Best Forex Cards for Indian Students While Studying Abroad

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.

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

1. Single-Currency Forex Card-

• Ideal for short-duration studies.
• Single currency for one country.
• Low currency exchange fees

2. 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.

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.

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

1. Niyo Global Forex Card
2. ICICI Bank Student Forex Card
3. HDFC Forex Card
4. Axis Bank Forex Card
5. IndusInd Forex Cards
6. HDFC Multicurrency Platinum Forex Card
7. HDFC Regalia ForexPlus Card
8. HDFC Bank ISIC Student ForexPlus Card
9. Wise Borderless Card
10. 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	130+ Currencies Zero Markup Charges Add in INR
Induslnd Bank Multi-Currency Card	Pay in 14 currencies Zero Transaction Charges Easy ATM Withdrawals
HDFC Multicurrency Platinum Forex Card	Pay in 22 Currencies Easy conversion from one currency to another Free insurance against accident or card misuse.
ICICI Bank Student Forex Card	International Student Identity Card (ISIC) Card Protection Insurance Student Discount offers
HDFC Regalia ForexPlus Card	Single Currency Card (USD) Complementary insurance against accident or card misuse. Multiple reload options
Axis Bank Forex Card	16+ currencies Multiple student discounts Fixed rate according to currency loading rate.
HDFC Bank ISIC Student ForexPlus Card	Complimentary globally recognized ISIC Identity Card. Available in USD, EUR and GBP. Student Discount offers

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.