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

Introduction

The Axis Bank Multi-Currency Forex Card is a prepaid forex card issued by Axis Bank, designed for international travelers. It allows users to load up to 16 different widely used currencies, offering the convenience of locked-in exchange rates to protect against currency fluctuations. Positioned as a hassle-free alternative to credit cards and cash for international spends, it is best suited for shopping and international travel, providing 24x7 emergency assistance and various insurance benefits. The card operates on the Visa and MasterCard networks.

Welcome Benefits

• Vi International Roaming Offer: Get INR 500 off on a 10-day postpaid international roaming pack of INR 3999 when applying or reloading the Multi-Currency Forex Card. This pack includes unlimited calls and 5GB data in 29 countries, and limited call minutes in 81 additional countries. This offer is valid until March 31, 2025.
• International Student Identity Card (ISIC): Apply for a free ISIC card, a globally recognized identity card for students traveling abroad for studies. It provides over 1,50,000 exclusive discount offers across various merchants in more than 125 countries. Students must exclusively apply for the ISIC card through the specific Visa link. This offer is valid until September 30, 2024, and is not valid on UK/US websites.
• The Bicester Collection Offer: Travel to Europe and receive a 10% VIP discount on shopping luxury brands across 9 distinctive shopping villages in the United Kingdom, Ireland, France, Italy, Spain, Germany, and Belgium. This allows savings of up to 60% on luxury brands, famous restaurants, and 5-star hospitality. This offer is valid from May 15, 2023, to December 31, 2024.

Fees & Charges Breakdown

• Joining Fee: ₹300 + GST. This fee is waived for Priority and Burgundy account holders.
• Annual Fee: Not Applicable.
• Spend-Based Waiver: Not Applicable.
• Reward Redemption Fee: Not Applicable.
• Foreign Currency Markup:
  • No forex mark-up charge is applicable on transactions made in the currency loaded on the card.
  • A cross-currency usage fee of 3.50% of the transaction amount is charged on transactions made in a currency other than the one loaded on the card.
• Interest Rates: Not Applicable (as it is a prepaid card).
• Fuel Surcharge Waiver: Not Applicable.
• Cash Advance Charges:
  • A cash withdrawal fee of USD 2.25 (or its currency equivalent) is charged every time cash is withdrawn from an ATM using the card.
  • A cash advance transaction fee of 0.5% of the transaction amount (subject to a maximum fee of USD 75) is also applicable on cash withdrawals.
  • Cash POS advance transactions (face-to-face cash disbursements at international bank branches) are charged at 0.50% of the transaction amount or $75 or equivalent, whichever is lower.
• Add-on Card Fee: Not Applicable.
• Card Reload Fee: ₹100 + GST every time the card is loaded or reloaded.
• Replacement Card Charges: Applicable (specific amount not provided).

Travel, Lounge & Lifestyle Perks

• Multi-Currency Convenience: The card can be loaded in 16 widely used currencies, including United States Dollar (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).
• International Roaming Cashback: Cashback of up to Rs. 1,000 on select international roaming packs by Vodafone India.
• Global Assistance: Get 24x7 emergency assistance by TripAssist during international travel in case of loss of card or money. This includes the arrangement of a replacement card to the user’s location.
• Locked-in Exchange Rates: Benefit from locked-in exchange rates at the time of loading or reloading the card, protecting against currency rate fluctuations.
• Worldwide Offers: Access to exclusive offers such as the Vi International Roaming offer, International Student Identity Card (ISIC) for students, and The Bicester Collection offer for luxury shopping discounts in Europe.
• Insurance Benefits:
  • An insurance cover worth up to Rs. 3 lakhs is provided against a lost or stolen card (not applicable to ATM withdrawals).
  • Insurance cover worth Rs. 60,000 is provided against ATM assault or robbery (a mandatory FIR is required for claims).
  • Complimentary insurance cover safeguards against any fraudulent usage on the Forex Card due to loss, theft, or counterfeiting of the card.
  • Additional covers include Personal Air Accident, Loss of Passport/Travel Documents, Missing of connecting International flight during transit, Plane Hijacking, Emergency Medical Assistance (only in India), and Purchase Protection Cover.
  • Fraudulent transactions must be reported to the bank within 3 days of the transaction date, and the card should be blocked immediately; failure to do so may result in the insurance claim being rejected.
  • Period of coverage for lost card/counterfeit/skimmed card: Pre-reporting - 38 days, Post-reporting - 3 days.

