ICICI Student Forex Card: Features, Benefits, Rates & Apply

A Forex card is a prepaid card that can be loaded with multiple currencies and help international students manage their finances when studying abroad. ICICI Bank Forex Card is one such option suitable for study abroad aspirants. These are designed to provide various facilities such as convenience, security, and cost-effectiveness.

The ICICI Forex card for students is the easiest way to easily carry foreign currency and make international transfers or regular transactions. Keep reading to know more about the ICICI Forex card, its benefits, charges, delivery time, and application.

What is an ICICI Forex Card?

ICICI forex card assists customers in carrying their foreign currency and paying for expenses on their overseas trips. It is like a prepaid card that can store your foreign currency. Forex cards can be used as credit or debit cards to pay for the expenses incurred in a local currency. 

ICICI student Forex cards can be loaded in multiple currencies (15 currencies) and ensures secure transactions. International students can set a limit on expenses on their Forex card and can safely carry money abroad. 

Moreover, forex cards are universally accepted. The exchange rate of forex cards is fixed and no charges are levied for dynamic currency conversion. Similarly, no extra charges associated with POS and e-commerce have to be paid.

Why Choose ICICI Bank Forex Card?

ICICI Forex card for students offers various benefits to students. It helps in making secure transactions that are super easy to make. Students also do not have to pay extra currency conversion charges. Below are the reasons you should choose an ICICI card:

  • The ICICI student Forex prepaid card offers comprehensive travel insurance.
  • A free replacement card is available in case of theft, loss, or damage to the main card. Moreover, the free replacement card will be activated instantly.
  • The Forex card transactions are protected through the 3D secure authentication & chip pin technology.
  • ICICI bank offers free emergency cash delivery services in case of loss or theft of cards overseas.

ICICI Prepaid Card Types

ICICI bank offers 4 variants of Prepaid Forex cards to its customers. These are beneficial to students who are looking to foreign exchange while studying abroad. Let us see the type of forex cards provided by ICICI along with the benefits provided by them:

ICICI 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 CardOne card. 15 currencies. It is available with contactless technology.

Also Read: If you are coming back to India after your International travel and left with foreign currency, then check this blog on How to Exchange Foreign Currency to Indian Rupee?

Features and Benefits of ICICI Forex Card

ICICI card allows easy and secure payments. The user-friendly mobile app allows the convenience of making payments anytime and anywhere and skipping branch visits. ICICI Forex card for students also provides contactless transactions with many offers and discounts on it. Here are some detailed features and benefits of the card:

  • Load Forex Prepaid cards and easily make payments at merchant outlets and through online transactions.
  • The superior 3D Secure authentication adds to security and verifies the identity of the customer while making payments
  • Easily buy, refund, or reload the ICICI bank forex card online
  • 24/7’ self-care portal ‘allows the customer to skip the customer care office and manage all Forex card requirements online. That is, resetting an ATM pin, unblocking a card, wallet-to-wallet transfer, etc.
  • Get exciting discounts and offers while shopping/dining with your ICICI Forex card 
  • The ICICI bank multi-currency forex card comes with a replacement card. The replacement card can be quickly activated in case of loss/theft.
  • Use the ICICI Forex card for wallet-to-wallet transfers. Customers can also use the card for duty-free shopping at all Indian airports.
  • Get free comprehensive travel insurance. For example, Personal air accident cover/death (INR 10 lakh) and lost card liability insurance cover (INR 2 lakh).
  • Free emergency cash delivery service and 24/7 GCAS customer care assistance are provided to customers.

ICICI Bank Multi-currency Prepaid Card

ICICI Forex card offers a total of 15 currency wallets. It is known to be one of the best multi-currency forex cards. Moreover, cross-currency rate fluctuations are not applicable in these currencies. They are:

  • Great Britain Pound (GBP)
  • United States Dollar (USD)
  • Canadian Dollar (CAD)
  • Euro (EUR)
  • Australian Dollar (AUD)
  • United Arab Emirates Dirham (AED)
  • Singapore Dollar (SGD)
  • Swiss France (CHF)
  • Swedish Krone (SEK)
  • Japanese Yen (JPY)
  • South African Rand (ZAR)
  • Saudi Riyal (SAR)
  • New Zealand Dollar (NZD)
  • Thai Baht (THB)
  • Hong Kong Dollar (HKD)

Also Read: Learn all about making informed financial decisions by checking our blog on Navigating Currency Exchange Risks: What Every Study Abroad Student Should Know

ICICI Forex Cards Charges

ICICI Student Forex Card does charge specific fees such as joining fees (INR 499), renewal fees (INR 199), and reloading fees (INR 100). The bank also charges an amount of USD 5 if the ICICI forex card is inactive for more than 180 days. The table below provides the list of other charges and fees applicable for the ICICI Forex card are as follows:

ChargesDetails
Cross currency fee3.5% + GST (applicable for all transaction types)
2.5% of the transfer amount (from the destination wallet)1% of the withdrawal amount
Cash Advance/ Cash@POS transactions fee0.5% of transaction amount
Fee for uncapped ATM withdrawals1% of withdrawal amount
Penal Charges- Inactivity feesinactivity fees of INR 500 + GST every 180 days, if the card remains inactive for the last 6 months.

