Forex Card for Students: Must-Know Essentials for Indian Students Aspiring International Study
Blog Outline
As times change, many teenagers around the globe dream of studying abroad and experiencing the culture of an entirely new country. Living in a foreign country comes with its challenges. One essential thing that every student requires is money. Using student forex cards makes it easy. The best Forex cards allow students to transact and withdraw cash without any hassles. There are many Forex cards for students, and you can choose the best Forex card for students as per your suitability from the ones mentioned below:
- HDFC Bank Forex Card
- Indusland Bank Multi-Currency Card
- HDFC Multi-Currency Platinum Forex Card
- Axis Bank Multi-Currency Forex Card
- ICICI Bank Student Forex Card
- Forex Card by Thomas Cook
- HDFC Bank ISIC Student ForexPlus Card
- HDFC Regalia ForexPlus Card
- Wise Borderless Card
- Niyo Global Card
What is a Forex Card
A Forex Card is a travel card that allows business travellers, tourists, and students to make foreign currency transactions. These forex cards reduce the charges of foreign transactions heavily. It is the main reason people opt for Forex cards while planning foreign trips for business, leisure, higher studies, etc.
The best part of a Forex card is that it can be loaded with currencies to support almost all foreign currency exchanges and transactions. With the rise in demand for Forex cards, nearly all shops and enterprises have allowed transactions in foreign nations.
The Niyo Global Card is an option for Indian students going abroad. It offers zero forex markup fees, multiple currency support for transactions in 150+ countries, and convenient online account management. With its 24/7 customer support and emergency assistance, it ensures peace of mind throughout your journeys. Plus, its budgeting features help students manage expenses efficiently.
9 Reasons Why You Should Use Forex Cards for Students while Studying Abroad
Studying in foreign colleges and universities is costly and requires lots of resources. Making transactions in foreign currencies is also challenging. However, student Forex cards have significantly reduced the hassles of foreign transactions. Here are the top nine reasons to opt for a student Forex card while studying abroad.
Get Rid of Fluctuating Exchange Rates
Fluctuating exchange rates heavily increase a student’s costs and budget. However, a student forex card is free from such fluctuations in the currency exchange rate. The single-currency and multi-currency forex cards lock the exchange rates when loading. The students can save a lot while transacting through international Travel cards.
Supports a Wider Range of Currencies
With the assistance of forex cards, students can exchange and transact almost all currencies, including US dollars, sterling, euros, Dirham, Canadian dollars, Australian dollars, Thai baht, Swiss francs, etc. Since these currencies cover most of the globe, forex card holders can travel freely without worries about transactions and currency exchanges.
Safe Way for Transactions
Foreign exchanges and transactions are risky and require protection. According to a report, using forex cards for currency exchanges and transactions is much safer than physical transactions. There are no chances of discrepancies in forex cards as they allot multi-level authentication in student forex cards. You can use the Forex cards for online and physical transactions without the risk of credential leakage or monetary losses.
Easy to Manage
Managing a Forex card is as simple as managing a debit card. The Forex cards for students require minimum maintenance. Also, banks provide 24/7 support to cardholders. Managing a Forex card for a student is relatively easy. Cardholders can easily block the card with their apps in case of card loss. Using a student Forex card is a cakewalk for students living abroad.
Minimal Charges on Transactions
The best part of using Forex cards in foreign countries is the minimal charges. The cardholders pay a charge of 2.5% to 3%. However, in the case of Forex cards, no additional transaction charges are levied from the users if the currency is added or included in the Forex card. Thus, it helps the students save money from paying additional charges or taxes per transaction and exchange.
Lucrative Deals
A significant perk or benefit for student Forex card holders is they get heavy discounts on purchases on both online and offline platforms. The banks offering the forex cards tie up with retailers and business chains. Hence, cardholders can grab lucrative offers, deals, and discounts on selected retailers, outlets, and online platforms. Thus, Forex cards for students let you shop at minimal or discounted prices.
Refund Policies
The students holding Forex cards can recharge the cards with local currencies. However, if the recharged amounts remain unused, the banks refund the remaining cash to the owners with an offloading charge. It is a very efficient refund process, making the student Forex card more reliable than other cards for foreign transactions and exchanges.
Good Substitute for ID Cards
Carrying ID cards in foreign countries is crucial to avoid any hassles. Some banks also offer forex cards that can be used as student IDs. So, a student forex card can help you show your identity whenever needed.
Insurance Covers
The Forex cards offer cardholders insurance coverage along with error-free and hassle-free transactions. Insurance is an essential aspect that you must have while staying outside India. The insurance coverage availed by these forex cards is enough to withstand challenging situations and conditions in foreign countries.
