As a student needing a forex card urgently, how can I avoid high balance requirements, FDs?

I’m a student trying to get a forex prepaid card urgently, but most banks are asking me to open a savings account with a high minimum balance just to issue the card. HDFC wants Rs 25,000, and ICICI is asking for Rs 1 lakh, which is impractical for me. I don’t have a credit card and would prefer not to go for an FD-backed forex card either. Are there any better options—banks, NBFCs, or travel-focused platforms—that offer standalone forex cards without account opening or high balance requirements? Looking for a low-hassle, student-friendly solution that’s quick and cost-effective. Suggestions appreciated!

Advice by Purvang Mashru, Senior Quantitative Research Analyst at 1 Finance

Financial products should serve the individual’s life stage and context. If you’re seeking a forex prepaid card without maintaining a high savings account balance or opening a fixed deposit, there are viable options within the regulated banking ecosystem.

While a few banks might mandate savings account relationships, as in your case with minimum balance requirements ranging from Rs 25,000 to Rs 1 lakh, this is typically a distribution policy rather than a regulatory compulsion. A more friendly route would be to apply for a forex card through RBI-authorised travel partners such as MakeMyTrip or Thomas Cook. These entities work in partnership with banks like Axis Bank, HDFC Bank, and Yes Bank to issue prepaid forex cards without insisting on opening a savings account.

Technically, one can approach banks directly. Travel partners tend to be more flexible and efficient, particularly for students with urgent needs.

Before selecting a card, compare:

• Issuance fees (generally Rs 150–Rs 300)

• Forex markups (preferably under 3%)

• Reload and ATM withdrawal charges

• Account linkage or hidden terms

Here are some steps you can take:

1. Contact a licensed forex dealer (e.g., Make My Trip) and request a student forex card without account linkage.

2. Confirm all costs in writing, including markup, reload fee, and card validity.

3. Ensure your passport, visa, and ticket are ready as they are often the only documents required.

4. Avoid tying up funds in FDs or savings accounts unless absolutely necessary.

This approach ensures you meet your travel goals efficiently without compromising financial flexibility.