Which is better for students? Forex card or credit card?

Managing finances as a student can be challenging, especially when studying abroad. With so many payment options available, it can be difficult to decide which one to use. Two popular payment options students often consider are forex cards and credit cards. While both have advantages and disadvantages, it is essential to choose the one that suits your needs and financial situation the best.

This article explores the differences between forex cards and credit cards, their pros and cons, and provides tips to help you make an informed decision on which payment option is better for you as a student.

Forex card for students

A Forex card is a prepaid card you can load with foreign currency before your trip. The card allows you to make purchases, withdraw cash from ATMs, and make online transactions in the local currency of the country you're visiting. Forex card are generally issued by money exchange service providers and banks. They are available in major currencies like the US dollar, Euros, British Pound, Canadian Dollar, Australian Dollar and many more.

One of the significant advantages of using a Forex card is that it offers a fixed exchange rate for your trip's duration, which means you can avoid currency fluctuations and the associated risks. During the tenure of your studies, your parents can re-load the card as and when required. Moreover, forex cards come with PIN protection, making them secure and safe. They are also widely accepted in most countries, making them a convenient payment option.

Advantages of a Forex card for students

Here are some benefits students can enjoy when using a Forex card:

• Fixed Exchange Rates

  A Forex card offers a fixed exchange rate for the currency loaded on the card, which means you don't have to worry about fluctuations in the exchange rate. It helps you avoid the risks of currency exchange rate fluctuations and provides greater financial control over your expenses.

• Security

  Forex cards come with PIN protection, making them more secure than carrying cash or using debit cards. If your card is lost or stolen, you can easily block the card and get a replacement.

• Convenience

  Forex cards are widely accepted in most countries, and you can use them to make purchases, withdraw cash from ATMs, and make online transactions in the local currency. It is convenient for students who do not want to carry large amounts of cash or deal with currency exchange issues.

• Budgeting and Tracking Expenses

  Forex cards allow you to load a specific amount of money onto the card, which can help you budget and track your expenses. It is helpful for students who are on a tight budget and need to manage their expenses carefully.

• Competitive Rates

  Forex cards often offer competitive exchange rates compared to other payment options like credit cards or cash. It helps you save money on transaction fees and exchange rates.

• Re- load Facility

  Forex cards can be re-loaded by parents during the tenure of study.

Credit cards for students

Credit cards are another popular payment option for students studying abroad. They can be helpful in emergencies, like unexpected medical expenses or travel disruptions. You can use your credit card to pay for these expenses and pay them off over time.

Credit cards are widely accepted in most countries and can be used to make purchases and pay for online transactions. However, the interest rates and other charges for credit cards are usually higher, making them a costlier option.

Forex cards vs. credit cards for students

When it comes to choosing between a Forex card and a credit card, Forex cards are generally considered to be a better option for students studying abroad. Here's why:

• Fixed Exchange Rates

  Forex cards offer a fixed exchange rate for the currency loaded on the card, which means you don't have to worry about fluctuations in the exchange rate. Credit cards, on the other hand, often charge a markup on foreign transactions, which can make them more expensive.

• Lower Fees

  Forex cards typically have lower fees than credit cards when it comes to foreign transactions. This includes currency conversion fees, ATM withdrawal fees, and other transaction fees. Credit cards can come with high fees and interest rates, which can add up quickly.

• Budgeting and Tracking Expenses

  Forex cards allow you to load a specific amount of money onto the card, which can help you budget and track your expenses. Credit cards, on the other hand, can make it easy to overspend and accumulate debt.

• Security

  Forex cards come with PIN protection, which makes them more secure than carrying cash or using debit cards. Credit cards can also be secure, but they are more vulnerable to fraud and identity theft.

How to get the best Forex card for students

If you're considering getting a Forex card for your studies abroad, here are some tips to help you choose the best one:

• Compare Fees and Exchange Rates

  Before getting a Forex card, compare the fees and exchange rates offered by different providers. Look for a card that offers competitive rates and low fees for foreign transactions.

• Check for ATM Withdrawal Fees

  Some Forex cards may charge fees for ATM withdrawals, so make sure to check this before getting a card. Look for a card that offers low fees for ATM transactions.

• Look for Additional Features

  Some Forex cards have additional features, such as travel insurance, emergency assistance, and discounts on travel-related expenses. Consider these features when choosing a card.

• Choose a Reliable Provider

  Choose a reliable provider with a good reputation and track record. Look for a provider authorized by the relevant regulatory bodies and has a strong customer support team.

Also Read:

Best Forex card for students studying abroad | Travel card
Benefits to use forex card for students and travellers | Travel card

Get the best forex card for students today with Orient Exchange

If you're a student planning to study abroad, getting a Forex card from a reliable provider is a smart choice. Orient Exchange is a leading provider of Forex card services and offers a range of options to suit your needs. Our Forex cards offer fixed exchange rates and low fees.

Applying for a Forex card from Orient Exchange is easy and can be done online by filling in your personal details and providing proof of identity and address. Once approved, your Forex card will be delivered to your doorstep, ready to use for your expenses abroad. So, if you're looking for a convenient and reliable payment option for your studies abroad, consider getting a Forex card from Orient Exchange today.