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Difference Between Prepaid Forex Travel Cards and an International Debit Card

When travelling abroad, it is necessary to carry the currency of the country that you plan on vacationing in. Some of the ways how you can spend your money abroad is by using an international debit card or a forex card. Using a forex card is more advantageous than using an international debit card. Here are the few differences between a forex card and an international debit card.

  1. If you use a forex card, you will be able to carry 16 currencies in just one card, whereas if you use an international debit card, then you can use only one currency and that is Indian.
  • The issuance fee that you need to pay to get an international debit card would be up to Rs. 500, but the issuance fee that you will have to pay to get a forex card would be anywhere between Rs. 100 to 350. If you are planning to buy a forex card online, then it is free.
  • The merchant service fee for an international debit card 3.5 percent, but it is NIL for a forex card.
  • The deduction or annual fee on expired card is anywhere from Rs. 100 to 500 for an international debit card but for a multi-currency forex card, it is zero. 
  • If you withdraw money abroad from an ATM using an international debit card, then the amount of ATM fees that would be charged would be high. But if you were to withdraw money using a forex card, then the first three foreign withdrawals would be free.  
  • International debit cards have a higher conversion rate as compared to forex cards.
  • A forex card is cheaper than buying currency, but an international debit card is costlier than buying currency.
To know more Differences Between Multi-currency Forex Card and an International Debit Card, visit source blog.
Source: https://yourexpertguide.wordpress.com/2019/04/15/what-is-the-difference-between-multi-currency-forex-card-and-an-international-debit-card/

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