by Getting admission to your dream university abroad demands hard work. Once you crack it, there is no looking back, and your happiness knows no bounds. However, you need to educate yourself with the required essential details regarding going abroad, receiving remittances, money exchange, and the best Forex cards for students and travel cards. If you miss this, you might come across several difficulties which would be hard to overcome. While studying abroad, all you need to do is focus on your education without any worry or difficulties. The following issues are most frequent with students who have studied abroad:
1. Issues with receiving remittance
2. Inactive travel cards
3. Issues to have application fee remittance or tuition fee remittance
Here is some vital information that one should consider prioritising if preparing to go abroad for education, specifically for monetary concerns. Let’s have a look at the various types of Forex cards available for students, the selection of the best Forex cards in India, and which Forex cards are best for you.
What is a Forex Travel Card?
If you are wondering what a Forex travel card or a prepaid travel card is, the answer is that it’s a travel card precisely to provide travel-specific benefits. Once you are in a different country, a travel card will help you to withdraw cash, pay, and buy necessary items. It’s simply best to have a Forex card because it is not always possible to carry cash while one is not in their native land. A travel card is, thus, nothing but a significant financial defence to combat any emergency abroad. Make sure you check our detailed blog on What is Forex Card for more information!
Difference Between Forex Card & Debit Card
What are the benefits of a Forex card?
From money security to easy cash withdrawals in countries around the world, the best Forex card for students has several advantages. Here are the main benefits you can enjoy from a Forex card for students:
1. Fixed exchange rate
A multicurrency card for students eliminates this risk of currency depreciation. For example, if a currency is depreciating, buying another country’s currency (such as the dollar) will cost more than it did last year. By using FX cards, the exchange rate is fixed at the time of deposit. This can lead to significant savings.
2. Global Acceptance
Forex cards for students are accepted by dealers all over the world. This is because you can load your student Forex card in multiple currencies.
3. Minimal markup fee
Most banks add a surcharge of 2.5% to 3.5% on foreign currency transactions via debit or credit card. However, foreign exchange card transactions do not incur this fee if made in the currency loaded on the card.
4. Safe and convenient
Forex cards for students are much safer than carrying cash. They are also very practical as it can be used for both shopping and withdrawing money. This two-factor authentication also protects online payments.
5. Easy management
Forex cards for students are very easy to manage, just like debit cards or credit cards. If the card gets misplaced, you can report it using net banking or your bank’s mobile app and block the card. Similarly, it is straightforward to load money onto a Forex card for students using net banking or the bank’s mobile app.
6. Easy to refund
Once your international travel is over or you have finished using your foreign exchange, the balance on your foreign exchange card can be easily transferred to your respective bank account by visiting your respective bank branch.
7. Attractive deals
Having the best Forex card for students has some other benefits, too, such as amazing discounts and offers that vary from bank to bank. Also, having a student bank account can be beneficial as well. Learn about opening a student bank account with our comprehensive blog on the same!
What is a Forex Card for students?
A student foreign exchange card allows students to cover their expenses without worrying about money or currency. This card is ideal if you want to study abroad. You can focus on your education and control your spending without worrying about not having enough money for food, housing, travel, and other needs. In fact, this currency card makes travel more affordable for students.
Best Forex Card for Students
With so many Forex cards for students to pick from, it’s important to study the features and charges of each type to make an informed decision. So, let’s take a look at some of the contenders for the title of the best Forex card for students planning to study abroad and make financial transactions in a foreign country easy and efficient.
1. Wise Borderless Card
Wise Borderless Card, formerly known as TransferWise, is one of the best Forex cards for students. It offers a multicurrency card and competitive foreign exchange rates. This Forex card for international students makes it easy to make small and large payments in your local currency.
Features:
- Low-cost money transfers between countries
- Accepts over 50 currencies
- Enables simple online payments anywhere in the world
Charges: This best Forex card for students offers free international ATM withdrawals up to a certain limit.
2. Niyo Global Card
Experience the future of global banking with this Forex card designed exclusively for international travellers. This card is the best forex card for international students because it allows users to save 3-5% on all international transactions with Niyo Global’s zero forex markup benefit. Add a touch of luxury to your journey with complimentary airport lounge access at major international airports in India.
Features:
– Zero forex markup on all international transactions
– Free lounge access at select int terminals in India
– Load in INR, use in 150+ countries and 130+ currencies
– Earn 1% cashback as global coins
– Card delivery within 2-3 days
– 24×7 in-app chat support
3. BookMyForex True Zero Markup Forex Card
BookMyForex true zero markup forex card is available at exact interbank/mid-market rates, the rates that you can find on search engines. These are transparent rates with zero margin which means you get to exchange currency for free. What sets the BookMyForex card apart is its instant and digital card reload option. For anyone living abroad with a hectic schedule, the digital and real-time top-up facility can be of great benefit to them. The instant reloading facility can be availed absolutely free of cost.
Features:
- Zero markup interbank-linked rates
- Accepted globally
- Same-day doorstep delivery
- Instant reloads & easy unloads
- Seamless card management using the BookMyForex App
- Option to personalize the forex card
- Free International SIM Card with forex card purchase
- Exclusive cashback rewards on card booking
Charges: Zero issuance/annual/inactivity/maintenance/reload/unload charges
4. HDFC Forex Cards
HDFC, a well-known bank, offers one of the best Forex cards, including one specifically designed for students. These include multicurrency ForexPlus, Multicurrency Platinum ForexPlus Chip, and others. These cards accept different currencies. HDFC’s ISIC student ForexPlus card is only available in some American states, European cities, and major cities in the UK. HDFC banks also have additional fees, such as insurance and reload fees, so read their terms and conditions carefully. This is also considered one of the best Forex cards in India.
