Axis Bank not only has a long list of rewarding credit cards in its portfolio, but also a good forex card in the affluent segment. While Axis Bank offers a multi-currency forex card to retail customers, they also silently issue a separate variant for Burgundy customers.
Here’s everything you need to know about the Axis Burgundy Multi-Currency Forex Card, which is one of the few forex cards with close to 0% markup in the market.
Table of Contents
Fees & Charges
| Type | Prepaid Forex Card |
| Issuance Fee | Nil (for Burgundy Customers) |
| Reload Fee | Nil (for Burgundy Customers) |
| Refund Fee | Nil (for Burgundy Customers) |
| Currency Supported | – Multi-Currency Wallet – Supports 16 Currencies |
| Usage | – POS / Contactless – ATM – Online |
| Forex Markup Charges | – Nil (for load/reload) |
| Cross currency markup Charges | – 3.5%+GST (when funds are low in one currency) |
| ATM Withdrawal Fee | Free (upto 6 times a year) |
| Daily ATM withdrawal Limit | Varies by currency |
| Reload Method | Online / Offline |
How it works?
The Axis Burgundy Multi-Currency Forex Card functions like any other multi-currency forex card that lets you load multiple currencies on a single card.
If the required currency wallet has insufficient balance during a transaction, it auto-debits from other wallets, with a 3.5% cross-currency markup.
Benefits
- Bicester Collection: 10% off with Vip Pass, Apartment Access, Hands-free shopping. Offer Source
- Visa Offer: Complimentary International Sim Card with 30 days validity, International E-Sim/Physical SIM card option, up to 6GB data and up to 60 Minutes talk time. Offer link
- Klook: 15% off (Max discount: 18 USD)
- Other Visa merchant offers
These benefits are quite useful for frequent travellers. Especially the complimentary SIM card, something most travellers end up spending on. I’m planning to try this on my next trip.
The key use case for me was actually the Bicester Collection benefit, which made me explore the card in the first place.
You can check out my complete experience of this benefit in Ireland here: Review: The Apartment, VIP Pass and Hands-free Shopping at Kildare Village, Bicester Collection.
Hands-on Experience
I applied for the Axis Burgundy Multi-Currency Forex Card via the Axis Mobile App, and the process was smooth and fast.
The application was thankfully not lengthy. It asked for a passport number and a few basic details, and that’s it. It even shows the benefits exclusive to the Burgundy variant.
Unlike HDFC forex cards that allow loading via credit/debit cards, Axis only permits loading through a linked bank account.
I loaded a minimum of 1 EUR and the conversion rate was very close to Google/XE, which is great. Though, a tax of ₹45 was charged on top.
Since the Axis app doesn’t allow screenshots, I couldn’t capture the process but overall, it was seamless.
Post submission of the application, the card was approved in 1 day and delivered to me within a week.
Note: The card isn’t a personalised one, just like most other forex cards in the market. Instead of your name, it comes embossed with “Burgundy Chip” on the front.
That said, the design looks elegant and definitely better than the usual pink-toned Axis Credit Cards.
Should you take it?
The major advantage of Axis Forex Cards over HDFC Forex Cards is that Axis doesn’t charge any markup for currency loading, whereas HDFC silently levies around ~2% (without explicitly disclosing it).
That makes the Axis Burgundy Multi-Currency Forex Card a true 0% markup forex card, which is rare to find from established banks.
Add to that:
- No issuance/reload fee
- Better benefits
- And it’s free of cost if you’re a Burgundy client
So, if any of this sounds interesting to you, this card is worth considering just for the benefits alone.
For spends, it’s also a decent choice for those who don’t hold super-premium cards or can’t fully utilise 5X rewards on HDFC forex cards like the HDFC Multicurrency Forex Card.
Bottomline
The Axis Burgundy Multi-Currency Forex Card is a hidden gem for Burgundy customers who value the benefits it provides. Since it’s completely free for Burgundy customers, it’s a no-brainer to grab one.
That said, it’s surprising that Axis doesn’t even list this Burgundy variant anywhere on their website. Though, it’s easy to apply via mobile app.
While it’s good in its current form, it would be wonderful if Axis allows to load/reload the forex card with Credit cards like HDFC Bank.
Do you hold Axis Burgundy Multi-Currency Forex Card? Feel free to share your experience in the comments below.
Tried for thai bhat . It is charging 3.14, Hdfc multicurrency forex is charging 2.98 as of today.
Same here tried with thai bhat. Its charging 2.9 instead of 2.6. At this price my credit card might be better
In the process of applying for this card on the Axis app, I checked their exchange rates and their so-called special exchange rate for euro was 103.49 whereas on xe .com, it was 100.58. Not exactly what you would call zero markup, no? 🙂 Axis being Axis!
Interesting. So it’s probably not realtime then or follows a weird algorithm.
This is true, had the same observation sometime ago. The rates were almost 8% higher than exchange rates at that point!
So I logged in today to get some clarity on this by trying to reload. I see 1% difference compared to the Google rate, PFA. It’s weird as to why their margin is dynamic.
Thanks Sid, for this article. Got mine approved today! Will be using this for forex and Infinia for INR (with 1% dcc charges) is accepted.
Infinia charges 6% fee in the POS and on asking they say aggregator is charging and not the bank and there is no transparency on rates in swiping the Infinia card happened in Dubai . Have a check point
That’s not common though. Did you notice any DCC charges as well?