Summary: Looking for the best forex cards for Indian students studying abroad in 2025? 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 20 lakh students expected to study abroad in 2025, India has one of the highest numbers 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.
Choosing the Top 5 Forex Cards for Indian Students Studying Abroad
Before revealing the top five forex cards, let’s first understand the key factors we considered for selecting the best forex cards for Indian students.
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 the 5 best forex cards for Indian students studying abroad:
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
Key Features:
1. Card issuance and delivery: No account opening required. Enjoy 24×7 digital booking via the website and app with same-day delivery. Plus, zero issuance fee!
2. Exchange rate: Zero markup rate, ensuring the best value for students.
3. Available currencies: USD-loaded single currency card that can be used in 200+ countries and supports transactions in 180 currencies.
4. Cross-currency fees: Zero cross-currency charges, making it ideal for students traveling worldwide.
5. ATM withdrawal and cash disbursal fees: Zero charges for ATM withdrawals. No fees for payments at banks and foreign university terminals, including tuition fee payments.
6. Daily spending limits: Cash Withdrawal – $2,500 ($1,000 in UAE), POS Purchase – $25,000, Online Purchases – $10,000, Cash Over the Counter – $2,500.
7. Other applicable fees (annual, inactivity, etc.): Zero issuance, reload, unload, and annual charges.
8. Reload/unload process: Easy online reload and unload facility with zero charges.
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
Key Features:
1. Card issuance and delivery: Issuance fee of ₹2999 + GST. Delivery takes 4 to 5 business days.
2. Exchange rate: No markup on rates.
3. Available currencies: Multi-currency card supporting 15 different currencies.
4. Cross-currency fees: No markup charges on cross-currency transactions.
5. ATM withdrawal and cash disbursal fees: Three monthly ATM withdrawals are free. Post that, charges apply: 1% of the withdrawn amount. Cash disbursal fee: 0.5% of the withdrawn amount.
6. Daily spending limits: Daily ATM withdrawal limit varies by currency: USD 2,000, GBP 1,000, EUR 1,500, CAD 2,000. Online transaction limit: ₹1,50,000.
7. Other applicable fees (annual, inactivity, etc.): Zero annual fee. Cash advance/POS transaction fee: 0.5%.
8. Reload/unload process: Digital reloading by parents from anywhere. No information on reload charges.
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
Key Features:
1. Card issuance and delivery: Can only be applied for at a branch. Personalized cards delivered in 7 days; Insta cards issued immediately.
2. Exchange rate: 1.8% markup on rates.
3. Available currencies: Multi-currency card supporting 14 different currencies.
4. Cross-currency fees: 3.5% cross-currency markup.
5. ATM withdrawal and cash disbursal fees: Three free ATM withdrawals per month, then charges vary by currency. No details on cash disbursal fees.
6. Daily spending limits: Daily POS withdrawal limit of ₹7 lakh. No details on ATM withdrawal limits.
7. Other applicable fees (annual, inactivity, etc.): Zero replacement fee. Reload and unload fees: ₹200 for second add-on card.
8. Reload/unload process: Zero reload charges. Reload and unload require a branch visit.
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
Key Features:
1. Card issuance and delivery: ₹299 issuance fee. Available only for existing customers; can only be applied at a branch.
2. Exchange rate: About a 3% markup on rates.
3. Available currencies: Multi-currency card supporting 20 different currencies.
4. Cross-currency fees: 3.5% cross-currency markup.
5. ATM withdrawal and cash disbursal fees: Charges vary by currency (e.g., $2 per withdrawal in USD). No details on cash disbursal fees.
6. Daily spending limits: $2,000 daily ATM withdrawal limit (or equivalent in other currencies). No details on POS limits.
7. Other applicable fees (annual, inactivity, etc.): Annual fee undisclosed. Inactivity fee: zero. Branch reload: ₹99. Card replacement: ₹199. Online reload: free. Unload fee: ₹99.
8. Reload/unload process: Both online and branch reloads available. Unload requires a branch visit.
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
Key Features:
1. Card issuance and delivery: Cannot be applied for online. Inquiry-based process with a callback. Issuance fee and delivery details not provided.
2. Exchange rate: 1.75% markup on rates.
3. Available currencies: Multi-currency card supporting 10 different currencies.
4. Cross-currency fees: Reduced cross-currency fee, but exact details not provided.
5. ATM withdrawal and cash disbursal fees: One free ATM withdrawal per month, post which standard charges apply. Cash disbursal fee: 0.5% of the withdrawn amount.
6. Daily spending limits: $15,000 equivalent daily limit.
7. Other applicable fees (annual, inactivity, etc.): No annual fee. Reload/unload fees not disclosed.
8. Reload/unload process: Reload can be done at Unimoni branches or online. No information on unload fees.
List of Countries Where These Forex Cards Are Accepted
Most of the above students’ forex cards are accepted in 150+ countries, making them a convenient choice for international travelers. These cards can be used for transactions, ATM withdrawals, and online payments. Below is a table highlighting the top 20 countries where the above-mentioned forex cards are widely accepted:
| Country | Country |
|---|---|
| United States | United Kingdom |
| Canada | Australia |
| Germany | France |
| Italy | Spain |
| UAE | Singapore |
| Japan | China |
| Thailand | Malaysia |
| Russia | Switzerland |
| South Africa | New Zealand |
| Indonesia | Sweden |
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.
Also Read:
Why Forex Cards are Essential for Students Studying Abroad
Benefits of Using Forex Card for Students, Travelers & Tourists
