Travelling internationally often involves the stress of managing foreign currency. Well, with IDFC First Bank’s Forex Card, money management is easy. This card eliminates the need to carry bulky cash while offering global acceptance. It allows you to make payments directly in the local currency, saving you from the hassle of currency exchange.
For added security and budgeting control, the card is prepaid. Simply load it with your desired amount beforehand and switch between currencies effortlessly throughout your trip. With the IDFC First Bank Multi-Currency Forex Card, your international adventures can be smooth and worry-free. Let’s check all the major features, charges and purchasing processes of the IDFC First Bank Forex Card.
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IDFC First Bank Forex Card: Major Features
If you are looking for the cheapest Forex Card for students, then IDFC First Bank is offering you the same. One of the major features of the IDFC First Bank Forex Card is that you don’t need to pay any charges for card issuance and reloading.
The bank will provide you with the Card kit in which you will get a Complimentary Replacement Card along with the main Forex card. In case you lost your card or it got damaged then you can easily activate the Replacement Card and this doesn’t attract any extra charges.
- The IDFC First Card is accepted at VISA merchant establishments and e-commerce platforms worldwide (except India, Nepal, and Bhutan).
- The transactions can be made in any currency around the world with the IDFC First Bank Forex Prepaid Card. The amount will be debited either from that currency wallet or any other currency wallet if there are insufficient funds in the required currency.
- You can benefit from best-in-class travel insurance coverage, including protection against card misuse, theft, and other emergencies.
- The funds can be transferred from one currency wallet to another. Cross-currency charges would be levied and it can be done through online mode.
- When you return to India, you can easily encash the unutilised funds in your Forex Card at the existing exchange rates.
Some of the best forex cards for Indian students based on country are listed below-
- Best Forex Cards for Indian Students in Ireland
- Best Forex Cards to use in Australia
- Best Forex Cards to use in Germany
- Best Forex Cards for Indian Students in the UK
Also Read: Have you compared the charges on Forex cards by different banks? Read this blog and check out all about the Zero Forex Markup Card
How to Apply for an IDFC First Bank Forex Card?
You can apply for IDFC First Bank Forex Card by simply visiting any IDFC First branch that is nearest to your home You can also apply for the card via the self-care portal. Check the steps mentioned below:
For Online Application via Self Care Portal
- Login to the self-care portal of IDFC First Bank
- Enter your phone number or customer ID.
- Enter a new password and OTP to set the new password and then log in again with the new credentials
- Click on ‘Activate Card’ and then click on ‘Set/Reset Pin’
- Click on ‘preferences’ to select the channel preferences
- Wait for the verification
For Offline Application by Branch
- Walk into the nearest IDFC First Bank branch.
- Fill in the Forex card application form and submit it along with the required documents.
- In case of issuance of the Insta card, you will get it soon after applying and the loading can be done within a few hours.
- In case of issuance of a personalised Forex card, it will be dispatched to the customer within 7 business working days.
- After receiving the Forex Card, the customer can unblock it through the mobile app and start using the same.
RBL Bank is a leading private bank in India and it has a good track record in forex services. Check out this blog on RBL Bank Forex Cards for Students
Eligibility Criteria for IDFC First Bank Forex Card
Eligibility criteria for a prepaid card or Forex card are set by the bank in line with the guidelines issued by the Reserve Bank of India. It is important to fulfil all the eligibility criteria to get the card. Check the details below:
- You must have an active account with IDFC First Bank
- You must have secured admission to any University abroad
- The minimum age of the applicant shall be 18 years.
Documents Required for Forex Card
IDFC First Bank carries out a very smooth documentation process. You just need to show a valid copy of a few documents and the Forex Card will be issued within minutes. Check the list of documents required for a Forex card below:
- Copy of valid passport of the applicant
- Copy of Visa of the country where you are travelling
- Copy of Air Ticket of the country where the applicant is travelling.
