Find the Best Forex Card for Students: Your Ultimate Guide
3 Min

Find the Best Forex Card for Students: Your Ultimate Guide

3 Min
Uploaded on
Apr 12, 2022
Last updated on
Mar 10, 2023
Uploaded on
Apr 12, 2022
Last updated on
Mar 10, 2023
Best forex cards for students
Your quick and smart guide to the best forex cards for students.

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 international 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 -

  • Issues with receiving remittance
  • Inactive travel cards
  • Issues to have application fee remittance or tuition fee remittance

The ones mentioned above are some of the most recurrent difficulties found among students studying abroad. To avoid facing any of the above ones, here is some vital information that one should consider giving priority if preparing to go abroad for education.

What is a Forex Travel Card?

If you are thinking about what a prepaid travel card is, you should know that it is 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 is simply because it is not always possible to carry cash while precisely one is not in their native land. A travel card is thus nothing but a significant financial defence to combat any emergency abroad.

What are the benefits of Forex card?

From money security to easy cash withdrawals in countries around the world, forex cards have several advantages. Here are the main benefits you can enjoy from a forex card as a student:  

  • Fixed exchange rate - A multi-currency forex card 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.  
  • Safe and convenient - Forex cards are much safer than carrying cash. It is also very practical as it can be used for both shopping and withdrawing money. Online payments are also protected by his two-factor authentication.  
  • Easy management - Forex cards 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 using net banking or the bank’s mobile app.
  • Global Acceptance - Forex cards are accepted by dealers all over the world. This is because you can load your forex card in multiple currencies.  
  • 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.  
  • 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. 
  • Attractive deals - Having a forex card has some other benefits, too, such as amazing discounts and offers that vary from bank to bank.  

What is a Forex Card for students?

A student foreign exchange card is a foreign exchange or currency card that allows students to cover their own expenses without worrying about money or currency. This card is ideal if you want to study abroad as a student.
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?

Here are the best forex cards for students planning to study abroad and make financial transactions in a foreign country easy and efficient. 

  • Wise Borderless Card - Wise Borderless Card is one of the best forex cards for students. They are known for their low-cost money transfers between countries, and this forex card makes it easy to make small and large payments in your local currency. 
  • Niyo Global Card - Niyo and DCB Bank have partnered to bring the best forex cards forstudents studying abroad with a versatile and technologically advanced card that can be used in over 90 currencies but with connected fees and Visa exchange rates. Offer one of the cards. 
  • Axis Bank Forex Card - Axis Bank offers a variety of foreign exchange card options to suit your personal travel style, and rates vary by country. Axis Bank offers the best forex cards for students, including the Axis Bank Vistara Forex card linked to Vistara airline miles, a multi-currency foreign exchange card, and a Diners card specifically designed for US dollar transactions. 
  • HDFC Forex Cards - HDFC, a well-known bank, offers a variety of forex cards for students, including one specifically designed for students. HDFC's ISIC student ForexPlus card is only available in the US, Europe and the UK. Additionally, the card is accepted worldwide as a qualified student ID card. Like some of the best student forex cards, HDFC banks also have additional fees such as insurance and reload fees, so read their terms and conditions carefully. 
  • ICICI Forex Cards - ICICI Bank offers five foreign exchange cards, and the card you choose depends entirely on your travel or other purposes. The ICICI foreign exchange card offers favourable travel benefits and discounts for its customers, making it one of the best foreign exchange cards for students.  

How to apply for a forex card 

Applying for a forex card is a quick and easy process as several banks and financial institutions, as well as major travel agencies, offer these cards.  

  • You can go to a bank branch or apply online for the card of your choice.  
  • Most banks and financial institutions offer a variety of cards depending on the types of benefits and rewards you can claim. 
  • 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, there are several criteria that must be met before the card is issued. In addition, there are documents that need to be submitted. Documentation 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

How to use a Forex Card?

Here are a few tips which will help you use your forex card effectively as a student:

  • Load it like a Prepaid Card - Load the required amount onto the card based on the type of forex card you choose and the country you are travelling to. 
  • Swipe and pay or tap and pay - Just pay with your foreign exchange card for shopping, dining, paying for event tickets, booking hotel rooms, and more. The process is as easy as paying with a credit or debit card. 
  • Pay for online transactions - FX cards can be used to pay for online transactions at stores abroad. The process is similar to using credit cards online, with the advantage of not having to pay currency fees. I have. 
  • Draw cash from ATMs - If you need cash, just find the nearest ATM. Most cards offer some free transactions. Transactions are free when withdrawing cash from certain networks (such as the All Point ATM network). 
  • Shuffle funds between currency wallets - Some student foreign exchange cards allow you to pay in multiple currencies with no currency fees. For example, if you travel from France to Switzerland, you can transfer euros from your wallet to your Swiss franc wallet and pay your expenses in Switzerland without any currency fees. 
  • Pay across the world in a single currency - Select student foreign exchange cards let you pay seamlessly without foreign currency fees, wherever you are. You can top up once (in USD) and pay your bills anywhere in the world.  

Hope this article will help you to have some clearance upon Forex HOWs and WHYs. Before settling for any provider's forex card, 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 these articles of US visa requirements and Australia visa requirements guide very helpful.