IDFC FIRST Multi-Currency Forex Card – Benefits, Fees & Eligibility

Introduction

The IDFC FIRST Multi-Currency Forex Card, issued by IDFC FIRST Bank, is primarily designed for individuals traveling abroad, offering a safer and more convenient way to manage international transactions. Its top differentiating benefits include zero issuance charges, no fees for loading and reloading foreign currencies, and the provision of a complimentary replacement card.

Welcome Perks & Issuance Benefits

• The card has zero issuance charges.
• A complimentary replacement card is provided along with the primary card.

Supported Currencies & Wallet Features

• The card supports 14 different currencies for direct loading: United States Dollar (USD), Euro (EUR), Great Britain Pound (GBP), Singapore Dollar (SGD), Australian Dollar (AUD), Canadian Dollar (CAD), Japanese Yen (JPY), Swiss Franc (CHF), Hong Kong Dollar (HKD), New Zealand Dollar (NZD), Dubai Dirhams (AED), Norwegian Kroner (NOK), Chinese Yuan (CNY), and South African Rand (ZAR).
• Funds can be loaded in currencies of 140 different countries.
• The card allows transactions in any currency around the world.
• If there are insufficient funds in the requested currency wallet, the amount will be debited from that currency wallet or any other currency wallet.
• Funds can be transferred between currency wallets.

Fees and Charges

• Issuance Fee: Nil
• Joining Fee: Nil
• Annual Fee: Nil
• Reloading Fee: Nil
• Cross-Currency Markup: A charge of 3.5% + GST applies for fund transfers between currency wallets or when transacting in a currency not directly loaded, leading to a debit from another currency wallet.
• International ATM Withdrawal Fees: Not explicitly mentioned.
• Balance Enquiry Fee: Not explicitly mentioned.
• Card Replacement Fee: One replacement card is provided at no charge along with the primary card. Fees for subsequent replacements are not explicitly mentioned.
• Inactivity Fee: Not explicitly mentioned.

Travel Features & Insurance

• Network Acceptance: Accepted at millions of VISA merchant establishments and e-commerce websites around the world (except India, Nepal & Bhutan).
• ATM Access: A single ATM PIN can be used to access ATMs worldwide for all currencies.
• Backup Card Provisions: One replacement card is provided along with the primary card.
• Insurance Covers:
  • Skimming/Cloning/Counterfeit/Online Fraud Protection/Lost Card Liability: ₹500,000
  • ATM Assault & Robbery: ₹100,000
  • Purchase Protection: ₹150,000
  • Accidental Death (24 Hrs): USD 36,000
  • Loss of Checked-in Baggage: USD 360
  • Missed Connection: USD 500
  • Delay of Checked-in Baggage (After 12 HRS): USD 500
  • Emergency Medical Expense (Accident Only): ₹100,000
  • Note: Insurance claims are subject to an FIR/Police complaint being filed for each claim and the bank conducting an internal investigation.
• Lounge Access: There is no complimentary domestic or international airport lounge access with the IDFC FIRST Multi-Currency Forex Card.

How to Manage the Card

• Funds can be loaded and reloaded onto the card.
• Funds can be transferred between different currency wallets on the card.

Forex Card Review

The IDFC FIRST Multi-Currency Forex Card is a prepaid travel card that offers a secure and convenient option for individuals managing transactions abroad. It stands out with its zero issuance, loading, and reloading fees, making it an attractive choice for international travelers. The card supports 14 major currencies directly and allows transactions in 140 countries, providing flexibility. While it offers comprehensive insurance benefits, it lacks complimentary lounge access. It is best suited for IDFC FIRST Bank Savings account customers seeking a cost-effective and secure way to handle international spends.

Important Product Details

• No joining fees for this Forex card.
• No annual fees.
• No charges for loading and reloading foreign currencies.
• Comes with one replacement card provided along with the primary card.
• Supports 14 different currencies for direct loading and allows transactions in 140 countries.
• Accepted at millions of VISA merchant establishments and e-commerce websites worldwide (except India, Nepal & Bhutan).
• Allows transactions in any currency around the world; if the specific currency wallet has insufficient funds, the amount will be debited from another currency wallet.
• A single ATM PIN can be used to access ATMs worldwide for all currencies.
• Offers various insurance benefits including fraud protection, ATM assault, purchase protection, accidental death, and baggage/medical covers.
• Does not offer complimentary domestic or international airport lounge access.
• Cross-currency charges of 3.5% + GST apply for fund transfers between currency wallets.

Other Details

• Eligibility: All IDFC FIRST Bank Savings account customers who are planning to travel abroad can apply for this Forex Card.
• A Forex Card, also known as a travel card, is a prepaid card similar to a regular bank Credit or Debit card, designed for currency exchange and cash withdrawals from ATMs while traveling abroad.
• Insurance benefits are contingent upon an FIR/Police complaint being filed for each claim and the bank conducting an internal investigation.