Best Forex Cards for Indian Students While Studying Abroad
Talk to Expert
Studying abroad is a dream that comes with lots of challenges including managing finance. Keeping a sufficient amount of cash and constantly calculating exchange rates can be a problem for you. Know about Student Forex cards and their benefits for you.
Finally! You are going to study abroad. You'll be in a new country to pursue higher studies with new people and culture in just a few weeks. Studying abroad is a life-changing opportunity. It comes with several challenges. One of the biggest challenges is to be managing expenses in the local currency. International transactions can be costly and inconvenient. Here, Student forex cards come in frame to help you. These prepaid cards offer convenience, security, and favorable exchange rates, making them an excellent choice for students.
Keeping a sufficient amount of cash and constantly calculating exchange rates can be a headache for Indian students in a new country. The banks or NBFCs offer Student forex cards, to offer solution of these problems in one convenient solution. In this comprehensive blog about forex cards for international students, we will cover everything related to these student forex cards including the application process, benefits and more.
Predict your IELTS, TOEFL, and PTE in just 4 steps!
Related Blog: Education Loan for Studying Abroad
What is a Forex Card?
You must be familiar with debit and credit card fees for international transactions. Imagine carrying a debit card at your study-abroad destination that functions just like your local debit card. It offers you the privilege to make international payments without worrying about extra charges. A student forex card is your solution for smooth financial management while studying abroad.
A student forex card is a prepaid card loaded with a specific amount of foreign currency of your choice. One of the best features of a student forex card is its impressive security. International students always face issues of cash loss or theft while studying abroad.
You do not need to face this situation with the best Forex cards for students. If you misplace your card, simply report it to the issuer, and you can usually get a replacement card with your remaining balance intact. Isn’t it great?
Difference Between Forex Card Vs Debit Card
Here we have mentioned a table that will help you compare student forex cards and debit cards.
| Forex Card |
Debit Card |
|---|---|
| Prepaid card loaded with foreign currency of your choice |
Linked to your bank account. |
| Locked-in rate when loaded |
Dynamic rate of currency exchange. |
| Low international transcription fees. |
Need to pay international transaction fees, withdrawal charges, and other charges. |
| You’ll get a replacement with the remaining balance if you lose the card |
Your bank account may get compromised, if you lose your card. |
| Comes with easy-to-track spending with a pre-loaded amount |
You have to maintain the discipline. |
Types of Forex Card
There are two types of student forex cards
- Single-Currency Forex Card-
- Ideal for short-duration studies.
- Single currency for one country.
- Low currency exchange fees
- Multi-Currency Forex Card-
- You can load multiple currencies.
- Ideal for those students who travel to different countries during their studies.
- Higher exchange rate for multiple currencies.
Both cards are ideal for students studying abroad. However, they need to choose according to their need.
Useful Reads
Advantages of Student Forex Card
You have understood what is a forex card. Now, we will discuss the importance of a student forex card while studying abroad. There are several benefits of using these cards while pursuing higher studies outside India. Here we have mentioned some of the popular benefits that you’ll avail if you have a student forex card.
- Don’t Worry About Changing Rates- The first and most important advantage is that you keep making payments without worrying about the dynamic currency exchange rates.
- Secure way of transaction- You are not carrying any cash so it can’t be stolen. Also, multiple security features keep your foreign currency safe.
- Widely Accepted- No matter whether you are in the USA, UK, Canada or any other country for your study. Students can exchange and transact almost all currencies.
- Easy to Manage and Track the Spending- The most underrated feature of a Forex card is you can track your spending and manage it in real time. You can get all the information related to the card on the phone app. Also, you can block it instantly if lost.
- Free Insurance Cover- Some banks and financial institutions offer free insurance cover to the cardholder. Insurance is an important paper needed to study abroad.
- Minimal Charges on Transaction- You do not need to pay extra as a currency exchange fee. Also, you do not need to pay extra charges to add money to your card.
- Acts As An Identity Card- Having an identity card every time is essential when you are outside India. Few student forex cards work as a student ID card.
Apart from this, there are some other benefits of using a student forex card while studying abroad. We have listed some common advantages below.
- Free lounge access at airports
- Emergency cash assistance
- Student discounts
- No financial loss, if your card is lost. You’ll get a new card with the total remaining balance.
