Best Forex card for students studying abroad | Travel card
Securing admission to a foreign university is one of the biggest achievements for any student. There’s a lot of excitement about visiting a new country, meeting new people, and getting the best education.
You would want to ensure there are no hiccups and that everything gets managed properly. And one of the critical aspects is managing your finances. You have the traditional option of using cash or more advanced like forex cards. This article looks at which of the two is better for you.
What is a forex card?
A forex card is a prepaid card that enables you to carry money in the local currency of the country you want to visit. In particular for students studying abroad, forex cards are frequently regarded as one of the most practical payment options. With a prepaid forex card, which looks like a debit or credit card, you may easily make payments anywhere in the globe. You do not have to worry about the expense of currency conversion or cash withdrawals from ATMs.
Benefits of using a forex card
Here are the various advantages you can expect when using a forex card.
- Convenience: Using a prepaid forex card is practical for students studying abroad. You don't need to look for an ATM or have cash in the local currency with you when you transact. Forex cards could be accepted at the same POS terminals that accept debit and credit cards. Forex cards are thus handy to use while making transactions. Additionally, since it is a card, it would not make your wallet large like it would if you were carrying cash. Using a smartphone app or the website of your service provider will also allow your parents to quickly top off the money without any hassle.
- Security: When visiting their host country, international students frequently worry about their safety. And they have reason to be concerned. In a foreign country where you do not know many people and are unfamiliar with common scam techniques, you might wish to proceed with caution. In a foreign country, it might not be a smart idea to bring too much or too little cash. And you have a secure option in the form of a forex card to avoid issues. They include all the security features of a credit card, making them a dependable and efficient way to make overseas payments.
- Cost-efficiency: One of the most pressing problems for international students is the exchange rate. All international students often have to estimate the cost of purchases when buying anything. For this problem, forex cards are a seamless solution. Forex card holders remain protected from the market's daily fluctuations in currency rates. The exchange rate for the day determines how much money will get loaded onto the card. There are also no risks involved with day-to-day money transfers.International students who use forex cards are also immune from the high exchange rate and debit and credit card fees incurred whenever they use a POS machine or an ATM in another country.
- Better money management: You can manage your money more skillfully with a prepaid forex card. You will receive monthly statements for all purchases made with your foreign exchange card because they provide online access to track your payment. When your study duration gets completed, you can cash out any leftover foreign currency.
Using cash in a foreign country
Cash is one of the easiest options for paying for your expenses in a foreign country. It is the most convenient form of payment because of the liquidity factor. But there are restrictions associated when you carry cash.RBI allows a student to carry maximum of USD 3000 or equivalent in cash, which may not be sufficient for entire duration of stay. A student should carry enough cash during his travel for convenience and emergencies.
Benefits of using cash
Once you have the money, you can use it just as is. There are no additional charges when using money. Cash is a widely accepted form of payment that only differs by a nation in terms of the currencies used. It is also useful in settings where leaving cash tips is customary, like restaurants.
Essential tips for using a forex card
Even while forex cards are practical, nothing is completely secure. The same security measures that regular debit or credit cards offer are also present with forex cards. However, forex cards are also susceptible to fraudulent tactics.
One of the concerns is that a remote ATM or business may copy the magnetic stripe on your card, putting your money at the risk of theft and exposing you to fraud. Even though using a forex card offers many benefits, problems could arise if the card gets misused. It is better to be cautious when swiping your card at POS and ATMs and keep your card information secret.
Forex cards and cash both have their advantages. However, a prepaid forex card will offer some more benefits than carrying cash. If you are looking for the best forex cards for students, Orient Exchange can help. You can buy a forex card from us and load it with the currency of your choice. The locked rates will ensure that your money remains safe from currency market fluctuations. Contact us today for getting more details about our forex card services.