Managing your finances abroad can be a daunting task. You’re stepping into a new country, adapting to a different currency, and ensuring every penny counts. With over 1.3 million Indian students studying abroad in 2024, having the best Forex card is not just helpful—it’s essential.
The best Forex card for Indian students allows you to carry multiple currencies on a single card, making it easier to pay for everyday needs like food, books, and travel.
Excel in IELTS with India’s Top Online Coaching
Leap has helped more than 1 Lakh students achieve 7+ IELTS band.
But with so many options, like the Niyo Global Card and ICICI Bank Student Forex Card, how do you choose the one that suits you best?
This guide will walk you through the top Forex cards available for Indian students, ensuring you can focus on your studies without worrying about hidden fees or complicated transactions. Dive in!
Key Highlights
Here is a quick overview of everything you will learn in this blog about the best Forex card for Indian students.
| Particulars | Description |
| Types of Forex Cards Available for Indian Students | Single Currency Forex Card, Multiple Currency Forex Card |
| Best Forex Card for Indian Students | Niyo Global Card, HDFC Bank ISIC Student ForexPlus, ICICI Bank Student Forex Card |
| Highest Issuance Fee for a Forex Card | INR 499 |
| Lowest Issuance Fee for a Forex Card | Nil |
| Advantages of Using the Best Forex Card for Indian Students | Locked-in exchange rates, low transaction fees, multiple currencies on one card |
| How to Use a Forex Card Effectively? | Multiple currencies on one card, track your spending, use for larger purchases |
Types of Forex Cards Available for Indian Students
A Forex card is a prepaid card that allows you to load money in foreign currency, making it easier to manage expenses while studying abroad.
For Indian students, there are two main types of forex cards: Single-Currency Forex Cards and Multiple-Currency Forex Cards.
Here’s a quick comparison table.
| Features | Single Currency Forex Card | Multiple Currency Forex Card |
| Supported Currencies | Supports only one currency at a time | Supports multiple currencies on a single card |
| Ideal For | Students travelling to or studying in a single country | Students travelling across various countries |
| Exchange Rate | Fixed at the time of loading for one currency | Fixed for each currency loaded, avoiding fluctuation risks |
| Convenience | Simple to use but limited to one currency | Offers flexibility for students travelling to various regions |
| Reloading Options | Reload only in the same currency | Reload in multiple currencies as needed |
8 Best Forex Cards for Indian Students Studying Abroad
When studying abroad, your finances must be as flexible as your schedule. That’s where a Forex card comes in handy. With the global Forex card market projected to reach $492 billion by 2032, it’s clear that Forex cards are becoming an essential tool for students abroad.
Below, you’ll find a detailed look at some of the best Forex cards for Indian students in 2024.
| Card Name | Issuance Fees Per Card | Supported Currencies |
| Niyo Global Card | Nil | 130+ currencies |
| HDFC Bank ISIC Student ForexPlus | INR 300+GST | 3 currencies |
| ICICI Bank Student Forex Card | INR 499+GST | 15+ currencies |
| Axis Bank Multi-Currency Forex Card | INR 300+GST | 16 currencies |
| IndusInd Bank Multi-Currency Forex Card | INR 300+GST | 14 currencies |
| SBI Multi-Currency Forex Card | INR 100+GST | 7currencies |
| Kotak Mahindra Bank Forex Card | INR 250+GST | 13 currencies |
| YES Bank Multi-Currency Travel Card | INR 125+GST | 15 currencies |
Excel in IELTS with India’s Top Online Coaching
Leap has helped more than 1 Lakh students achieve 7+ IELTS band.
1. Niyo Global Card
The Niyo Global Card is your intelligent travel companion. It is designed to work like a debit or credit card but with zero Forex markup. You can skip the usual 3% – 5% currency conversion fees with other cards.
Key Features
- Earn Up to 8% Interest: Your Niyo savings balance earns up to 8% interest annually.
- Load in INR, Spend Globally: Instantly add money in INR and spend in 130+ currencies across 180+ countries.
- Niyo Coins Cashback: Earn and redeem Niyo Coins on domestic transactions for flights and visa bookings.
- No TCS on Spends up to INR 7 Lakh: Spend abroad without TCS up to INR 7 Lakh.
2. HDFC Bank ISIC Student ForexPlus
The HDFC Bank ISIC Student ForexPlus Card is more than just a Forex card—it’s also an internationally recognised student identity card, endorsed by UNESCO in 1968. This dual-purpose card is perfect for students studying abroad, offering financial convenience with globally accepted USD, EUR, and GBP by VISA/MasterCard merchants and international recognition.
Key Features
- Exclusive ISIC Offers Access discounts on over 150,000 products and services in 130+ countries.
- Comprehensive Insurance: Provides coverage up to INR 5L, including protection against accidents, card misuse, lost baggage, and more.
