ICICI Student Forex Card: Features, Benefits, Rates & Application Process

What is an ICICI Forex Card?

The ICICI Student Forex Card is a prepaid and multi-currency travel card designed specifically for students traveling abroad for higher education. 

Unlike traditional credit or debit cards, a Forex card allows users to load money in multiple foreign currencies, which can be used for making payments or withdrawing cash in the local currency of the country they are studying in 

It is a convenient solution for managing day-to-day expenses such as food, transport, and academic supplies This card is especially advantageous for students as it eliminates the need to carry large amounts of cash, offers protection against currency fluctuations, and provides access to various financial and non-financial services tailored to the needs of students.

Why Choose ICICI Bank Forex Card?

The ICICI Student Forex Card is designed to offer convenience and financial flexibility. Here’s a detailed look at reasons for choosing an ICICI student Forex Card:

• Wide Acceptance: The card is accepted at millions of locations globally, including ATMs, retail stores, restaurants, and online platforms
• Travel Insurance: The ICICI student Forex prepaid card comes with a travel insurance policy that provides them 360-degree protection during their international journeys.
• Free Replacement: In case your primary card gets lost, stolen, or damaged, your card gets replaced free of any charge! And the card gets activated instantly.
• Security: The transactions you do on your  ICICI student Forex card are protected by superior security through 3D secure authentication and Chip-and-PIN technology.
• Emergency Travel Assistance: ICICI bank also provides emergency cash assistance (up to USD 2000) if your card gets stolen or lost. 

Read More – Understanding TCS on Foreign Remittance for Education

ICICI Prepaid Card Types

ICICI Bank provides four distinct variants of prepaid Forex cards designed to meet the needs of students studying abroad. These cards offer a range of benefits for managing foreign exchange efficiently. Let’s explore the different types of Forex cards available from ICICI and the advantages each offers:

Student Contactless Forex Prepaid Card	Offers like ISIC Membership and DHL discounts
Sapphiro Forex Prepaid Card	Joining benefits up to INR 15,000 and supports 15 currencies
Coral Forex Prepaid Card	Joining benefits up to INR 3,000 and a free international SIM card
Multi-Currency Forex Prepaid Card	Comes with an in-built technology that enables you to make contactless payments in 15 different currencies.

Features and Benefits of ICICI Student Forex Card

The ICICI Bank Student Forex Prepaid Card offers a wide range of features and benefits that enhance convenience, security, and cost-effectiveness. Below is a detailed look at the card’s features and benefits:

• Welcome Benefits:

With the Student Forex Prepaid card offered by ICICI Bank, you get the following privileges (may vary depending on the card variant):

• Uber discount vouchers worth  INR 500- INR 1,000
• International Student Identity Card (ISIC) Membership worth ₹ 999
• One to three monthly ATM fee waivers
• Free international SIM card
• BookMyShow voucher worth INR 500

• Travel Benefits:

The ICICI Student Forex cardholders get a 40% discount on excess baggage.

• Insurance Benefits:

With the ICICI Student Forex Prepaid Card, you enjoy comprehensive insurance benefits, including:

• Card Protection Plus Insurance worth INR 1,600.
• Lost Card Liability Coverage up to INR 5,00,000 (applicable if the card loss is immediately reported).

• Supported Currencies: 

The ICICI Bank Student Forex Prepaid Card supports a wide range of currencies, making it suitable for students studying in different parts of the world including USD, GBP, EUR, AUD, CAD, SGD, and more.

Read More – How To Avoid 20% TCS On Foreign Remittances

ICICI Bank Multi-currency Prepaid Card

The multi-currency prepaid card issued by ICICI Bank offers a total of 15 currency wallets including USD, GBP, EUR, AUD, CAD, SGD, and more, making it ideal for students traveling across different countries.

The card is widely accepted at over 30 million merchants and ATMs globally, wherever VISA or MasterCard is accepted, providing seamless transactions for tuition fees, daily expenses, and more.

Students can lock in exchange rates at the time of loading the card, protecting them from fluctuating currency rates and allowing better control over their budget.

Cross-currency rate fluctuations are not applicable in the given currencies:

• 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)

ICICI Forex Cards Fees & Charges

The fees and charges associated with ICICI Bank Forex Cards vary depending on the type of card and the services availed. Here’s a breakdown of the common fees and charges you might encounter when using an ICICI Bank Forex Card:

Joining Fees	INR 499 to INR 2,999 (plus GST), depending on the card variant.
Renewal Charges	INR 199
Reload Charges	INR 100
Cash Advance/ Cash@POS transactions fee	0.5% of transaction amount
Inactivity/ Dormancy Fee	USD 5, every 180 days (if the card remains unused for more than 180 days.)
Cross Currency Markup Fee	3.5% + GST (applicable for all transaction types)
ATM Withdrawal Charges	1% of the withdrawal amount

Read More – How to Save on Paypal International Fees

How to Buy an ICICI Bank Forex Card?

