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. Going through the hassling process of converting your money to acceptable currency can make even the smallest of transactions a pain. The forex fees and currency fluctuations also add up to the burden of an international college student.
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. The card can be used for offline as well as offline transactions. While the payment is in process the card automatically detects the country and region you are using it in and the payment happens in the currency accordingly.
How convenient, isn’t it?
Benefits of Forex Cards
Being an international student comes with the burden to constantly keep calculating and converting your currency to the currency of the country you are in, even for the smallest of transactions. This is where the benefits of a forex card roll in. These universally accepted cards can help you make transactions, be it paying or receiving, without the hassles of a typical foreign exchange process. Forex cards are an easier and safer way to carry your cash. It also enables you to do transactions in multiple currencies. With a forex card, you are also safe against regular currency fluctuations while you are also charged less conversion fees.
With so many benefits of forex cards, they become the ultimate tool for an international student’s finance management. Here are top 9 use of forex card so you can make the most out of it:
Use as a replacement for cash while studying abroad
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 it lets you pay without having to convert the value manually. Using a forex card can save up on the forex exchange fees you need to pay while dealing with forex cash.
Use to withdraw cash from ATMs while studying abroad
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 advantages of having a forex card is that it can be used like a debit card to withdraw money from the ATM. With a forex card, you can withdraw money in the currency of the country you are living in without the hassles of forex fees and the conversion process. 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.
Use as a budgeting tool to limit spending while studying abroad
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. They also help you budget and save money. The money added to the forex card is also immune to currency fluctuations; thus, the card can ensure that the user loses no money. Many forex cards also offer easy expense tracking. Using the tracking options, you can actually keep track of all your small and big expenses to plan your budget accordingly, making the card an ultimate tool for budget planning.
Use to make online purchases in the card's currency
Like a credit or debit card, forex cards can also be used for online purchases. Be it some important book you ordered online or the essentials that you buy online, forex cards can be used to buy it all online. Since the card already has calculated and converted money in 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.
Use to pay for accommodation, groceries, and other living 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 the convenience of having a pre-loaded forex card, such payments become a piece of cake!
Use to 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. Forex cards can be used in such scenarios to make transactions securely and safely. Using the forex card will also make it easier for you to calculate how much money you have to pay and convert it into foreign currency.
Use to 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 help of a forex card. Since the card works almost like a debit or credit card for payment, it can be used for your daily travel to the Uni and your explorations trips around the city.
Use to transfer funds to family or friends back home at a lower cost than traditional wire transfers
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. Thus, with the card, it becomes easier to convert your money into the currency of your home country while sending it to your family. With a forex card, the transaction also costs less than traditional wire transfers, saving you a lot of time, money, and effort.
Use to make payments for medical treatment and insurance
Many banks offer forex cards with several benefits when it comes to medical treatment and insurance. Using a forex card to pay for these expenses can get you exclusive discounts, helping you save a lot of money as an international student.
Forex cards aren’t just a medium to spend your money but it is a tool to spend it appropriately. With one less thing to worry about, forex cards can help you manage your finances with ease. It 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 a forex card, one can truly open their door to better financial practices and independence.
.jpg)
.jpg)
