FOREX CARDS - Comparisons

[Rohan Khanduja]

Hi All,

I guess most of you are exchanging currencies, this might help all of you.

Information received from the respective websites and banks and are subject to change.

FOREX CARDS : 

General Comparisons between different Company's Forex Cards 

(Info. got from their official Website as of today and are subject to change )

1. CitiBank:

Withdrawal from ATM= 1.75 $ / withdrawal

Reload is Free, Issuing NO Charge

3.00% is cross currency charge (Rite now rupee to dollar rate is 1$= 61.15 Rs. for Citibank)

2. Axis Bank

Initial Fee is 150 Rs. + Tax.

Reloading 100 Rs. + Tax 

Withdrawal from ATM= 2.00 $ / withdrawal

Balance inquiry cost 0.50 $

Request for New ATM Pin cost 2.00 $

Statement Request cost = 2.00 $

Currency conversion is 3.00 %

3. BOI 

More info. is not available on net, but the rupee to dollar conversion rate is 

1 USD= 60.03 Rs (according too TTS)

4.Matrix Card

for Travelers Cheque, they take commission of 375 Rs.

Cross Currency exchange rate is 3.5 % (For Travelers cheque and Forex card, these charge does not apply)

Forex card can be issued on no extra charge

5. Thomas Cook

More info. is not available on net, but the rupee to dollar conversion rate is 

1 $ = 61.05 Rs (negotiable, depending how much you take)

6.HDFC

Issuing cost is 150 Rs

Reloading cost is 100 Rs

Pin Reissue is 1 $ cost

Withdrawal from ATM= 2 $ / withdrawal

Balance inquiry cost is 0.50 $ charge.

7.SBI

Minimum loading balance should be 200 $

Minimum reloading balance should be 200 $

ATM balance inquiry fee is 2.00 $

Issuing cost is 112* Rs (*= subject to change)

Reloading cost is 56* Rs (*= subject to change)

Withdrawal from ATM= 1.75 $ / withdrawal

I hope the above information would help all of you.

Rohan Khanduja,

MS IM Fall 2013

Syracuse University ISA Representative