HDFC Bank Multicurrency Platinum Forexplus Chip Forex Card – Benefits, Fees & Eligibility

Introduction

The HDFC Bank Multicurrency Platinum ForexPlus Chip Card is a prepaid travel card issued by HDFC Bank, primarily designed for international travellers, including students and vacationers. It allows users to load and manage up to 22 foreign currencies on a single card, offering protection against volatile exchange rate fluctuations with preferential forex rates. Key differentiating benefits include comprehensive insurance coverage, secure CHIP and PIN transactions, contactless payment capabilities, and a backup card facility for emergency access to funds.

Welcome Perks & Issuance Benefits

• Issuance Fee Waiver: Enjoy an issuance fee waiver on a minimum loading of USD 1000 (or equivalent currency).
• Student Benefits: Students receive a complimentary globally recognised Virtual International Student Identity Card (ISIC) worth ₹999/-, offering exclusive discounts at over 1,50,000 outlets internationally.
• Youth Travel Card: Get a free International Youth Travel Card (IYTC).
• International SIM Card: Avail a free International SIM card offer.
• Welcome Voucher: Obtain a voucher worth ₹500 (redeemable at Amazon Pay, Swiggy, Zomato) upon completing a transaction of $4 (or equivalent in any foreign currency) or more at any merchant (online or offline).

Supported Currencies & Wallet Features

• Number of Currencies: Supports up to 22 currency wallets on a single card.
• List of Currencies: Australian Dollar, AED (Dirhams), Canadian Dollar, Euro, Hongkong Dollar, Japanese Yen, Singapore Dollar, Sterling Pound, Swiss Franc, Swedish Krona, Thailand Baht, South African Rand, Omani Rial, New Zealand Dollar, Danish Krone, Norwegian Krone, Saudi Riyal, Korean Won, Bahrain Dinar, Qatari Riyal, Kuwaiti Dinar, and US Dollar.
• Exchange Rate Lock-in: Helps secure users from volatile forex rate fluctuations by offering preferential forex rates.
• Cross-Currency Exchange Rate: For cross-currency transactions, the exchange rate used will be the VISA/MasterCard wholesale exchange rate and the mid-rate prevailing at the time of the transaction.
• Wallet Management: Utilise funds available across currency wallets on demand and conveniently transfer balances from one currency to another using Prepaid Card NetBanking.
• Card Validity: The card has a validity of 5 years from the date of card indenting/issuance.
• Flexible Usage: The same Forex Card can be used for multiple trips, allowing users to load currencies based on changing destinations.

Fees and Charges

• Card Issuance Fee: ₹500 plus applicable GST per card.
• Reload Fee:
  • ₹75 plus applicable GST per reload transaction currency-wise in branches.
  • No fees for reloads done through the Prepaid/Forex online portal.
• Cross-Currency Conversion Mark-up Charges:
  • A 2% markup will be charged for transactions where the transaction currency is different from the currency available on the Multicurrency ForexPlus Card.
  • A 2% cross-currency markup will be charged for wallet-to-wallet transfers within currencies available on the card.
  • GST will be applicable on Currency Conversion & other fees as per the prevailing rate.
• International ATM Cash Withdrawal Fees (per transaction):
  • US Dollar (USD): USD 2.00
  • Euro (EUR): EUR 1.50
  • Swiss Franc (CHF): CHF 2.50
  • British Pound (GBP): GBP 1.00
  • Canadian Dollar (CAD): CAD 2.00
  • Australian Dollar (AUD): AUD 2.00
  • Japanese Yen (JPY): JPY 250.00
  • Singapore Dollar (SGD): SGD 2.70
  • UAE Dhiram (AED): AED 7.00
  • Swedish Krona (SEK): SEK 15.00
  • Hong Kong Dollar (HKD): HKD 16.00
  • Thailand Baht (THB): THB 63.00
  • South African Rand (ZAR): ZAR 22.00
  • New Zealand Dollar (NZD): NZD 2.50
  • Omani Riyal (OMR): OMR 0.70
  • Danish Krone (DKK): DKK 11.00
  • Norwegian Krone (NOK): NOK 12.50
  • Saudi Riyal (SAR): SAR 7.50
  • Korean Won (KRW): KRW 2400
  • Bahrain Dinar (BHD): BHD 0.75
  • Qatari Riyal (QAR): QAR 7.50
  • Kuwait Dinar (KWD): KWD 0.60
• Balance Enquiry Fees (per transaction):
  • US Dollar (USD): USD 0.50
  • Euro (EUR): EUR 0.50
  • Swiss Franc (CHF): CHF 0.60
  • British Pound (GBP): GBP 0.50
  • Canadian Dollar (CAD): CAD 0.50
  • Australian Dollar (AUD): AUD 0.50
  • Japanese Yen (JPY): JPY 60.00
  • Singapore Dollar (SGD): SGD 0.75
  • UAE Dhiram (AED): AED 2.00
  • Swedish Krona (SEK): SEK 3.50
  • Hong Kong Dollar (HKD): HKD 4.00
  • Thailand Baht (THB): THB 16.00
  • South African Rand (ZAR): ZAR 5.50
  • New Zealand Dollar (NZD): NZD 0.60
  • Omani Riyal (OMR): OMR 0.25
  • Danish Krone (DKK): DKK 2.75
  • Norwegian Krone (NOK): NOK 3.25
  • Saudi Riyal (SAR): SAR 2.00
  • Korean Won (KRW): KRW 600
  • Bahrain Dinar (BHD): BHD 0.20
  • Qatari Riyal (QAR): QAR 1.80
  • Kuwait Dinar (KWD): KWD 0.15
• Currency Conversion Tax (Applicable on load, reload, and refund transactions):
  • Up to ₹1 lakh: 0.18% of the gross value or ₹45 (whichever is higher).
  • ₹1 lakh to ₹10 lakhs: ₹180 + 0.09% of the amount exceeding ₹1 lakh.
  • Greater than ₹10 lakhs: ₹990 + 0.018% of the amount exceeding ₹10 lakhs.

