Are you planning a trip to Malaysia? Then, one key detail to sort out before your journey is the complexities of currency exchange. As an Indian traveller, converting the Indian Rupee (₹) to Malaysian Ringgit (RM) can be daunting. From finding the best source (banks, currency exchange centres, or the airport) to exchanging money at the best exchange rate, it’s easy to get overwhelmed. In addition to these, there is an ‘ever-present’ uncertainty of fluctuating rates and hidden fees, making currency exchange all the more challenging.

So, what to do? That’s where forex cards come in as a smart, hassle-free solution. They are secure, cost-effective, and easy to use, allowing you to make purchases and withdraw cash in Malaysia without worrying about excessive fees or carrying large amounts of cash.

To help you make an informed choice, we have covered the best Forex card for Malaysia in this guide, along with the fees, daily withdrawal limits and benefits. 

Before we discuss the forex cards in detail, here is a list of the 7 best forex cards for Malaysia:

1. AtlysX Global FX Card by IndusInd

2. BookMyForex Multi-Currency Forex Card

3. Axis Bank Multi-Currency Forex Card

4. HDFC Bank ForexPlus Card

5. ICICI Bank Travel Card

6. SBI Multi-Currency Foreign Travel Card

7. Thomas Cook One Currency Card

Visiting Malaysia? Make sure to apply for the Malaysia Digital Arrival Card, which is a mandatory requirement for Indians visiting the country visa-free.

1. AtlysX Global FX Card by IndusInd

Website: atlys.com/x

Tailored for the digitally savvy traveller, the AtlysX Global FX Card by IndusInd allows users to load funds in USD and provides the flexibility to spend globally without worrying about cross-currency fees. Unlike traditional forex cards that require branch visits and come with complex fees, AtlysX offers a digital-first approach. This card is ideal for frequent travellers seeking a reliable, low-cost, and efficient payment option.

Fees & charges

The AtlysX Global FX Card has no hidden costs!

• Issuance fee: No issuance fee for all Atlys customers.

• Markup fee: There is zero markup fee for the first load of funds, and a 2% markup is charged on subsequent reloads.

• Cross-currency charges: No cross-currency charges. 

Number of currencies supported

While funds are loaded in USD, the AtlysX Global FX Card can be used to transact in any currency worldwide without cross-currency charges. This flexibility further allows you to travel to multiple destinations without worrying about the currency exchange every time.

Benefits of using the AtlysX Global FX Card by IndusInd

• Fully digital process: From application to reloading, every step can be completed seamlessly from the comfort of your home using the Atlys app. 

• Transparent fees & charges: There are no hidden charges. Enjoy real-time exchange rates, zero markup on your first load, and a clear 2% markup on subsequent loads, ensuring you always know what you're paying.

• Control your funds: The card empowers users with full control over their funds. Track live exchange rates, manage transactions, and unload your card anytime to access your unused funds.

• No post-trip worries: Unused balances can be withdrawn in INR after your trip at the interbank rate (the same rate you see on Google), making it the only card on the market offering this unique benefit.

• Advanced security features: Stay in control of your card’s security with the ability to change your 4-digit PIN anytime. You can enable or disable features like ATM withdrawals, online payments, and contactless transactions directly from the app. If you suspect unusual activity, instantly freeze your card for added peace of mind.

Considerations

• Markup on subsequent loads: While the first load is free of markup fees, there is a 2% charge on subsequent reloads.

• Dependence on USD loading: Funds must be initially loaded in USD, which may not appeal to users who prefer loading other base currencies.

2. BookMyForex Multi-Currency Forex Card

Website: bookmyforex.com

With competitive exchange rates, ease of reloading, and robust security, the BookMyForex Multi-Currency Forex Card is another excellent forex card for Malaysia from India, providing a hassle-free and cost-effective travel experience.

Fees & charges

• Issuance, reload and refund fee: None. 

• Cross-currency charges*: 3.5% of the transaction value in unsupported currencies.

• ATM withdrawal fee*: $2 per transaction.

• Balance enquiry fee at ATMs*: $1 per inquiry.

• Replacement fee: ₹250 (in case of card loss or damage).

* Foreign banks, ATMs, and merchants may charge additional fees for card usage on top of the standard fee stated here.

Withdrawal limit

The daily ATM withdrawal limit is $1,000 or equivalent in the loaded currency. The daily limit for POS/e-commerce/cash advance/cash@POS transactions is $7,500.

Number of currencies supported

The BookMyForex Multi-Currency Forex Card supports 14 major currencies, including USD, EUR, GBP, AUD, CAD, SGD, and more. 

Benefits of using the BookMyForex Multi-Currency Forex Card

• Multi-currency wallets: You can load up to 14 currencies at once and seamlessly switch between them for transactions.

