Axis Bank Multi-Currency Forex Card – Benefits, Fees & Eligibility

Axis Bank Multi-Currency Forex Card

The Axis Bank Multi-Currency Forex Card is a prepaid card designed for international travelers, allowing users to load and manage up to 16 widely used currencies in a single card. This card offers the convenience of making payments and withdrawing cash at the exchange rate at which the currency was loaded, thereby protecting against rate fluctuations. It is particularly well-suited for shopping and international spends, providing a secure and hassle-free alternative to carrying multiple currency denominations or relying on credit/debit cards which may incur higher transaction charges. As a prepaid card, it does not require income proof for application, though an initial issuance fee of ₹300 plus GST applies, which can be waived for Priority and Burgundy customers.

Welcome Benefits

• Apply or reload the card to get INR 500 off on a 10-day postpaid international roaming pack of INR 3999 from Vi (Vodafone Idea).
• This Vi offer includes unlimited calls and 5GB data in 29 countries, along with limited call minutes in 81 additional countries.
• The Vi offer is valid until March 31, 2025.

Fees

• Joining Fee: ₹300 + GST
  • The card issuance fee of ₹300 is waived for Priority and Burgundy account holders.
• Renewal Fee: Not Applicable
• Spend-Based Waiver: Not Applicable (except for the issuance fee waiver for specific customer segments).
• Rewards Redemption Fee: Not Applicable
• Foreign Currency Markup:
  • 3.50% of the transaction amount on cross-currency usage (when making transactions in a currency other than the one loaded on the card).
  • No forex mark-up charge is applicable on transactions made in the currency already loaded on the card.
• Interest Rates: Not Applicable (as it is a prepaid card).
• Fuel Surcharge: Not Applicable
• Cash Advance Charges:
  • 0.5% of the transaction amount, subject to a maximum charge of USD 75.
  • USD 2.25 (or its currency equivalent) on every ATM withdrawal.
• Loading/Reloading Fee: ₹100 + GST per transaction.

Rewards

• Travel

  • Ability to load up to 16 widely used currencies in one card, including USD, Euro, Pound, Dirham, Singapore Dollars, Australian Dollars, Canadian Dollars, Japanese Yen, Swiss Franc, Swedish Krona, Thai Baht, UAE Dirham, Saudi Riyal, Hong Kong Dollars, New Zealand Dollars, Danish Kroner, and South Africa Rand.
  • Payments are made at the exchange rate prevalent when the card was loaded or reloaded, ensuring locked-in exchange rates and protection from rate fluctuations.
  • Enjoy lowered currency conversion rates specifically on Southeast Asian currencies.
  • The card is widely accepted for bookings for dining, tours, and sight-seeing globally.
  • Opportunity to get INR 500 off on a 10-day postpaid international roaming pack (INR 3999) from Vi, when applying or reloading the card. This offer includes unlimited calls and 5GB data in 29 countries, plus limited call minutes in 81 additional countries, valid until March 31, 2025.
  • Exclusive European shopping offer: Get a 10% VIP discount on luxury brands across 9 shopping villages in the United Kingdom, Ireland, France, Italy, Spain, Germany, and Belgium. This can lead to savings of up to 60% on luxury brands from over 1,300 boutiques, famous restaurants, and 5-star hospitality. This offer is valid from May 15, 2023, to December 31, 2024.
  • Axis Bank account holders receive a flat Rs. 0.30 discount on the exchange margin when reloading the card via internet or mobile banking.

• Insurance

  • Provides 24x7 emergency assistance through TripAssist in case of card or money loss while traveling.
  • Insurance cover up to Rs. 3 lakhs against a lost or stolen card (this cover is not applicable for ATM withdrawals).
  • Insurance cover up to Rs. 60,000 against ATM assault or robbery, provided a mandatory First Information Report (FIR) is filed.

• Lifestyle & Other Benefits

  • Card issuance fee of ₹300 is waived for Priority and Burgundy account holders.
  • No forex mark-up fee is applicable on transactions made in the currency already loaded on the card.
  • The card is widely accepted at all retail outlets and online stores that accept Visa/MasterCard.

Card Eligibility Criteria

• Eligibility Rules

  • There are no strict income-based eligibility criteria to obtain the Axis Bank Multi-Currency Forex Card.
  • Any individual above the age of 18 can apply for this card.

• Documents Required

  • A copy of your passport.
  • The duly filled application form for the Axis Multi-Currency Forex Card.
  • A copy of the applicant's Visa.
  • A copy of your travel ticket.
  • Address proof, if your current address is different from the one mentioned in your passport.

