Personal Finance Tips

ICICI Bank Forex Card Review: Variants, Features, Charges, and Which Is the Right Card for You?

Yadana Chaw

08.12.25

Read time 7 minutes

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When preparing for international travel, managing foreign currency securely and cost-effectively is a primary concern for travellers. As forex cards offer a popular solution for cost savings and convenience, you may be considering ICICI Bank’s range of forex cards as an option.

This comprehensive ICICI Forex Card review discusses its different variants, key features, and all associated fees. We'll also introduce you to the Wise Travel card, which allows you to hold 40+ currencies in on card and spend without any forex markups or hidden fees.

Table of contents
What is an ICICI Forex Card? ICICI Forex Card vs Wise Travel card: Features and benefits Charges Exchange Rate How to apply for an ICICI Forex Card How to use the ICICI Forex Card Is the ICICI Forex Card good for travelling? Meet the Wise Travel card: 40+ currencies in one card, with no forex markups or hidden fees

What is an ICICI Forex Card?

The ICICI Bank Forex Cards are prepaid travel cards designed for individuals requiring foreign currency for overseas spending. These cards allow users to pre-load foreign currencies and spend abroad.

ICICI Bank offers multiple forex card variants, some of which allow users to load up to 15 global currencies onto a single card. These variants are designed to cater to specific user segments by offering differentiated perks.¹

For general travel: Includes the Multi-Currency Forex Prepaid Card⁵ and premium cards like Sapphiro and Coral (offering lounge access, vouchers, etc.).
For students: Specialised cards (e.g., Student Forex Prepaid Card²) offer perks like Free ISIC membership and ATM fee waivers.
For corporate travelers: The Corporate Forex Prepaid Card is an exclusive product for business transactions.

Is ICICI Forex Card safe?

The ICICI Forex Card is generally safe to use because the Reserve Bank of India (RBI) controls its operations in India. All international transactions comply with the regulations of the Foreign Exchange Management Act 1999.⁹

ICICI Forex Card: Features and benefits

Some ICICI Forex Card variants are labelled as multi-currency, such as the Multi-Currency Forex Prepaid Card, meaning you can load multiple currencies (e.g., USD, GBP, and others) onto a single card. Other variants, however, are not clearly described in this way. ICICI also does not publicly list which currencies can be loaded onto each card, stating only that availability “varies by card variant.”

Let’s discuss the ICICI Forex Card’s features and compare them with Wise Travel Card.

	ICICI Forex Card	Wise Travel Card
Currencies supported for holding	Up to 15 (Depends on card variant)	40+
Exchange Rate	ICICI Bank forex card rate	Interbank rate
Loading Methods	Online through the iMobile app and Internet Banking Offline at the ICICI Bank Forex servicing branch	Online through bank transfers via RTGS, NEFT, and IMPS
Perks	Complimentary International SIM Card protection plus insurance Complimentary lost card liability	Unlimited free ATM withdrawals up to 200 USD No hidden fees Digital cards available

ICIC Forex card perks

Each ICICI Forex card variant offers different perks. Let’s discuss the benefits of the individual ICICI Forex card.

Card Variant	Perks
Student Forex Prepaid Card²	1 complimentary worldwide airport lounge access Uber voucher worth 500 INR ISIC membership 1 ATM fee waiver per month Contactless payments
Student Sapphiro Forex Prepaid Card³	2 complimentary worldwide airport lounge access Uber voucher worth 1,000 INR ISIC membership 3 ATM fee waivers per month Contactless payments
Expressions Sapphiro Forex Card⁴	150 customized card designs 2 complimentary international lounge accesses Uber voucher worth 1,000 INR Amazon discount voucher worth 500 INR 3 ATM fee waivers per month Contactless payments
Multi-Currency Forex Prepaid Card⁵	Contactless payment facility Superior security through 3D Secure and CHIP & PIN technology
Coral Forex Prepaid Card⁶	BookMyShow voucher worth 500 INR Uber voucher worth 500 INR Joining benefits worth 5,000 INR
Sapphiro Forex Prepaid Card⁷	2 complimentary international lounge accesses Uber voucher worth 1,000 INR Contactless payments
Corporate Forex Prepaid Card⁸	Uber voucher worth 500 INR Contactless payment facility Superior security through 3D Secure and CHIP & PIN technology

ICICI Forex Card: Charges

Each ICICI Forex Card variant has its own card issuance fees and other charges. There’s no annual maintenance fee for ICICI forex cards. All fees stated in INR are subject to GST.

Card Variant	Joining Fees
Student Forex Prepaid Card²	Nil
Student Sapphiro Forex Prepaid Card³	2,999 INR plus GST @ 18%
Expressions Sapphiro Forex Card⁴	3,499 INR plus GST @ 18%
Multi-Currency Forex Prepaid Card⁵	Nil
Coral Forex Prepaid Card⁶	499 INR plus GST @ 18%
Sapphiro Forex Prepaid Card⁷	2,999 INR plus GST @ 18%
Corporate Forex Prepaid Card⁸	Nil
Wise Travel card	Nil

Knowing the ICICI Forex Card charges lets you know what to expect. Here’s common charges across all the card variants.

