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 best 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: Generally offer 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: Function like debit cards, 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, 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: Many 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
9. Process for replacing lost or stolen cards
10. Any additional benefits
The Top 5 best student forex cards in India for 2024
| 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. | HDFC ISIC Student ForexPlus Card | 4.3/5 |
| 4. | Thomas Cook Study Buddy Forex Card | 4.1/5 |
| 5. | Niyo ISIC Student Forex Card | 3.9/5 |
BookMyForex Zero-Fee Student Forex Card
Top Benefits:
1. Zero markup rate
2. Free ATM withdrawals
3. Zero cash disbursal fee
4. Zero cross currency charges
5. Zero issuance, reload, unload, annual fees
6. Accepted in 200+ countries
Features & Ratings:
| Feature | Details | Rating |
|---|---|---|
| Card issuance and delivery | No account opening, 24x7 digital booking via web and app, same-day delivery, zero issuance fee | 5/5 |
| Exchange rate | Zero markup rate | 5/5 |
| Available currencies | USD loaded single currency card; can be used across 200+ countries & 180 currencies | 4.7/5 |
| Cross-currency fees | Zero cross currency charges | 5/5 |
| 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 | 5/5 |
| 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 | 4.5/5 |
| Other applicable fees (annual, inactivity, etc.) | Zero issuance, reload, unload, and annual charges | 5/5 |
| Reload/unload process | Online reload and unload facility, zero charges for this service | 4.6/5 |
Overall Rating: 4.8/5
ICICI Student Sapphiro Forex Prepaid Card
Top Benefits:
1. Zero markup rate
2. Free Identity Card (ISIC) membership
3. 15 currencies support
4. Zero cross currency charges
5. Free atm withdrawals
Features & Ratings:
| Feature | Details | Rating |
|---|---|---|
| Card issuance and delivery | Issuance fee is quite high; ₹ 2,999 + GST. Card is delivered within 4 to 5 business days | 3.8/5 |
| Exchange rate | No markup on rate | 5/5 |
| Available currencies | Multi-currency card; 15 currencies can be loaded | 5/5 |
| Cross-currency fees | No mark-up charges on any cross-currency transaction | 5/5 |
| ATM withdrawal and cash disbursal fees | Three monthly ATM fee waiver on cash withdrawal. Post free withdrawals, charges applicable. 1% of withdrawn amount. Cash disbursal fee: 0.5 of withdrawn amount | 4.7/5 |
| Daily spending limits | 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 | 4.2/5 |
| Other applicable fees (annual, inactivity, etc.) | Annual fee: zero Cash Advance/Cash@POS Transactions Fee is 0.5% of the transaction amount Wallet to wallet transfer fee: 2.5% of transfer amount | 4.6/5 |
| Reload/unload process | digital re-loading of the card by parents from anywhere. There is no information about reload charges for the ICICI Bank Student Sapphiro Forex Prepaid Card | 4.5/5 |
Overall Rating: 4.6/5
HDFC ISIC Student ForexPlus Card
Top Benefits:
1. Zero markup rate
2. Free Identity Card (ISIC) membership included
3. Available in USD, EUR and GBP currencies
4. Free SIM card and free insurance
Features & Ratings:
| Feature | Details | Rating |
|---|---|---|
| Card issuance and delivery | Both online and offline application process, issuance fee: ₹300 + GST, card delivery within three days | 4.4/5 |
| Exchange rate | Zero markup rate | 5/5 |
| Available currencies | Single currency forex card. Available in USD, EUR and GBP | 4.6/5 |
| Cross-currency fees | 3% cross currency charges | 3/5 |
| ATM withdrawal and cash disbursal fees | Charges applicable. USD 2.00 per transaction for ATM withdrawal Cash disbursal fee: N/A | 4.2/5 |
| Daily spending limits | Daily Limit for ATM Cash Withdrawal: USD 5000 EUR 4700 GBP 4000 No mention of limit on performing POS transactions | 4.6/5 |
| Other applicable fees (annual, inactivity, etc.) | Card issuance Fee: INR 300 per card Reload Fee: INR 75+GST per card Reissuance/replacement Fee: INR 100+GST per card Balance Enquiry: USD 0.50 per transaction | 4.2/5 |
| Reload/unload process | Both online and offline option available, Currency Conversion Tax applicable on reload and refund transactions | 4.5/5 |
Overall Rating: 4.3/5
Thomas Cook Study Buddy Forex Card
Top Benefits:
1. Multi-currency supported
2. Free card replacement
3. Free SIM card
4. Free International Student Identity Card (ISIC)
Features & Ratings:
| Feature | Details | Rating |
|---|---|---|
| Card issuance and delivery | Online booking unavailable, delivery within two hours | 4/5 |
| Exchange rate | Zero mark up on transactions in base currency | 5/5 |
| Available currencies | Multi-currency card, no mention of currencies | 4.4/5 |
| Cross-currency fees | Currency conversion fees applicable if used outside designated currencies (exact charges are not mentioned) | 3.5/5 |
| ATM withdrawal and cash disbursal fees | Monthly only one free ATM withdrawal. Post one free withdrawal, charges applicable. Cash disbursal fee: N/A | 4.5/5 |
| Daily spending limits | Daily Limit: $15,000 USD | 4.6/5 |
| Other applicable fees (annual, inactivity, etc.) | Issuance fee: INR 500, reload fee: zero, card replacement fee: Zero | 4.2/5 |
| Reload/unload process | Zero reload fees, however, reload is possible only at the branch. No explicit information for unloads | 3.5/5 |
Overall Rating: 4.1/5
Niyo ISIC Student Forex Card
Top Benefits:
1. Zero Markup rate
2. Zero issuance fee
3. Free ISIC membership
Features & Ratings:
| Feature | Details | Rating |
|---|---|---|
| Card issuance and delivery | ISIC Student card issued free only for Niyo cardholders (Niyo SBM Credit/Debit, Niyo DCB debit). Card delivered within 3-5 days | 3.8/5 |
| Exchange rate | zero forex markup | 5/5 |
| Available currencies | INR loaded card, hence prone to rate fluctuations | 3.9/5 |
| Cross-currency fees | Zero conversion fees, however you have to pay as per the prevailing exchange rate | 4.0/5 |
| ATM withdrawal and cash disbursal fees | Charges for cash withdrawal: Rs. 425+GST Cash disbursal fee: 2.5% of the amount | 3.0/5 |
| Daily spending limits | The international transaction limit is ₹5 lakh for the debit card variant. The credit limit and cash withdrawal limit are dynamic for credit card variant. | 4.4/5 |
| Other applicable fees (annual, inactivity, etc.) | Issuance: Zero Annual: 500 INR Replacement: 249 INR ATM withdrawal: 425 INR Cash Advance Fee/ ATM Withdrawal Fee: 423+GST or 2.5% for the amount, whichever is higher Over Limit Fee: 150 INR Late payment fee: 150 INR | 3.2/5 |
| Reload/unload process | Niyo app can be used to load money. Reload/unload: N/A | 4.3/5 |
Overall Rating: 3.9/5
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.
Forex cards from ICICI Bank and HDFC Bank offer features such as free ISIC memberships, they come with significant issuance fees, ATM charges, and cross-currency markups. Thomas Cook’s forex card offers free SIM and card replacement but has limitations on ATM withdrawals and the reload process. Similarly, the Niyo ISIC card, despite its zero markup rate, incurs high ATM and cash advance fees, and since the card is loaded in INR, it leaves students vulnerable to exchange rate fluctuations. Therefore, for students prioritizing cost-effectiveness, the BookMyForex student forex card emerges as the clear winner.
Leave a Reply