If you’re planning a trip to Canada and are worried about managing your expenses in a foreign currency, you’ve landed in the right place. Currency management is a crucial aspect of any international trip, and choosing the right payment method can make your experience smooth and can significantly impact your travel budget. One of the most efficient ways to handle your finances abroad is by using a forex card. 

But why forex cards? Simply because a Forex card offers better exchange rates than cash or credit cards, provides enhanced security, and makes transactions seamless. It also helps you control spending and eliminates unnecessary costs like currency conversion fees and hidden charges. With a Forex card, you can load money in CAD (Canadian Dollar) and use it like a debit card in Canada, be it for shopping, dining, or booking transportation.

In this blog, let us guide you through the best Forex cards available for Indians travelling to Canada. Here’s a quick list:

1. AtlysX Multi-Currency Forex Card

2. ICICI Multi-Currency Forex Prepaid Card

3. HDFC Multicurrency Platinum ForexPlus Card

4. BookMyForex Multi-Currency Forex Card

5. SBI Multi-Currency Foreign Travel Card

6. YES BANK Multi Currency Travel Card (MCTC)

7. Axis Bank Multi-Currency Forex Card

Planning a trip to Canada? Make sure to apply for your Canada visa in advance, a mandatory requirement for Indians travelling to the country. 

1. AtlysX Multi-Currency Forex Card by IndusInd

The AtlysX Multi-Currency Forex Card by IndusInd is one of the best Forex cards for Indians travelling to Canada. Supporting 14 currencies, including the Canadian Dollar (CAD), it eliminates cross-currency fees, making it cost-effective. The AtlysX card offers a free issuance fee for Atlys customers and zero markup fees for the first fund load.

With the Atlys app, you can access real-time exchange rates and load funds at the most favourable rates. The app also provides robust security features, such as instant PIN changes, the ability to disable ATM withdrawals, and the option to freeze your card in case of loss or theft. Additionally, you can reload funds and track expenses conveniently via the app. Moreover, with a daily ATM withdrawal limit of $1,000 and a transaction limit of $10,000, it’s perfect for covering all types of travel expenses, from dining and shopping to transportation in Canada. 

2. ICICI Multi-Currency Forex Prepaid Card

Another reliable way to manage your finances in Canada is to use the ICICI Multi-Currency Forex Prepaid Card, which supports 15 currencies, including the Canadian Dollar (CAD). The card has no issuance fee, and while there’s a minimal cross-currency fee of 3.5% for unsupported currencies, using CAD ensures you avoid this.

One of its standout features is the contactless payment option using PayWave technology, allowing you to tap and pay securely at enabled merchant terminals. The card also prioritises your security with EMV chip technology and PIN protection. Plus, it comes with comprehensive insurance coverage, shielding you against liabilities like loss, theft, or counterfeit transactions. You can easily manage the card with ICICI Bank’s online portal and mobile app. 

3. HDFC Multicurrency Platinum ForexPlus Card

The HDFC Multicurrency Platinum ForexPlus Card supports up to 22 currencies, including the Canadian Dollar (CAD), to simplify your spending abroad. With this card, you can lock exchange rates while loading funds, ensuring you know exactly how much you're spending, regardless of currency fluctuations. This feature adds financial predictability, making budgeting for your trip much easier.

Another unique advantage of this card is its intelligent fund utilisation. If your CAD balance runs out, the card automatically checks other currency wallets (like USD) and processes the payment without interruptions. This ensures seamless transactions no matter what. Plus, with PayWave's contactless payment technology, you can make quick and secure payments by simply waving your card at enabled terminals. The card also comes with comprehensive insurance coverage and features like PIN protection to safeguard your funds. Using HDFC Prepaid Card NetBanking, you can manage the card online.

4. BookMyForex Multi-Currency Forex Card

Designed specifically for international travel, the BookMyForex Multi-Currency Forex Card card supports CAD along with several other currencies, making it a practical choice for those heading to Canada. One of its biggest perks is the zero issuance and reload fees, saving you unnecessary costs.

You can easily manage the card during your Canada trip via the BookMyForex portal, where you can reload funds, track expenses, and even locate nearby ATMs. The card also includes chip-and-PIN protection and bank-grade in-app security to safeguard your transactions. Additionally, it comes with complimentary insurance coverage, offering you peace of mind against loss or theft during your travels. With a $1,000 daily ATM withdrawal limit and a $7,500 daily transaction limit, the BookMyForex card is perfectly suited for your Canadian adventure. 

5. SBI Multi-Currency Foreign Travel Card

The SBI Multi-Currency Foreign Travel Card is another forex option for your Canada trip, offering financial ease and security. Supporting up to 7 currencies, including the Canadian Dollar (CAD), this card allows you to lock in exchange rates while reloading, helping you stay protected from unpredictable forex rate fluctuations during your trip. It can be used at over 2 million ATMs and 34.5 million Mastercard merchants globally, ensuring you’re covered throughout your journey.

In terms of security, the card is equipped with advanced chip-and-PIN protection to safeguard your transactions. Additionally, free replacement and emergency cash services are available globally in case of loss or theft, ensuring uninterrupted access to your funds. With a minimal issuance fee of ₹100 and a reload fee of ₹50, the card is budget-friendly. 

