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Planning to study abroad and looking for a way to manage your finances? The ICICI Student Forex Card is an option attracting many students, as it provides exactly that.
Now, what are the advantages of using the ICICI Student Forex Card over other student credit cards? This is the question we aim to answer today, with the goal of guiding your decision-making.
We will look at the features of the ICICI Student Forex Card, exploring its main benefits, fee structure, and the steps to apply for the card. Everything explained quickly, in just over 05 minutes. Let’s go!
The ICICI Student Forex Card seems like two cards in one
ICICI Bank has a layered model, with different cards for different incomes and needs. There are two:
- Student Sapphiro Forex Prepaid Card (more premium);
- Student Contactless Forex Prepaid Card (more accessible).
This differentiation is the bank’s strategy, as it allows them to serve a wider range of students, meeting the needs of all students in the market, both those with more financial means and those with lower incomes.
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Advantages of the ICICI Student Forex Card
Zero Cross-Currency Markup Fee
Using the Student Sapphiro means a zero markup fee on cross-currency transactions.
Here’s how it works: if you load your card with US dollars but need to make a purchase in euros or another currency not on your card, the bank would normally charge a fee to convert that money.
However, with the Student Sapphiro, this fee is zero, which is a significant advantage.
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Many other forex or credit cards, including the Student Contactless, charge around 3% to 3.5% for this conversion.
Partnership with ISIC
The ICICI Student Forex Card aims to be a true companion for your life abroad.
The reason for this is the inclusion of membership to the International Student Identity Card. ISIC is recognized in over 130 countries and provides access to more than 150,000 discounts on products and services, from airfare to entertainment and software.
The partnership with ISIC means the card serves not only to manage your money but also to save on purchases anywhere.
Lounge Access
For those with the Student Sapphiro, the travel benefits are very appealing. Using it, you receive two free entries per year to VIP lounges at international airports.
This is an excellent advantage for those who spend hours waiting for flights.
Additionally, both cards offer Uber vouchers – ₹1000 for Sapphiro and ₹500 for Contactless – valid for 12 months.
Enhanced Security Mechanisms
Another point is security.
The card comes with an embedded microchip to protect against fraud and also offers insurance of up to ₹5,00,000 for lost or counterfeited card liability.
Furthermore, it comes with a free replacement card in the welcome kit.
How to Apply for the ICICI Student Forex Card? Easy and Quick Guide
Fortunately, the application process is very simple.
If you are already an ICICI customer, you can do everything online, via Internet Banking or the iMobile app, which you can find on the ICICI Bank website.
The necessary documentation is standard for foreign exchange transactions in India, being:
- Copy of your passport;
- PAN Card;
- Proof of travel, such as visa or university admission letter.
Reloading the card abroad is also easy. You can do it remotely via the app or Internet Banking. And if for some reason you can’t, a relative in India can reload it for you at a bank branch, with the correct documentation.
Is ICICI Bank reliable?
Here’s an important detail: the available information does not provide an average rating or a consolidated evaluation from complaint websites.
However, it is known that the bank has a good financial dispute resolution mechanism. It has 3 levels of security, allowing customers to escalate their complaints until they get a response.
Frequently Asked Questions (FAQs)
1. What are the minimum and maximum amounts I can load on the card?
The ICICI Student Forex Card is designed to be flexible.
For initial loading, the minimum amount is only 1 unit of the currency you are loading, for example, USD 1.00 or GBP 1.00.
The maximum amount you can load is defined by the Reserve Bank of India (RBI) and its Liberalised Remittance Scheme (LRS).
Currently, the limit for overseas education purposes is the equivalent of up to US$ 250,000 per financial year.
2. Can the card be used for online transactions and what are the security measures?
Yes, the card is fully compatible with online transactions on international e-commerce websites.
To ensure your security, the card comes with a microchip to protect against fraud, such as cloning.
Additionally, each online transaction is protected by an extra layer of authentication. Therefore, you need to use a one-time password (OTP) sent to your mobile phone or your NetBanking password to confirm the purchase.
3. What is the difference between the Student Sapphiro card and other ICICI Forex cards?
The main distinction lies in the cost structure and exclusive benefits.
The Student Sapphiro card is the premium offering, with a joining fee of ₹2999.
In contrast, other cards, such as the Student Contactless, have a significantly lower joining fee of ₹499.
In terms of benefits, Sapphiro is better, as it has a zero markup fee on cross-currency exchange, plus two free airport VIP lounge accesses and an Uber voucher worth ₹1000.
The Student Contactless and other cards, on the other hand, charge a 3.5% fee on cross-currency transactions and offer fewer advantages.
Conclusion
The ICICI Student Forex Card is a good and well-thought-out solution for international students, but the choice between the Student Sapphiro and the Student Contactless depends on your priorities.
While the initial cost of the Student Sapphiro is higher, the financial and lifestyle benefits, such as zero markup fee, VIP lounge access, and ISIC membership, yield significant savings and a smoother experience in the long run.
Therefore, it is a complete product that offers more than just a tool for spending money and becomes an ally in your academic journey. Now, if this card didn’t catch your attention, we recommend you check out the best student credit cards in India