Travel Features & Insurance

• Complimentary Lounge Access: Not a standard feature; however, some premium or specialised versions of the card may offer lounge access as an added benefit.
• Emergency Cash Assistance: Facility available for instant access to money.
• Backup Card Provisions: Instant access to money with a backup card facility. If the primary card is lost or stolen, the backup card can be activated via PhoneBanking or Prepaid NetBanking, and all funds will be automatically transferred.
• Insurance Covers: Complimentary insurance coverage of up to ₹36 lakhs overall. Specific covers include:
  • Protection of up to ₹5 lakh against misuse due to counterfeiting/skimming.
  • Road/Rail Accident Insurance (Death cover only) coverage up to ₹5 lakh.
  • Air Accident Insurance (Death cover only) coverage up to ₹25 lakh.
  • Loss of checked-in baggage cover coverage up to ₹20,000.
  • Loss of personal documents (only Passport reconstruction) coverage up to ₹50,000.
  • Loss of Cash in Transit coverage up to ₹60,000.
• International Toll-Free Numbers: Easy access to HDFC Bank PhoneBanking services through international toll-free numbers across 32 countries.
• Contactless Payments: Features built-in PayWave technology for secure contactless "Tap & Pay" payments at retail outlets.
• Global Acceptance: Accepted at all VISA/Master affiliated merchants/establishments worldwide, as well as for online shopping.
• ATM Cash Withdrawal Daily Limit: Up to USD 5,000 or equivalent in any other currency. Note that the withdrawal limit may vary if a lower limit has been set by the ATM Acquiring Bank.
• Online Usage: The card can be used for transactions online on all major e-commerce platforms, authenticated either with OTP or Prepaid Card NetBanking password.
• Zero Surcharge Offer: Zero Surcharge on Cash Withdrawal at AllPoint ATMs on HDFC Bank Visa Forex Card (offer valid until 31st January 2027).

How to Manage the Card

• Companion App/Portal: The Forex Card can be conveniently managed on Prepaid Card NetBanking.
• Loading Funds: Multiple online and offline reloading options are available:
  • Quick Reload: Load the card in 3 simple steps using just your card number.
  • HDFC Bank Prepaid Card NetBanking
  • HDFC Bank NetBanking
  • HDFC Bank Branches
  • Online reloading is available for existing HDFC Bank customers only. Funding from NRO accounts / Debit Cards is not allowed for online reloads.
  • Funds can also be loaded by issuing a cheque; the card will be loaded post-realisation of the cheque, with the day’s prevailing sale exchange rate applicable.
• Switching Wallets: Transfer funds from one currency wallet to another via Prepaid Card NetBanking.
• Blocking/Unblocking the Card:
  • Instantly block a lost or stolen card using Prepaid Card NetBanking or by calling HDFC Bank PhoneBanking.
  • Disable/enable International Merchant Swipe, Online, Tap & Pay, and ATM transactions anytime via Prepaid Card NetBanking or by visiting an HDFC Bank branch as a preventive safety step.
• Tracking LRS Limits: The card allows loading up to US $250,000 (or equivalent amounts in up to 22 currencies) in a financial year, aligning with the LRS annual cap.
• Other Management Features via Prepaid Card NetBanking:
  • Track your transactions.
  • Add new currency wallets.
  • Instant Reload using HDFC Bank Debit Card and Credit Card.
  • Set ATM PIN.
  • Change registered Mobile Number.
  • View Card Statement.
  • Enable Contactless and online payment services.
  • Set transaction limits.
• ATM PIN Reset: Reset your ATM PIN via Prepaid NetBanking by selecting "My Request" -> "Set ATM PIN", answering a secret question, and providing DOB and Card Expiry.

Forex Card Review

The HDFC Bank Multicurrency Platinum ForexPlus Chip Card is a robust prepaid solution for international travellers, offering the convenience of managing up to 22 currencies on a single card. It effectively shields users from exchange rate volatility and provides easy access to foreign currency cash withdrawals.

