Best 5 Forex Cards for Students in 2024: Benefits & Limitations

Studying overseas can mean different challenges and new things to learn, one of which is mostly introducing yourself to different nations, adjusting to their tradition and preserving all the necessary papers. One such essential document is a Forex Card. Before we go into details of the best forex card for students, let's understand what a forex card is and its benefits.  

Forex card stands for Foreign Exchange Card. This is a prepaid card that offers you financial support services, outside of your home country. Some of these services include withdrawing cash from ATMs and paying merchants, among others. For students who wish to go abroad, a Forex card is the best alternative that ensures safety and ease. Students should also opt for guidance from expert study abroad consultants on Forex Card. In this blog, we will know which is the best Forex Card for students and how to get it.

Benefits of Best Forex Card for Students

1. Convenience: 

The Forex card for students has a preferred currency which may be unknown to the user, hence it is popular among students travelling abroad. This would eliminate the need to carry large amounts of cash and make it easy for one to withdraw from ATMs and money changers

2. Safety: 

Forex cards have greater security systems than cash such as PIN protection and can also block the card if stolen or lost, unlike cash.  

3. Cost-effective: 

It is common knowledge that generally Forex cards are cheaper in comparison with bank exchange services. Also, for each international transaction they may charge lower.

4. Budget Management: 

A specific amount can be loaded when travelling abroad on Forex cards. It will help plan your budget while refraining from unnecessary expenditure. 

5. Multi-Currency Support: 

The forex card can load multiple currencies on one single card, which allows you to transact in several countries, without the need to carry many cards.

Top 5 Best Forex Cards for Students

Below are 5 of the best forex card for students, considering aspects like fees, features and/or benefits:

1. Axis Bank Student Forex Card: 

One of the top forex cards for students is by Axis Bank, which is customised for those going to study abroad or just travelling. It provides all week round worldwide assistance, emergency cash disbursements and online reloading opportunities.

Card Network: Visa

Multi-currency Loading: Yes

Prepaid Forex Card: Yes

Multi-currency Available: 16 currencies

ISIC Card: Yes (Free)

Emergency Assistance: Yes

Global ATM Access: Yes

Reloadable: Yes

Daily Withdrawal: $10.000 daily withdrawals allowed by this card.

Transaction Limits: $25,000 per day limit to transact with.

Reload Limits: $250,000 in total during a year can be reloaded on the card.

Currency Conversion Fees:3.5% + 1% markup per each currency conversion.

Validity Period – Five years.

2. ICICI Bank Student Travel Card: 

ICICI Bank's student travel card is convenient and offers security to students travelling abroad. One of the best forex card for students, it offers crisis help services, protection inclusion, and the capacity to secure return rates.

Card Type: Student Travel Card

Network Provider: Visa

Currencies that can be loaded on it: Multiple

Is it a pre-loaded Forex card: Yes

Number of currencies allowed in the card: 22 different ones

Do they offer an ISIC Card? No

Can you get emergency assistance? Yes.

Can one access global ATM networks using this card? Yes, one can do so.

Can it be reloaded? Yes, It can be.

Daily Withdrawal limit: $10.000 per day.

What are the transaction limits?: $10,000 per transaction.

How much is the reload limit per year? $100,000 per annum.

Conversion fees for currency in this product are 2.5% plus 1% markup.

The validity period for this card is five years.

3. HDFC Bank ISIC ForexPlus Card: 

HDFC Bank’s ISIC ForexPlus Card is particularly designed for students and provides exclusive discounts through the International Student Identity Card (ISIC). It provides zero lost card liability and an instant blocking facility for the cards.

Card Network: Mastercard

Multi-currency Loading: Available

Prepaid Forex Card: Yes

Multiple currencies available: 16

ISIC Card: Yes with fees (Fees Included)

Emergency Assistance: Yes

Global ATM Access: Yes

Reloadable: Yes

Daily Withdrawal limit ($): $10,000 per day 

Transaction Limits ($): $25,000 per day 

Reload Limits ($): $250,000 per year 

Currency Conversion Fees (%): 3.5% + 1% markup 

Validity Period (Years): 5 years

4. State Bank of India (SBI) Student Forex Card: 

The SBI is often considered the best forex card for students as it offers competitive exchange rates and round-the-clock customer support. It gives the chance to load fifteen different currencies on a single card with special discounts on educational expenses.