- Emergency Cash Assistance: Global cash delivery is available if your card is lost or not working.
- 24/7 Concierge Services: Access to travel, entertainment, and business services anytime, anywhere.
Explore all countries
3. ICICI Bank Student Forex Card
The ICICI Bank Student Forex Card is designed to make managing your finances while studying abroad simple and secure. Offering easy access to foreign exchange without the hassle of carrying cash, this card provides a smooth financial experience with competitive exchange rates and essential security features.
Key Features
- Joining Benefits Worth INR 5K: Get free India and international airport lounge access, an INR 500 Uber voucher, an ISIC membership worth INR 999, and a free international SIM card.
- 1-Month ATM Fee Waiver: Enjoy a one-month waiver on ATM fees, allowing you to withdraw cash without extra charges.
- Lost Card/Counterfeit Card Liability Coverage: Stay protected with coverage up to INR 5L against lost or counterfeit card incidents.
4. Axis Bank Multi-Currency Forex Card
The Axis Bank Multi-Currency Forex Card is the best Forex card for Indian students in the USA. It allows you to carry up to 16 widely used currencies on a single card. Whether travelling across Southeast Asia or Europe, this card offers convenience, security, and competitive exchange rates, ensuring a hassle-free experience wherever you go.
Key Features
- Locked-In Exchange Rates: Make payments at the rate you loaded or reloaded your card, protecting you from fluctuating currency rates.
- Emergency Assistance: Access 24×7 emergency support through TripAssist, ensuring help is always available if you lose your card or money.
- Global Acceptance: Use your card for dining, tours, and sightseeing bookings with a widely accepted card.
5. IndusInd Bank Multi-Currency Forex Card
The IndusInd Bank Multi-Currency Forex Card offers a safe and hassle-free way to carry multiple currencies while travelling abroad. It can load up to 14 different currencies on a single card, providing convenience and protection from currency fluctuations ensuring a smooth travel experience.
Key Features
- Widely Accepted Worldwide: Use your card at international hotels, restaurants, airlines, and stores without extra charges, avoiding the hassle of standing in long queues to purchase or exchange currency.
- Secure Transactions: Make secure cash withdrawals at Visa-enabled ATMs worldwide and enjoy safe online shopping with instant SMS alerts for every transaction.
- Easy Online Management: You can track your spending, check your balance, and reload your card online through the IndusInd portal, accessible from anywhere, anytime.
6. SBI Multi-Currency Forex Card
The SBI Multi-Currency Forex Card offers a simple and secure way to manage your money while travelling internationally. This prepaid card allows you to load up to seven currencies, including USD, GBP, EUR, SGD, AUD, CAD, and AED.
With global acceptance, you can use your card at over 2 million ATMs and 34.5 million merchants worldwide, wherever the Mastercard Acceptance Mark is displayed, except in India, Nepal, and Bhutan.
Key Features
- Reloadable: You can quickly reload your card at any State Bank of India branch or through authorised representatives.
- Locked-In Exchange Rates: Secure your exchange rate when loading or reloading, protecting you from currency fluctuations during travel.
- Chip and PIN Protection: Enjoy secure transactions with chip and PIN technology, ensuring your card is safe from unauthorised use.
- 24/7 Global Assistance: Access emergency support anywhere worldwide, including card replacement and emergency cash delivery, providing peace of mind during your travels.
7. Kotak Mahindra Bank Forex Card
The Kotak Mahindra Bank Forex Card offers a secure and convenient way to manage your money while travelling abroad. Whether on a holiday or a business trip, this card allows you to load and spend in 13 different currencies, including USD, EUR, GBP, AUD, and SGD.
With a validity of up to 5 years, it provides long-term convenience for frequent travellers and comes with a range of benefits designed to make your travels worry-free.
Key Features
- Backup Card Available: If you lose or damage your card, you can quickly get a backup card by contacting your Relationship Manager or visiting the nearest branch.
- Comprehensive Insurance Coverage: Enjoy multiple insurance protections, including Lost Card Liability Insurance up to INR 2L, Purchase Protection Insurance up to INR 1L, and Air Accident Insurance coverage up to INR 15L.
- Loss of Passport/Travel Documents: You can get coverage up to INR 50K for the loss of your passport or travel documents, covering the costs incurred in procuring replacements.
- Loss of Checked-In Baggage: For essential items, you can receive coverage up to INR 50K for lost checked-in baggage on international flights.
8. YES Bank Multi-Currency Travel Card
The YES Bank Multi-Currency Travel Card is designed to be your ideal payment solution for international travel. Offering convenience, security, and cost-effectiveness, this card allows you to load and manage up to 15 currencies, including USD, EUR, GBP, AED, AUD, and CAD.