• Who Should Apply: Anyone is eligible to apply for this card, including non-HDFC Bank customers. It is particularly beneficial for frequent international travellers, students studying abroad (due to specific student-centric offers), and individuals seeking a secure and convenient way to manage foreign exchange.
• Pros:
  • Supports a wide range of up to 22 currencies.
  • Globally accepted at VISA/Master affiliated merchants and ATMs.
  • Offers comprehensive insurance coverage for various travel-related risks.
  • Provides security features like CHIP and PIN validation, instant card blocking, and the option to disable transaction types.
  • Includes emergency cash assistance and a backup card facility.
  • Convenient online management through Prepaid Card NetBanking.
  • Offers preferential forex rates and protection against rate fluctuations.
  • Features contactless payment technology.
  • Various welcome perks and offers, including issuance fee waivers and student benefits.
• Cons:
  • Does not include complimentary lounge access as a standard feature.
  • A reload fee applies for transactions done at branches.
  • Cross-currency markup charges are applicable for transactions in unlisted currencies or wallet-to-wallet transfers.
  • ATM withdrawal and balance enquiry fees are charged per transaction.

Important Product Details

• Positive Highlights:
  • Supports up to 22 currencies in a single card.
  • Offers preferential forex rates and protection against rate fluctuations.
  • Provides instant access to money with a backup card facility and emergency cash assistance.
  • Includes complimentary insurance coverage of up to ₹36 lakhs.
  • Valid for 5 years, allowing use for multiple trips.
  • Multiple online and offline reloading options available.
  • Funds can be utilised across currency wallets on demand.
  • Easy access to International toll-free numbers across 32 countries for PhoneBanking services.
  • Accepted worldwide for cash withdrawals, retail payments, and online shopping.
  • Allows loading up to US $250,000 (or equivalent) in a financial year.
  • Comprehensive card management features via Prepaid Card NetBanking (transaction tracking, PIN setup, blocking, limits, etc.).
  • Secured transactions with CHIP and PIN technology.
  • Contactless Tap & Pay functionality.
  • Attractive offers such as issuance fee waivers, student benefits, free international SIM cards, and reward vouchers.
• Negative Highlights:
  • Card issuance fee of ₹500 plus GST.
  • Reload fee of ₹75 plus GST for branch transactions.
  • Cross-currency markup of 2% for transactions in unlisted currencies or wallet-to-wallet transfers.
  • Specific ATM withdrawal and balance enquiry fees apply per currency.
  • Online reloading is restricted to existing HDFC Bank customers only.
  • Funding from NRO accounts / Debit Cards is not permitted for online reloads.
  • Card usage is not allowed in India, Nepal, and Bhutan.
  • Standard versions of the card do not offer complimentary lounge access.
• Network Acceptance: The card is accepted at all VISA/Master affiliated merchants/establishments around the world.

Important Guidelines (TCS & LRS)

• Tax Collected at Source (TCS): TCS is applicable under the provisions of the Financial Act, 2020.
• Liberalised Remittance Scheme (LRS): The maximum amount that can be loaded on Forex Cards is USD 250,000 in a financial year. The LRS is a facility that allows all resident individuals (as defined under FEMA 1999), including minors, to freely remit up to USD 250,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

Other Details

• Application Process:
  • Online: Apply through the HDFC Bank website.
  • Branch Visit: Apply by visiting an HDFC Bank branch.
  • For HDFC Bank Customers: Enter Customer ID or Registered Mobile Number, fill out the application form (country of travel, currency type, total currency required), complete payment (including Forex conversion charges), provide traveller details, and the card will be delivered to the provided address.
  • For Non-HDFC Bank Customers: Enter mobile number, fill out the application form, complete payment, provide traveller details, and then visit the nearest HDFC Bank branch to verify KYC documents and collect the Forex Card.
  • The card is activated within 6 to 7 hours from the bank receiving funds. Instant card issuance may be available at select branches.
• Documents Required:
  • Duly filled application form.
  • For HDFC Bank Customers: Self-attested copy of valid passport, self-attested copy of PAN (if not updated in the account).
  • For Non-HDFC Bank Customers: Self-attested copy of valid passport, self-attested copy of PAN, self-attested copy of international travel ticket OR visa (anyone), and a copy of Passbook OR one year Account Statement (used for funding the card).
  • For ISIC Forex Plus Card: Self-attested copy of PAN card of the Applicant or Guardian, self-attested copy of Appointment letter / Admission letter / University Identity Card, and self-attested copy of form I-20.
  • All KYC documents must be fully verified for card activation.
• Dynamic Currency Conversion (DCC) / Multiple Currency Conversion (MCC): This feature at ATM/POS gives the cardholder the option to initiate a transaction in their currency of choice and know the exact transaction value at the time of the transaction.
• Precautionary Steps: To protect the Forex Card, it is suggested to disable International Merchant Swipe, Online, Tap & Pay, and ATM transactions when not needed, which can be done via Prepaid Card NetBanking or by visiting a branch.
• Usage Restrictions: The card cannot be used in India, Nepal, and Bhutan.
• Terms and Conditions: Specific terms and conditions govern the use of the card; a thorough review is recommended.