Top 10 Use Of Forex Card For Students

Living alone as a college student and flawlessly managing your finances on your own is indeed a difficult task. It becomes even more difficult when you are an international student, and the finances come with additional responsibilities of currency conversion. The singular most effective solution to all these issues is a forex card! A forex card is a prepaid card that can be loaded with money and used for transactions in multiple currencies. While the payment is in process, the card automatically detects the country and region you are using it in, and the payment occurs in the currency accordingly. The use of forex cards can be very beneficial to students who aspire to study or work overseas. 

Benefits of Forex Cards 

Being an international student comes with the burden of constantly calculating and converting your currency to the currency of the country you are in, even for the smallest of transactions. This is where the use of forex card roll in. 

1. These universally accepted cards can help you make transactions, be it paying or receiving, without the hassles of a typical foreign exchange process. 
2. Forex cards are an easier and safer way to carry your cash. 
3. It enables you to do transactions in multiple currencies. 
4. With a forex card, you are also safe against regular currency fluctuations while you are also charged fewer conversion fees. 

With so many use of forex cards, students should explore the best forex cards to avoid any payment-related issues abroad. 

10 Uses Of Forex Cards

Forex cards are just like credit or debit cards; one can learn how to use a forex card to make payments abroad for any kind of purchase. One simply needs to enter a PIN or signature to complete the transaction. One can also withdraw cash from the ATM through forex cards. Explore the below points to learn how to use a forex card.

1. Replacement for Cash 

Having a lot of cash lying around in your student accommodation can be risky. Carrying around huge amounts of cash can be unsafe and inconvenient, too. So, naturally, it is better to opt for digital or card payments while living in a new country as an international student. However, with forex and currency conversions, card payments can become tricky if you live outside alone for the first time. Plus, having to keep calculating and converting constantly isn't very convenient either. Forex cards, on the other hand, are the ultimate solution to this problem since they let you pay without having to convert the value manually. This use of a forex card can save up on the exchange fees you need to pay while dealing with forex cash. 

2. Withdraw Cash from ATMs 

Even though you make your payments through digital means, it is always good to keep at least some cash as security. One of the biggest use of forex card is that it can be used like a debit card to withdraw money from the ATM. With this forex card use, you can withdraw money in the currency of the country you are living. Rather than going to the bank, getting cash, and then exchanging it for foreign currency, withdrawing cash from the ATM with your forex card will provide you with more convenience. 

3. Budgeting Tool to Limit Spending 

Living abroad as an international student can be financially burdensome. Thus, like any other college student, international students live on strict budgets (or at least they try to!) forex cards take away the exchange fees, resulting in the user saving a considerable amount of money. The money added to the forex card is also immune to currency fluctuations; thus, this use of the forex card can ensure that the user loses no money. Many forex cards also offer easy expense tracking. Using the tracking options, you can keep track of all your small and big expenses to plan your budget accordingly, making the card an ultimate tool for budget planning. 

4. Make Online Purchases 

Like a credit or debit card, forex cards can also be used for online purchases. Since the card has already calculated and converted the money into the accepted currency, there is no need for you to do it all manually and delay your online shopping payments. You can also make purchases from international websites using your forex card. 

5. Pay for Accommodation, Groceries, and Other Expenses

When you are living in a new country and completely on your own, you have to take care of your essentials and bills all by yourself. Whether paying your rent, buying groceries, paying for the electricity, or anything that sorts, regular payments and transactions are unavoidable. However, the complexities of foreign currency can be a pain during these regular payments that can be as small as buying a one-dollar candy bar. With this convenient use of forex card, one can make payments in a jiff.

6. Pay for Tuition and other Education-Related Expenses

Some of the biggest amounts of money you have to pay as an international student are your course fees and other educational expenses, including funds for field trips, study tours, academic projects, etc. Withdrawing large sums of cash and carrying it around until you have made the payment can be risky when you are on your own. The use of forex cards for students in such scenarios makes transactions secure and safe. 

7. Make Payments for Transportation and Travel

Just like any other expense in the country of your dreams, you can also pay for your transportation and travel with the use of forex cards. Since the card works almost like a debit or credit card for payment, it can be used for your daily travel to the university and your explorations trips around the city. 

8. Transfer Funds to Family Overseas

Not just paying for your expenses but sending and receiving the money to and from your family and friends back home becomes easier with a forex card. The currency wallets that forex cards provide make it possible for you to transfer money from one wallet to another, changing the currency accordingly. This efficient use of forex cards becomes an easier way to convert your money into the currency of your home country while sending it to your family. 

9. Make Payments for Medical Treatment and Insurance

Many banks offer forex cards with several benefits when it comes to medical treatment and insurance. Forex cards also provide security and ease by allowing payments in local currencies. It avoids hefty conversion fees and offers peace of mind during medical emergencies abroad. One can make use of forex cards to pay for these expenses can get you exclusive discounts, helping you save a lot of money as an international student. 

10. Emergency Funds

Among the many other ways a forex card is used, one can also use it as a backup fund in emergencies, ensuring access to funds at that moment in time. The cards are embedded with chips that store transaction information. It offers greater security and protects you against counterfeiting.

Forex cards aren't just a medium to spend your money but it is a tool to spend it appropriately. With the use of forex cards, they can leave you room and energy for budgeting your moves rather than having to waste your time converting your money. By knowing the appropriate use of Forex card, one can truly open their door to better financial practices and independence. Make sure you check our detailed blog on what is a forex card? to make yourself familiar with its functionalities.