Prepaid Forex Cards: Best Forex Option for Students Studying Abroad (Updated)

This post was originally published on April 27, 2015. This is an updated version.

Studying in a foreign country is an exposure like no other. In our world today, there are a variety of opportunities to study abroad in almost every nation. The advantages of studying abroad are many including personal & professional growth, a chance to experience a new place altogether and soak in the culture of a different nation. Furthermore, when you’re abroad, you won’t be limited to traveling in just the nation in which you are studying – you can explore neighbouring countries too. For instance, if you study in France, you can also travel through different parts of Europe including London, Barcelona, and Rome.

When going to an unknown territory, it is very important to collect all the information about the nation’s culture, history, geography, economy, government & political situation much before you board your flight. And last but not the least, it is necessary to get some essential information about the currency of the country where you are going to study. You must be familiar with the new currency and its exchange value which may vary upon the currency exchange option you choose.

Leaving home for the first time can be daunting! And as a student even more so, when you would not only have classes to go to but chores and of course your finances to take care of. We don’t know about the rest, but your student Forex we can definitely take care of! There are many options of foreign exchange available, most of them end up exploiting students through their exorbitant exchange rates. But this is where comes to the rescue with the best forex for students traveling from India.

Although you have the choice to carry forex with you in many ways, but being a student, a student Travel card is undoubtedly the most convenient. Also called a prepaid travel card or international travel currency card, it can be used to pay Tuition fees and other expenses. It works almost like a credit card or debit card only with added advantages. The card is secure, hassle-free, and is the most efficient forex option. It is acceptable for paying hotel bills, shopping or even ATM withdrawal which are free only for students. Coupled with online locking/unlocking, the card ensures that your forex is secure at all times. Other than being the most secure form of carrying foreign currency, forex cards are also always available at better rates than currency notes. So, if you want to have the best foreign exchange rates, then prepaid currency cards are the obvious choice. What’s more, you can easily reload the card when you run out of funds at any point in time.

A forex card gives you the best exchange rates when compared to Cash, Debit, Credit Cards or Travellers cheques. Moreover, it is safer and is accepted at ATMs & POS globally. Travellers cheques are fast becoming antiquated with their high exchange rates, and issuance fees. Though most banks and money changers still accept them, many businesses no longer accept TC’s as a mode of payment. Forex cards are also much cheaper than cash, as cash is subject to market availability and there is sold at a higher cost

There are several cards from AXIS, ICICI, HDFC which are student friendly and geared towards making university payment easy and hassle free. Look out for ‘Free ATM Withdrawal’ offer on the cards, for without this facility you may end up spending $1.5 to $2 each time you withdraw. AXIS bank provides Free ATM Withdrawals for students if they purchase the Forex Travel card through specific online vendors. Travel credit cards are not recommended for international usage because you will end up paying additional fees as high as 10% in Merchant service fees and Forex conversion fee.

So we hope this information was helpful and wish you luck with your studies avroad!

You can refer this post for more insights on the differences between Prepaid Forex cards, Debit cards and Credit cards Prepaid Forex Cards Vs International Debit & Credit Cards – At a Glance!

And another fun post we did on Things An Indian Student Going Abroad Would Hear

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