• Free usage: Experience a lifetime of convenience with zero issuance, reloading, unloading, or annual fees.

• Same-day delivery: Get your card delivered on the same day, ensuring your last-minute travel plans are stress-free.

• Security: The card is Chip-and-PIN secured and comes with free insurance coverage for additional peace of mind.

Considerations

• Limited fee-free features: While the card offers zero issuance and reloading fees, cross-currency charges and ATM withdrawal fees may impact the overall cost for frequent travellers. It’s best to calculate your expenses accordingly. 

• Higher cross-currency charges: Transactions in currencies not supported by the card (like MYR) can incur higher fees, so users should plan currency usage in advance to avoid additional charges.

3. Axis Bank Multi-Currency Forex Card

Website: axisbank.com

The Axis Bank Multi-Currency Forex Card is a versatile solution for international travellers, offering the convenience of loading multiple currencies on a single card, competitive exchange rates, and secure transactions. 

Fees & charges

• Issuance fee: ₹300 (plus GST).

• Reload/renewal fee: ₹100 (plus GST).

• Cross-currency charges: 3.5% of the transaction value for unsupported currencies.

• ATM withdrawal fee: $2.25 per transaction or equivalent in the loaded currency.

Additional charges may apply for services used at foreign banks, ATMs, or merchants.

Withdrawal limit

There is a daily limit of $10,000 or equivalent for shopping at merchant establishments and a daily limit of $1000 or equivalent for withdrawing cash from an ATM.

Number of currencies supported

The Axis Bank Multi-Currency Forex Card supports 16 currencies (USD, EUR, GBP, SGD, AUD, CAD, JPY, CHF, SEK, THB, AED, SAR, HKD, NZD, ZAR & DKK).

Benefits of using the Axis Bank Multi-Currency Forex Card

• Multi-currency support: Load and manage up to 16 currencies on a single card, making it ideal for multi-destination travel.

• Ease of reloading: Make payments at the rate you loaded or reloaded your card and enjoy lowered rates on South Asian currencies.

• Enhanced security and assistance: The card comes with EMV chip technology, ensuring secure transactions worldwide. Additionally, enjoy 24/7 global emergency assistance, including free card replacement (domestic) in case of loss.

• Rewards program: Earn reward points on card usage, redeemable for exciting offers.

• Online management: Monitor balances, transactions, and reloads conveniently via Axis Bank’s portal or app.

Considerations

• Reload and issuance fees: Unlike some competitors, Axis Bank charges a nominal fee for issuance and reloading, which could add up for frequent travellers.

• Higher cross-currency charges: For transactions in unsupported currencies (like MYR), a 3.5% fee applies, making it important to pre-plan your currency usage.

4. HDFC Bank Multicurrency Platinum ForexPlus Card

Website: hdfcbank.com

The HDFC Bank Multicurrency Platinum ForexPlus Card is a trusted and user-friendly option offering competitive exchange rates, multiple currency support, and robust security features. Whether you’re travelling for leisure, business, or education, the ForexPlus Card ensures hassle-free and cost-effective currency management.

Fees & charges

• Issuance fee: ₹500 (plus GST).

• Reload fee: ₹75 (plus GST).

• Cross-currency charges: 2% of the transaction value for unsupported currencies.

• ATM withdrawal fee: $2 per transaction or equivalent in the loaded currency.

• Balance enquiry fee at ATMs: $0.50 per inquiry.

Withdrawal limit

The daily ATM withdrawal limit of the HDFC Bank Multicurrency Platinum ForexPlus Card is $5,000 or equivalent in the loaded currency. 

Number of currencies supported

The HDFC Bank Multicurrency Platinum ForexPlus Card supports 22 currencies, including USD, EUR, KRW, BHD, GBP, OMR and NZD.

Benefits of using the HDFC Multicurrency Platinum ForexPlus Card

• Multi-destination convenience: Load up to 22 currencies on a single card and switch seamlessly between them for transactions. 

• Budget-friendly transactions: Lock-in exchange rates when loading, meaning for transactions carried out in a currency available on the card, you will be protected against foreign exchange rate fluctuation. 

• Intelligent fund utilisation: In case of insufficient balance in one currency, the card checks other wallets for sufficient funds, ensuring smooth transactions wherever you go.

• Complimentary insurance cover: Enjoy peace of mind with comprehensive insurance protection, including skimming and counterfeiting coverage up to INR 500,000 and air accident insurance up to INR 25,00,000.

• Contactless tap & pay: Make secure payments with PayWave technology at retail outlets with just a wave of your card.