Top 10 Forex Cards for Indian Students Studying Abroad
Forex cards are available from many banks and insurance-based companies nowadays. However, you should opt for reliable and trusted forex card providers to maintain a budget and hassle-free transactions. The list of best Forex cards for students that you should consider while studying abroad is as follows:
Niyo Global Card
The Niyo Global Card for students is also a travel card partnered with SBM Bank (India) and is among the most preferred cards. Using the Niyo Card over other travel cards has numerous perks for students, such as zero mark-up fees on international expenses. If you are planning to study abroad, the Niyo Global Card is among the best Travel cards for students. It has several advantages over other cards.
- Zero forex markup on all international transactions
- Free lounge access at select international terminals in India
- Load in INR use in 150+ countries and 130+ currencies
- Earn 1% cashback as global coins
- Card delivered in 2-3 days
- 24×7 in-app chat support
HDFC Bank Forex Card
The HDFC Bank Forex Card is very popular among Forex cards. It is a multi-currency forex card that supports 22 foreign currencies so students can make seamless transactions. The HDFC Bank Forex Card also serves as valid ID proof for cardholders. A minimal charge of 2% applies to foreign exchanges. The rate used in transactions is the VISA/MasterCard exchange rate.
IndusInd Bank Multi-Currency Forex Card
It is a forex card maintained and regulated by IndusInd Bank. The Forex card offers excellent deals to cardholders and is famous for its hassle-free transactions. It is one of the top Forex cards for international students. The card is embedded with an entrenched chip, making transactions much safer and more secure. The IndusInd Bank forex card works in almost all nations, and people use it for withdrawal in all VISA ATMs.
HDFC Multi-Currency Platinum Forex Card
The HDFC Multi-Currency Platinum Forex Card offers massive benefits to cardholders. It recognises 22 foreign currencies for exchange and transaction purposes. A minimal charge of 2% is payable on currency exchanges. It finds a place in the list of best Forex cards for students. A significant perk of the HDFC Multi-Currency Platinum Forex Card is it waives off the issuance charges if the user loads an amount greater than 1,000 USD or the equivalent currency.
Axis Bank Multi-Currency Forex Card
The Axis Bank Multi-Currency Forex Card is recognised in approximately 16 countries worldwide. Users can lock the exchange rates during loading and reloading to prevent extra charges during transactions. It offers excellent insurance premiums to users and cardholders. The Axis Bank Multi-Currency Forex Card can be withdrawn globally at all MasterCard/Visa ATMs.
ICICI Bank Student Forex Card
The ICICI Bank Student Forex Card is specially designed and developed for students studying abroad. The card offers excellent deals to students for better savings and convenience. The ICICI Bank Student Forex Card can be quickly loaded and reloaded using their mobile app. The card offers an International Student Identity Card membership for INR 999. This card also provides insurance coverage of INR 5 lakh for lost cards. Students can get up to 40% discount for extra baggage while travelling.
Forex Card by Thomas Cook
The Forex card by Thomas Cook is mainly for travellers and tourists. The borderless prepaid Forex card by Thomas Cook allows the cardholders to recharge the card with USD, CAD, AUD, JPY, etc. Since the Forex card is for travellers, it is widely recognised across all regions of the globe. Students can also use Thomas Cook’s Forex Card to manage their expenses abroad.
HDFC Bank ISIC Student ForexPlus Card
The ISIC Student ForexPlus Card, managed by HDFC Bank, is a popular forex card for students used by many Indian students in foreign countries. It serves as an ID card for the students living in those regions. The ISIC Student ForexPlus Card offers many perks, like enhanced security, insurance coverage, baggage loss reimbursements, etc.
HDFC Regalia ForexPlus Card
It is a category of HDFC forex cards with significant perks like no transaction or exchange charges. The HDFC Regalia ForexPlus Card is for transactions in US Dollars.
Wise Borderless Card
The Wise Borderless Card is among the best Forex cards for students. They charge minimal costs for transactions and currency exchanges. It covers almost 40+ currencies for trade and commerce.
Wrapping up
If you are a student, remember that before using any Forex card, you must use it wisely. Plan your expenses and spend accordingly. Check the Niyo Global card for students if you plan to study abroad and need help managing spending efficiently at affordable prices!
Frequently Asked Questions
Forex transactions for students should be simple and hassle-free. However, if an inconvenience occurs, be sure to contact your bank.
Yes! Using the Niyo Global Card will allow students to reduce their transaction costs. They also don’t have to worry about cross-currency charges and have zero forex markup. Additionally, they have an app that can help keep track of payments and all the required services they need.
Yes, using the Niyo Global app, funds can be easily reloaded at your convenience.
One of the four primary reasons why the Niyo Global Card is the perfect forex for students is that there are no hidden charges, and it has zero foreign markup fees. Apart from this, no cross-currency charges are incurred by the student. This allows the student to save on unnecessary costs.
Yes, students can use the Niyo Global Card for online transactions and subscriptions, ensuring seamless digital payments while pursuing their international studies.
