Are you planning to study abroad? If yes, then remember to use a Forex Card. Using a forex card has a number of benefits. The best exchange rate and a decent discount are both guaranteed. There are no limitations on the number of cards you can use or the amount of foreign cash you can convert. In today’s fast-paced world, everyone is busy and does not have the time to optimize their extra charges in day-to-day life, but if you are planning to study abroad, you must understand the importance of having a foreign currency account to live and study in that country.
A foreign currency account is important for students studying abroad because it allows them to live and study in that country without carrying around a lot of money. Additionally, having a foreign currency account means that students can easily access their money if they need to make a purchase or withdraw some funds.
What is a Forex Card?
A forex card is a prepaid credit card available to international travellers. The forex card is a safer option compared to carrying cash when travelling abroad. You can use the card at ATMs, restaurants, bars, shops, and other places that accept credit cards. The forex card comes with a PIN code, and you can also use the card to buy train tickets, plane tickets, and other travel-related services. You can get a forex card from any of the banks that are licensed in India. The leading banks in India are the State Bank of India, Kotak Mahindra Bank, Axis Bank, HDFC, Niyo Bank, and ICICI Bank.
In addition to this, these cards can be used to buy airline tickets and book hotel rooms. Students can also pay for the accommodation and food in the hostel and get the cash directly transferred to their accounts.
Carrying forex cards is safer than carrying cash.
Many students studying abroad in foreign countries do not know how to handle their finances when they go off campus. These students rely on cash for all their purchases and payments, which puts them at risk of identity theft and fraud. Many college students get scammed by their university’s financial aid office while paying their tuition fees.
A forex card can help solve these problems. It is a convenient alternative to carrying cash when travelling abroad. With a forex card, you can access the ATMs in the country you are visiting, withdraw cash, and pay for goods and services. It also makes it easier to make international payments when you are in a new country because you don’t have to worry about currency exchange rates or paying high exchange fees.
Budgets the expenses of students studying abroad.
With increasing competition and globalization, international education has become necessary for the young generation. Students worldwide are now opting for international education, and the number of Indian students pursuing studies in foreign countries is also on the rise.
But while studying abroad, students need to be aware of the costs involved. While a student’s family is usually able to fund their stay in a foreign country, they should maintain a balance between their educational expenses and daily expenses.
This is where forex cards come in handy. Forex cards allow students to keep track of their expenses while studying abroad. Students can also save up for future expenses and plan for the return trip.
Students may easily keep track of their spending while studying abroad with the help of forex cards. There are many things to think about. Students can create a budget to monitor their out-of-country spending. This can help them budget their expenses while studying in a foreign country.
Other forms of currency exchange do not offer the benefits of a forex card.
Forex cards are a great way for students studying abroad to make their foreign currency purchases a lot easier and cheaper. These cards are a must-have for students who are looking to study abroad. It can be used for purchases and withdrawals of money in foreign currency. The most common currencies used for these cards are the US dollar, British pound, Canadian dollar, Australian dollar, Euro, Swiss franc, Japanese yen, etc.
Benefits of Using a Foreign Exchange Card
Using a foreign exchange card for students studying abroad has many benefits. These include:
• Easy and convenient to use
• No risk of theft
• Money is readily available to be spent
• No need to carry huge amounts of cash
• No need to worry about changing your money into the local currency
• No need to worry about exchange rates
The card can be used to pay for expenses like rent and your phone bill. It can be used for both in-store and online shopping. Additionally, you can use it to get cash from an ATM.
Spending money on your card also entitles you to incentives. For every dollar you spend, you earn points. You make more money by spending more. These points can be exchanged for gift cards, airline miles, hotel stays, and other things.
Students don’t have to exchange money at the airport or while abroad.
In this modern day and age, we all have a tendency to carry a credit card wherever we go. Even students studying abroad require a credit card to carry money for spending purposes.
However, a few problems with carrying a credit card while studying abroad exist.
The first problem is the cost of exchanging currency. If you carry a credit card and decide to buy something abroad, you will have to pay a fee for exchanging currency.
This charge may be in the range of 2–5% of your expenditures. Additionally, you will have to wait for the conversion to happen. You might have to wait several days in some circumstances for the conversion to happen.
The second issue with using a credit card is the possibility of running into a circumstance where you are unable to make a payment. You can be trapped paying an overseas bill if you’re charged for a foreign transaction.
Forex cards solve these problems.
You do not have to worry about exchanging currency, as all transactions are processed online. You do not have to worry about getting charged for a foreign transaction as the transaction is settled through your credit card. You can even use your credit card in a foreign country without worrying about conversion charges.
It protects against fraudulent activities like phishing
For students studying abroad, it is important to ensure that they are protected from fraudulent activities that may occur while they are out and about. One such activity that is quite common among students who study abroad is phishing. Let’s see what Phishing is – it involves sending emails to people asking them to click on a link or enter information into a website to obtain personal information. While this may seem harmless, it is actually a fraudulent practice.
Why Forex Cards Are Important
One of the biggest reasons why students studying abroad should invest in a forex card is to protect them from fraudulent activities such as phishing. The forex card provides security and protection against these fraudulent activities.
Forex cards are a safer option compared to carrying cash when travelling abroad.
It’s a common practice among students studying abroad to carry large amounts of cash with them. While it is a convenient way of carrying around money, it’s also dangerous. You might be left without enough money to continue your studies if you are robbed. It’s also hard to track your spending if you don’t have a receipt.
A Forex card allows you to avoid these issues by providing a safe and convenient way to spend money. A Forex card works like a debit card that can be used anywhere that accepts Visa or MasterCard.
How Much Money Can I Spend With a Forex Card?
The amount you can spend with a Forex card depends on your bank. Many banks have a limit on how much money you can spend with a Forex card. However, it’s important to note that this limit can be changed by your bank at any time.
To avoid any issues, make sure that you read your bank’s terms and conditions before using a Forex card.
Conclusion
India has a large population of students studying abroad, and one of the biggest challenges faced by these students is the lack of financial stability. While most people can easily manage their finances in India, many students don’t know how to deal with finances in foreign countries. Forex cards are an essential part of any student’s study abroad experience.
They offer a simple, effective way to keep track of everything in their life – whether that’s tuition, expenses, or even their bank account! Forex cards are an excellent way for students to manage their finances while studying abroad, and they also help students save money on the many services they’ll need while studying abroad.