Considerations

• Currency balance management: Ensure sufficient balance in the specific currency wallet for seamless transactions. If no single wallet has enough funds, the transaction may be declined, even if the total balance across all wallets is adequate.

• Usage limitations: Some features, such as online reloading, are available only to existing HDFC Bank customers. Additionally, card usage for certain types of transactions, such as ATM withdrawals, may have daily limits that vary based on location or ATM acquirer policies. You are advised to check the related details before making the final decision. 

5. ICICI Multi Currency Forex Prepaid Card

Website: icicibank.com/

The ICICI Bank Multi-Currency Forex Prepaid Card allows you to load and manage up to 15 currencies, making it easier to shop, dine, and travel without hassle. 

Fees & charges

• Issuance fee: There is no joining or annual fee. 

• Cross-currency fee: 3.5% is applicable if a transaction is made in a currency not loaded on your card.

• Cash advance/Cash@POS transactions fee: 0.5% of the transaction amount. 

• Replacement fee: $3 if lost in India and $20 if lost outside India. 

• ATM withdrawal fee: This is up to $2 or equivalent in the loaded currency.

• Inactivity fee: $5 for every 180 days of inactivity.

Number of currencies supported

The ICICI Bank Multi-Currency Forex Prepaid Card supports 15 currencies, including USD, GBP, AUD, AED, ZAR, SEK, HKD and SAR. 

Withdrawal limit

The ICICI Multi-Currency Forex Prepaid Card allows for daily ATM cash withdrawals of up to $2,000 or its equivalent in other currencies, depending on the balance available. 

Benefits of the ICICI Bank Multi-Currency Forex Prepaid Card

• Different currencies, single card: The card allows you to load and store up to 15 currencies simultaneously. 

• Lost card/counterfeit card liability coverage: With comprehensive insurance coverage, you are safeguarded against unauthorised transactions in case your card is lost, stolen, or counterfeited. 

• Superior security: The card is equipped with advanced security features like 3D Secure for online transactions and CHIP & PIN technology for in-store purchases. 

• Contactless payment: The card supports contactless payments, allowing you to make quick and secure transactions at PayWave-enabled merchants. 

Considerations

• Expiry and inactivity: Remember that the card comes with an expiry date, and unused balances attract inactivity charges after 180 days. 

• Less withdrawal limit: The daily ATM withdrawal limit on this card, capped at $1,000 or equivalent, may be lower compared to some other forex cards or credit cards, which could be restrictive if you require large amounts of cash.

6. SBI Multi-Currency Foreign Travel Card

Website: sbitravelcard.com

The State Bank Multi-Currency Foreign Travel Card is another forex card for Malaysia from India that you can consider.  Backed by the State Bank of India, this card enables you to carry multiple foreign currencies on a single card, providing an easy, cashless, and cost-effective way to pay for expenses abroad.

Fees & charges

• Issuance + initial load fee: ₹100 + GST

• Reload fee: ₹50 + GST 

• ATM withdrawal fee: USD 1.75, £ 1.25, € 1.50, SGD 2.00, AUD 2.50, CAD 2.50, AED 6.50.

• ATM balance inquiry fee: None. 

• Cross-currency fee: 3% of the transaction amount for unsupported currencies

• Card replacement fee: None. 

Number of currencies supported

The State Bank Multi-Currency Foreign Travel Card can be loaded or reloaded using Indian Rupees (INR) only, which will then be converted at an exchange rate determined by the branch where you (re)load it in any of the following 7 currencies: US Dollars, Great British Pounds, Euros, Singapore Dollars, Australian Dollars, Canadian Dollars and Dirhams.

Withdrawal limit

The State Bank Multi-Currency Foreign Travel Card allows ATM withdrawals of up to $10,000 per day or the equivalent in the loaded currency. 

Benefits of using the State Bank Multi-Currency Foreign Travel Card 

• Multi-currency support: The card allows you to load and manage multiple currencies, offering seamless transactions at over 34.5 million merchants and 2 million ATMs worldwide, wherever Mastercard is accepted (except India, Nepal, and Bhutan).

• Protection against exchange rate fluctuations: When you load or reload the card, the exchange rate is locked in, helping you avoid fluctuations while travelling and allowing better budget control.

• Enhanced security and assistance: The card offers chip and PIN protection, is not linked to your bank account and provides 24/7 global assistance, including free card replacement and emergency cash access in case of loss or theft.

• Online management and backup options: Cardholders can manage their card balances and transaction details online, locate nearby ATMs, and enjoy the option of an additional backup card for uninterrupted access to funds during emergencies.

Considerations

• High cross-currency fee: The card only supports 7 currencies, and a 3.5% fee applies for transactions in unsupported currencies, which can add up to the cost.

