IDFC FIRST BankIDFC FIRST Multi-Currency Forex Card – Benefits, Fees & Eligibility
Is the IDFC FIRST Multi-Currency Forex Card Right for You?
The IDFC FIRST Multi-Currency Forex Card is best suited for users who prioritize International Spends, Travel. With a joining fee of Nil and a renewal fee of Nil, this card offers free entry for new applicants. It offers Not Applicable as its primary reward mechanism, with a rewards rate of Not Applicable.
Key Card Details
Nil
Nil
Not Applicable
3.5% + GST is applicable for transferring funds between different currency wallets.
Notable Perks
Domestic Lounge
Not Applicable
International Lounge
Not Applicable
Insurance
Coverage for fraud (₹5L), ATM assault (₹1L), purchase protection, and travel inconveniences.
Fee Waiver
Not Applicable
Movie Benefits
Not Applicable
Golf
Not Applicable
Things to Consider
This card does not offer any complimentary domestic or international airport lounge access.
A significant cross-currency transfer fee of 3.5% plus GST applies between different wallets.
The card cannot be used for any transactions within India, Nepal, or Bhutan territories.
Benefits & Features
Welcome Offer
Includes one complimentary replacement card along with the primary card for emergency fund access.
Rewards Rate
Not Applicable
Reward Type
Not Applicable
Reward Redemption
Not Applicable
Domestic Lounge Access
Not Applicable
International Lounge Access
Not Applicable
Premium Benefits
Not Applicable
Insurance Coverage
Coverage for fraud (₹5L), ATM assault (₹1L), purchase protection, and travel inconveniences.
Movie
Not Applicable
Dining
Not Applicable
Travel Benefits
Supports 14 currencies and accepted at millions of VISA merchant outlets across 140 countries.
What matters, explained clearly
IDFC FIRST Multi-Currency Forex Card
The IDFC FIRST Multi-Currency Forex Card is a prepaid travel card designed for international travelers, offering the convenience of carrying 14 different currencies on a single card. It stands out for having zero issuance, loading, and reloading charges, making it a cost-effective solution for handling foreign exchange. Accepted at millions of VISA merchant outlets and e-commerce websites worldwide, the card also provides a safety net with comprehensive insurance coverages and a complimentary replacement card in case the primary card is lost.
Welcome Benefits
- Replacement Card: Users are provided with one replacement card along with the primary card to ensure access to funds in case of loss.
Fees
- Joining Fee: Nil.
- Annual Fee: Nil.
- Issuance Fee: There are no charges for the issuance of the card.
- Loading and Reloading Charges: No charges for loading or reloading foreign currencies onto the card.
- Cross-Currency Charges: A charge of 3.5% + GST is applicable for transferring funds between different currency wallets.
Rewards
Travel and International Spends
- Currency Support: The card supports 14 different currencies, including 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).
- Global Acceptance: Accepted at millions of VISA merchant establishments and e-commerce websites across 140 countries (excluding India, Nepal, and Bhutan).
- ATM Access: A single ATM PIN can be used to access ATMs worldwide for all loaded currencies.
- Wallet Fallback: If there are insufficient funds in a specific currency wallet during a transaction, the amount will be automatically debited from another available currency wallet.
Insurance Benefits
- Fraud Protection: Coverage of up to ₹500,000 for Skimming, Cloning, Counterfeiting, Online Fraud Protection, and Lost Card Liability.
- ATM Security: Coverage of ₹100,000 for ATM Assault and Robbery.
- Purchase Protection: Coverage of ₹150,000.
- Personal Accident: Accidental Death (24 Hours) coverage of USD 36,000.
- Travel Inconvenience:
- Loss of Checked-in Baggage: USD 360.
- Missed Connection: USD 500.
- Delay of Checked-in Baggage (after 12 hours): USD 500.
- Medical Benefits: Emergency Medical Expense (Accident only) coverage of ₹100,000.
- Claim Requirement: All insurance claims require an FIR or Police complaint to be filed and are subject to an internal investigation by the bank.
Card Eligibility Criteria
- Eligibility Rules: All IDFC FIRST Bank Savings account customers planning to travel abroad are eligible to apply for this card.
Card Review
- Verdict: The IDFC FIRST Multi-Currency Forex Card is a highly efficient tool for international travelers, offering a blend of security and cost-savings.
- Pros:
- Zero issuance, loading, and reloading fees.
- Supports 14 major global currencies.
- Robust insurance package covering fraud and travel-related mishaps.
- Easy fund management with cross-currency wallet transfers.
- Cons:
- No complimentary domestic or international airport lounge access.
- Cross-currency transfers between wallets attract a 3.5% fee.
- Value: It provides high value for those looking to avoid the high markup fees usually associated with credit cards while traveling, combined with the safety of a prepaid balance.
Important Product Details
- Positive Highlights:
- No joining or annual fees.
- One complimentary replacement card included.
- Accepted at millions of VISA merchants globally.
- Automatic currency fallback mechanism for seamless transactions.
- Negative Highlights:
- Not valid for transactions in India, Nepal, and Bhutan.
- Lack of lifestyle benefits such as lounge access, movie, or dining rewards.
Other Details
- Usage Restrictions: The card cannot be used for transactions in India, Nepal, and Bhutan.
- ATM Usage: Users can access cash at ATMs globally using a single PIN for all currency wallets.