ICICI Bank launches forex prepaid card for students going abroad for higher education

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ICICI Bank has launched ‘Student Sapphiro Forex Card’, a forex prepaid card specifically for students going abroad for higher education.

The card, powered by Visa, offers benefits and convenience to students as well as their parents to manage education related expenses abroad such as admission fees, course-related fees and other day-to-day expenses including travel, dining and groceries, among others, according to the private sector bank’s statement.

The card offers the choice of loading and transacting in 15 currencies, without any cross-currency mark-up charge being levied by the Bank, allowing students to conveniently travel across the globe even if they load only one currency on the card, it added.

This initiative comes in the wake of continuing surge in the number of Indian students going overseas for higher education.

“The Forex Card comes with an array of joining benefits up to ₹15,000, along with exclusive privileges. It comes with a welcome kit with two cards– a primary and a replacement card– that can be activated digitally through iMobile Pay, internet banking or by calling the Bank’s Customer Care in the event of loss/damage of the primary card.

“Like any other forex card offered by the Bank, this card can be reloaded digitally using iMobile Pay and internet banking by the students and their parents, instantly, anytime and from anywhere,” the bnank said.

Niraj Tralshawala, Head- Payment Solutions, ICICI Bank said, the forex card offers students the triple advantage of payment of tuition and daily expenses, digital re-loading of the card by parents from anywhere, and additional curated benefits.

Sujai Raina, Country Manager, Visa India said, “By tailoring card features to the needs of life abroad, Visa ensures seamless, safe transactions, complete ease of use and global acceptance. This comprehensive financial solution addresses the diverse requirements of today’s students, making it worry-free so they can have a better study abroad experience.”