As an international student, the exchange rate calculation in your mind might be confusing. And how much cash to carry around when going out from your home even left you wondering what is the best way to manage your finances when studying abroad? The answer to all the challenges might be a simple but efficient Forex Card.
And today, we are here to explain why a Forex card is essential for international students and why it might present some obstacles in some cases. So, without wasting any more time, let’s swipe up the knowledge of the Forex Card.
What is a Forex Card?
A Forex card is a prepaid card in which you can deposit funds in terms of the currency of your host nation. Forex prepaid cards are considered one of the most convenient payment methods, especially if you are studying abroad or traveling internationally. The Forex travel card helps international students during their international travel and foreign expenses as a student.
With this magnetic stripe in your hand, you easily make payments all around the world without bothering about currency exchange fees or ATM cash withdrawals.
Benefits of Forex Card
The following are the benefits of the Forex card:
International Students who are visiting their host nation are always skeptical about safety. And their fears aren’t unjustified. However, in a foreign land where you don’t know a lot of people and are unaware of the common scam tactics, you might want to stay on the safe side of circumstances.
Carrying a lot of cash or too little in a foreign country might not be a step in the right direction. And to avoid problems related to it together, you have a secure solution in the form of a Forex card. They are a reliable and efficient way to make international payments. Since they contain all of the security mechanisms of a credit card.
Using a forex card is exceptionally convenient for international students. They don’t have to worry about carrying cash in the host country’s currency or looking for an ATM whenever they make a purchase.
Forex cards can be used by the same POS machines that accept debit and credit cards. Making them extremely convenient to use when making purchases. And as it is a card, it can slip right into your wallet rather than making it bulky when you carry all the cash around.
You can also quickly reload the funds without even stepping out of your house abroad, like your student accommodation in Glasgow or London, using a smartphone app or your service provider’s website.
One of the significant problems that international students face is the exchange rates. All international students have calculated the amount in their minds when purchasing something. Forex cards have devised a unique method to overcome this problem.
Cardholders are protected against exchange rate fluctuations happening in the market on a daily basis. The currency amount deposited onto the card is determined by the day’s exchange rate. Guaranteeing that there is no possible loss from transferring money from day to day.
Forex cards for international students are also spared from the expensive exchange rate, and debit and credit card costs levied whenever you make a transaction on a POS machine or make a cash withdrawal at an ATM in a foreign land.
Forex Cards help you manage your money more wisely. Since they provide online access to monitor your expenditure, payments, and exchange rates. You also receive monthly statements for all your transactions through the forex card. When your study abroad semester is finished, you can quickly cash out any leftover foreign currency by ensuring that the remaining funds are not mismanaged.
Pro Tip for Forex Card
Forex cards are extremely convenient, but nothing is completely secure. Forex cards enjoy the safety features of a regular debit or credit card. It is also vulnerable to fraud practices that plague them.
The primary disadvantage is that the card’s magnetic stripe can be cloned at some isolated ATM or store, leaving you vulnerable to fraud and your money in the hands of a scammer.
Using a forex card provides many advantages, but you could face difficulties if your card is exploited. Keep your card information secret, and be cautious when swiping the card in POS and ATMs.
There are many forex cards – Kotak forex card, Standard Chartered forex card, YES bank forex card, forex credit card, AXIS bank multi-currency forex card, Indus forex multi currency card.
But if you aim to get a digital, hassle-free online yet reliable experience, Niyo Global Card is a great option for you as a best forex card for students, and a digital.
We hope this article helps you understand the benefits and importance of forex cards. Forex cards are beneficial for students who are out in foreign lands to make their dreams come to reality. If used right, they can be gamechanger. If you have queries or suggestions, feel free to let us know in the comments section.
1. Which Forex Card is best for International Students?
Niyo Global has been designed keeping in mind the unique needs and requirements of students going to study overseas. A Forex Card is a simple prepaid card that comes loaded with cash, along with a complimentary insurance cover, protection against change in currency price, and much more.
2. Can I get a Forex Card without a passport?
For availing a Forex Card, existing customers have to mandatorily mention the PAN Card number on the application form with a passport copy, and non-Kotak customers have to provide the KYC and copy of the PAN Card & Passport copy. Forex Card cannot be issued to NRI/NRE/NRO/non-KYC compliant customers.
3. Is a Visa Copy needed for a forex card?
To apply for a Forex card, you need to e-submit an Application-cum-Declaration form along with a copy of your passport, tickets, and visa. You have to remit an amount in Indian Rupees (equivalent to the amount you want in foreign currency) to the bank. Once the transaction is done, your card is activated.
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