It also automatically selects the appropriate currency wallet based on location, locking in foreign exchange rates to protect you from currency fluctuations and avoiding additional charges on point-of-sale transactions.
Key Features
- Secure Transactions: Benefit from contactless technology, chip and PIN protection, and real-time SMS/email alerts for all transactions, providing enhanced security against unauthorised use.
- Lost Card Liability Insurance: Enjoy peace of mind with insurance coverage up to INR 3L for lost or stolen cards, protecting you from misuse.
- 24/7 Global Assistance: Access emergency card replacement, transaction support, and more through YES Bank’s international toll-free service and YES TOUCH Contact Centre.
- Online Management: Track your expenses, reload your card, and set transaction limits through the Self Care Web Portal and YES Pay Mobile app, giving you complete control of your card on the go.
How to Choose the Best Forex Card for Indian Students?
Selecting the right Forex card is crucial, especially when studying abroad. With over 67,000 Indian students heading to the UK for higher studies in 2024, having a reliable Forex card can make managing your finances much more accessible.
Here’s how to find the best Forex card for Indian students.
- Supported Currencies: Ensure the card supports the currencies you use most, like GBP, USD, or EUR.
- Fees: Look for low or no loading, reloading, and transaction fees. Check the exchange rates offered.
- Security Features: Opt for cards with chip and PIN protection, fraud coverage, and instant card blocking.
- Ease of Management: Choose a card that allows easy online reloading and real-time expense tracking through an app.
- Perks and Benefits: Consider extra perks like cashback, free SIM cards, or airport lounge access.
- Emergency Support: Ensure the card offers 24/7 customer service and emergency cash assistance.
- Card Validity: Look for a card with an extended validity period for multiple trips.
Advantages of Using Forex Cards for Indian Students
Out of 1 million international students in the US alone, nearly 269,000 are from India. For students like you, a Forex card isn’t just convenient—it’s an intelligent way to handle money while focusing on your studies.
Here’s how the best Forex card for Indian students in the USA can help.
- Fixed Exchange Rates: The card’s exchange rates are secured when loading, helping you avoid fluctuations during your travels.
- Low Transaction Fees: Forex cards typically come with minimal or zero fees on international transactions, saving money compared to regular debit or credit cards.
- Multiple Currencies on One Card: Carry and spend several currencies on one card, ideal for those travelling between countries.
- Insurance Coverage: Many forex cards protect against card misuse, accidents, and baggage loss. Coverage amounts can go up to INR 5 lakhs, giving you peace of mind during your travels.
- Easy Reloading and Management: Reload money online anytime and track spending through user-friendly apps or websites.
- No or Minimal Conversion Charges on Local Spending: Spend in the local currency with either no conversion fees or minimal charges, offering significant savings compared to using credit cards.
- Convenient for Online Transactions: You can easily handle international online payments for tuition, travel, and shopping, avoiding high fees and fluctuating rates.
- Access to Emergency Cash: If the card is lost or stolen, emergency cash assistance is available to ensure your funds are accessible when needed.
- Widely Accepted Worldwide: Forex cards are accepted at millions of ATMs, stores, and online merchants globally, covering almost every travel need.
- Budget Control: Helps manage your budget effectively by limiting spending to the loaded amount, which prevents overspending.
How to Use a Forex Card Effectively?
Using your Forex card wisely can make managing your finances abroad much more accessible. Given that 46% of college students with credit cards have debt, it’s clear that managing money carefully is crucial.
Here’s how to get the most out of the best Forex card for Indian students in the USA while avoiding unnecessary debt.
- Load the Right Currencies: Make sure your card is loaded with the currencies you’ll need, locking in favourable exchange rates.
- Use for Larger Purchases: Pay for tuition, accommodation, and travel expenses with your Forex card to save on fees and get better rates, reducing reliance on credit cards.
- Withdraw Cash When Necessary: Use ATMs sparingly and withdraw more significant amounts to minimise fees and steady your cash flow.
- Check Country Restrictions: Ensure your card is supported in the countries you visit to avoid any issues that could lead to unexpected expenses.
- Reload as Needed: You can easily reload your card online, keeping an eye on exchange rates to manage your funds effectively.
- Redeem Unused Funds: Transfer leftover funds back to your bank account or use them for future trips, avoiding idle funds that could tempt unnecessary spending.
Difference Between Forex Card Vs Debit Card
Choosing between a Forex card and a debit card is essential when studying abroad. The best Forex card for Indian students offers fixed exchange rates, minimal fees, and support for multiple currencies.
