: ICICI customers, especially those already in the Sapphiro/Coral ecosystem. Check the variant-specific fee table on icicibank.com, since perks and charges differ by card.
Why bank-issued forex cards are losing share
For everyday spending abroad, the bank forex card's edge has eroded sharply:
- Zero-markup challengers: fintech-issued debit cards (such as Niyo and Fi-type products) and some newer bank debit cards now offer near-zero forex markup with free or low-fee international ATM withdrawals, beating forex cards on raw cost for spend.
- Fee stacking: issuance, reload, cross-currency and ATM fees on forex cards add up, especially on a single short trip.
- Friction: loading the right currencies in advance and managing wallets is more effort than tapping a single zero-markup card.
- Refund drag: encashing leftover currency after the trip costs a fee and a rate spread.
None of this makes forex cards bad — it just means they are now a considered choice rather than the default.
Where forex cards still win
There are clear situations where a bank forex card remains the smart pick:
- Rate-lock conviction: if you expect the rupee to weaken before or during your trip, loading at today's rate protects your budget.
- Corporate and group travel: companies use forex cards to cap and track per-employee travel spend cleanly, separate from personal accounts.
- Budget ringfencing: students and families who want a hard spending limit benefit from a prepaid wallet they cannot overshoot.
- Backup card: carrying a forex card alongside a zero-markup debit card gives redundancy if one is blocked or lost abroad.
TCS and the loading rules you must know
Loading a forex card is a remittance under the RBI's Liberalised Remittance Scheme (LRS), so tax rules apply:
- LRS limit: residents can remit up to USD 250,000 per financial year for permitted purposes including travel.
- TCS threshold: Tax Collected at Source applies to forex loaded above an aggregate of ₹10 lakh in a financial year (for most travel-related purposes); below that threshold, no TCS is collected on travel loads. The rate above the threshold has been 20% for general remittances.
- Not a tax, a credit: TCS is not an extra cost — it is adjustable against your income-tax liability or refundable when you file your return. Keep the certificate.
- Verify current numbers: thresholds and rates are revised in Budgets, so confirm the latest figures officially before a large load.
Practical guidance
A simple framework for 2026:
- Short single-country trip, cost-focused: a zero-markup fintech debit card usually beats a forex card outright.
- Multi-country or longer trip, or you want a rate lock: a bank multi-currency forex card earns its place — load each country's currency to avoid cross-currency fees.
- Always carry two cards from different networks so a block does not strand you.
- Avoid Dynamic Currency Conversion (DCC): at foreign terminals and ATMs, always choose to be charged in the local currency, never in rupees, to dodge an inflated DCC rate.
- Plan funds, then plan flights: once your budget is sorted, compare live fares to your destination in the FlightGPT search and lock the trip.
Frequently asked questions
Are bank forex cards cheaper than a zero-markup debit card in 2026?
Usually not for everyday spending. Zero-markup fintech debit cards now beat forex cards on raw spend cost, with little or no forex markup. Forex cards still win when you want a locked rate, hard budget control, or a clean corporate spending tool. Compare the full fee stack for your specific trip.
What is the cross-currency markup on a forex card?
If you spend in a currency you have not loaded — or a wallet runs empty — the transaction draws from another currency wallet and incurs a cross-currency markup, often around 3%. To avoid it, load each destination's currency before you travel and top up the right wallet remotely if needed.
Does TCS apply when I load a forex card?
Loading is a remittance under LRS, so TCS applies above an aggregate of ₹10 lakh of forex in a financial year for most travel purposes; below that, no TCS is collected on travel loads. The rate above the threshold has been 20%. TCS is adjustable or refundable against income tax. Verify current numbers officially.
Can I get a refund on unused forex card balance?
Yes. After your trip you can encash leftover foreign currency back to rupees, typically at the bank's prevailing buy rate minus an encashment fee. Because of that fee and rate spread, try to load close to what you will actually spend rather than overloading and refunding later.
Which currencies can I load on these cards?
HDFC, Axis, SBI and ICICI multi-currency cards all support the major travel currencies — USD, EUR, GBP and others — on a single card. The exact list varies by bank and card variant, so confirm your destination's currency is supported before loading. For unusual currencies, USD is the safe fallback wallet.
Do forex cards work at ATMs abroad?
Yes, but international ATM withdrawals carry a per-transaction fee plus sometimes a balance-enquiry fee, and local ATM operators may add their own charge. Withdraw larger amounts less often to minimise fees, and always choose to be charged in the local currency to avoid Dynamic Currency Conversion.
Is a forex card safer than carrying cash?
Generally yes. A forex card is PIN-protected, can be blocked instantly if lost, and most issuers offer emergency replacement or backup-card support abroad. It also ringfences your travel budget from your main bank account. Still carry a small amount of local cash for tips, transit and vendors that do not take cards.
Should I carry a forex card and a debit card together?
Ideally yes. Carrying a bank forex card plus a zero-markup debit card from a different network gives you redundancy if one is blocked or lost overseas, and lets you use whichever is cheaper for a given transaction. Two cards from two networks is the safest setup for international travel.
Can companies use forex cards for employee travel?
Yes, and it is a common use case. Corporate forex cards let companies preload and cap each employee's travel budget, keep business spend separate from personal accounts, and track expenses cleanly for GST and reimbursement. This budget-control and reporting advantage is one of the strongest remaining reasons to choose a forex card.