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Federal BankICICI Bank Coral Prepaid Forex Card, as the name suggests is a foreign exchange card by ICICI Bank, i.e. the card is offered especially for foreign currency transactions. Since it is a prepaid card, you have to load the card in any of the supported foreign currencies before it can be used for forex transactions. It is worth noting that the card can not be used for shopping at online/offline merchants registered within India, however, it can be used at all international online and offline merchants registered outside of India that accept Visa credit/debit cards. The card is also accepted at duty-free stores at international airports across India.
ICICI Coral Prepaid Forex Card comes with an initial issuance fee of Rs. 499 (plus GST), and an annual fee of Rs. 299 (plus GST) is chargeable second year onwards. The card doesn’t have any reward structure (reward point/cashback), however, you do get plenty of add-on benefits like movie vouchers, taxicab vouchers, insurance covers, and many more. Read on to learn more about this prepaid forex card by ICICI Bank.
ICICI Bank Coral Prepaid Forex Card
Fees
Joining Fee
Renewal Fee
Best Suited For
Travel |
Reward Type
Reward Points
Welcome Benefits
Movie & Dining
BookMyShow voucher worth Rs. 500 as a joining benefit
Rewards Rate
N/A
Reward Redemption
N/A
Travel
Uber voucher worth Rs. 500 as a joining gift, comprehensive insurance plan with travel-related insurance covers
Golf
N/A
Domestic Lounge Access
N/A
International Lounge Access
N/A
Insurance Benefits
Comprehensive insurance plan with a lost card liability cover worth Rs. 5 lakh and multiple travel-related insurance benefits
Zero Liability Protection
Cardholder not liable for any fraudulent transaction on the card post reporting the loss of card to the bank and a lost card liability cover worth Rs. 5 lakh.
Spend Based Waiver
N/A
Rewards Redemption Fee
N/A
Rewards Redemption Fee
N/A
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 levied on transactions made in a currency other than the one loaded on the card.
Interest Rates
N/A
Fuel Surcharge
N/A
Cash Advance Charges
USD 2 (or currency equivalent) on cash withdrawals from ATMs, 0.5% of the transaction amount on cash withdrawals from POS
Add-on Card Fee
N/A
- BookMyShow voucher and Uber voucher worth Rs. 500 each as a joining benefit.
- Complimentary OneAssist complete card protection.
- Comprehensive insurance plan with insurance covers against air accident, loss of card, delay of check-in baggage and many other insurance benefits.
- Can be used for shopping at duty-free stores at international airports across India.
- Free replacement card provided with the card in the welcome kit.
- Emergency travel assistance including emergency cash delivery and concierge service during international travel.
- Exciting discounts on travel, dining and shopping around the world.
ICICI Bank Coral Prepaid Forex Card Welcome Benefits
You get BookMyShow and Uber vouchers worth Rs. 500 each as a welcome benefit on a newly issued card.
ICICI Bank Coral Prepaid Forex Card Travel Benefits
- Uber voucher worth Rs. 500 as a joining benefit on card issuance.
- Comprehensive insurance plan with various travel-related insurance benefits (details below).
- Emergency cash delivery and concierge service access during international travel.
Insurance Benefits
You get a comprehensive insurance plan with ICICI Coral Prepaid Forex Card including lost card liability cover and travel-related insurance benefits like covers against the delay of checked-in baggage, loss of passport/ticket, missing connecting international flight and plane hijacking. The details of all these insurance covers are summarised in the table below-
| Insurance Type | Covered Amount |
| 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. 5lakh |
| Lost card liability | Rs. 5 lakh |
Other Benefits
- BookMyShow voucher worth Rs. 500 as a welcome gift on card issuance.
- Exciting offers on travel, shopping and dining while traveling overseas.
- Free replacement card provided in the welcome kit. In case of loss of primary card, the replacement card can be activated.
ICICI Bank Coral Prepaid Forex Card Fees and Charges
- An initial fee of Rs. 499 (plus GST) charged at the time of card issuance.
- An annual membership fee of Rs. 299 (plus GST) to be paid second year onwards.
- No foreign currency 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 applicable on transactions made in a currency other than the one loaded on the card.
- A cash advance fee of USD 2 applicable on cash withdrawals from ATMs. Cash withdrawals from POS attract a cash advance fee of 0.5% of the withdrawn amount.
How to apply
- You can apply for ICICI Coral Prepaid Forex Card through internet banking, iMobile Pay app or by visiting any of the forex branches of the bank.
- In order to proceed with the application, you are required to submit copies of your PAN card, Aadhar card, Passport (with Visa) and Form A2 along with the card application form.
Conclusion
ICICI Coral Prepaid Forex Card can be a good alternative to credit cards on foreign trips as unlike most ICICI credit cards, you are not charged any forex mark-up fee if you pay with your Coral Prepaid Forex Card in the foreign currency loaded on the card. The card although comes with an annual fee of Rs. 299 (initial issuance fee of Rs. 499 is payable at the time of card issuance), the BookMyShow and Uber vouchers that you get with the card justify the annual fee. So, apart from being a frequent traveler, if you are also a movie buff, this forex card by ICICI is certainly worth your consideration.
