Studying in the foreign land isn’t a cakewalk! There are ample challenges that you may face such as managing finances. However, the blog provides a list of some of the best Forex card for students and its uses.
Table of Contents
Are you wondering what is Forex card? A Forex card for students is pre-installed with international currency and is not linked to a bank account. It has plenty of benefits and offers that you can claim. Moreover, this card is valuable for study-abroad students as it allows them to move cash-free in a foreign land. The multi currency Forex card helps to make transactions in other nations easy and hassle-free.
Now that we have covered what is a Forex card. Let us move on to the role of these cards in a student’s life.
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If you are a study abroad aspirant then, a Forex card is ideal for you. As a student, it is crucial to manage your expenses in a foreign land. However, currency fluctuations and cash theft may lead to pocket strain. Not only this but also it imbalances your entire budget. Therefore as a student, it is beneficial to buy Forex card. Here is a list of reasons as to why you need it:
Thus, Forex cards are an essential element in your study abroad journey. These help you focus on your education without worrying about finances. Moreover, this card makes travel much more affordable for students. Now, let us look at the application process.
Also read about : educational loan to study abroad
Applying for the best Forex card for students is a quick and easy process for students. There are various banks and financial institutions that offer these cards. Further, you may also seek assistance from study abroad consultants. These are experts who guide you throughout the process. Besides, if you wish to apply on your own, here is the process:
1. Visit the bank or apply online for the card of your choice.
2. Most banks and financial institutions offer a variety of cards along with a lot of offers, benefits and rewards.
3. Once you have chosen the card you want to apply for, you can go to a bank with the required documents. Further, if the bank provides a facility to apply online, you may do so.
This section gave you a brief idea about how to get Forex card. Further, let us dive in and understand about two major cards i.e. Forex card and debit card.
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Here is a table that will give you an in-depth comparison between the Forex and the debit card.
| Forex Card | Debit Card |
|---|---|
| Prepaid card loaded with foreign currency of your choice | Payment card that deducts money directly from your bank account. |
| Low international transcription fees. | Need to pay international transaction fees, withdrawal charges, and other charges. |
| Locked-in rate when loaded | Dynamic rate of currency exchange. |
| You’ll get a replacement with the remaining balance if you lose the card | Your bank account may get compromised, if you lose your card. |
| Comes with easy-to-track spending with a pre-loaded amount | You have to maintain the discipline. |
These were a few differences between Forex and debit cards. Further, let us move on to the next section wherein the different kinds of Forex cards are explained.
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There are two types of student Forex cards, they are described below:
| Single-Currency Forex Card | Multi-Currency Forex Card |
|---|---|
| Ideal for short-duration studies | You can load multiple currencies. |
| Single currency for one country | Ideal for those students who travel to different countries during their studies. |
| Low currency exchange fees | Higher exchange rate for multiple currencies. |
Are you wondering which Forex card is best for students? The answer to this question is,that both cards are quite different and have unique features. However, students must choose the card according to their needs. Now, let us have a glance at the perks of these cards.
Also read about : cheapest countries to study abroad
By now you have a clear idea about what are the different kinds of cards. Further, this section covers Forex card benefits. Let us go through each of them in detail:
Note: If the card is lost then the remaining balance is returnable.
These were a few perks of having a student Forex card in a foreign nation. Besides, are you wondering which Forex card is best? The next section covers a list of of the best cards along with some of the features offered by each of them.
Although there are a variety of Forex cards available here is a list of top 10 Forex cards for students.
Let us go through each of these cards in detail, the table mentions 10 best Forex cards for Indian students along with their features:
| Forex Cards | Features |
|---|---|
| Induslnd Bank Multi-Currency Card | 14 currencies.Zero Transaction Charges.Easy ATM Withdrawals. |
| Niyo Global Forex Card | Zero Markup Charges130+ Currencies24x7 chat support through the app. |
| HDFC Multicurrency Platinum Forex Card | 22 Currencies.Easy conversion of currencies.Free insurance against accident or card misuse. |
| HDFC Regalia ForexPlus Card | Accepts 16 currenciesIncludes emergency help servicesIncludes lost card responsibility |
| HDFC Bank ISIC Student ForexPlus Card | Accepts many currenciesEnables online reloadingProvides emergency financial assistanceProvides insurance coverage |
| ICICI Bank Student Forex Card | Emergency supportOnline reloadingAccess to unique deals |
| Axis Bank Forex Card | 16+ currenciesMultiple student discountsFixed rate according to currency loading rate. |
| BookMyForex True Zero Markup Forex Card | Global Acceptance.Seamless card management through the app.Exclusive cashback rewards on card booking. |
| Fly Finance Forex Cards | Accepts contact less payments.Provides greater security via chip technology.Provides customer service. |
| Wise Borderless Card | Transfer low-cost money between countries with ease.Over 50 currencies accepted.Simple online payments anywhere in the world. |
Besides the above-mentioned cards, there are a lot of Forex card with international lounge access. Further, let us look at the process of using these cards.
Here is the process of using Forex cards, let us learn to use it:
Now that you are clear with how to use Forex card, let us go through some tips to pick the best cards.
It is vital to choose the best Forex card in India that aligns with your financial needs. Thus, here are a few tips that you may consider before picking out the best Forex card for yourself.
Some useful links:
Here is a list of some of the documents that are required to apply for a Forex card.
The overall Forex limit as per the Liberalized Remittance Scheme (LRS) is USD 250,000 (or its equivalent) per financial year. The account is for all the transactions, which includes education-related expenses as well.
The Forex cards usually have a lower fees than credit cards for foreign transactions. Further, including all the currency conversion fees, ATM withdrawal and other transaction fees. Besides, credit cards have high fees and interest rates.
The zero markup Forex card means that there will be no fees on the transactions. However, a zero markup credit card charges the actual amount on the exchange rate excluding the foreign transaction fees.
The HDFC exchange rate are much better than the other banks. Further it offers various kinds of cards. Here is a list of some of the best HDFC Forex card:
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