Card Review

The Axis Bank Multi-Currency Forex Card is highly regarded by customers for its straightforward and efficient application process, with card delivery reported within a few working days or even instantly at a branch. It serves as an excellent alternative to traditional credit/debit cards or cash for international travel, mitigating common issues such as the inconvenience of managing multiple currency denominations, security risks associated with carrying cash, high transaction charges from other cards, and vulnerability to fluctuating exchange rates. This card is particularly beneficial for frequent international travelers who visit countries with different currencies. Its lack of income-based eligibility criteria and the absence of forex mark-up fees on transactions made in the loaded currency also make it an ideal choice for students pursuing education abroad.

Important Product Details

• The card is a prepaid multi-currency forex card, requiring pre-loading of funds for usage.
• It supports loading up to 16 major currencies on a single card, including United States Dollars (USD), Euro (EUR), Great Britain Pounds (GBP), Singapore Dollars (SGD), Australian Dollars (AUD), Canadian Dollars (CAD), Japanese Yen (JPY), Swiss Franc (CHF), Swedish Krona (SEK), Thai Baht (THB), UAE Dirham (AED), Saudi Riyal (SAR), Hong Kong Dollars (HKD), New Zealand Dollars (NZD), Danish Kroner (DKK), and South Africa Rand (ZAR).
• Benefit from locked-in exchange rates at the time of card loading or reloading, safeguarding against adverse currency fluctuations.
• Enjoy reduced currency conversion rates, especially for Southeast Asian currencies.
• Transactions made in the currency loaded on the card do not incur any forex mark-up charges.
• A cross-currency usage fee of 3.50% of the transaction amount is levied when transacting in a currency not loaded on the card.
• An initial card issuance fee of ₹300 + GST applies, but this fee is waived for Priority and Burgundy account holders.
• Each loading or reloading transaction of the card is subject to a fee of ₹100 + GST.
• Cash withdrawals from ATMs incur a fee of USD 2.25 or its equivalent in local currency.
• A cash advance transaction fee of 0.5% of the withdrawal amount, up to a maximum of USD 75, is applicable.
• The card provides 24x7 emergency assistance through TripAssist for situations involving loss of card or money.
• Cardholders are covered by an insurance policy up to Rs. 3 lakhs against a lost or stolen card (this does not apply to ATM withdrawals).
• An insurance cover of Rs. 60,000 is provided against ATM assault or robbery, contingent upon a mandatory FIR being registered.
• Axis Bank account holders receive a flat Rs. 0.30 discount on the exchange margin when reloading their card via internet or mobile banking.
• The card is globally accepted at all retail and online merchants that accept Visa/MasterCard credit/debit cards.
• As a prepaid card, there are no income-based eligibility criteria for application.

Other Details

• What is a Forex Card?

  A Forex Card provides a convenient and secure way to manage foreign currency during international travel. Functioning similarly to traditional Credit/Debit cards, it allows for payments in the local currency of the visited country and cash withdrawals from ATMs. This card is preloaded and capable of supporting multiple currencies.

• Types of Axis Bank Forex Cards

  • MULTI-CURRENCY Forex Card
  • Burgundy MULTI-CURRENCY Forex Card
  • Miles and More World Traveller Forex Card

• Managing Unused Currency

  • Cardholders have the flexibility to retain, encash, or transfer any unused currency loaded onto the card.

• How to Apply for Axis Bank Multi-Currency Forex Card

  • Online Application:
    • Visit the dedicated Forex Cards application page on Axis Bank’s website.
    • Submit your application and upload a scanned copy of your passport, including your visa.
    • The card can either be delivered to your correspondence address or collected from your nearest Axis Bank branch.
  • Offline Application:
    • Apply for and receive the card over the counter at any Axis Bank branch.
    • Required documents for offline application include a copy of your passport (with visa) and air tickets.

• Frequently Asked Questions

  • Eligibility for Axis Bank Multi-Currency Forex Card: As a prepaid card, it does not require fulfillment of any income-based eligibility criteria.
  • Can a student get Axis Bank Multi-Currency Forex Card? Yes, as there are no income-based eligibility criteria, any individual above 18 years of age can obtain this card without submitting income proof.
  • Is Axis Bank Multi-Currency Forex Card accepted for online transactions? Yes, the card is accepted for international transactions at all online stores that support Visa/MasterCard credit/debit cards.
  • Can Axis Bank Multi-Currency Forex Card be used in India? Yes, it can be used for transactions specifically at duty-free stores located at international airports in India.
  • Currencies that can be loaded: The card can be loaded in 16 foreign currencies: United States Dollars (USD), Euro (EUR), Pound Sterling (GBP), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Japanese Yen (JPY), Singapore Dollar (SGD), Swedish Krona/Kronor (SEK), UAE Dirham (AED), Saudi Riyal (SAR), Thai Baht (THB), New Zealand Dollar (NZD), Hong Kong Dollar (HKD), South African Rand (ZAR), and Danish Krone (DKK).