IDBI Bank is one of the prominent commercial banks in India. It offers various banking products and services, including IDBI education loans to study abroad and Forex cards. International students and travellers widely use IDBI Forex cards. They offer a secure and convenient way to handle foreign currency transactions. You can use this card worldwide with minimal fees and multiple reload options. Let’s explore the major features of the IBDI Bank Forex card and charges.
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Overview of IDBI Forex Card
IDBI Forex card is also called the World Currency Card (WCC) or the Global Currency Card (GCC). The WCC can be loaded with eight multiple currencies, including USD, GBP, EUR, AUD, CAD, AED, JPY, and SGD. On the other hand, the GCC is only available in USD. This lets you make purchases and withdraw cash in local currencies worldwide.
The minimum amount that can be loaded on this card is USD 100 or an equivalent amount in other available currencies. As per FEMA guidelines, the maximum amount is USD 250,000 in a financial year.
Also Read: Know all about IDBI Student Account and explore the features and benefits of opening the same.
Benefits of IDBI Forex Cards
The IDBI Bank Forex Card eliminates the need to carry cash or travellers’ cheques, making it easier to manage expenses while travelling. It is safer than carrying large amounts of cash and offers features like insurance packages for travel-related needs. Also, you can reload their cards multiple times during their validity period of two years.
- IDBI Forex cards offer special deals on air tickets and offer insurance coverage for all your travel needs.
- They are accepted globally at over 29 million merchant establishments accepting Visa and MasterCard.
- You can easily use WCC and GCC at ATMs anytime and anywhere, which lets you encash using enhanced security features using a four-digit ATM PIN.
- In case of a lost card, a replacement IDBI Forex card is issued and sent to you within 48 hours.
IDBI Forex Card Charges
The IDBI Bank levies certain charges for issuing the card. Besides, other charges are applicable on reloading, and replacement. Check them out below-
| IDBI Forex Charges | Applicable Charges |
| Issuance Fees | INR 140 + Taxes |
| Reloading Fees | INR 75 + Taxes |
| Replacement Fees | INR 100 + Courier Charges |
| Foreign Exchange Rate | As determined by the Bank |
| Cash Withdrawal Charges | USD 1.5, EUR 1.5, GBP 1, CAD 2.76, AUD 3.3, SGD 3.86, AED 5.25, JPY 140 |
| Balance Enquiry | USD 0.55, EUR 0.44, GBP 0.33, CAD 0.66, AUD 0.77, SGD 0.88, AED 1.93, JPY 50 |
| Cross-Currency Conversion | 3.5% |
You can avoid paying 3.5% of the cross-currency conversion fees charges on foreign transactions by using zero Forex markup credit cards.
IBDI Forex Card Cash Withdrawal Limit
The cash withdrawal limits for the IDBI Forex Card (World/Global Currency Card) vary based on the currency loaded onto the card. These limits are set to ensure secure and manageable transactions while using the card abroad. Here’s the daily withdrawal limit on ATMs, POS, and E-Commerce transactions-
| Currency | ATM Limit | POS Limit | E-Comm |
| USD | 3.000 | 10,000 | 10,000 |
| EUR | 2,500 | 10,000 | 10,000 |
| GBP | 2,500 | 10,000 | 10,000 |
| CAD | 3,000 | 10,000 | 10,000 |
| AUD | 4,000 | 10,000 | 10,000 |
| SGD | 4,000 | 10,000 | 10,000 |
| AED | 10,000 | 10,000 | 10,000 |
| JPY | 3,00,000 | 90,000 | 90,000 |
Please Note: The daily cash withdrawal limit is subject to the availability of funds loaded onto the card and may be influenced by local ATM withdrawal policies.
How to Apply for an IBDI Forex Card?
Applying for an IDBI Bank Forex card is super easy. You can either get in touch with the nearest bank branch using their branch locator and visit them. Follow these steps to get your World/ Global Currency Card in 3 simple steps-
- Step 1- Reach out by calling their toll-free Phone Banking numbers 1800-209-4324 or 1800-22-1070 (available 24/7).
- Step 2- Head to the nearest IDBI Bank branch.
- Step 3- One of the bank representatives will get in touch with you as soon as possible.
Also Read: Taken an Education Loan? Know all about the IDBI education loan repayment plan and explore the best plan for you.
IDBI Forex Cards vs IDBI Credit Cards: Which is Better and Why?
IDBI Forex cards are prepaid travel cards that are similar to IDBI Credit cards. However, they are not the same. Forex cards and credit cards serve different purposes and have distinct features. Let’s find out more about their exchange rates, fees, payment structures, and usage to understand what is an ideal choice if you wish to travel abroad for higher studies or tourism.
| Basis | IDBI Forex Cards | IDBI Credit Cards |
| Purpose | They are designed for international travel, allowing you to load multiple foreign currencies for use abroad. | They are designed for general use, allowing you to make purchases on credit up to a certain limit. |
| Usage | These are ideal for making transactions in foreign currencies without incurring additional charges related to currency conversion at the time of transaction. | They are suitable for everyday purchases, both domestically and internationally, but may involve additional costs due to currency conversion fees. |
| Exchange Rates | The exchange rate is fixed at the time of purchasing the card, protecting users from fluctuations in currency rates during their travels. | The exchange rate is determined on the day of the transaction, which may be unfavorable compared to the fixed rate offered by Forex cards. |
| Fees | They have lower annual fees compared to credit cards, and no interest payments since it’s a prepaid card. | They have higher annual fees and interest rates on outstanding balances if bills are not paid by the due date. |
| Payment Structure | Funds are preloaded onto the card, meaning users can only spend what they have loaded, avoiding debt accumulation. | Users can carry a balance and incur interest charges if payments are not made on time, leading to potential debt. |
Considering the above pointers, the IDBI Forex card is much more beneficial for international travel. They offer cost-effective ways to manage foreign money and incur expenses without incurring additional costs. With fixed exchange rates on Forex, you can save yourself from fluctuating rates on currency exchange via Credit cards.
This was all about the IDBI Forex card. It is truly a reliable option for international travellers seeking a secure and convenient way to handle foreign currency transactions while enjoying various benefits tailored to travel needs. However, make sure to explore other Forex cards available and compare them.
To know about education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
You can reload your IDBI Forex Card as many times as you wish within its two-year validity. If abroad, simply email a scanned reload form to your branch for processing.
You can access your transaction details by installing the IDBI M-Passbook app and registering with your WCC customer ID and registered mobile number.
Upon returning to India, you can either refund the unused balance or keep it for future trips. To withdraw, visit an IDBI Bank branch and fill out a refund application.
The minimum load amount for the card is USD 100 or its equivalent in other currencies. The maximum amount is currently USD 250,000 per financial year as per RBI guidelines.
To obtain a WCC card, visit an IDBI Bank branch, fill out the application form, and submit the required documents like your passport and air ticket. You will receive the card instantly over the counter.