How to Buy an ICICI Bank Forex Card?

An ICICI Forex card for students can be bought through Internet banking, iMobile pay apps, and Forex branches. With easy documentation, students can easily apply for ICICI bank student forex prepaid card online. After applying for the same, the activated card gets delivered to your mailing address within 4-5 working days. Here are the details of how to buy an ICICI Bank student forex card, in detail-

Internet Banking

To buy an ICICI Bank forex cad log in to Internet baking 

  • Next, select ‘forex and prepaid cards’ under the section ‘cards and loans
  • Choose the option ‘apply for a new card’ 
  • Select the variant, enter the required details, and ‘generate card’
  • The Forex card will be delivered to the customer after activation. It would take around 5 working days for the same

iMobile App

To buy an ICICI Bank forex cad log in to the iMobile app

  • Select ‘apply now’ under Forex prepaid card 
  • Next, select the card variant, and enter the requisite details to ‘generate card’
  • The forex card will be delivered to the customer after activation. It would take around 5 working days for the same

Forex Branches

To buy an ICICI Bank forex card customers can walk into their nearest bank branch.

  • Request the Forex Prepaid Card application form and fill in the details 
  • Submit the same with the required documents and show proof of original documents
  • Forex prepaid card kit will be granted to the costumes 
  • The card will be activated within a single working day

ICICI Prepaid Card Delivery Time

The ICICI student Forex card delivery time is generally 4-5 working days. The activated card gets delivered to your mailing address after successfully applying for the same. 

However, those who visit the bank branch to activate the card will get the card within 1 working day. That is, they will get the Forex card kit instantly. For Internet banking/mobile app registrations, it would take 5 days for the card to be delivered to the customer.

Also Read: If you are planning to pursue an undergraduate course in Germany and want to take an education loan, check this blog on How To Get an Education Loan without Collateral in Germany.

5 Tips for Using ICICI Bank Forex Prepaid Card

There are many ways to effectively manage your ICICI student Forex card. It is necessary to load it with the amount you actually need- neither too much nor too little. Make sure to always sign the receipt given by the merchant while swiping it at any shop or dining place. Here are some more tips that customers can use to better manage their Forex prepaid card:

  • Most ATMs provide the facility to check the bank balance and withdrawal in the local currency. If the option is chosen, cross currency conversion rate may be applicable.
  • Customers who lose the card need to inform the bank within 24 hours 
  • The SMS alert facility is only applicable to Indian mobile numbers. Otherwise, international roaming facilities have to be activated to receive SMS transaction alerts.
  • Never allow a merchant to swipe the card in your absence. The cardholder needs to be present while the transaction is taking place.
  • Additional charges may be applicable in some ATMs. Customers need to check the details before usage.

FAQs

Does ICICI Bank issue a Forex card?

Yes. ICICI bank issues a Forex card for the customers who request it.

Is it good to buy a Forex card?

Yes, a Forex card is beneficial for customers who are taking an international trip. The conversion charges are less than converting money into cash.  Hence, the cards are best for those who take international trips.

How much money can I carry in my Forex card?

There is no limit to the money costumes can carry in their Forex card. Amount restrictions are applicable for those who travel back to India. That is, around USD 5000 – USD 10000.

Which ICICI forex card is best for international students?

There are various forex cards which are best for students. Student Contactless Forex Prepaid Card is known to be very helpful to International students. A forex card is a secure, and convenient method to carry foreign currency.

Is there any charges for ICICI forex card?

Yes, there are joining and annual fees associated with the type of ICICI forex card a student opts for. It ranges from INR I50 to INR 2000, and is subjective to change.

Is ICICI Bank forex card good?

Yes the ICICI Bank forex card is good for international students. The ICICI Forex card provides plenty of benefits to its customers such as free replacement cards, free comprehensive travel insurance, and 24/7 self-care portals, among others.

What are the types of ICICI forex card?

Mainly there are four ICICI forex cards available to customers. They are Student Contactless Forex Prepaid Card, Sapphiro Forex Prepaid Card, Multi-Currency Forex Prepaid Card, and Coral Forex Prepaid Card.

This was all about ICICI Bank student forex prepaid card. This will surely enable you to manage your money efficiently. To know more about education loans, 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.

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