Related Blog: First Time Travel in Flight As International Students
Best Forex Cards for Students
You are well aware that there are multiple student forex cards available but we have picked some of the top ones for you. Check the list of 10 best Forex cards for students
- Niyo Global Forex Card
- ICICI Bank Student Forex Card
- HDFC Forex Card
- Axis Bank Forex Card
- IndusInd Forex Cards
- HDFC Multicurrency Platinum Forex Card
- HDFC Regalia ForexPlus Card
- HDFC Bank ISIC Student ForexPlus Card
- Wise Borderless Card
- Induslnd Bank Multi-Currency Card
Here we have mentioned some popular benefits of a few selected student forex cards. Check the table below to compare different cards. This will help you to understand an ideal forex card for you.
| Best Forex Cards |
Benefits |
|---|---|
| Niyo Global Forex Card |
|
| Induslnd Bank Multi-Currency Card |
|
| HDFC Multicurrency Platinum Forex Card |
|
| ICICI Bank Student Forex Card |
|
| HDFC Regalia ForexPlus Card |
|
| Axis Bank Forex Card |
|
| HDFC Bank ISIC Student ForexPlus Card |
|
Tips to Choose Student Forex Card
Money is your only friend in a new country. Here, your Forex card is your friend. It is important that you choose the best Forex card that suits your financial needs. Here, we have listed some tips for choosing a student forex card:
- Understand Your Needs- If you are staying in a country or you will keep travelling for your studies. Also, understand your spending habits. Choose between a single currency or a multicurrency card.
- Know About Forex Card Features- Different cards offer several features. It is an important tip that you make a list of forex cards and compare their features. At last, select the best card for you. For example, currency options, student discounts and more.
- Genuine Reviews- Do self-research and read the reviews of Forex cards. You can watch some videos of students on YouTube to get genuine reviews.
- Security Feature- You’ll be in a new country where you may face a card loss issue. The security feature of a Forex card will let you get a replaced card with the remaining balance. There are some other security features banks offer with cards.
In short, do a proper review and select the best student Forex card that checks all your requirements.
How to Use a Student Forex Card?
You have understood different forex cards and learned to choose an ideal one for you. Now, learn how to use a student Forex card. Below, we have mentioned steps to use it smartly.
- Apply for a Forex Card- Select a card and apply for it.
- Set up Pin- set a pin and other necessary setup of cards.
- Recharge or Load the Card- Transfer funds directly from your Indian bank account to your Forex card through secure online banking portals or any other medium.
- Ready for Transaction- Now, you are all set to make payments using your chosen Forex card.
Banks and NBFCs offer apps to monitor your card transactions. There you can monitor your spending and use it wisely.
Related Read: Vidya Lakshmi Education Loan Portal
Why Use a Forex Card?
Forex cards are specifically designed for international travel and study, allowing users to load multiple currencies onto a single card. Here are some key benefits of using a forex card:
- Cost-Effective: Forex cards often come with lower exchange rates compared to traditional banking methods, helping students save money on currency conversion.
- Security: They provide enhanced security features such as chip technology and the ability to lock or unlock the card via mobile apps.
- Ease of Use: Forex cards can be used at millions of merchants worldwide and for ATM withdrawals, making them versatile for daily expenses.
- Budget Management: Students can preload a specific amount onto their card, which helps in budgeting and controlling spending.
There is no doubt that the Forex card is the one-stop solution for the financial issues of Indian students who are going to study abroad. We have added every possible information about a student's Forex card. It is advised that students do research and required analysis before selecting a forex card.
We have mentioned some popular FAQs with their answers. If you still have a query regarding this topic, we will be happy to answer your questions. Do mention your comment below. We wish you all the best for your study abroad journey.
Student Forex Card FAQs
Q. What is a student forex card?
A. Forex card is a prepaid card loaded with any foreign currency with any specific amount. Forex card works just like a normal debit card but it is not connected with your Indian bank account. These cards offer various features that are specially designed for students.
Q. Which forex is best for students?
A. The best Forex card for a student depends on their need. Some students may need a multicurrency Forex card so for those students, a single currency card can not be ideal for them. They can do research and select the best Forex card for them.
Q. How to get a Forex card for studying abroad?
A. For getting a student forex card, you need to select a card offered by a bank. You need to apply online to get that card. If you are eligible then bank will offer you a Forex card.
Q. Is a forex card useful for students?
A. An international student's forex card is loaded with foreign cash and isn't connected to a bank account. It has several benefits, including the ability to securely handle foreign expenses.
Q: Â Is university of West of Scotland good for international students?
Q: Â What rank is Wolverhampton University in UK?