• No reward program: Unlike some credit cards, this Forex card doesn’t offer cashback or reward points on transactions.

• Inactive usage charges: The card may attract dormancy charges if not used for an extended period.

7. Thomas Cook One Currency Card

Website: thomascook.in

The Thomas Cook One Currency Card is a specialised forex card designed to simplify your international travel experience by eliminating cross-currency conversion charges. Unlike multi-currency forex cards, this card works exclusively in USD, making it ideal for travellers heading to the United States or countries where the US Dollar is widely accepted. 

Fees & charges

• Issuance and reload fee: None. 

• ATM withdrawal fee: $3.00 for every withdrawal.

Number of currencies supported

The Thomas Cook One Currency Card exclusively supports USD. It is not a multi-currency card and is, therefore, ideal for travellers primarily spending in USD.

Withdrawal limit

The card allows ATM withdrawals of up to $2000 per day, subject to ATM network restrictions.

Benefits of using the Thomas Cook One Currency Card

• Convenience: The card can be used at over 35.2 million Mastercard merchants in 200+ countries and for withdrawals from 2 million Mastercard ATMs worldwide.

• Enhanced security features: Equipped with chip and PIN protection, real-time transaction alerts via SMS and email, 3D secure authentication for online payments, and insurance coverage of up to INR 7,50,000, the card ensures your funds are safe and secure.

• Backup and emergency services: A backup card is available at zero cost, and lost or stolen cards are replaced free of charge. Additionally, emergency cash assistance is available, allowing you to withdraw funds up to your card balance in critical situations.

• User-friendly management and support: Manage your card with ease through a website and mobile app to check balances, review statements, change PINs, or block the card. Plus, enjoy 24x7 global customer assistance, toll-free services in India, and WhatsApp support for added convenience.

Considerations

• Single-currency limitation: Since it only supports USD, it’s not ideal for multi-country trips where other currencies are required, as a 3.5% fee applies for transactions in non-USD currencies, increasing costs in such cases.

• Withdrawal Charges: ATM withdrawal fees of $2.00 per transaction can add up for frequent cash usage.

How to choose the best Forex Card for Malaysia

1. Currency conversion charges: Choose a card with zero or low cross-currency fees. This helps reduce costs when spending in unsupported currencies like Malaysian Ringgit (MYR). Opt for a card supporting multiple currencies or at least USD. This minimises conversion fees and ensures smoother transactions, especially if you're visiting multiple countries.

2. Ease of reloading and unloading: Select a card that allows hassle-free online reloading during your trip and easy refund of unused funds post-trip, eliminating unnecessary costs and delays.

3. ATM withdrawal fees: Compare ATM withdrawal fees across cards to avoid excessive charges when withdrawing cash for local Malaysian expenses during your travels.

4. Daily withdrawal limits: Pick a card offering higher daily ATM withdrawal limits to avoid issues if you require large sums of cash for unexpected expenses.

5. Read reviews: Make sure to read customer reviews and opt for cards offering 24/7 customer support, free replacement, and emergency cash assistance to stay prepared for unforeseen situations.

Forex tips when travelling to Malaysia

1. Carry both card and cash: While forex cards are convenient, keep some Malaysian Ringgit (MYR) handy for small purchases at street markets, local eateries, or in rural areas where card payments may not be accepted. This ensures smooth transactions wherever you go.

2. Monitor exchange rates: Load your Forex card when exchange rates are favourable. Doing this helps you save on conversion costs, allowing you to lock in better rates and stay within budget for your Malaysian travel expenses.

3. Avoid airport currency exchanges: Avoid exchanging currency at airports, as their rates and fees are typically higher. Use your Forex card for transactions or withdraw cash from ATMs for better value and lower conversion costs.

4. Track your spending: Utilise your card’s mobile app or online portal to monitor your expenditures in real time. This helps you stay within budget, manage funds effectively, and track remaining balances during your trip.

5. Keep emergency numbers handy: Save your Forex card’s customer service contact details. In case of loss, theft, or technical issues, having this information ensures you can quickly block the card or resolve problems.

Conclusion

Using a Forex card is one of the smartest ways for Indian travellers to manage expenses in Malaysia. Whether it's for safety, convenience, or cost-effectiveness, forex cards offer a host of benefits compared to traditional cash or credit cards. Cards like the AtlysX Global FX Card, BookMyForex Multi-Currency Forex Card, and Axis Bank Multi-Currency Forex Card stand out for their competitive features and user convenience. Additionally, following essential forex tips, such as monitoring exchange rates, carrying some cash, and using your card strategically, can further enhance your travel experience.

By making an informed decision, you can ensure your journey to Malaysia is cost-effective, secure, and enjoyable, allowing you to focus on the trip without worrying about currency woes.