The HDFC Multicurrency Foreign exchange Card is designed to be a handy journey companion for frequent worldwide travellers. Designed to carry a number of foreign exchange in a single card, it eliminates the trouble of carrying money or managing a number of foreign money wallets.
With zero foreign exchange markup for same-currency transactions and extensive international acceptance, this pay as you go journey card is an economical different to utilizing a typical debit or bank cards overseas.
On this assessment, we’ll dive into its options, charges, and whether or not it’s the proper alternative on your journey wants.
Charges & Prices
| Sort | Pay as you go Foreign exchange Card |
| Issuance Payment | 500 INR + GST |
| Reload Payment | 75 INR + GST |
| Forex Supported | – Multi-Forex Pockets – Helps 22 Currencies |
| Utilization | – POS / Contactless – ATM – On-line |
| Foreign exchange Markup Prices (For Load/Re-load) |
~2.5% (Financial institution says no fees) |
| Cross foreign money markup Prices | – 2% (pockets to pockets switch) – 2% (when funds low on one pockets) |
| Every day ATM withdrawal Restrict | USD 5,000 (or equal) |
| TCS | – Nil upto 7L per FY – 20% past 7L per FY (goal: private spends) |
| Reload Methodology | Person pleasant, by way of On-line Portal |
The way it works?
The HDFC Multicurrency ForexPlus Card enables you to load a number of currencies onto a single card, performing like a digital pockets for hassle-free worldwide spends.
You’ll be able to load and reload funds as wanted, making it a versatile possibility for frequent travellers. Right here’s a pleasant video by the financial institution on how the cardboard works.
Whereas HDFC markets this card as having 0% foreign exchange fees, it’s essential to notice {that a} ~2.4% markup is already utilized on the time of loading.
So, when you keep away from transaction charges on same-currency spends, the conversion value is constructed into the change charge. Right here’s a deeper have a look at the way it works.
Arms on Expertise
I’ve talked about hidden fees on load/reload earlier than – again after I first wrote this text ~8 years in the past.
However lately, I obtained the HDFC Multicurrency Foreign exchange Card myself, and right here’s a stay instance of the particular distinction in fees immediately:
- 1 EUR in INR (as on google.com): 90.01 INR
- 1 EUR in INR (HDFC charge): 91.7 INR
- Distinction together with fees: ~2.4% (hidden markup price)
That’s roughly a 2.4% markup price – nowhere talked about by the financial institution – however according to the lowest foreign exchange markup on HDFC’s super-premium bank cards like Infinia.
Nevertheless, needless to say the HDFC Multicurrency Foreign exchange Card will be an costly alternative should you’re touring to a rustic the place the native foreign money isn’t supported.
In that case, you’ll get hit with markup charges twice – as soon as whereas loading the cardboard and once more whereas spending.
5X/10X Rewards
The HDFC Foreign exchange Card gained recognition between 2016-2018, due to profitable reload provides on HDFC Financial institution bank cards – together with 1% cashback, 5X rewards, and even 10X rewards.
Nevertheless, these provides stopped for almost 5 years. Now, in 2025, HDFC has lastly introduced them again.
A 5X rewards promo on foreign exchange reloads is at the moment lively (Jan-March 2025), right here’s hyperlink to t&c. Because it hasn’t been extensively examined but, it’s greatest to load a small quantity first and examine for rewards within the first week of subsequent month earlier than going all in.
Whereas that’s good, it’s to be famous that I didn’t even obtain 1X factors on my check load of 100 EUR when the provide was not stay.
Must you take it?
It will depend on the wants. For many, 0% foreign exchange debit playing cards like IndusInd Pioneer or IndusInd Unique debit playing cards are adequate.
However If there are reload provides like 5X rewards, it does make sense to go for it although the financial institution fees ~2.4% price, as it should nonetheless end in web acquire.
On different facet, should you maintain HDFC Infinia and has solely POS spends and don’t require Money withdrawal possibility, you’re higher off with the Infinia Credit score Card with World Worth Program enabled so that you just’ll not solely get 3.3% rewards but additionally extra 1% cashback on the spends.
Bottomline
The HDFC Multicurrency Foreign exchange Card is simple to use for, load, and use, nevertheless it comes with hidden fees that aren’t explicitly talked about by the financial institution. That stated, it’s nonetheless a respectable possibility should you’re visiting just a few choose nations.
Nevertheless, should you journey to a number of nations steadily, a 0% foreign exchange debit card is a a lot better alternative – eliminating advanced calculations and double markup charges. Merely withdraw native foreign money from any financial institution ATM overseas, identical to I’ve been doing for the previous eight years.
Personally, I used to depend on the IndusInd Unique Debit Card, however I’ve now switched to the IndusInd Pioneer Debit Card – each of which have zero fees on foreign exchange transactions, together with markup and ATM withdrawals. This makes my travels utterly cashless, hassle-free, and cost-effective.
What’s your expertise with Foreign exchange Playing cards? Be happy to share your ideas within the feedback under!