Schedule of Charges
The charges that you have to pay on using the Forex Card vary depending on the type of transaction. Check all details on the schedule of charges below:
| Transaction Type | Charges |
| ATM Withdrawal charges | INR 120-125 |
| Balance Enquiry Charges | INR 20-25 |
Note: The charges mentioned above may vary depending on the exchange rate on the particular day when you are making the transaction
IDFC First Bank Insurance Proposal
As per the norms, IDFC First Bank also provides insurance coverage for certain incidents along with the Forex Card. Check below all the details of the covers and the claim amount.
| Coverages | Amount |
| Cover against Skimming, Cloning, Counterfeit, Online Fraud Protection, and Lost card Liability | INR 500,000 |
| ATM Assault, Robbery or theft | INR 100,000 |
| Purchase Protection | INR 150,000 |
| Accidental Death Cover | USD 36,000 |
| Cover again the loss of Checked-in Baggage | USD 360 |
| Missed Connection | USD 500 |
| Cover in case of a Hijack (Daily Allowance USD 300/500 per day for a maximum of 10 days) | USD 5000 |
| Delayed Arrival of Checked-in Baggage (Can be claimed after 12 hours) | USD 500 |
| Emergency Medical Expenses in case of an accident | INR 100,000 |
Fees and Charges
The IDFC First Bank Forex Card is designed to facilitate seamless transactions. However, users should be aware of the various fees and charges associated with the card, which can impact the overall cost of using it for international transactions.
Below is an overview of the applicable fees and charges, followed by a detailed table for clarity.
- ATM Withdrawal Charges: The first three withdrawals in a month are free; subsequent withdrawals incur a fee.
- ATM Balance Enquiry Charges: A fee is charged from the first balance inquiry transaction.
- Cross-Currency Markup Charges: A charge of 3.5% + GST applies to transactions made in a currency different from the card’s base currency.
- Chargeback Fee: A fee of USD 2 equivalent is applicable for chargeback requests.
- Add-On Card Fee: An additional charge of INR 200 + GST applies for each add-on card issued.
| Currency | ATM Withdrawal Charges (First 3 withdrawals p.m free) | ATM Balance Enquiry Charges (Charge applicable from 1st Transaction) |
|---|---|---|
| USD | 1.5 | 0.25 |
| GBP | 1 | 0.25 |
| EUR | 1 | 0.25 |
| CAD | 1.5 | 0.25 |
| AUD | 1.5 | 0.25 |
| SGD | 2.5 | 0.50 |
| AED | 6.5 | 1.5 |
| CHF | 1.5 | 0.25 |
| JPY | 200 | 50 |
| ZAR | 20 | 4 |
| NZD | 2 | 0.50 |
| HKD | 10 | 3 |
| NOK | 10 | 3 |
| SEK | 15.60 | 5.25 |
FAQs on IDFC First Bank Forex Card
IDFC First Bank Forex card is a prepaid travel card that can make your international travel easy. The card can be loaded in multiple currencies which allows you to make transactions at ATMs abroad.
You have to submit an air ticket, passport and Visa to the country where you are travelling. These documents are required to be submitted along with the application form.
You need to pay INR 120-125 for cash withdrawal through Forex Card. However, the first three transactions every month are free of cost.
IDFC First Bank doesn’t charge anything for reloading the Forex card. You can reload the card for free.
Yes. You will get coverages like death cover, accident cover, baggage loss etc along with the IDFC First Bank Forex Card.
The bank provides a duplicate card at the time of card issuance. You can activate the duplicate card online and use it in case you lose the primary card.
Yes, the Forex card can be used for online transactions at international merchants that accept Visa, providing flexibility for shopping abroad.
Unused funds can be easily encashed back into your bank account or reloaded onto the card for future use without any additional charges.
Yes, ATM withdrawals are subject to daily limits set by the bank, typically around USD 500 or equivalent per day, depending on the currency.
You can monitor your transactions in real-time through the IDFC First Bank mobile app or online banking platform, ensuring you stay updated on your spending.
Forex Card is your best travel partner for abroad. It is very easy to manage expenses with a Forex card especially when the bank is not charging anything for reloading the card. Always read and understand the terms and conditions of the bank for the services.
To know more about the forex card, loan application process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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