How it works
- 1
Compare issuers
Look at exchange rate margins, ATM fees and reload charges from two or three issuers.
- 2
Apply with KYC
Apply with your passport, visa, PAN and admission letter.
- 3
Load and travel
Load enough for your first month, carry a backup card and reload from India when needed.
How a forex card works
You load the card in India with the currency of your destination, at the exchange rate on the day of loading. Abroad, you use it like a debit card for shopping, rent and ATM withdrawals. You can reload it online from India, which is handy when parents send money.
Why students use them
- The exchange rate is fixed when you load, protecting you from rupee movements
- Lower mark-ups than most Indian debit and credit cards
- Not linked to your Indian bank account, which limits losses if the card is stolen
- Can be blocked and replaced quickly
- Multi-currency cards can hold several currencies at once
Charges to check
- Issuance and reload fees
- ATM withdrawal fees abroad
- Cross-currency fee when you spend in a currency not loaded on the card
- Inactivity fees and charges to encash the balance on return
- The exchange rate margin compared with the interbank rate
LRS and TCS
Loads on a forex card count toward your yearly LRS limit and toward the ₹10 lakh TCS threshold. Ask the issuer how the load will be classified; with proof of admission it may be treated as an education remittance, which carries a lower TCS rate than general purposes.
How Moksh helps
We explain how much to load for your first month and how cards compare. If you want, we will introduce you to forex card issuers; you choose which to use.
Frequently asked questions
Is a forex card better than an international debit card?
For most students in the first months, yes. Forex cards usually have lower mark-ups and lock in the exchange rate. Once you have a local bank account, that becomes your main card.
Can my parents reload my card from India?
Yes, most issuers allow online reloads by the cardholder or a family member, subject to LRS rules.
What happens to unused money on the card?
You can keep it for later use or encash it when you return to India, at the rate of the day. Check the encashment charges.
Should I carry a backup card?
Yes. Carry a second card, such as an international debit card, in case the forex card is lost or blocked.