The University of Wolverhampton is one of the best universities in the United Kingdom. The university is consistently ranked among the best universities nationally and globally. For nearly 200 years, the University of Wolverhampton has been consistently providing a quality of education to students and producing highly skilled graduates. The national rankings of the University of Wolverhampton are given below:
| Ranking Body | Ranking |
|---|---|
| The Guardian University Guide 2024 | #101 |
| The Complete University Guide 2024 | #117 |
Q: Â Does the University of Essex require IELTS?
International students whose native language is not English must meet the University of Essex English language requirements to get admission. The university accepts IELTS scores as proof of English language proficiency. Mentioned below are the IELTS scores required for UG and PG admission at the university:
English Language Test | Score |
|---|---|
IELTS | Overall score of 5.5 to 8.0 with minimum of 5.5 to 7.5 in each section |
The university also accepts the score of other English language tests such as TOEFL and PTE for admission to undergraduate and graduate programs:
English Language Test | Score |
TOEFL iBT | Overall score of 72 to 114 |
PTE | Overall score of 59 to 84 with minimum of 59 to 80 in each section |
Also read: Required IELTS Score for UK Universities
Q: Â How can I get admission in the University of Manchester?
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
Q: Â What is University of Wales, Trinity Saint famous for?
University of Wales, Trinity Saint (UWTSD) was founded in 2010, is a public institution for higher education and research at multiple locations. It was set up under the 1828 royal charter of Lampeter, the institution was the result of the merger between Trinity University College and the University of Wales. The institution merged with the Swansea Metropolitan University in 2013.
- Top Ranked University: The UWTSD is not ranked by any major ranking body, however as per the university ranking given on the official website of the university, it is ranked among:
- #1st in Wales and UK Top 5 Film Production and Photography
- #1st in Wales and UK Top 5 Fashion and Textiles
- #1st in Wales and UK Top 20 Graphic Design
- #1st in Wales and UK Top 5 Education
- #1st in Wales and UK Top 20 Sports Science
- #1st in Wales and UK Top 20 Mechanical Engineering
- #1st in Wales for Fine Arts
- Variety of Courses: UWTSD offers more than 300 programs at various levels including undergraduate, postgraduate degrees as well as multiple online courses.
- Highly distinguished and learned faculties: the faculty at UWTSD is highly learned and distinguished which enables students to be the best in their field of study.
- High Placements: According to Graduate Outcome data 2019-2020 quoted by the UWTSD, more than 95% of its graduates were found to be employed within 15 Months of graduation. The average salary of a graduate is not explicitly released by UWTSD, however, as per some unofficial sources the average salary of the graduates of UWTSD is approximately INR 30-35L. with the highest salary being reported as high as INR 66.5L for jobs in Financial Services.
Q: Â Is Hertfordshire University hard to get into?
With a 70% acceptance rate, the University of Hertfordshire is not hard to get into and follows easy selection criteria during admissions. This does not mean the university accepts all the students applying for different programs. The selection is based on academic performance, English language requirements, references, and many more. Some of the programs at Hertfordshire even demand an experience of 4-5 years. Students must fulfill the eligibility criteria to enroll in any programme at Hertfordshire University. In addition, students with average performance can showcase their relevant experience or extracurricular activities participation to increase their selection probability.
Q: Â How much IELTS score is required for Hertfordshire University?
International students coming from diverse backgrounds must prove their English language proficiency by submitting the scores of IELTS, PTE, and Duolingo at Hertfordshire University. The university demands an IELTS score of 6 from the students. Along with the IELTS scores, students can refer to the table below for all the required English proficiency score:
English language test | Minimum Score required UG | Minimum Score required PG |
|---|---|---|
6 or above | 6 or above | |
59 or above | 58 or above | |
105 or above | 120 or above |
Q: Â What is the ranking of NTU UK in terms of employability?
According to Uni Compare rankings 2024, NTU has been placed at #1 in the UK for employability. In addition to this, as per the details available on the web, some of the top companies where NTU UK alumni work are Deloitte, Microsoft, Tesco, Turner & Townsend, The Access Group, etc. Some of the industries where the alumni work are Operations, Business Development, Arts and Design, Sales, Marketing, IT, Engineering, Finance, Media & Communication, etc.
Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio
Statement of Purpose
Letter of Recommendation
Student Visa Application
Admission Essay Writing
Student Curriculum Vitae
The University of the West of Scotland has five modern and diverse campuses in United Kingdom. The University has welcomed more than 3,000 international students which are representing 1/3 of the globe. They also have 130 European partners who are actively in global study and exchange options through the Commonwealth universities programmes. The University also offers study abroad opportunities for UWS who are eligible for the same and also have more than 20 transnational education partners worldwide which helps them deliver UWS Bachelors and Masters Degrees around the world.