Card Eligibility Criteria & Income Requirements

• Minimum Age: Anyone above the age of 18 can apply for the Axis Bank Multi-Currency Forex Card.
• Income Requirements: Since it is a prepaid card, there are no income-based eligibility criteria. No proof of income is required.
• Axis Bank Account Requirement: To purchase a Multi-Currency Forex Card, applicants must hold an Axis Bank account.
• Required Documents:
  • A copy of your passport.
  • The application form for the Axis Multi-Currency Forex Card.
  • Visa of the applicant.
  • Copy of the air ticket.
  • Address proof (in case your present address is different from the address mentioned on your passport).
  • For digital applications, only PAN details, Passport File number, and Passport Expiry date are required.
  • For branch applications or reloads, a duly filled application/reload form, Passport, and PAN are mandatory. Depending on the amount of load and purpose of travel, an Air ticket or Visa (any one document) may also be required.

Credit Card Review

The Axis Bank Multi-Currency Forex Card is an excellent choice for frequent international travelers, students studying abroad, and anyone looking for a secure and convenient way to manage foreign currency expenses. Its key strengths include the ability to load up to 16 currencies, locked-in exchange rates, and comprehensive insurance coverage against card loss or theft. The absence of income-based eligibility criteria makes it accessible to a wider audience. While it offers significant savings by eliminating forex markup on transactions in loaded currencies, users should be mindful of cross-currency charges and ATM withdrawal fees. The card provides robust global assistance and various travel-related offers, making it a valuable travel companion for hassle-free international transactions.

Important Product Details

• Card Type: Prepaid Multi-Currency Forex Card.
• Card Network: Visa/MasterCard.
• Currency Loading: Can be loaded in 16 widely used currencies.
• Forex Markup: No forex markup on transactions made in the currency loaded on the card.
• Exchange Rates: Offers locked-in currency exchange margins, protecting against rate fluctuations.
• Reloads: Digital reloads are available instantly with zero documentation at preferential rates for Axis Bank account holders. Axis Bank account holders also receive a flat Rs. 0.30 discount on the exchange margin when reloading the card via internet or mobile banking.
• Acceptance: Widely accepted at all retail outlets and online stores globally that accept Visa/MasterCard credit/debit cards.
• Emergency Assistance: Provides 24x7 emergency assistance through TripAssist.
• Fee Waiver: The card issuance fee of Rs. 300 is waived for Priority and Burgundy account holders.
• Lower Conversion Rates: Offers lower currency conversion rates on Southeast Asian currencies.
• Security: Secure and widely accepted, with complimentary insurance cover for fraudulent usage.
• Contactless Technology: Available as a Contactless MULTI-CURRENCY Forex Card, powered by payWave technology for fast and convenient payments. E-commerce and contactless transactions are disabled by default for security and can be enabled or disabled, and limits adjusted, via internet banking, the Axis Mobile app, or the Axis Prepaid Card Portal.
• PIN Management: ATM PIN can be set, reset, or generated via Axis Bank ATMs (in India only), Customer Care, the Forex Card Prepaid Customer Portal, or any Axis Bank Branch.
• Cost-Effectiveness: Incurs no extra charges when swiped for the currency loaded, saving on the minimum 3.5% transaction charges typically levied on credit/debit cards used abroad at POS.

