Summary: Looking for the best forex cards for Indian students studying abroad in 2024? Compare top options with zero markup rates, no fees, and features like free ATM withdrawals, ISIC memberships, and more to make managing your money abroad easier and more cost-effective.
With over 13 lakh students moving abroad in 2024, India has one of the highest rates of students pursuing higher education overseas. Studying abroad is surely exciting, but managing money in a foreign country can be tough for students. Many don’t know the best ways to exchange currency and end up paying more than they need to. Well, a forex card offers a smart solution for managing expenses, providing convenience and often better exchange rates than other methods. This blog will guide you to the best forex cards available in India for students.
Key Benefits of a Student Forex Card
A forex card offers a secure and cost-effective way to handle your money, giving you peace of mind to focus on your studies. Here are the key benefits of a student forex card:
1. Best Exchange Rates: Offer far better exchange rates than airport exchanges or using debit/credit cards internationally, saving students money.
2. Enhanced Security: Safer than carrying large sums of cash, reducing the risk of theft or loss. Many cards offer online transaction tracking and blocking capabilities for added security.
3. Ease of Use: Functions like debit cards, can be easily used at ATMs and POS machines worldwide, simplifying transactions.
4. Budget Management: Pre-loaded with a specific amount, helping students stick to their budget and avoid overspending. Online transaction tracking further aids in budgeting.
5. Lower Fees: Often have lower foreign transaction fees than using credit or debit cards abroad, saving money on every purchase.
6. Acceptance Worldwide: Widely accepted at most merchants and ATMs globally, ensuring students can access their funds easily.
7. Reloadable Feature: Many cards are reloadable online, allowing you to add more funds as needed throughout your studies.
8. Parent/Guardian Control: Some cards may offer features allowing parents or guardians to monitor spending and set limits, providing an extra layer of financial oversight for younger students.
9. No Annual or Inactivity Fees: Some student forex cards do not charge annual, inactivity or maintenance fees, making them a more budget-friendly option.
10. Travel Insurance: Some providers bundle travel insurance with their forex cards, offering an added layer of protection.
Our Ranking Criteria for Choosing the Top 5 Forex Cards for Indian Students Studying Abroad
Before we reveal the top 5 forex cards, let’s understand the key criteria used for our ranking. We’ve analyzed the cards based on these factors:
1. Card issuance and delivery
2. Exchange rate
3. Available currencies
4. Cross-currency fees
5. ATM withdrawal and cash disbursal fees
6. Daily spending limits
7. Other applicable fees (annual, inactivity, etc.)
8. Reload/unload process
Below are 5 Best Student Forex Cards in India for 2024 with Our Expert Ratings
| S . No. | Best Student Forex Cards in India | Rating |
|---|---|---|
| 1. | BookMyForex Zero-Fee Student Forex Card | 4.8/5 |
| 2. | ICICI Student Sapphiro Forex Prepaid Card | 4.6/5 |
| 3. | IDFC Bank FIRST Multi-Currency Forex Card | 4.3/5 |
| 4. | Standard Chartered Multi-Currency Forex Card | 4.1/5 |
| 5. | Unimoni Study Abroad Forex Card | 3.9/5 |
BookMyForex Zero-Fee Student Forex Card
The BookMyForex Zero-Fee Student Forex Card is not just an average card— the card goes beyond expectations, offering exclusive features that perfectly address the unique financial needs of Indian students studying abroad. With zero markup rates, zero fees for paying tuition fees via the card at university card terminals, and free ATM withdrawals, it’s ideal for managing tuition, living expenses, and everyday purchases. Preloaded in USD, it enables spending in 200+ countries and 180+ currencies with zero cross-currency charges.
Top Benefits:
1. Zero markup rate
2. Free ATM withdrawals
3. Zero fee for university fee payments via card
4. Spend like a local in over 200 countries with zero cross-currency charges
5. Zero issuance, reload, unload, annual fees
6. 24×7 online booking
7. Same-day doorstep delivery
ICICI Student Sapphiro Forex Prepaid Card
The ICICI Student Sapphiro Forex Prepaid Card is also designed for students traveling abroad. With support for 15 currencies, zero markup rates, and no cross-currency charges, it might offer cost-effective international transactions. The card also includes free ATM withdrawals (limited to three per month) and offers an ISIC membership. However, its high issuance fee of ₹2999 + GST and additional charges after the free ATM withdrawals could be a huge drawback.
