Indians going abroad to pursue higher education often require forex cards to book flight tickets and Uber rides, withdraw money from ATMs, and for other purposes. To avail of these facilities at economical costs, an individual often searches for the cheapest forex cards for students. Some of the common cards include the Fly Finance Forex Card, YES Bank Forex Card, ICICI Student Forex Card, IndusInd Bank Multi-Currency Forex Card, etc. Keep reading the blog to learn more about these forex cards.
Must Read: List of the Documents Required for a Forex Card
What are Forex Cards?
Forex cards, also known as travel cards or prepaid travel cards, are a type of prepaid card specifically designed for international travellers and study abroad students. They are issued by banks and financial institutions and are meant to provide a convenient and secure way to carry foreign currency while travelling abroad.
To avail of these advantages, students going abroad must look out for the cheapest forex cards for students. They can also take advantage of other benefits of forex cards, which are they can be loaded with one or multiple foreign currencies, allowing users to make transactions in the respective currencies without the need to convert money each time.
Also Read: Zero Forex Markup Card: A Way To Simplify Your Foreign Transactions
List of Cheapest Forex Cards for Students
Here is a comprehensive list of economic forex cards for students going abroad for higher education. You can compare charges and benefits to choose the best option.
IndusInd Bank Multi-Currency Forex Card
One of the cheapest forex cards for students, it incorporates an embedded chip, enhancing the security and ease of your transactions. This card provides the added advantages of currency withdrawals from all VISA ATMs, safeguarding against currency fluctuations, and offering convenient online banking. In addition, it enables the loading of 14 currencies onto the card for spending in diverse nations.
Furthermore, benefits of the IndusInd Multi Currency Forex Card encompass the option to use the coupon code “AIRPORTC” for the waiver of the card issuance fee. Additionally, loading funds below INR 1 lakh entitles you to an Uber voucher worth INR 500, while loading funds above INR 1 lakh grants a voucher worth INR 1000. The card also offers a hassle-free refund process. The card provides the convenience of instant alerts for all transactions carried out using the Forex card. This feature serves to prevent fraudulent activities.
| Particulars | Details |
| Issuance/Joining Fee | INR 300 |
| Reloading Charges | INR 100 |
| No. of Currency Supported | 14 |
| Cross Currency Usage Fee | 3.5% Mark up on the Transferred Amount |
Also Read: Wire Transfers vs. Forex Cards
State Bank Multi-Currency Foreign Travel Card
It is a prepaid Forex card provided by the State Bank of India. Although there is no yearly membership fee associated with the card, there is an initial issuance fee of Rs. 100 (plus GST) that is applied when obtaining the card. This issuance fee for the SBI Multi-Currency Foreign Travel Card is the lowest among all the forex cards available in India.
Moreover, this SBI Forex Card allows loading in seven distinct currencies: USD, EUR, Pound, SGD, CAD, UAE Dirham, and AUD. While transactions conducted in the currency loaded on the card do not incur a markup fee, a cross-currency usage fee amounting to 3% of the transaction value is imposed on transactions carried out in a currency different from the one loaded on the card.
| Particulars | Details |
| Issuance/Joining Fee | INR 100 + Taxes |
| No. of Currencies Supported | 7 |
| Cross-Currency Usage Charges | 3% of the transferred fund |
| Cash Withdrawal Charges at ATM | USD 1.75 |
| Foreign Currency Markup Fee | No fee for the currency loaded on the card |
ICICI Bank Student Forex Card
Tailored for students aspiring to pursue education abroad, the ICICI Bank Student Forex Prepaid Card offers a convenient feature — it can be reloaded at any ICICI Forex branch, through their online platform Forex@Click, or using their iMobile app.
Furthermore, one of the most popular cheapest forex cards for students has advantages like the International Student Identity Card (ISIC) membership valued at INR 590. Additionally, you can benefit from the card protection plus insurance worth INR 1,600 and a 40% discount on excess baggage. In addition, students also receive a 20% discount on courier services by DHL and avail of lost card/counterfeit card liability coverage of up to INR 5 lakh.
| Particulars | Details |
| Joining/Issuance Fee | INR 499 |
| Annual Charges | INR 199 after 1st year |
| Reloading Charges | None |
| Cross Currency Conversion Fee | 3.5% of the Transferred Amount |
Also Read: HDFC Forex Card for Students
ICICI Bank Sapphiro Forex Prepaid Card
The Sapphiro Forex Prepaid Card from ICICI Bank is a high-end prepaid Forex card. It requires a substantial joining fee of INR 2,999 + GST. Despite the cost, this premium travel card provides numerous extra advantages such as shopping vouchers, Uber vouchers, free international lounge access through Dragon Pass, savings on international roaming plans, and more. No yearly membership fee is associated with the ICICI Sapphiro Forex Prepaid Card.
Additional perks of the card include two complimentary airport lounge visits each year through Dragon Pass, no fees for cross-currency usage, a comprehensive travel insurance policy, and a 5% cashback on hotel and flight reservations.
| Particulars | Details |
| Joining Fee | INR 2999 |
| Foreign Currency Markup Charge | None |
| No. of Currencies Supported | 15 |
| Cross-Currency Usage Charges | None |
FAQs
Ans. Some common ones include the ICICI Student Forex Card, IndusInd Bank Multi-Currency Forex Card, State Bank Multi-Currency Foreign Travel Card, State Bank Multi-Currency Foreign Travel Card etc.
Ans. Yes, Nationalised banks like SBI and private banks like ICICI Bank, IndusInd Bank, and HDFC Bank offer cost-effective forex cards for students.
Ans. It has benefits like the International Student Identity Card (ISIC) membership valued at INR 590. Additionally, you can benefit from the card protection plus insurance worth INR 1,600 and a 40% discount on excess baggage. In addition, students also receive a 20% discount on courier services by DHL and avail of lost card/counterfeit card liability coverage of up to INR 5 lakh.
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