Fee Category	ICICI Forex Card charges	Wise Travel card charges
Loading Fees¹³	Usually free if loaded online, but charges can apply if you load foreign currency by visiting the ICICI Bank branch You may only be able to reload in the same currency the card was first issued in.	Small, transparent conversion fee
Foreign Transaction Fees	No fee	No fee
Fees for spending in a currency you don’t hold	3.5% plus GST @ 18%	Small, transparent conversion fee
ATM Withdrawal Fee	Depends on the currency For example, for USD withdrawal, it is 2 USD + 1% of the withdrawal amount The 3.5% cross-currency fee will also apply if you withdraw in a currency you don’t hold.	Unlimited free up to USD 200/month. Above limit, $1.40 + 3.25% of amount.
ATM Balance Enquiry Fee	Depends on the currency For example, for USD, it is 0.50 USD	No fee
Cash Advance and Cash POS Transaction fee	0.5% of the transaction amount	No fee
Wallet-to-wallet transfer fee	2.5% of the transfer amount	NA
Lost card replacement fee	In India: 3 USD	Free (Limited time offer, while stocks last)

ICICI Forex Card’s exchange rate

ICICI Bank publishes its specific card rate daily, which is the rate applied when you purchase or load funds onto the card, allowing you to lock in the exchange rate. It is important to note that the published rate may include a markup of around 1.5%–2%, so it’s always a good idea to compare it with the interbank rate, (the one typically shown on Google, which you can also see below.

Wise, on the other hand, always uses the interbank rate for every conversion. This means there are no hidden costs you need to look for.

How to apply for an ICICI Forex Card

While it’s not compulsory to maintain an ICICI Bank account to apply for a forex card, account holders benefit from a faster online application process, while non-account holders must apply in person at a foreign exchange servicing branch or with a specified money changer.¹⁷

Online Application Through Internet Banking

Account holders can use their internet banking channel to apply for their forex cards.¹⁵

Log in to the ICICI Bank internet banking portal.
Go to “Cards & Loans” and click on “Forex & Prepaid Cards”.
Click on “Apply for Forex Prepaid Cards”.
Choose the appropriate variant and enter the required details.
Click on “Generate Card”.
The system will activate and link the card to your account.
The card will reach you within five working days.

Online Application through the iMobile app

You can also use the iMobile app to apply for your ICICI Forex Card.¹⁹

Log in to your iMobile app.
Access the “Cards/Forex/PayLater” section and tap on “Forex Prepaid Cards”.
Select “Apply Now”.
Choose your preferred variant, enter the necessary details, and tap on “Generate Card”.
The system activates and links the card immediately.
You get the card delivered to your registered address within five working days.

Offline at ICICI Bank Forex servicing branches

Non-account holders must visit the nearest ICICI Bank foreign exchange servicing branches or specified money changers to apply for their card.²⁰

Visit any ICICI Bank Forex Servicing branch.
Fill in the Forex Card application form.
Submit the application form and the necessary documents to the branch official.
Show the original documents for verification.
The bank provides the Forex Prepaid Kit immediately.
The card is loaded with foreign currency within one day.

How to use the ICICI Forex Card

You can use your ICICI Forex Card in the same way you use your debit and credit cards.

Swipe and pay for your in-store purchases at merchant establishments that accept Visa and MasterCard.
Wave your forex card if it has the contactless payment facility.
Use your forex card for online purchases at e-commerce retail websites.
Withdraw cash from ATMs worldwide.
Swipe the forex card at select merchant establishments and obtain cash.

Is the ICICI Forex Card good for travelling?

Here are some of the advantages and drawbacks of using an ICICI Forex card.

Pros	Cons
Multi-currency support Different variants for different needs	High cross-currency fee for spending a currency you don’t hold Reloads may be limited to the card’s original currency ATM withdrawal fees Exchange rates include a markup Physical application for non-account holders

The ICICI Forex Card may be a convenient choice if you already bank with ICICI or want to take advantage of perks tied to specific card variants, such as lounge access.

However, since the ICICI Forex Card uses its own exchange rate, you should watch out for hidden extra charges built into that rate. Reloads may also be limited to the card’s original currency, and cross-currency and ATM fees can quickly add up

If you want an easy card for everyday travel spending, the Wise Travel card is a great alternative. You can sign up completely online, it supports over 40+ currencies, and it always gives you the interbank rate (the rate you see on Google), so you know exactly what you are paying.

Meet the Wise Travel card: 40+ currencies in one card, with no forex markups or hidden fees

With no hidden markups, the Wise Travel card is a smart way to spend abroad. You'll always get the real interbank exchange rate for conversions across 40+ currencies. Wise's transparent, low pricing, plus no foreign transaction fees or forex markups, usually means you are getting the best value for your money.

The fully digital account opening and vKYC process allows you to sign up from the comfort of your home, and there are no annual or monthly fees either. Simply order your card, show proof of your travels, load your funds, and you're all set. Plus - card orders are currently free to Indian addresses (limited time launch offer, while stocks last)! A physical Wise card enables you to make secure chip and PIN payments and get some free ATM withdrawals while you're overseas. You can also instantly freeze or unfreeze your card in the app anytime for peace of mind.

Wherever your travels take you, the Wise Travel card is the only forex card you'll need to make spending internationally simpler and cheaper.

🚀 Get a free Wise Travel card

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.