HDFC Bank Isic Student Forexplus Chip Forex Card – Benefits, Fees & Eligibility

Introduction

The ISIC Student ForexPlus Card is issued by HDFC Bank, primarily targeting students. It serves as both a multi-currency forex card and a globally recognized International Student Identity Card (ISIC), endorsed by UNESCO since 1968. Key benefits include its acceptance as a student ID worldwide, availability in three major currencies, comprehensive complimentary insurance cover, and access to over 1.5 lakh products, services, and experiences in 130+ countries through its ISIC affiliation.

Welcome Perks & Issuance Benefits

• Issuance Fee Waiver: Waiver on issuance fee for a minimum loading of USD 1000 (or equivalent currency), valid until March 31, 2027.
• Complimentary Virtual ISIC Card: Students get a complimentary globally recognized Virtual International Student Identity Card worth ₹999, providing access to exclusive discounts in 1,50,000+ outlets internationally, valid until March 31, 2027.
• Travel Insurance: Option to avail travel insurance at a nominal rate for a peaceful trip, valid until March 31, 2027.

Supported Currencies & Wallet Features

• Supported Currencies: Available in 3 major currencies: USD (United States Dollar), EUR (Euro), and GBP (Great British Pound).
• Exchange Rate Lock-in: Secure yourself from volatile forex rate fluctuations with preferential forex rates.
• Currency Management: Conveniently load currency and transfer balance from one currency to another using Prepaid Card NetBanking (Prepaid Card Portal).
• Reload Limit: Load up to US $250,000 (or equivalent amounts in up to eligible currencies) in a financial year.
• Multiple Trips: Use the same Forex Card for multiple trips, loading currencies based on changing destinations among USD, EUR, and GBP.

Fees and Charges

• Card Issuance Fee: ₹300 plus applicable GST per card.
• Reload Fee: ₹75 plus applicable GST per reload transaction currency-wise in branches. No fees for reload done through the online portal.
• Reissuance/Replacement Fee: ₹100 plus applicable GST per card.
• Cross-Currency Markup: 3% on transactions where the transaction currency is different from the currency available on the card.
  • Exchange rate used will be the VISA/MasterCard wholesale exchange rate prevailing at the time of the transaction (Mid-rate).
  • GST is applicable on Currency Conversion & other fees as per the prevailing rate.
• International ATM Withdrawal Fees:
  • USD: $2.00 per transaction
  • EUR: €1.50 per transaction
  • GBP: £1.00 per transaction
• Balance Enquiry Fee:
  • USD: $0.50 per transaction
  • EUR: €0.50 per transaction
  • GBP: £0.50 per transaction
• Currency Conversion Tax (Applicable on load, reload, and refund transactions):
  • Up to ₹1 lakh: 0.18% of the gross value or ₹45 (whichever is higher).
  • ₹1 lakh – ₹10 lakh: ₹180 + 0.09% of the amount exceeding ₹1 lakh.
  • Above ₹10 lakh: ₹990 + 0.018% of the amount exceeding ₹10 lakh.
• Daily Limit for ATM Cash Withdrawal:
  • USD: $5,000
  • EUR: €4,700
  • GBP: £4,000
  • Note: The withdrawal limit may vary if a lower limit has been set by the ATM Acquiring Bank.

Travel Features & Insurance

• Emergency Cash Assistance: Facility available across the world in case of loss/damage of card. Call international toll-free numbers to avail services.
• Insurance Benefits (Free comprehensive insurance cover):
  • Up to ₹5 lakh protection against misuse resulting from counterfeiting or skimming.
  • Up to ₹5 lakh air accident insurance coverage (death cover only).
  • Up to ₹2 lakh road/rail accident insurance coverage (death cover only).
  • Up to ₹20,000 coverage for loss of checked-in baggage.
  • Up to ₹50,000 coverage for loss of personal documents (only passport reconstruction).
  • Up to ₹60,000 coverage for loss of cash in transit.
• Global Acceptance: Accepted at all VISA/Master affiliated merchants/establishments around the world, as well as for online shopping.
• Dual Card Functionality: Functions as both a Forex Card and an internationally recognized Student Identity Card (ISIC), endorsed by UNESCO since 1968. Recognized by universities, academic institutions, student unions, national governments, financial institutions, and ministries of education worldwide.

How to Manage the Card

• Prepaid Card NetBanking Portal: Manage your Forex Card conveniently via Prepaid Card NetBanking.
  • Track transactions.
  • Instant Reload using HDFC Bank Debit card and Credit Card.
  • Set ATM PIN, Block Card.
  • Change mobile number and Email ID instantly.
  • View Card Statement.
  • Enable Contactless and online payment services.
  • Set transaction limits.
• Online Loading Limits through Prepaid Card Portal:
  • US $10,000 Per Transaction or equivalent in other currency.
  • US $25,000 Per Day or equivalent in other currency.
  • US $100,000 Per Financial Year or equivalent in other currency.
• Multiple Reloading Options:
  • Instant Reload: Load your card in 3 simple steps, from anywhere in the world, using just your card number (no passwords needed).
  • HDFC Bank Prepaid card Netbanking.
  • HDFC Bank NetBanking.
  • HDFC Bank Branches.
  • Online reloading of card is available for existing HDFC Bank customers only. Funding from NRO accounts / Debit Cards not allowed.
  • Authorized persons can also reload the card on your behalf by visiting an HDFC Bank branch with necessary documents and funds.
• Blocking/Unblocking Transactions: Disable/enable International Merchant Swipe, Online, Tap & Pay, and ATM transactions via Prepaid Card NetBanking (Manage Card Limits) or by visiting an HDFC Bank branch. This is a preventive safety step to protect your card from unauthorized use, fraud, or misuse.
• Balance Check: Check balance via NetBanking facility (using card number as user ID and IPIN) or PhoneBanking services.
• Online Usage: Can be used for transactions online on all major e-commerce platforms. Transactions are authenticated with OTP or Prepaid Card NetBanking password.
  • To enable Online payment (E-commerce) service: Login to Prepaid Card NetBanking, go to “Account Summary” > “Manage My Profile” > “Manage My Limits” > select your “Card” > Enable service & set transaction/daily limit.
• Contactless Payment: Can be used for contactless payments. Requires validation by using Prepaid card NetBanking IPIN or mobile OTP.
  • To enable Contactless payment (E-commerce) service: Login to Prepaid Card NetBanking, go to “Account Summary” > “Manage My Profile” > “Manage My Limits” > select your “Card” > Enable service & set transaction/daily limit.
• Customer Support: Round-the-clock assistance for card-related issues, including hot listing your card in case of theft. Access PhoneBanking services through International toll-free numbers across 32 countries.

