SBI Forex Card vs ICICI Forex Card: Understanding the Differences

SBI Forex Card vs ICICI Forex Card
Home » International Money Transfer » Forex Cards » SBI Forex Card vs ICICI Forex Card: Understanding the Differences

SBI Forex Card vs ICICI Forex Card: Today, Forex Cards have become one of the safest, most reliable, and most affordable options to carry money while travelling abroad. Many banks provide Forex cards for international students with different features and benefits. For example, Axis Bank’s ‘Multi-Currency Forex Card’ allows you to carry up to 16 widely used currencies in one card, and HDFC Bank’s ‘ISIC Student ForexPlus Card’ acts as a ‘dual card’ i.e, it is both a currency card as well as a student identity card. Hence, Forex cards have become very popular and a convenient way to carry out transactions in different foreign currencies.

In this blog, we are going to understand what Forex Cards are, what are their benefits and features, and then take a look at the differences between the Forex Cards offered by two of the most trusted banks in India – the State Bank of India (SBI) and the ICICI Bank.

What are Forex Cards?

Forex cards are prepaid cards issued by banks and financial institutions that can be used either as a debit card or a credit card. They are also known as travel cards and are specifically designed keeping in mind the needs of international travellers and students. They are a convenient way of carrying foreign currency and using it for transactions. Forex cards serve as the easiest tool to manage your expenses abroad and there are different types of forex card options available for students planning to study abroad.

Features of Forex Cards

There is a multitude of benefits of having a Forex card such as:

  • A means of using multiple foreign currencies: They can be loaded with multiple foreign currencies, making it easier for users to make transactions in the currency of their choice without having to convert money each time.
  • Instant reloading facility: The card can be easily reloaded with money through Prepaid NetBanking.
  • Obtaining cash in local currency: The card can be used to obtain cash through an ATM in local currency.
  • Online transactions: By using a Forex card you can easily make online purchases and transactions on international websites.

Also Read: SBI Forex Card: Rate, Issuing Branches, Benefits, Withdrawal

SBI Forex Card

The State Bank of India is one of the most trusted banks in India and offers two types of forex cards – the ‘State Bank Foreign Travel Card’ and the ‘State Bank Multi-Currency Foreign Travel Card’, while the former is available on a VISA platform, the latter is available on a MasterCard platform. Let’s take a look at them in detail.

State Bank Foreign Travel Card

The State Bank Foreign Travel Card is a prepaid international currency card giving the freedom to the cardholder to carry cash anywhere across the globe except India, Bhutan, and Nepal. The card allows the usage of eight different foreign currencies like US Dollar (USD), Euro (EUR), Pound Sterling (GBP), Japanese Yen (YEN), Singapore Dollar (SGD), Australian Dollar (AUD), Canadian Dollar (CAD), and Saudi Riyal (SAR).

State Bank Foreign Travel Card – Benefits & Features 

The various benefits and features of the State Bank Foreign Travel Card are listed below:

  • The card is issued on the Visa International platform.
  • The card can be used for various purposes like travel, medical, education, etc.
  • It allows the cardholder to load and reload a minimum amount of USD200/ AUD200/ SGD250/ GBP120/ Euros150/ SAR750, and CAD200.
  • Provides the cardholders with access to competitive exchange rates.
  • These cards can be reloaded multiple times as per the need within the limits of FEMA/RBI regulations.

State Bank Foreign Travel Card – Fee & Charges

FeesAmount
Initial purchase and load feeINR 100 + GST
Reload feeINR 50 + GST
ATM Fee per withdrawalUSD 1.75/ Pounds 1.25/ Euros 1.50/ CAD 1.75/ AUD 2.00
Minimum amount of initial loadUSD 200/ Pounds 120/ Euros 150/ CAD 200/ AUD 200

Also Read: ICICI Forex Card for Students

State Bank Multi-Currency Foreign Travel Card

This card gives the choice to the cardholder to load the card with their choice of currency/currencies. Since the card can be loaded with multiple currencies, it can be used in different countries and is thus suitable for international students and travellers. As this card is available on a MasterCard platform, it can be used on ATMs that accept only MasterCard.

State Bank Multi-Currency Foreign Travel Card – Benefits & Features

Some of the benefits and features of the State Bank Multi-Currency Foreign Travel Card are:

  • Cardholders can withdraw local currency at more than 2 million ATMs across the globe accepting MasterCard cards.
  • The card can be loaded with different currencies including US Dollars, Euros, British Pounds, Singapore Dollars, etc.
  • These cards are PIN and chip-protected.
  • The cardholders are not required to give any information about their bank accounts while using the card.

