Best Forex Cards for Indian Students

Heading abroad to study can be easier on your wallet when you know the best options out there- and which ones can help you save on fees.

Forex cards can be an easy solution for spending money abroad in the local currency. And now you have multiple choices of forex cards to choose from.

Plus, you always have to look out to see if there is a hidden exchange rate fee.

And while it can seem small on the surface, that difference can start to feel larger if you are transferring large sums for tuition, or frequently sending or spending funds.

If you are currently studying abroad, take a look to see if any of these options can help you save on fees for your educational expenses.

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 (only until February 10, 2026)! 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 Wise Travel card

Niyo Global card

Niyo and DCB Bank have teamed up to give you a flexible and tech-enabled card that can be used in 90+ currencies, but it comes with fees and the Visa exchange rate.

Niyo is for the modern generation of students who want to access their card and convert money at any time, from anywhere. With a Niyo app, you can load money from your Indian bank account and swipe and use the card in 150 countries.

But you will get hit with an annual and joining fee, plus the hidden exchange rate fee tucked into Visa’s exchange rate. There is an in-person component to signing up, so first make sure you are in one of the cities in India that Niyo services.¹

Axis Bank forex card

Axis Bank has a few different options of forex cards for how you travel, but there are also different fees depending on the country you are in.

Axis Bank has the Axis Bank Vistara Forex Card which is linked up with miles from Vistara airlines, a Multi-Currency Forex Card, a World Traveller Forex Card that helps you earn miles and a Diners Card specifically for USD transactions.

With Axis Bank you will have to pay fees for signing up, reloading and for any and all cash withdrawals other than Axis Bank ATMs. You will also have to face an inactivity fee of $5 USD or the listed fee for each currency if the card is not used for more than 36 months.³

HDFC forex cards

One of the few banks with a student centered card, HDFC offers 5 different options in total for forex cards but some are currency specific.

The popular bank, HDFC, offers a range of forex cards, and one specially for students. The ISIC Student ForexPlus Card from HDFC is available only for the United States, Europe and Great Britain. And the card is accepted as a qualifying student ID globally as well.

But this particular HDFC card does come with an issuance fee of Rs. 300 and a reloading fee of Rs. 75. On top of that, you will always get the prevailing Visa/ Mastercard exchange rate and fees for cash withdrawals. If you want a more wide ranging card, try the other forex cards HDFC offers with 22 currencies supported, but keep an eye on those fees as well.⁴

ICICI forex cards

ICICI Bank offers 5 forex cards to choose from depending on the purpose of your travel and the level of luxury you are looking for.

ICICI forex cards offer travel privileges and discounts that can be attractive to customers. With options like Goibibo Travel Forex, Sapphiro Forex, Multi-Wallet Prepaid Card, Coral Forex Card and Student Forex Prepaid, you have different forex card options to choose from. But Sapphiro Forex will cost you a lot more in fees, than say the Student Forex card.

The Student Forex card has a joining fee of Rs. 499 plus an annual fee of Rs. 199 from year two. Also, it is important to note the cash withdrawal charges and the marked up exchange rate you get on purchases. ⁵

What to consider when choosing a forex card for students

With so many options, how do you know the right one to choose? Take a look below to see what are some important factors to consider.

Total cost of transfer

Sometimes cards can appear like a good deal upfront, but look a little closer and you’ll find yourself paying for fees you didn’t expect. Make sure that your transfers don't have hidden exchange rate fees, currency fees or annual fees so you aren’t paying more than you need to.

Flexibility

Flexibility to work the way that you work is key. Whether that's having an app so you can transact through your mobile, or having a wide range of currencies supported to make travel easier or even easy access to helpful customer support. Find the best card that is flexible enough to meet your needs.

ATM Withdrawals

Let’s face it, even in this digital economy, sometimes you still need cash. Check the ATM withdrawal fees and how much you may be losing on them. And at the same time, make sure the withdrawal limits, if any, are workable for the amount of cash you need.