6. YES BANK Multi Currency Travel Card (MCTC)

The YES BANK Multi-Currency Travel Card (MCTC) is an excellent choice for Indians headed to Canada. The card supports 15 currencies, including CAD, so you can shop, dine, and explore without worrying about currency conversion charges at 15 destinations!

The card comes with chip and PIN protection, ensuring your transactions are secure, whether you’re paying at a local café or withdrawing cash at an ATM. With contactless technology, you can make quick and easy payments wherever Visa cards are accepted. You can easily manage the card with YES BANK’s Self Care Web Portal and YES Pay mobile app. You can reload the card remotely and monitor expenses in real-time with SMS and email alerts. The unused balance can be easily refunded to your account, and the card automatically switches to the next default currency if your local currency runs out. Plus, the Lost Card Liability and Counterfeit Card Insurance provide added peace of mind in case of any mishap.

7. Axis Bank Multi-Currency Forex Card

Next on our list is the Axis Bank Multi-Currency Forex Card. This card supports up to 16 currencies, including CAD, ensuring you’re ready to spend at multiple destinations without worrying about currency conversion hassles. It also offers competitive exchange rates when loading or reloading, helping you save more for your adventures. Reloading funds is made easier with Axis Bank’s mobile app and online portal, so you’ll never have to worry about running out of funds. 

The card’s EMV chip technology provides enhanced security for transactions, and you get 24/7 global customer support. Plus, you can earn reward points on transactions, redeemable for exciting offers. 

How to choose the best Forex card for your Canada trip

Once you know the cards available, the next step is to choose the one that best fits your travel needs. Here are the key factors to help you make a smart decision:

• Exchange rate management: Look for cards that give you control over exchange rates. Some cards, like the HDFC Multicurrency Platinum ForexPlus Card, let you lock in rates when loading funds, protecting you from currency fluctuations. Others, like the AtlysX Multi-Currency Forex Card, allow real-time tracking of exchange rates through their app, so you can load money when rates are most favourable.

• Fees and charges: Forex cards can have multiple fees, including issuance, reload, and withdrawal charges. Opt for one with low or minimal fees. For instance, the BookMyForex Multi-Currency Forex Card stands out with zero issuance and reload fees, making it a cost-effective option for travellers. Compare these fees carefully to avoid unnecessary expenses.

• User-friendly management: Cards with intuitive apps or portals can greatly enhance your experience. For example, the BookMyForex Multi-Currency Forex Card offers an excellent online platform to reload funds, track expenses, and even locate nearby ATMs, ensuring stress-free money management during your trip.

• Unique features: Look for standout benefits that set a card apart. The HDFC Multicurrency Platinum ForexPlus Card’s intelligent fund utilisation ensures uninterrupted payments by automatically switching to another currency if your CAD balance is depleted. Meanwhile, the YES BANK Multi-Currency Travel Card refunds unused currency balances, which can be a convenient feature post-trip.

• Additional benefits: See if the card offers extra perks such as rewards, insurance coverage, or easy refunds for unused balances. The Axis Bank Multi-Currency Forex Card allows you to earn rewards points on transactions, and the SBI Multi-Currency Foreign Travel Card provides free global replacement and emergency cash services.

Quick Forex tips for Indians travelling to Canada

The last step in your Forex card journey is to use it effectively. So, in addition to choosing the right card, here are a few tips to keep in mind which will help you save money during your Canadian adventure:

• Avoid DCC (Dynamic Currency Conversion): Always pay in the local currency (CAD) when using your forex card. Dynamic Currency Conversion (DCC) may seem convenient, but it often involves poor exchange rates and additional fees, increasing your overall cost. Decline DCC at POS terminals or while making online purchases.

• Monitor exchange rates before reloading: Even after selecting a card with real-time rate tracking, timing is everything. Monitor the CAD exchange rates regularly through your card’s app or portal to reload funds when the rates are most favourable. This can help you save a significant amount.

• Stick to Forex card over ATMs: Although Forex cards allow ATM withdrawals, frequent withdrawals can attract fees. Minimise cash withdrawals and rely on your Forex card for direct payments wherever possible to avoid unnecessary charges.

• Monitor your transactions: Track your spending regularly using your card’s app or online portal. Monitoring your expenses helps you avoid overspending and ensures you stay within your travel budget throughout the trip.

• Save the customer support number: Keep the customer care contact number for your Forex card handy at all times. This ensures you can quickly resolve issues such as lost cards, transaction errors, or account queries without delay.

Conclusion

The seven Forex cards suggested above, i.e., the AtlysX Multi-Currency Forex Card, ICICI Multi-Currency Forex Prepaid Card, HDFC Multicurrency Platinum ForexPlus Card, BookMyForex Multi-Currency Forex Card, SBI Multi-Currency Foreign Travel Card, YES BANK Multi-Currency Travel Card, and Axis Bank Multi-Currency Forex Card are some of the best in the market for Indian travellers heading to Canada. Each card offers unique features like low fees, exchange rate management, and user-friendly tools. Now, you can choose the one that aligns with your travel priorities, whether it’s cost-effectiveness, ease of use, or added perks.

Whatever you select, ensure you use it wisely by monitoring transactions, avoiding DCC, and managing reloading strategically to make the most of your trip to Canada!