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

Introduction

The ICICI Bank offers two distinct forex cards: the ICICI Bank Sapphiro Forex Prepaid Card and the ICICI Bank Student Sapphiro Forex Prepaid Card. Both are premium prepaid cards issued by ICICI Bank, designed to facilitate international transactions. The general Sapphiro Forex Prepaid Card targets travelers and individuals making international spends, offering benefits like complimentary international lounge access, discounted rates on hotel/flight bookings, and zero cross-currency markup. The Student Sapphiro Forex Prepaid Card is specifically tailored for students studying abroad, providing features such as support for 15 currencies, international lounge access, cashback on grocery and transit spends, and valuable student-specific perks like ISIC membership and ATM fee waivers. Neither card has an income-based eligibility criterion, making them accessible to a wider audience.

Welcome Perks & Issuance Benefits

For ICICI Bank Sapphiro Forex Prepaid Card

• Uber Vouchers worth ₹1,000.
• Complimentary DreamFolks membership, providing 2 international lounge accesses per annum.
• Complimentary OneAssist complete card protection cover.
• A free replacement card is provided with the primary card in the welcome kit.

For ICICI Bank Student Sapphiro Forex Prepaid Card

• Uber discount vouchers worth ₹1,000, valid for 12 months from card activation.
• DreamFolks membership, offering 2 complimentary international lounge accesses.
• International Student Identity Card (ISIC) Membership worth ₹999.
• Card Protection plus insurance worth ₹1,600.
• Complimentary international SIM card offered by Visa.
• Free replacement card in case the primary card gets lost or damaged.

Supported Currencies & Wallet Features

For ICICI Bank Student Sapphiro Forex Prepaid Card

• Supports 15 currencies.
• Features zero mark-up fee on cross-currency transactions.

For ICICI Bank Sapphiro Forex Prepaid Card

• Features zero foreign currency mark-up fee and no cross-currency usage charges.

Fees and Charges

• Issuance Fee: ₹2,999 + GST for both ICICI Bank Sapphiro Forex Prepaid Card and ICICI Bank Student Sapphiro Forex Prepaid Card.
• Annual Fee: Nil for both cards for continued use.
• Cross-Currency Markup: Nil for both cards (no foreign currency mark-up fee and no cross-currency usage charges).
• International ATM Withdrawal Fees:
  • ICICI Bank Sapphiro Forex Prepaid Card: USD 2 (or currency equivalent) on cash withdrawals from ATMs; 0.5% of the transaction amount on cash withdrawals from POS.
  • ICICI Bank Student Sapphiro Forex Prepaid Card: The first 3 withdrawals every month are free of charge. Extra charges may apply if the withdrawal is made from a merchant ATM.
• Card Replacement: A free replacement card is provided in the welcome kit for both cards.

Travel Features & Insurance

Travel Features

• Complimentary International Lounge Access: Both cards offer 2 complimentary international airport lounge accesses every year with DreamFolks.
  • The DreamFolks annual membership fee of US $99 is complimentary for cardholders.
  • For any additional lounge access after the two complimentary visits, users will be charged US $27 per visit.
• Discounts & Cashback:
  • ICICI Bank Sapphiro Forex Prepaid Card: 5% cashback on online hotel/flight bookings, capped at ₹3,000 per month.
  • ICICI Bank Student Sapphiro Forex Prepaid Card: 5% cashback on online grocery or transit spends via international websites, capped at ₹3,000 per month.
• Other Travel Perks:
  • Discounts on international roaming packs (ICICI Bank Sapphiro Forex Prepaid Card).
  • Exciting deals around the world on stay, travel, dining, and shopping (ICICI Bank Sapphiro Forex Prepaid Card).
  • Complimentary international SIM card offered by Visa (ICICI Bank Student Sapphiro Forex Prepaid Card).
  • International Student Identity Card (ISIC) Membership worth ₹999 (ICICI Bank Student Sapphiro Forex Prepaid Card).
• Usage: Both cards can be used for shopping at duty-free stores at international airports within India.