Top Benefits:
1. Zero markup rate
2. Free Identity Card (ISIC) membership
3. 15 currencies support
4. Zero cross-currency charges
5. 3 Free ATM withdrawals
IDFC Bank FIRST Multi-Currency Forex Card
The IDFC FIRST Bank Multi-Currency Forex Card can be a good option for students traveling abroad, offering various benefits. The card supports 14 currencies and provides card management via a mobile app. The card also comes with zero charges on issuance, load, and reload. However, there are a few drawbacks. While the first three ATM withdrawals are free, subsequent transactions incur fees, which can add up over time. Additionally, cross-currency transactions attract a markup charge of 3.5% + GST.
Top Benefits:
1. Zero issuance, reload, and unload charges
2. 3 free ATM withdrawals
3. Complimentary travel insurance
4. Emergency travel assistance
Standard Chartered Multi-Currency Forex Card
The Standard Chartered Multicurrency Forex Card is another option for students studying abroad, supporting up to 20 currencies and offering features like an online reload facility, and insurance coverage. However, there are some downsides to consider. The card incurs an issuance fee of INR 499, and while reloading is convenient, it can take up to two working days to process online requests, which might not be ideal for urgent situations.
Top Benefits:
1. Supports 20 currencies
2. Online reload option
3. Insurance coverage
4. Duty-free shopping
Unimoni Study Abroad Forex Card
The Unimoni Study Abroad Forex Card offers free ATM withdrawals, a free global SIM card, free airport lounge access, and a free ISIC card for student discounts worldwide. The card also includes insurance coverage up to USD 10,000 and has no annual fees. However, there are some drawbacks. Notably, there is no option to apply online, which makes the process more cumbersome compared to other cards that offer seamless online applications. Additionally, there is no information provided about card delivery, which could lead to inconvenience for students needing the card urgently.
Top Benefits:
1. No annual fee
2. Supported with 10 currencies
3. Free ATM Withdrawal
4. Free Airport Lounge Access
5. Free ISIC Card
Side-by-Side Comparison of Popular Student Forex Cards in India
| Feature | BookMyForex Zero-Fee Student Forex Card | ICICI Student Sapphiro Forex Prepaid Card | IDFC Bank FIRST Multi-Currency Forex Card | Standard Chartered Multi-Currency Forex Card | Unimoni Study Abroad Forex Card |
|---|---|---|---|---|---|
| Card issuance and delivery | No account opening, 24x7 digital booking via web and app, same-day delivery, zero issuance fee | Issuance fee is quite high; ₹ 2,999 + GST. Card is delivered within 4 to 5 business days | Can be applied at the branch only. Personalized cards are delivered within 7 days, while Insta cards are issued immediately | ₹299 Issuance fee. Card is available only for existing customers & can only be applied at the bank's branches | Card cannot be applied for online. You can inquire about it and wait for a callback. Details regarding the issuance fee and delivery are also not provided |
| Exchange rate | Zero markup rate | No markup on rates | 1.8% markup on rates | About a 3% markup on rates | 1.75% markup on rates |
| Available currencies | USD loaded single currency card; can be used across 200+ countries & 180 currencies | Multi-currency card; 15 currencies can be loaded | Multi-currency card; 14 currencies can be loaded | Multi-currency card; 20 currencies can be loaded | Multi-currency card; 10 currencies can be loaded |
| Cross-currency fees | Zero cross-currency charges | No mark-up charges on any cross-currency transaction | 3.5% cross-currency markup | 3.5% cross-currency markup | Reduced CoC Fee, but no specific details are provided about it |
| ATM withdrawal and cash disbursal fees | Zero charges for ATM withdrawals. Zero cash disbursal charges for payments at banks and foreign university terminals. For example, students pay zero fee for university fee payments with this card | Three monthly ATM fee waiver on cash withdrawal. Post-free withdrawals, charges applicable. 1% of the withdrawn amount. Cash disbursal fee: 0.5 of the withdrawn amount | Three monthly ATM fee waiver on cash withdrawal. Post-free withdrawals, charges applicable depending on the currency. No information available regarding cash disbursal fees | Charges for ATM withdrawals, depending on the currency. For example: 2 USD for US Dollar. No information available regarding cash disbursal fees | One free ATM withdrawal per month, Standard charges apply post that Cash disbursal fee: 0.5 of the withdrawn amount |