Here is an overview of the differences between Forex and a debit card.
| Features | Forex Card | Debit Card |
| Currency Support | Load and spend in multiple foreign currencies | Primarily linked to your bank account in Indian Rupees (INR) |
| Exchange Rates | Fixed at the time of loading, protecting against fluctuations | Exchange rates vary with each transaction, often higher |
| Transaction Fees | Minimal or zero fees on international transactions | Higher fees for international transactions, including conversion fees |
| Security | Chip and PIN protection, not linked directly to your bank account | Linked directly to your bank account, with standard security features |
| Usage Flexibility | It can be used worldwide at ATMs, stores, and online in foreign currencies | Usable worldwide, but transactions are in INR with conversion fees |
| Reloading | It can be reloaded online or at the bank as needed | Linked to your bank account, so the balance depends on account funds |
| Budget Control | Preloaded amount limits spending, helping manage your budget | Spending is limited to your bank account balance, and you have less control over spending abroad |
To Conclude
Managing your finances abroad is essential, and choosing the best forex card for Indian students can make all the difference. Whether it’s the Niyo Global Card for zero forex markup or the ICICI Bank Student Forex Card for easy reloading, selecting the best forex card for Indian students ensures you can focus on your studies without financial stress.
Choosing the right Forex card is just one step in your study abroad journey. At Leap Scholar, we provide personalised support every step of the way, from university selection and application assistance to SOP reviews, financial planning, and visa support.
Schedule a call with Leap Scholar today and take the first step towards a successful future!
Frequently Asked Questions
Q. What is a Forex card, and why should I use one?
A. A forex card is a prepaid card loaded with foreign currency that you can use for overseas transactions. Choosing the best forex card for Indian students provides a convenient, secure, and cost-effective way to manage money.
Q. Can I load multiple currencies on the best Forex card for Indian students?
A. Many of the best Forex cards for Indian students allow you to load and manage multiple currencies on a single card. This is especially useful if you travel to or study in various countries. For instance, the YES Bank Multi-Currency Travel Card supports up to 15 currencies, including USD, EUR, and GBP, allowing seamless transactions across different regions.
Q. How do I reload my Forex card, and is it easy with the best Forex card for Indian students?
A. Reloading the best Forex card for Indian students is a straightforward process. You can do it through your bank’s website or mobile app, making adding funds from anywhere convenient. Alternatively, you can visit an issuing bank branch to reload your card.
Q. Are there any fees associated with using the best Forex card for Indian students?
A. Forex cards generally have lower fees than regular debit or credit cards used abroad. However, even the best Forex card for Indian students may include fees for ATM withdrawals, reloading, or cross-currency transactions. It’s essential to check the fee structure of your specific card to avoid unexpected costs. For example, some cards like the Niyo Global Card offer zero Forex markup, saving you significant money on transactions.
Q. Is the best Forex card for Indian students secure?
A. The best Forex card for Indian students is designed with robust security features. These include chip and PIN protection, significantly reducing the fraud risk. If your card is lost or stolen, you can quickly block it via the bank’s app or customer service. Some cards also offer fraud liability protection, ensuring unauthorised transactions are not your responsibility if you report the issue promptly.
Q. Can I use the best Forex card for Indian students to shop online?
A. Absolutely. The best Forex card for Indian students is great for in-person transactions abroad and ideal for online shopping. Whether you need to pay tuition fees, book flights, or make other international purchases, your Forex card can be used like a credit or debit card.
Q. What should I do if I lose the best Forex card for Indian students?
A. If you lose your Forex card, the first step is to contact the card issuer immediately to block the card and prevent unauthorised transactions. Many of the best Forex cards for Indian students offer 24/7 customer support for this purpose.
Q. Can I withdraw cash with the best Forex card for Indian students?
A. You can withdraw cash from ATMs using the best Forex card for Indian students. This is particularly useful when you need local currency for smaller purchases. However, be aware that some cards may charge fees for ATM withdrawals. It’s wise to withdraw more significant amounts less frequently to minimise these costs.
Q. What happens to the remaining balance on the best Forex card for Indian students after my trip?
A. After your trip, any remaining balance on the best Forex card for Indian students can be handled in a few ways. You can keep the balance on the card for future travel or transfer it back to your bank account in India. Some cards allow you to spend the leftover balance at duty-free shops before your flight home. Be sure to check if there are any fees for refunding the balance.
Q. How long is the best Forex card for Indian students valid?
A. The validity of the best Forex card for Indian students typically ranges from 3 to 5 years, depending on the card issuer. The expiry date will be printed on your card, and you can use it for multiple trips within this period. If your card is close to expiring and still has funds, you can often transfer the balance to a new card or request a refund, ensuring continuous access to your money.
Q. What documents do I need to apply for the best Forex card for Indian students?
A. To apply for the best Forex card for Indian students, you’ll generally need to provide a PAN card, passport, and a valid ID proof like Aadhaar. Some banks may also require a copy of your visa and admission letter if you apply as a student.
Have Questions? Get Guidance to reach your Dream University
Connect with India's finest counsellors and biggest study abroad community.
Get Guidance