{"id":1148,"date":"2023-04-07T00:51:40","date_gmt":"2023-04-06T19:21:40","guid":{"rendered":"https:\/\/remit.moneyhop.co\/?p=1148"},"modified":"2024-07-18T15:54:01","modified_gmt":"2024-07-18T10:24:01","slug":"forexcard-vs-hopcard-2","status":"publish","type":"post","link":"https:\/\/new-dev.moneyhop.co\/blog\/forexcard-vs-hopcard-2\/","title":{"rendered":"Forex Card Vs. HOPCard: Which One to Choose for International Trip"},"content":{"rendered":"\n<p>&nbsp;The domestic payments sector in India has done wonders in terms of growth with a plethora of products and services available. But when it comes to sending and spending money internationally there aren\u2019t a lot of user-friendly options available. Either one uses their international debit\/credit cards which have a high convenience fee and ATM withdrawal fee or one uses options like Forex card which they have to load every time they go abroad. The last option is carrying cash which also is not very convenient in the digital-first world.&nbsp;<\/p>\n\n\n\n<p>In this article, I\u2019m going to draw a comparison between Forex cards and HOPCard by <a href=\"https:\/\/moneyhop.co\/\" target=\"_blank\" rel=\"noreferrer noopener\">moneyHOP<\/a>. moneyHOP is India\u2019s first completely digital cross-border neobank. HOPCard is a Forex+Debit card powered by Visa which can be used in over 180 countries.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s draw a comparison between HOPCard and Forex card for your understanding<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Various_fees_on_forex_card\"><\/span><strong>Various fees on forex card&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Forex cards charge you for almost all the services they provide-&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Issuance_fee\"><\/span><strong>Issuance fee&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>All forex cards have issuance fees ranging from INR 125 to INR 3000 depending on the bank and variant of the card.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ATM_charges\"><\/span><strong>ATM charges<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>If a person withdraws cash from an ATM, nearly all forex cards will charge you USD 2 equivalent or a certain percentage of the withdrawn amount. This excludes the cash withdrawal fee levied by ATMs in a&nbsp; foreign location.<\/p>\n\n\n\n<p><strong>Also read:<\/strong> <strong><em><a href=\"https:\/\/www.moneyhop.co\/blog\/step-by-step-guide-how-to-send-money-abroad-from-india-using-the-hop-remit-app\/\" target=\"_blank\" rel=\"noreferrer noopener\">Step-by-step Guide: How to Send Money Abroad from India Using the HOP Remit App<\/a><\/em><\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cross_Currency_Charges\"><\/span><strong>Cross Currency Charges&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This charge is levied when a forex card is used to make a payment in another currency. Let\u2019s just say someone uses a USD forex card and makes a payment of 100 Euros, then they will be charged USD equivalent to 100 Euros with 3.5% charges for converting the currency. Also, government charges are added too&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-group alignfull has-global-padding is-layout-constrained wp-container-core-group-is-layout-004c7d93 wp-block-group-is-layout-constrained\" style=\"margin-top:0;margin-bottom:0;padding-top:var(--wp--preset--spacing--40);padding-right:var(--wp--preset--spacing--50);padding-bottom:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--50)\">\n<div class=\"wp-block-columns alignwide are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-47c06fe3 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\">\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_pay_more_for_international_money_transfers_when_moneyHOP_is_here\"><\/span>Why pay more for international money transfers when moneyHOP is here?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul style=\"line-height:1.75\" class=\"wp-block-list is-style-checkmark-list\">\n<li>NO hidden fees&nbsp;<\/li>\n\n\n\n<li>ZERO convenience fees&nbsp;<\/li>\n\n\n\n<li>Real-time updates&nbsp;<\/li>\n\n\n\n<li>Lowest exchange rates<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-custom-font-size wp-element-button\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.hop.moneyhop\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.417), 18px);\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Download App<\/strong><\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link has-custom-font-size wp-element-button\" href=\"https:\/\/remit.moneyhop.co\/\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.417), 18px);\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Contact Us<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:50%\"><\/div>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_HOPCard_work\"><\/span><strong>How does HOPCard work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>HOPCard is a Debit+Forex card powered by Visa linked to a multicurrency bank account which can be accessed via your phone on HOPApp. moneyHOP offers the card as a prepaid debit+forex card and opens a bank account with SBM bank. But you don\u2019t have to visit the bank for any services, instead, all the services concerning transactions and card controls can be accessed via HOPApp. So let\u2019s just say that if you swipe the card somewhere in the UK, you will only be charged GBP\/INR rate and no extra convenience fee. You will also have access to different currency wallets. At present&nbsp;<\/p>\n\n\n\n<p>Therefore, it is your account where you transfer the money in INRs and can swipe it anywhere in the world. So, let us just say if one happens to swipe the card in Singapore; you will be only charged SGD\/INR. Later on, if one happens to swipe the card in Japan, you will be charged JPY\/INR rate. There are no cross-currency charges too. One can also use the card in India as a debit card on any PoS machine. The same card can be used for online transactions too; this is useful in scenarios where one needs to book in foreign currency ahead of travel.<\/p>\n\n\n\n<p><strong>Also read:<\/strong> <strong><em><a href=\"https:\/\/www.moneyhop.co\/blog\/money-sent-to-closed-international-bank-account\/\" target=\"_blank\" rel=\"noreferrer noopener\">Refunds And Closed Bank Accounts: How To Avoid Losing Your Money<\/a><\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Pros_of_HOPCard\"><\/span><strong>Some Pros of HOPCard-&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>No joining fee as of now.<\/li>\n\n\n\n<li>No charges on adding or withdrawing INR<\/li>\n\n\n\n<li>No currency conversion charges, cross currency conversion or hidden charges.<\/li>\n\n\n\n<li>Acceptance in more than 180 countries<\/li>\n\n\n\n<li>Works as both Debit and Forex cards.<\/li>\n\n\n\n<li>Mobile app HOPApp to manage the card. One can easily track expenses, transfer money, block\/unblock cards, etc through the app itself.<\/li>\n\n\n\n<li>Multicurrency wallets to save from exchange rate volatility.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Way_Forward\"><\/span><strong>Way Forward<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>As mentioned earlier, the major benefit of prepaid forex cards is the ability to lock your forex rate beforehand. However, HOPcard\u2019s different currency wallets can also be used in a similar fashion. Also, you don\u2019t have to worry about unloading the card once you return back from your international trip. With Forex cards one falls into the lure of saving on foreign exchange fluctuations and thus ends up spending a lot more on fees and other charges.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp;The domestic payments sector in India has done wonders in terms of growth with a plethora of products and services available. But when it comes to sending and spending money internationally there aren\u2019t a lot of user-friendly options available. Either one uses their international debit\/credit cards which have a high convenience fee and ATM withdrawal [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-1148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"_links":{"self":[{"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/posts\/1148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/comments?post=1148"}],"version-history":[{"count":4,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/posts\/1148\/revisions"}],"predecessor-version":[{"id":6067,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/posts\/1148\/revisions\/6067"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/media\/1983"}],"wp:attachment":[{"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/media?parent=1148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/categories?post=1148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new-dev.moneyhop.co\/blog\/wp-json\/wp\/v2\/tags?post=1148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}