| Daily spending limits | Cash Withdrawal: 2500 USD (1000 in UAE) POS Purchase: 25000 USD E-comm (Online Purchases): 10000 USD Cash Over the Counter: 2500 USD | Daily Limit for ATM Cash Withdrawal: US Dollar: USD 2,000 Pound Sterling: GBP 1,000 Euro: EUR 1,500 Canadian Dollar: CAD 2,000 Daily online transaction limit: INR 150,000 | Daily limit ₹7 lakh for POS withdrawals No information available regarding the limit for cash withdrawals | $2000 (or equivalent in other currencies) daily limit on cash withdrawals No information available regarding the limit for POS | Daily Limit USD 15,000 equivalent |
| Other applicable fees (annual, inactivity, etc.) | Zero issuance, reload, unload, and annual charges | Annual fee: zero, Cash Advance/Cash@POS Transactions Fee is 0.5% of the transaction amount | Replacement fee: zero, reload and unload fee: zero, 2nd Add-on card fee: ₹200, Annual fee: not disclosed | Inactivity fee: zero, Brach reload: ₹99, Card replacement: ₹199, Online reload: free, Unload: ₹99 | No annual fee, Reload/unload fee: not disclosed |
| Reload/ unload process | Online reload and unload facility, zero charges for this service | Digital re-loading of the card by parents from anywhere. No information about reload charges | Zero charges on reloading. Need to visit the branch for both reloading & unloading. No information about unloading fees | Both branch and online reload options are available, Online unloading is not available, branch visit is necessary | Reload the card at any Unimoni branch or online. No information about reload/unload fees |
| Our Rating | 4.8/5 | 4.6/5 | 4.3/5 | 4.1/5 | 3.9/5 |
Now imagine the total annual spend for studying abroad, including tuition fees, living expenses, travel, accommodation, food, and personal expenses, comes to $50,000. Now, let’s break down how much you can save with the BookMyForex Zero-Fee Student Forex Card compared to cards from other banks.
| Forex Cards | Fees | Total Annual Cost (INR) | Annual Savings |
|---|---|---|---|
| Student Forex Card from Banks | Card Issuance Fee: INR 300 Reload Fee: INR 75 + GST (assuming 18% GST): INR 75 + (75 × 0.18) = INR 88.5 Reissuance/Replacement Fee: INR 100 + GST (assuming 18% GST): INR 100 + (100 × 0.18) = INR 118 ATM Withdrawal Fee: USD 2 per withdrawal (assuming 10 withdrawals): 10 × $2 × ₹83.76 = ₹1,675.2 Cross Currency Markup: 3% of total spending: ₹41,88,000 × 3% = ₹1,25,640 Cash Disbursal Fee=2% of ₹5,00,000=0.02×₹5,00,000=₹10,000 Total Fees: ₹300 + ₹88.5 + ₹118 + ₹1,675.2 + ₹1,25,640+₹10,000 = ₹1,37,821.7 | Total Cost: Total Fees + Total Spending = ₹1,37,821.7 + ₹41,88,000 = ₹43,25,821.7 | ZERO |
| Student Forex Card from BookMyForex Platform | Zero issuance, reload, unload, and annual charges: ₹0 Zero ATM withdrawal fees: ₹0 Zero cross currency charges: ₹0 Zero cash disbursal fee: ₹0 Total Fees: ₹0 | Total Cost: Total Fees + Total Spending = ₹0 + ₹41,88,000 = ₹41,88,000 | ₹1,37,821 |
By using the BookMyForex student forex card, you not only avoid hefty forex markups but also enjoy zero fees. Over a year, this can add up to a saving of ₹1,37,821 or more, letting you focus on your studies rather than your expenses.
Final Verdict:
The BookMyForex Zero-Fee Student Forex Card is an ideal choice for Indian students studying abroad, offering significant benefits. With zero cash disbursement fees, students can easily pay university fees without incurring extra charges. Additionally, the card’s zero ATM withdrawal fees make it a cost-effective option for managing daily living expenses. Students can load the card with funds, use it for local purchases, and make secure transactions, all while avoiding the high fees typically associated with other cards.
In comparison, other cards come with some downsides. For instance, the ICICI Student Sapphiro Forex Prepaid Card has high issuance fees and charges for cash withdrawals beyond the free limit. The Standard Chartered Multi-Currency Forex Card and IDFC FIRST Bank Multi-Currency Forex Card can only be applied through branches, limiting convenience, and imposing a cross-currency markup fee of 3.5%, as well as approx 2-3% rate markups. Similarly, the Unimoni Study Abroad Forex Card lacks transparency regarding the rates, fees, application process, and card delivery.
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