IDFC First Bank Forex Card: Features, Eligibility, Fees

IDFC First Bank Forex Card
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IDFC First Bank is a leading private bank in India with a notable presence in forex services. The bank offers a Multi Currency Forex Card that is accepted globally just like a normal credit or debit card. With the IDFC First Bank Multicurrency card, you can make payments in local currency in any country. It can also be used for withdrawing cash from ATMs around the world. This prepaid card is a pre-loaded card allowing multiple currency transactions and is completely safe and secure. Let’s check all the major features, charges and purchasing processes of the IDFC First Bank Forex Card. 

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

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 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.
  • This Forex Card is accepted at millions of VISA merchant establishments around the world (except India, Nepal & Bhutan)
  • 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.

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 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 submitting the application 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.

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 in order 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 which 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 TypeCharges
ATM Withdrawal chargesINR 120-125 
Balance Enquiry ChargesINR 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.

CoveragesAmount
Cover against Skimming, Cloning, Counterfeit, Online Fraud Protection, and Lost card LiabilityINR 500,000
ATM Assault, Robbery or theftINR 100,000
Purchase ProtectionINR 150,000
Accidental Death CoverUSD 36,000
Cover again the loss of Checked-in BaggageUSD 360
Missed ConnectionUSD 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 accidentINR 100,000

FAQs on IDFC First Bank Forex Card

What are the documents required for a Forex Card?

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.

What are the charges for cash withdrawal from IDFC First Bank Forex Card?

You need to pay INR 120-125 for cash withdrawal through Forex Card. However, the first three transactions every month are free of cost. 

How much do I need to pay to reload the IDFC First Bank Forex Card?

IDFC First Bank doesn’t charge anything for reloading the Forex card. You can reload the card for free. 

Does IDFC First Bank provide insurance coverage with a Forex Card?

Yes. You will get coverages like death cover, accident cover, baggage loss etc along with the IDFC First Bank Forex Card.

What if I lost my 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. 

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 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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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