Goibibo ICICI Bank Forex Prepaid Card – Benefits, Fees & Eligibility

Introduction

The Goibibo ICICI Bank Forex Prepaid Card is a co-branded foreign exchange card issued by ICICI Bank in collaboration with Goibibo, a popular travel portal. This card is primarily targeted at frequent international travelers, especially those who prefer booking flights and hotels through third-party travel platforms like Goibibo. Its top differentiating benefits include exclusive Goibibo vouchers and goCash+, discounted forex rates, special dining offers in select countries, and a comprehensive insurance plan, making it a suitable option for managing international travel expenses.

Welcome Perks & Issuance Benefits

• Issuance Fee: Rs. 499 plus applicable taxes. No annual fee is applicable.
• goCash+ Gift Voucher: Worth Rs. 500, 100% redeemable on Goibibo.
• Goibibo Vouchers: Worth Rs. 15,000.
• Cab Voucher: Worth up to Rs. 1,000 on loading USD 1,000 on the card.
• Forex Rate Discount: Rs. 0.40 discount on the forex conversion rate when loading USD 1,000 on the card.
• Complimentary Card Protection: From OneAssist wallet assistance, worth Rs. 1,600.
• Croma Discount: Rs. 500 off on shopping at Croma outlets (including online and airport outlets).

Supported Currencies & Wallet Features

• The card supports multiple currencies, allowing transactions in the currency loaded on the card without a cross-currency markup.
• Specific list of supported currencies or details on exchange rate lock-in vs. live rates are not provided.

Fees and Charges

• Issuance Fee: Rs. 499 plus applicable taxes, charged at the time of card issuance.
• Annual Fee: Not applicable.
• Reloading Fee: Rs. 100 is charged for every reload.
• Cross-Currency Markup:
  • No foreign currency markup fee is applicable on transactions made in the currency loaded on the card.
  • A cross-currency markup fee of 3.5% of the transaction amount is levied on transactions made in a currency other than the one loaded on the card.
• International ATM Withdrawal Fees (Cash Advance Charges):
  • USD 2 (or currency equivalent) per transaction for ATM withdrawals.
  • 0.5% of the transaction amount for POS cash withdrawals.

Travel Features & Insurance

• Dining Benefits: Flat 15% discount on dining at over 100 Indian restaurants in 6 countries: Kuala Lumpur, Dubai, London, Singapore, Hong Kong, and Bangkok.
• Card Acceptance:
  • Accepted at all international online stores that accept Visa credit/debit cards.
  • Can be used for shopping at duty-free stores at airports.
• Lounge Access: No complimentary domestic or international lounge access is provided with this card.
• Insurance Benefits: A complimentary comprehensive insurance plan is included:
  • Air accident cover: Rs. 10 lakh
  • Checked-in baggage delay cover: USD 300
  • Loss of passport/tickets cover: USD 500
  • Missing connecting international flight cover: USD 300
  • Plane Hijacking cover: Up to USD 3,000
  • Counterfeit Card Liability cover: Rs. 5 lakh
  • Lost card liability cover: Rs. 5 lakh

How to Manage the Card

• Application Process:
  • Applications can be submitted through ICICI Bank's internet banking, iMobile Pay app, or by visiting any of the bank's forex branches.
  • Documents Required: PAN card, Aadhar card, Passport (with Visa), and Form A2, along with the card application form.
  • For ICICI Account Holders: No documents are required if you are an existing ICICI Bank account holder.
• Loading Funds: Funds can be loaded onto the card, with a reloading fee of Rs. 100 applicable per transaction. Specific details on how to switch wallets, block/unblock the card, or track LRS limits via an app/portal are not explicitly provided.

Forex Card Review

The Goibibo ICICI Bank Forex Prepaid Card is a strong contender for frequent international travelers, particularly those who utilize third-party travel portals like Goibibo for their bookings.

• Pros:
  • Generous welcome benefits including Goibibo vouchers and goCash+.
  • Discounted forex rates on specific loads.
  • Comprehensive insurance coverage for various travel-related incidents.
  • Attractive dining discounts in popular international destinations.
  • No annual fee.
  • No minimum income requirement as it is a prepaid card.
• Cons:
  • No reward structure or cashback program.
  • No complimentary lounge access.
  • Cross-currency markup of 3.5% applies if transactions are made in a currency not loaded on the card.

Overall, it offers significant value through its travel-specific benefits and insurance, making it a good pick for its target audience.

Important Product Details

• Card Name: Goibibo ICICI Bank Forex Prepaid Card
• Issuing Bank: ICICI Bank
• Co-branded Partner: Goibibo
• Network Acceptance: Accepted at all international online stores accepting Visa credit/debit cards, implying it operates on the Visa network.
• Key Benefits: Goibibo vouchers (Rs. 15,000), goCash+ (Rs. 500), cab vouchers (Rs. 1,000 on USD 1,000 load), forex rate discount (Rs. 0.40 on USD 1,000 load), 15% dining discount in 6 countries, comprehensive insurance.
• Fees: Rs. 499 issuance fee, Rs. 100 reloading fee, 3.5% cross-currency markup, USD 2 ATM withdrawal fee.
• No Rewards: The card does not have any reward points or cashback program.
• No Lounge Access: Complimentary lounge access is not provided.
• No Annual Fee: Once issued, there is no recurring annual fee.