Forex Card Review

• Who should apply: The ISIC Student ForexPlus Card is ideal for students aged 12 years and above who are traveling internationally for education. Its dual functionality as a student ID and a forex card, coupled with student-specific discounts and comprehensive insurance, makes it highly suitable for this demographic.
• Pros:
  • Globally recognized student identity card (ISIC) with UNESCO endorsement.
  • Access to 1.5 lakh+ discounts and offers in 130+ countries.
  • Available in 3 major currencies (USD, EUR, GBP) with preferential forex rates.
  • Comprehensive complimentary insurance cover (misuse, accidents, baggage, documents, cash in transit).
  • Easy online reloading from anywhere in the world.
  • Secure transactions with CHIP and PIN, and online/contactless payment options.
  • Emergency cash assistance.
  • Long term validity (2 years) for multiple trips.
  • Option for issuance fee waiver and complimentary virtual ISIC card.
• Cons:
  • Limited to 3 major currencies, cross-currency markup applies for others.
  • Issuance and reload fees (though online reload is free).
  • ATM withdrawal and balance enquiry fees.
  • Specific documentation required for application, including travel and university documents.

Important Product Details

• Card Name: ISIC Student ForexPlus Card
• Issuing Bank: HDFC Bank
• Target Audience: Students (12 years and above)
• Network Acceptance: Accepted at all VISA/Master affiliated merchants/establishments worldwide.
• Security Features: Secured transactions with CHIP and PIN at POS and ATM. Online transactions authenticated with OTP or Prepaid Card NetBanking password.
• Validity: Valid for 2 years from the date of card indenting.
• Unspent Forex: Required to surrender unspent foreign exchange within 180 days of return, but can retain up to US$ 2,000 (or equivalent) for future use.
• Positive Highlights:
  • Dual functionality as a Forex Card and an internationally recognized Student Identity Card.
  • Extensive student discounts and offers globally.
  • Comprehensive insurance benefits.
  • Convenient online card management and reloading.
  • Protection against forex rate fluctuations.
  • Emergency cash assistance.
• Negative Highlights:
  • Fees for issuance, branch reloads, reissuance, ATM withdrawals, and balance enquiries.
  • Cross-currency markup of 3%.
  • Currency conversion tax on load, reload, and refund transactions.

Important Guidelines (TCS & LRS)

• Tax Collected at Source (TCS): Applicable under the provision of Financial Act, 2020.
• Liberalised Remittance Scheme (LRS):
  • Maximum USD $250,000 (or equivalent in other currencies) can be loaded in a financial year.
  • This limit applies to all resident individuals (including minors) for permissible current or capital account transactions, or a combination of both, per financial year (April – March).

Other Details

• Eligibility Criteria:
  • Customers aged 12 years and above.
  • Documents Required (For existing HDFC Bank Customers): Valid Passport, PAN Card, Self-attested copy of Form I-20, Self-attested copy of Appointment letter / Admission letter / University Identity Card.
  • Documents Required (For New Customers): Valid Passport, PAN Card, Passbook, cancelled cheque or one-year account statement (used for funding the Forex Card), Self-attested copy of Form I-20, Self-attested copy of Appointment letter / Admission letter / University Identity Card.
  • Travel Documents: Valid International travel ticket, Valid Visa.
  • Guardian's signature is mandatory if the applicant is between 12 to 18 years old.
  • The bank reserves the right to modify the required KYC document list.
  • Forex card will be activated only after verifying all KYC documents.
• Application Process:
  • Apply online through the HDFC Bank website or by visiting an HDFC Bank branch.
  • For HDFC Bank Customers:
    1. Enter Customer ID or RMN and verification code.
    2. Fill application form (country of travel, currency type, total currency required).
    3. Review total cost (amount loaded, Forex conversion charges) and complete payment.
    4. Provide address and traveller details.
    5. Card delivered to provided address. (Video KYC might be required in certain cases).
  • For Non-HDFC Bank Customers:
    1. Enter mobile number and verification code.
    2. Fill application form (country of travel, currency type, total currency required).
    3. Review total cost and complete payment.
    4. Provide address and traveller details.
    5. Visit nearest HDFC Bank branch, verify KYC documents, and collect your Forex Card.
• Card Activation: Card gets activated within 4 hours from realization of funds.
• Disclaimer: Terms and conditions apply. Forex Card approvals are at the sole discretion of HDFC Bank Limited and are subject to documentation and verification as per the Bank's requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.