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

ICICI Bank Coral Forex Prepaid Card

Introduction

The ICICI Bank Coral Forex Prepaid Card is specifically designed to make international travel convenient and rewarding by facilitating foreign currency transactions. As a prepaid card, it requires funds to be loaded in any of the supported foreign currencies before use. While it cannot be used for shopping at online or offline merchants registered within India, it is widely accepted at all international online and offline merchants registered outside of India that accept Visa cards, as well as at duty-free stores in international airports across India. This card offers benefits worth up to ₹3,000, including an Uber voucher and lost card liability coverage, making it a secure and advantageous option for global travelers.

Welcome Benefits

• Benefits worth ₹3,000.
• Joining Benefits worth INR 5,000.
• BookMyShow voucher worth ₹500.
• Uber voucher worth ₹500 on buying the Forex Prepaid Card and loading a minimum of USD 1,000.
• Card Protection plus insurance worth ₹1,600.
• Complimentary OneAssist complete card protection.
• Free replacement card provided in the welcome kit.

Fees

• Joining Fee: ₹499 + GST.
• Annual Fee: No annual fee for continued use of the card.
• Renewal Fee: Nil.
• Foreign Currency Markup:
  • No mark-up fee applicable on transactions made in the currency loaded on the card.
  • A cross-currency usage fee of 3.5% of the transaction amount is levied on transactions made in a currency other than the one loaded on the card.
• Cash Advance Charges:
  • USD 2 (or currency equivalent) on cash withdrawals from ATMs.
  • 0.5% of the transaction amount on cash withdrawals from POS.

Rewards

• Travel Benefits:
  • Free Travel Insurance.
  • Comprehensive insurance plan with various travel-related insurance benefits.
  • Emergency travel assistance, including emergency cash delivery and concierge service during international travel.
  • Exciting discounts on travel, dining, and shopping around the world.
  • Insurance Covers:
    • Lost Card Liability Coverage: Up to ₹5,00,000 (or Rs. 5 lakh) in case of card loss, providing financial protection if the card is lost or stolen.
    • Card Protection plus insurance worth ₹1,600.
    • Air accident: Rs. 10 lakh.
    • Checked-in baggage delay: USD 300.
    • Loss of passport/tickets: USD 500.
    • Missing connecting international flight: USD 300.
    • Plane Hijacking: Up to USD 3,000.
    • Counterfeit Card Liability: Rs. 5 lakh.
• Lifestyle Benefits:
  • Complimentary international SIM card offered by Visa.

Rewards Redemption Guide

• Uber Gift Voucher Redemption:
  • Visit the Uber-e Gift Card page.
  • Enter your e-mail ID and mobile number.
  • Apply the voucher code and place the order to receive Uber credits.
• BookMyShow Voucher Redemption:
  • On the BookMyShow website or app, choose ‘Gift Voucher’ as the payment method.
  • Enter the voucher number and proceed.
• International SIM Redemption:
  • Eligible Cardholders can avail the benefit by clicking on the designated link: https://visaforex.poshvine.com/.
  • Login using the Card number of their Eligible Card and other details to check the validity of this benefit.
  • Copy the unique code from the offer tile and click on the link to visit the e-SIM / SIM card vendor's platform.
  • On the vendor's platform, select the preferred call plan details.
  • An e-mail will be sent with a link to complete the KYC process by uploading the necessary details (as mandated by relevant telecommunications authorities).
  • After KYC is completed, an option to select an e-SIM or a physical SIM card will be available in the drop-down menu on the SIM card vendor's platform.
  • For an e-SIM, a QR code will be sent via e-mail to activate the e-SIM. A list of compatible phones will be available on the platform.
  • For a physical SIM card, Cardholders must enter their delivery address and pay a delivery charge of ₹100 for the vendor to ship the SIM card to the Cardholder's address.

Card Eligibility Criteria

• Application Process:
  • Existing ICICI Bank Customers can log into Internet Banking to apply.
  • New Customers can apply through a dedicated link.
  • The card can also be applied for through the iMobile app or by visiting any ICICI Bank Forex Branch.
• Documentation Required:
  • Minimal documentation is required for a hassle-free application process through the iMobile app or at ICICI Bank Branches.
  • Applicants are required to submit copies of their PAN card, Aadhar card, Passport (with Visa), and Form A2 along with the card application form.
• Income Requirement:
  • There is no minimum income requirement to be eligible for the card, as it is a prepaid card.

Card Review

The ICICI Bank Coral Forex Prepaid Card stands out as an excellent alternative to credit cards for foreign trips, primarily due to its significant advantage of charging no forex mark-up fee when transactions are made in the foreign currency loaded on the card. This feature alone can lead to considerable savings compared to many credit cards. The initial issuance fee of ₹499 plus GST is well-justified by the substantial welcome benefits, including valuable BookMyShow and Uber vouchers. Designed for rewarding trips, it's ideal for leisure travelers, offering free travel insurance, robust lost card coverage, and easy online card management. With its embedded microchip ensuring high security for every transaction, the card provides peace of mind. Overall, for frequent international travelers and those who enjoy leisure activities like movies, this forex card by ICICI Bank presents a blend of convenience, security, and cost-effectiveness, making it a highly recommended consideration.

Important Product Details

• Specifically designed for foreign currency transactions.
• It is a prepaid card, which means users must load funds in supported foreign currencies before use.
• Cannot be used for shopping at online or offline merchants registered within India.
• Accepted at all international online and offline merchants registered outside of India that accept Visa credit/debit cards.
• Accepted at duty-free stores at international airports across India.
• Comes with an embedded microchip for high-level security, ensuring trust in every transaction.
• Complimentary OneAssist complete card protection is included.
• A free replacement card is provided with the card in the welcome kit.
• Offers easy reload and online card management for convenience.
• Provides personalized service through a dedicated Relationship Manager for assistance.
• Best suited for Leisure Travelling and International Spends.

Other Details

• While the official bank statement and a summary section indicate "No annual fee" and "Nil Renewal Fee", an FAQ section on a review site mentions an annual fee of Rs. 299 (plus GST).
• The card does not offer any traditional reward points or cashback structure.
• There is no complimentary domestic or international airport lounge access provided with this card.
• The card can be used for shopping from international e-commerce websites that accept Visa credit/debit cards.