Card Network: Visa

Multi-currency Loading: Possible

Prepaid Forex Card: Yes

Multi-currency Available: 16 currencies 

ISIC Card: Not Available 

Emergency Assistance: Yes

Global ATM Access: Yes

Reloadable: Yes

Daily Withdrawal: $10.000 per day

Transaction Limits: $10,000 per day

Reload Limits: $250,000 per year

Currency Conversion Fees: 2.5% + 1% markup

Validity Period: 5 years

5. Prepaid Forex Cards from Online Forex Platforms: 

There are a few Forex platforms that offer prepaid Forex cards along with some exciting features, which can attract students. These cards usually come with low or no issuance charges, competitive exchange rates and convenient online reloading methods.

Card Network: Visa, Mastercard, others

Multi-currency Loading: Few currencies

Prepaid Forex Card: Yes

Multi-currency Available: Different (10-20+ Currencies)

ISIC Card: Not applicable

Emergency Assistance: Varies

Global ATM Access: Yes

Reloadable: Yes

Daily Withdrawal: $500-$10.000 per day

Transaction Limits: $2,500-$25,000 per day

Reload Limits: $500-$250,000 per year

Currency Conversion Fees: 2.5% + 1% markup

Validity: Different (1-5 years)

Daily Limitations of Forex Cards

Although Forex cards provide different merits, it is important to have information regarding the limitations that they have especially for everyday usage:

Withdrawal Limits: 

Forex card usually has a set amount which can be withdrawn from the ATM on a daily basis but varies with the bank and purpose of the card. It may also lead to additional charges upon surpassing these limits.

Transaction Limits: 

There are probably maximum transaction limits for purchases made through the Forex card in merchant outlets or via the Internet. Students should remember this so as not to decline transactions.

Reload Limits: 

There is an upper limit beyond which Forex cards cannot be loaded with any more funds by students; this constraint might require careful planning, especially among long-term travellers or students with varying costs.

Currency Conversion Fees: 

Even though forex cards offer competitive exchange rates, they may still charge currency conversion fees when used for transactions in a currency that differs from what was loaded on them. Such payments should be made by students so as to avoid unnecessary expenses.

Validity Period:

For all forex cards, there is a certain point before which they can be used for transacting any business. It is therefore necessary for every student to keep track of the expiry date and properly plan themselves in order not to face any difficulties during such time.

Application Process of Forex Card

Usually, the application procedure for the highest forex card in India involves 7 easy steps:

1. Choose the card: 

Explore and select the Forex card that best suits your requirements in terms of currencies, charges and benefits.

2. Fill Application Form: 

Visit the website of the concerned bank/forex service provider where an online application form is available to apply for forex cards. Enter basic details like name, contact info, passport details etc..

3. Submit Documents :

Upload scanned copies of documents needed like passports, visas, proof of address and proof of enrollment (in case of student-specific cards).

4. KYC Verification : 

Complete the KYC (Know Your Customer) verification process under regulatory requirements which may involve a face-to-face verification at the bank office or video KYC.

5. Load Funds:

Once approved, load funds to the Forex card by transferring money from your bank account via net banking or visiting a bank branch.

6. Activation: 

After the funds have been loaded, the Forex card will be activated for use. You’ll receive your PIN and other important details to access the card.

7. Manage Card Online: 

Most forex card issuers offer online portals or mobile apps for managing cards that include checking balance, viewing transactions, blocking/unblocking the card etc if needed.

Documents Required for Application of Forex Card

The documents required for applying for a Forex card might differ somewhat depending on the card backer and the specific necessities. They are:

• Passport
• Address Proof
• Enrollment Proof
• PAN Card
• Visa Documents

Parting Thought

Forex cards make it easier for students to manage their finances while abroad in a safe way. This article has explained the benefits, daily limits and how to apply them which should guide students in making a wise decision when choosing the appropriate Forex card. Whether studying abroad, attending international conferences or exploring different cultures, forex cards can be very useful companions for globetrotting scholars.