Best Student Forex Cards - Know the Benefits & Eligibility criteria

For students studying abroad, Forex Travel Cards have become essential tools that enable them to handle foreign currencies in a secure and comfortable manner. This helps them avoid high transaction fees and exchange rate fluctuations that are characteristic of traditional banking methods. ICICI Bank offers various options for Forex Prepaid Cards suited to the specific student requirements.

This blog provides an understanding of which Forex Card is best for students and how to choose an appropriate ICICI Bank Forex Card. Let’s get started!

What is a Forex Travel Card?

A Forex Travel Card is a prepaid Card that allows you to load multiple foreign currencies into one Card, making it easier to handle expenses during your travel abroad. Forex Cards do not work like conventional credit or debit cards, as the exchange rates are locked-in while loading the Card, thereby protecting users from currency fluctuations. Key features include acceptance all over the globe, safety and the ability to reload online.

What is a Student Forex Travel Card?

Forex Cards, with unique characteristics tailored specifically for students, make them cheaper than others, since they come with lower charges and costs. This makes it more affordable for those who operate under tight budgets. Student Forex Cards also offer special privileges such as concession airfare, dining, shopping, etc. that help students save money while studying abroad.

What are the Benefits of a Student Forex Card?

No Minimum Balance Requirement

There is no minimum balance requirement in a Student Forex Card.

Safe & Convenient

For added security against unauthorised usage, Forex Cards are equipped with up-to-date safety features like Chip and PIN protection and can be used at all stores across the globe.

Easy Management

A Forex Card has online tools for account management, where you can check your balance and view transaction history/reloads. It helps students or travellers manage their finances from anywhere in the world.

24x7 Availability

You can load currencies onto your Forex Card at any time, easily through different payment modes including Debit Cards, Net Banking.

Global Acceptance

The Student Card works worldwide at more than 50 lakh merchants including shopping centres, restaurants and online retailers. You can transact at over 14,000 ICICI Bank ATMs and other bank ATMs, giving you easy access to money wherever you are.

Attractive Deals

Forex Cards offer various deals and discounts on travel, dining out and shopping.

Best ICICI Bank Forex Card for Students

ICICI Bank offers students the ability to select from multiple Forex Card variants. These include:

Sapphiro Forex Prepaid Card

The Sapphiro Forex Prepaid Card is a preferred choice for students due to its multiple features. This card allows for easy management of several currencies with high security measures. The joining benefits valued at ₹10,000 (including travel vouchers and shopping) add to the Card’s appeal, making it ideal for frequent travellers.

Student Sapphiro Forex Prepaid Card

The Student Sapphiro Forex Prepaid Card is a premium variant tailored specifically for students. It comes with everything offered by the Sapphiro Forex Prepaid Card and other benefits specific to student life and requirements. Some of these benefits include lower charges, special educational product discounts and travel deals, making it feasible for students.

Student Contactless Forex Card

With a joining fee of ₹499 (inclusive of Tax), this Card comes loaded with benefits worth ₹5000 including International Student Identity Card (ISIC) membership, one ATM waiver monthly, Card Protection Plus Insurance and a free international eSim.

Multi-Currency Contactless Forex Card

This Card comes with zero joining fee and offers a free international SIM card. It is protected with 3D Secure Chip & PIN technology and has a Lost Card liability coverage of up to ₹5,00,000. It can be used for contactless payments at merchants using payWave - a contactless payment method for purchases of $200 and below at all Visa contactless points-of-sale.

Coral Forex Card

The Coral Forex Card comes at a joining fee of ₹499 plus taxes with benefits worth ₹3000 offering vouchers from Uber and BookMyShow. It has a Lost Card liability coverage of ₹5,00,00 and contactless payment utility at payWave enabled merchants.

How to apply for a Student Forex Card?

Applying for a Student Forex Card is simple. Follow these steps:

1. Visit ICICI Bank’s website or any branch
2. Choose the desired Forex Card type
3. Fill the online application form or at a branch
4. Submit the required documents (ID proof, address proof, etc.)
5. Complete the KYC process, if not already done.

The Card will be issued post verification and can be collected from the branch or it will be mailed to your registered communication address.

Documents required for a Student Forex Card

1. Valid passport
2. ID proof (Aadhaar, PAN Card)
3. Address proof
4. Recent passport size photograph

How to use a Forex Card?

Load it like a Prepaid Card

Funds can be loaded onto the Card in the chosen foreign currency through ICICI Bank's online portal or at any branch, helping you to manage your funds easily while studying abroad.

Swipe and Pay or Tap and Pay

Use the Card for shopping or at food counters by swiping or making contactless payments at merchants, saving you the hassle of handling cash.

Pay for Online Transactions

Make online purchases in foreign currency, avoiding exchange rate fluctuations.

Withdraw Cash from ATMs

Withdraw money in the respective local currency from ATMs worldwide, just like a Debit Card.

Shuffle funds between Currency Wallets

If you are studying in a country where you need to deal with multiple currencies, you can manage them all, by easily transferring funds between wallets, as needed.

Pay across the world in a Single Currency

You can simplify payments while travelling, using the ICICI Bank Student Forex Card for all kinds of transactions. It helps you to focus on your studies and saves you from worrying about exchange rates or payments.

Conclusion

ICICI Bank Student Forex Cards offer advantages like safety, convenience and cost saving. Choosing a suitable Card according to your specific travel and study necessities makes it easy to manage finances abroad. International students are advised to apply for the ICICI Bank Forex Card of their preference, to help improve their experience worldwide.