Features:
- Accepted worldwide as a qualified student ID card
- Include chip and PIN protection for further security
Charges: HDFC student Forex cards are subject to a variety of costs, including issuance fees, reload fees, currency conversion fees, and ATM fees.
5. ICICI Forex Cards
ICICI Bank provides currency cards for students and travellers that include various features. ICICI Bank offers five foreign exchange cards, and the card you choose depends entirely on your travel or other purposes. The ICICI foreign exchange cards offer favourable travel benefits, including student insurance and discounts for its customers, making it one of the best Forex cards in India. If you wish to know more about the student insurance services including the best Forex Cards, go through the amber+ website to know more!
Features:
- Contactless payments
- Emergency support
- Online reloading
- Access to unique deals
- 24/7 customer service
Charges: The cards include a cross-currency fee on foreign currency transactions.
6. IndusInd Forex Cards
IndusInd Bank offers the best Forex card for students in collaboration with Visa/Mastercard, which are accepted globally. Users may manage their spending overseas easily with excellent exchange rates. Customers may recharge their cards through online banking, debit/credit cards, or by visiting an IndusInd branch.
Features:
- It can be loaded with up to 14 currencies
- Secure Chip & PIN function
- Compatible with Internet transactions
- Emergency help and insurance coverage
Charges: They have no issue costs, and ATM withdrawal fees are modest.
7. Fly Finance Forex Cards
For overseas travellers, Fly Finance provides probably the best Forex card for students. The card accepts several currencies, making it ideal for world travellers. Users may recharge their cards online with ease. The cards might include unique features such as personalised travel itineraries or tie-ups with travel partners for further perks.
Features:
- Accepts contactless payments
- Provides greater security via chip technology
- Provides customer service
Charges: ATM withdrawals made overseas may incur costs.
8. Axis Bank Forex Card
Axis Bank offers a variety of foreign exchange card options to suit your travel style, and rates vary by country. It offers one of the best Forex cards for students, providing cashback on foreign transactions and unique discounts. Axis Bank Vistara is the best Forex card for international students linked to Vistara airline miles, a multicurrency foreign exchange card, and a Diners card specifically designed for US dollar transactions.
Features:
- It can be loaded with up to 16 currencies.
- Rewards/deals program for students
Charges: International foreign transaction fees, bank withdrawal fees, and an annual maintenance charge are included with the card.
9. HDFC Multicurrency Platinum Forex Card
The HDFC Multicurrency Platinum Forex Card for students is a prepaid travel card designed to make foreign travel easier. It accepts numerous currencies and allows for cashless transactions worldwide. Cardholders can load money in INR and convert it to the preferred foreign currency at the current exchange rate. Users should read the terms and conditions carefully before purchasing the card.
Features:
- Supports contactless payments
- Chip and PIN security
- Easy loading through online banking
- Emergency help and backup card alternatives
Charges: There are costs for issuing and reloading cards, as well as cross-currency conversion and ATM withdrawals.
10. HDFC Regalia ForexPlus Card
The HDFC Regalia ForexPlus Card is only available to Regalia clients. ATM withdrawals are charged, and reloading is available online. Users get special travel advantages and reward points that can be redeemed for travel and leisure rewards.
Features:
- Accepts 16 currencies
- Allows contactless payments
- Includes emergency help services
- Includes lost card responsibility
- Includes insurance coverage
Charges: ATM withdrawals are charged.
11. HDFC Bank ISIC Student ForexPlus Card
Designed for students travelling abroad, the HDFC Bank ISIC Student ForexPlus Card is powered by ISIC and offers international student ID benefits. Cardholders can receive unique offers and discounts and manage their accounts online.
Features:
- Accepts many currencies
- Enables online reloading
- Provides emergency financial assistance
- Provides insurance coverage
Charges: ATM withdrawals in other countries are subject to fees.
How to apply for a Forex card
Applying for the best Forex card for students is a quick and easy process, as several banks and financial institutions offer these cards. Read our blog on the various student Forex card services to know more about the process!
1. You can go to a bank branch or apply online for the card of your choice.
2. Most banks and financial institutions offer a variety of cards, depending on the benefits and rewards you can claim.
3. Once you have chosen the card you want to apply for, you can go to a bank branch with the required documents or apply online when facilities are provided.
Documents required for Forex Card
When applying for a foreign exchange card from a bank, financial institution or travel agency, several criteria must be met before the card is issued. In addition, some documents need to be submitted. Documentation required may vary by the card issuer. The basic documents required are as follows:
- Application form
- Copy of passport (self-attested)
- Copy of visa (visas if the trip involves multiple countries)
- Airline ticket copy
- PAN card
Hope this article will help you to have some clarity upon Forex HOWs and WHYs. Before settling for any provider’s Forex card for students, it’s highly recommended that you go through all the terms and conditions properly. Also, as you are a student going abroad for studies, you will find the articles on the US visa requirements guide very helpful.
