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

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 neighboring 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, at cheaper costs. The card is secure, hassle-free, and is the most efficient Forex option. It is acceptable for paying hotel bills Moreover, it is safer and is accepted at ATMs & POS globally, shopping or even ATM withdrawals which are free* only for students. Coupled with online locking/unlocking, the card ensures that your money 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 as cash is subject to market availability and there is sold at a higher cost. What’s more, you can easily reload the card when you run out of funds at any point in time.

A Forex card also gives you the best exchange rates when compared to Cash, Debit, Credit Cards or Travellers cheques. 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.

There are several cards from AXIS, ICICI, HDFC banks 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. As a student, you can get Free ATM Withdrawals if you purchase a travel card through specific online vendors like BuyForexOnline. 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.

We hope this information was helpful and wish you luck with your studies abroad! If you wish to know more, please feel free to contact BuyForexOnline helpline at 1800-3010-9686.

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 for a different twist on another fun post we did on Things An Indian Student Going Abroad Would Hear

*With BuyForexOnline’s Forex Card, students get first 2 ATM withdrawals free every month.

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

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