Other Details

• Best Suited For: Shopping and International Spends.
• Reward Type: Not Applicable.
• Loading/Reloading Methods:
  • Via internet banking or the Axis Bank Mobile app (for Axis Bank account holders).
  • By visiting your nearest Axis Bank branch (family members can also be authorized to load your card when you are on a foreign trip by providing a duly signed authorization letter).
• Application Process:
  • Online: Visit the Forex Cards application page on Axis Bank’s website, submit your application, and upload a scanned copy of your passport (with visa). The card can be delivered to your correspondence address or collected from your nearest Axis Bank branch.
  • Offline: Obtain the card over the counter from any Axis Bank branch by submitting a copy of your passport (with visa) and air tickets.
  • The card is an ‘over the counter’ product and can be purchased even on the day of travel or up to 180 days before travel, provided funds are supplied the same day.
• Card Activation: Card activation takes one business day, provided all documents for regulatory due diligence are successfully verified. Before using the card, it is advised to activate E-commerce (Online) and Contactless (tap and Pay) transactions via the Mobile banking app, Internet Banking, Axis Prepaid Card customer portal, or by contacting an Axis Bank Branch or Relationship Manager.
• PIN: A unique 4-digit secure Personal Identification Number (PIN) is assigned to your card for cash withdrawals from VISA/VISA Plus/Mastercard ATMs worldwide and is occasionally required for transactions.
• Daily Transaction Limits:
  • Shopping at merchant establishments and online transactions (E-commerce): Daily limit of $10,000 or equivalent.
  • Cash withdrawal from an ATM and contactless transactions: Daily limit of $1,000 or equivalent.
  • Cash POS advance transaction: Daily limit of $5,000 or equivalent.
  • The contactless transaction limit is normally below USD 100 per transaction, but this may vary as per each country’s regulation.
• Pre-authorizations (Hotels/Car Rentals): It is advised to avoid using the card for checking-in (pre-authorization) at hotels, as funds on the card will be blocked until the bill is finally settled. If used, ensure all test swipes are cancelled. If the bill is settled via another mode, request the hotel to send a scanned copy of the Authorization/Cancellation letter or the final paid bill.
• Dispute Resolution: In case of a dispute on any specific transaction, contact customer care, any Axis Bank branch, or your Relationship Manager. The dispute process is initiated upon receipt of complete documents and can take up to 120 days.
• SMS Alerts: SMS and email confirmations are sent once your Forex Card is loaded or reloaded. To receive SMS alerts while traveling abroad, ensure international roaming is activated on the registered mobile number. Axis Bank does not charge for SMS alerts, but service provider charges may apply. You can check your balance by sending "MCCBAL" to '56161600' (from India) or '+919951860002' (from Abroad).
• Dynamic Currency Conversion (DCC) Warning: In certain countries, ATMs and POS machines may offer "Dynamic Currency Conversion" (DCC), prompting customers to transact in their "Home Currency." Always decline this option and ask the merchant to settle the transaction in the currency loaded on your Forex card to avoid extra currency conversion fees, which are not levied or refunded by Axis Bank.
• Fund Transfer Between Wallets: Funds can be transferred from one currency wallet to another by contacting the branch. The exchange rate prevalent on the day of the transaction will be applied.
• ATM Withdrawal Logic: If you do not have enough balance in a specific currency wallet but have sufficient balance in another, the ATM will not automatically deduct the equivalent amount from other wallets to complete a withdrawal. One wallet must have an amount equivalent to the desired withdrawal, including any applicable withdrawal and cross-currency charges.
• Usage Restrictions:
  • The Multi-Currency Forex Card should not be used in India, Nepal, and Bhutan for making payments in foreign currencies.
  • The card is not allowed to be used in high-risk or sanctioned countries as informed by RBI or as per Bank's Sanctions Policy Statement (e.g., Cuba, Iran, Syria, North Korea, Crimea and Sevastopol, Russia, and Venezuela).
  • The card cannot be used for margin payments for online forex trading transactions.
  • It can be used for online transactions made in foreign currency within India (e.g., purchasing airline tickets, making hotel bookings).
  • It is accepted for transactions at duty-free stores at international airports in India.
• Tax Collected at Source (TCS):
  • TCS collection on LRS (Liberalised Remittance Scheme) transactions is a regulatory requirement under section 206C of the Income-tax Act, 1961.
  • TCS paid can be adjusted against tax payable when individuals file income tax returns (ITR) in India; details will populate in Form 26AS.
  • TCS is applicable to all LRS transactions, including outward remittance, foreign demand draft issuance, purchase of foreign currency, rupee loan/gift to NRI/PIO, and Debit card international usage.
  • TCS is applicable at the PAN level.
  • TCS will not be reversed once debited; cardholders can approach tax authorities for refund/adjustment through ITR.
  • For minor accounts, the threshold limit (₹10 lakhs) of the minor is utilized if their PAN is updated; otherwise, the guardian’s financial year limit is used, and TCS is collected in the guardian’s name.
  • Ensure the account is sufficiently funded to cover the Forex Card loading amount, TCS amount, Forex Card charges, and other applicable taxes/charges.
• Standing Instructions (SI): As per regulatory guidelines effective October 1, 2021, existing and new Standing Instructions registered through Axis Bank Forex Card will not be processed due to the non-availability of this facility. For uninterrupted services, payments must be made directly on service provider apps or merchants.
• Unspent Balance Refund: The card can be encashed only after your return to India, provided the last transaction on the card was more than 10 days prior to the date of encashment. For a refund of the residual or unutilized balance, you can approach any Axis Bank branch by filling out a refund form and submitting a copy of your passport.
• Card Expiry: An expired card with an unutilized balance can be encashed at any Axis Bank branch. A replacement card can be applied for by contacting the nearest Axis Bank Branch or customer care before or after the card expires (replacement charges apply).
• Card Validity: The Axis Bank Forex Card can be used for an unlimited number of times and for multiple trips until the expiry date mentioned on the card.
• Tracking Balance: You can track your balances and transactions via email notifications, SMS, the Axis Prepaid card portal, Internet Banking (for Axis Bank Account holders), or the Axis Mobile app.
• Customer Support: Axis Bank offers Phone Banking services for instant assistance, including requesting a new ATM Green PIN, checking transaction details, exploring offers, or accessing service information.
  • Toll-free numbers: USA: 1855 205 5577, UK: 0808 178 5040, Singapore: 800 1206 355, Canada: 1855 436 0726, Australia: 1800 153 861, UAE: 8000 3570 3218, Saudi Arabia: 800 850 0000, Qatar: 00 800 100 348, India: 1800 108 5577.
  • India Paid number: +91 40 6717 4100 (dial while abroad) / 040 6717 4100 (dial while in India).
  • For emergencies like blocking your Forex card, you can call the 24-hour customer care phone banking number.