State Bank Multi-Currency Foreign Travel Card – Fee & Charges

FeesAmount
Initial purchase and load feeINR 100 + GST
Reload feeINR 50 + GST
ATM Fee per withdrawalUSD 1.75/ Pounds 1.25/ Euros 1.50/ CAD 2.50/ AUD 2.50

ICICI Forex Card

Like other banks, ICICI Bank also provides Forex Cards and there are four different variants of ICICI Forex Card. Below are the details of these four variants-

Type of Forex CardBenefits
Student Contactless Forex Prepaid CardOffers like ISIC Membership and DHL discounts
Sapphiro Forex Prepaid CardJoining benefits of INR 10,000
Coral Forex Prepaid CardBookMyShow voucher worth INR 500
Multi-Currency Forex Prepaid CardProvides 15 currencies and comes with contactless technology

ICICI Forex Card – Benefits & Features

The following are the various benefits and features of the ICICI Forex Card-

  • It comes with the superior ‘3D secure authentication’ which provides additional security features.
  • The card comes with numerous discounts and offers and can be used while shopping and dining out.
  • A user can easily buy, refund, or reload the ICICI Bank Forex Card online.
  • The card offers a total of 15 currency wallets including GBP, USD, CAD, EUR, AUD, SGD ETC.

ICICI Forex Card – Fee & Charges

The details about the charges of the ICICI Forex Card are mentioned below:

Type of Forex CardJoining Fee
Student Contactless Forex Prepaid CardINR 499 + GST
Sapphiro Forex Prepaid CardINR 2,999 + GST
Coral Forex Prepaid CardINR 499 + GST
Multi-Currency Forex Prepaid CardINR 150 + GST

Difference Between SBI Forex Card & ICICI Forex Card

The major difference between the SBI Forex Card and ICICI Forex Card is the number of variants, fees and charges and number of currencies. The details about these differences are tabulated below:

AspectSBI Forex CardICICI Forex Card
Number of variantsTwoFour
Number of currencies available815
Initial Purchase and load feeINR 100 + GSTBetween INR 150-2,999 + GST
Reload FeeINR 50 + GSTINR 100 + Fee
ATM Fee per withdrawalUSD 1.75/ Pounds 1.25/ Euros 1.50/ CAD 2.50/ AUD 2.50USD 2.00/ Pounds 1.50/ Euros 1.50/ CAD 2.00/ AUD 2.00

FAQs

Which one is better, the SBI Forex Card or the ICICI Bank Forex Card?

Both the cards come with their special features and choosing one over the other will depend on your preferences. In terms of the number of variants and currencies, the ICICI Bank card provides more choices but in terms of annual fees SBI Forex card is more affordable.

How many variants of ICICI Bank Forex Cards are available?

There are four variants of ICICI Bank Forex Cards and they are-
-Student Contactless Forex Prepaid Card
-Sapphiro Forex Prepaid Card
-Coral Forex Prepaid Card
-Multi-Currency Forex Prepaid Card

How many currency wallets are there in an ICICI Forex Card?

ICICI Forex card provides 15 currency wallets including the United States Dollar (USD), and Great Britain Pound (GBP), among others.

A Forex Card is a good option for students travelling abroad. It is a secure and convenient way of carrying foreign currencies. A lot of banks today provide different types of forex cards, including the State Bank of India (SBI) and ICICI Bank. If you are planning to study abroad or go on an international trip then having a Forex Card will make things a lot easier for you. Choose a card from a bank that will best suit your needs.

To know more about the forex cards of different banks, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience. Follow our social media handles on Twitter, LinkedIn and Instagram

Related Blogs
List of the Cheapest Forex Cards for Students: Send Money Internationally with Low Transfer Fee
Axis Bank Forex Card for Students: Charges, Application Form, Rates, Benefits
HDFC Forex Card for Students: Charges, Application Form, Balance Check, Benefits

Follow Us on Social Media

About Adrika Singh

Leave a Comment

Top Banks Offering No-Collateral Loans Coverage Under Tata AIG Travel Health Insurance for Students Best Overseas Travel Policies for Students Cheapest Forex Cards for Students Best Picks for Student Travel Insurance Top Banks Offering Education Loans for New Zealand Studies! Apply for YES Bank Education Loan Top Up in Easy Steps Top Currency Exchange Providers in Toronto Documents Required for SBI Takeover of Education Loans Where to Exchange Currency in Birmingham?
×

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?