List of the Cheapest Forex Cards for Students: Send Money Internationally with Low Transfer Fee!

cheapest forex card for students

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.

ParticularsDetails
Issuance/Joining FeeINR 300
Reloading ChargesINR 100
No. of Currency Supported14
Cross Currency Usage Fee3.5% 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. 

ParticularsDetails
Issuance/Joining FeeINR 100 + Taxes
No. of Currencies Supported7
Cross-Currency Usage Charges3% of the transferred fund
Cash Withdrawal Charges at ATMUSD 1.75
Foreign Currency Markup FeeNo 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.

ParticularsDetails
Joining/Issuance FeeINR 499
Annual ChargesINR 199 after 1st year
Reloading ChargesNone
Cross Currency Conversion Fee3.5% 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 FeeINR 2999
Foreign Currency Markup ChargeNone
No. of Currencies Supported15
Cross-Currency Usage ChargesNone

FAQs

Q1. Which are the cheapest forex cards for students?

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.

Q2. Can I get a Forex card for students at banks?

Ans. Yes, Nationalised banks like SBI and private banks like ICICI Bank, IndusInd Bank, and HDFC Bank offer cost-effective forex cards for students.

Q3. What are the advantages of the ICICI Bank Student Forex Card?

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.

Stay in tune with FlyFinance to avail yourself of study abroad loans and international money transfer services.

About Ankita Singh

Leave a Comment

10 Best Banks in the USA for International Students Open an International Bank Account Online in 7 Steps 3 Best Student Bank Accounts to Open when Studying Abroad ICICI Bank Education Loan to Study Abroad Baroda Yoddha Education Loan to Study Abroad Top 5 Benefits of SBI Zero Balance Account for Students Eligibility Criteria for Aditya Birla Capital Education Loan to Study Abroad Auxilo Education Loan for Army Brats: Loan Details and Interest Rates Steps Involved In Canara Bank Education Loan Processing Time IBDI Education Loan Documents Required Checklist
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Want to transfer money abroad at the cheapest rates?