To buy an ICICI Bank Forex Card, you can choose from three convenient methods: through Internet Banking, through the Mobile App, or by visiting a Forex Branch. Here’s a step-by-step guide for each method:

Internet Banking

• Step 1: Log in to your ICICI Bank Internet Banking account.
• Step 2: Go to the ‘Cards & Forex’ section.
• Step 3: Select ‘Apply for Forex Prepaid Card’ and choose the type of card you need.
• Step 4: Enter details such as the currency, the amount to be loaded, and your preferred delivery address.
• Step 5: Complete the payment and submit the application. The card will be delivered to your address in a few working days.

iMobile App

• Step 1: Open the ICICI Bank iMobile app and log in.
• Step 2: Navigate to the ‘Forex’ section under the main menu.
• Step 3: Choose ‘Buy Forex Card’ and select your desired card type and currency.
• Step 4: Enter the required amount and provide delivery details.
• Step 5: Confirm the transaction and make the payment. Your Forex card will be processed and delivered as per your request.

Forex Branches

• Step 1: Visit the nearest ICICI Bank branch that offers Forex services.
• Step 2: Request an application form for the Forex Card at the Forex desk.
• Step 3: Provide necessary documents like your passport, visa, and address proof, along with the filled application form.
• Step 4: Specify the currency and amount to be loaded on the card.
• Step 5: Make the payment and complete the formalities. You can either collect the card from the branch or have it delivered to your address.

ICICI Forex Prepaid Card Delivery Time

The delivery time of the ICICI Student Forex card depends on the mode of registration and application for the card.

For internet banking/mobile app registrations, once your application for the ICICI Student Forex Card is approved, the card is typically delivered to your mailing address within 4 to 5 business days. 

However, the ICICI student Forex Prepaid Card kit will be provided immediately and the card will be loaded within 1 working day, if you apply it by going through the application process at the bank branch.

Read More – How to Pay Canada College Fees from India

ICICI Bank Student Forex Card Eligibility and Documents Required

To obtain an ICICI Bank Student Forex Card, it’s important to meet certain eligibility criteria and submit the necessary documentation. Though there are no strict eligibility criteria to be fulfilled, here’s a breakdown of both the general eligibility requirements and the documents needed for applying:

Eligibility Criteria	– The applicant must be a student planning to study abroad or currently enrolled in an educational institution outside India. – Applicants are typically required to be at least 18 years old. In some cases, a minor can apply, but a parent or guardian must co-sign the application.
Documents Required	– Application form – PAN Card – Aadhar Card – Address proof – LRS declaration and form A2 – Passport  – Visa Copy

5 Tips for Using ICICI Bank Forex Prepaid Card

Here are five tips that can help you maximize the benefits of your ICICI Student Forex Card:

• Always try to make transactions in the currency that’s already loaded on your card. If you need to make purchases in another currency, consider loading that currency first to avoid cross-currency charges.
• Monitor exchange rates and load the card when rates are favorable to get the most value for your money. This helps you avoid additional conversion fees that can add up quickly if you’re making frequent purchases in different currencies.
• When withdrawing cash from an ATM, try to take out larger sums rather than multiple small withdrawals. ATM withdrawals may come with a fixed fee, so taking out larger amounts at once reduces the number of fees you incur, saving you money in the long run.
• Use the ICICI Bank mobile app or internet banking to regularly check your balance and transaction history. Set up alerts for low-balance notifications. Keeping an eye on your spending helps you manage your budget effectively and ensures that you’re aware of your remaining funds. 
• Save ICICI Bank’s customer service number and your card details separately. In case your card is lost or stolen, report it immediately to block the card and prevent unauthorized use.

Conclusion

The ICICI Student Forex Card is an ideal financial companion for students studying abroad. Its multi-currency support, security features, and budget management tools make it convenient and reliable. The ability to lock in exchange rates and avoid currency fluctuation risks adds immense value for students on a fixed budget. Additionally, with the added perks like complimentary insurance and a free international SIM card, this card is an all-in-one solution for students venturing overseas.

If you are planning to study abroad, the ICICI Student Forex Card is definitely worth considering. With its features and benefits tailored specifically for students, it can make managing your finances abroad both easier and more secure.

FAQ ICICI Student Forex Card

References:

Forex Prepaid Card Insurance Policy

https://www.icicibank.com/personal-banking/cards/travel-card/insurance-policy. Accessed 18th August 2024

Forex Prepaid Cards Benefits

https://www.icicibank.com/personal-banking/cards/travel-card/benefits. Accessed 18th August 2024

Sapphiro Forex Prepaid Card

https://www.icicibank.com/personal-banking/cards/travel-card/sapphiro-travel-card. Accessed 18th August 2024

Schedule of Charges

https://www.icicibank.com/personal-banking/cards/travel-card/schedule-of-charges. Accessed 18th August 2024