Insurance Benefits

• ICICI Bank Sapphiro Forex Prepaid Card: Comes with a comprehensive insurance policy including:
  • Personal Air Accident Cover – Death Only: ₹10 lakh
  • Checked-in Baggage Delay: USD 300
  • Loss of Travel Documents (Passport, Visa, Tickets): USD 500
  • Missing of Connecting International Flight During Transit: USD 300
  • Plane Hijacking: Up to USD 3,000
  • Counterfeit Card Liability: ₹5 lakh
  • Lost Card Liability: ₹5 lakh
• ICICI Bank Student Sapphiro Forex Prepaid Card: Includes:
  • Card Protection plus insurance worth ₹1,600.
  • Lost Card Liability Coverage: Up to ₹5,00,000.

How to Manage the Card

• Lounge Access: Access complimentary international airport lounges by downloading the DreamFolks app, logging in with the membership ID from the Welcome Kit, and using the generated QR code.
• Uber Voucher Redemption:
  • Redeem the Uber-e Gift Card by visiting the specified redemption link.
  • Enter registered email ID and mobile number, then the voucher code from the Welcome Kit.
  • Place the order to receive the voucher.
  • In the Uber app, go to the payment section, tap 'Add Payment Method', select 'Gift Card', and enter the gift code to add credits.
• ISIC Membership Redemption (Student Card): Visit the ISIC website, enter card details to apply for the discount, and complete the application to receive the International Student Identity Card.
• International SIM Redemption (Student Card):
  • Eligible cardholders can avail the benefit by logging in with their card number on the Visa Forex SIM offer portal.
  • Copy the unique code from the offer tile and click the link to visit the SIM card vendor's platform.
  • Select preferred call plan details.
  • Complete the KYC process by uploading necessary details via email link.
  • Choose between an e-SIM (QR code sent via email) or a physical SIM card (delivery address and ₹100 delivery charge required).

Forex Card Review

Overall Verdict

• ICICI Bank Sapphiro Forex Prepaid Card: A premium forex card that justifies its high joining fee with benefits like complimentary international lounge access, zero cross-currency markup, and discounted rates on hotels and flights, features often found in credit cards. It offers good value for frequent international travelers.
• ICICI Bank Student Sapphiro Forex Prepaid Card: An ideal companion for students studying abroad, specifically designed to meet their needs. It simplifies expense management and enhances the study-abroad experience with fee waivers, international offers, and essential protection, making it a tailored solution for students.

Who Should Apply

• ICICI Bank Sapphiro Forex Prepaid Card: Best suited for travelers and individuals with international spending needs who seek premium benefits and zero markup on foreign currency transactions.
• ICICI Bank Student Sapphiro Forex Prepaid Card: Ideal for students heading abroad for studies, looking for a convenient and hassle-free way to manage expenses with student-specific perks.

Important Product Details

• Card Names: ICICI Bank Sapphiro Forex Prepaid Card, ICICI Bank Student Sapphiro Forex Prepaid Card.
• Issuing Bank: ICICI Bank.
• Network: Visa (implied by acceptance on Visa e-commerce sites and Visa-offered SIM).
• Eligibility: No minimum income requirement as both are prepaid cards.
• Application: Can be applied for online or by visiting any ICICI Bank forex branch.
• Security: Comes with an embedded microchip for high-level security.
• Key Benefits:
  • Zero foreign currency mark-up fee and no cross-currency usage charges.
  • 2 complimentary international lounge accesses annually via DreamFolks.
  • Uber vouchers worth ₹1,000 as a welcome gift.
  • Comprehensive travel insurance, including personal air accident cover, lost card liability, baggage delay, and more.
  • Free replacement card provided in the welcome kit.
  • 5% cashback on online hotel/flight bookings (general card) or online grocery/transit spends (student card), capped at ₹3,000 per month.
  • Discounts on international roaming packs (general card).
  • Can be used for shopping at duty-free stores at international airports within India.
  • Supports 15 currencies (Student card).
  • First 3 monthly ATM fee waivers (Student card).
  • Complimentary ISIC Membership (Student card).
  • Complimentary international SIM card (Student card).
• Limitations:
  • High issuance fee of ₹2,999 + GST.
  • The general Sapphiro Forex Prepaid Card does not have a reward structure.
  • Cannot be used for shopping at merchants registered in India, except for duty-free stores at international airports.

Other Details

• One month is defined as per Indian Standard Time (IST) from 00:00:00 hours of Day 1 to 23:59:59 hours of the last day of the month, relevant for monthly ATM fee waivers.
• Detailed terms and conditions for insurance policies, schedule of charges, and specific offers (like Visa Forex SIM card) are available via links on the bank's website.