How to choose a forex card in India — the five things that actually matter

Most forex card comparisons are lists of features nobody uses. In practice five things decide whether a card is good or expensive, and four of them are only visible in the fee schedule that nobody reads. Here they are, in the order they cost you money.

This is the largest single cost and it happens once, at the start. A card loaded at 1% over interbank versus one loaded at 3% differs by ₹7,000 on a USD 4,000 load, before any transaction fee exists. Compare the loading rate the way you would compare a currency purchase, because that is exactly what it is.

The quiet one. If you load dollars and spend in euros, the card converts — and charges a cross-currency fee, typically 2 to 3.5%, on every such transaction. A single-currency card used across a multi-country trip pays this constantly.

• Travelling to one country — a single-currency card in that currency, and no cross-currency fee ever applies.
• Travelling across several — a multi-currency card with each currency loaded separately, so spending draws from the matching wallet.
• Either way, check the order in which the card picks a wallet. Some default to a base currency and convert, which is the fee you were avoiding.

A flat fee per withdrawal — often USD 2 to 3 — plus whatever the foreign ATM operator adds on their side. Two small withdrawals cost twice what one larger one does, so plan withdrawals rather than treating the card like a domestic debit card.

Running out of money abroad on a Friday is a real scenario. Ask how a reload is requested, whether it can be done from a phone, how long it takes to reflect, and whether it needs fresh documentation. A card that reloads in an hour online is worth more than one that is fractionally cheaper and needs a branch visit.

• The encashment or refund fee for taking the remaining balance back in rupees.
• The rate used for that refund — the dealer's buy rate, which is lower than the load rate.
• Whether an inactivity fee starts after some months, quietly eroding a small leftover balance.
• Card validity, which is typically three to five years and worth knowing if you travel regularly.

1. 1What rate are you loading at, and what is the all-in rupee total including GST?
2. 2What is the cross-currency fee, and does it apply on my itinerary?
3. 3What does an ATM withdrawal cost, and is there a per-day limit?
4. 4How do I reload from abroad, and how long does it take?
5. 5What does it cost to get the leftover balance back, and at what rate?