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A Guide To Best Forex Cards For Students

December 26, 2023 •

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Travelling abroad as a student is an exciting experience full of new adventures and chances. However, handling funds in a foreign place may be a difficult undertaking. That is when Forex cards come in handy! In this article, we will look at the best forex cards for students and explain why they are game changers when handling money overseas.

Traditional means of currency exchange, such as cash or traveller’s checks, can be difficult and hazardous. That’s where the best forex cards for international students come in, providing a more secure and simple option. When contrast to carrying cash, forex cards provide more security.

Understanding Forex Cards

What Is Forex Card?

A Forex card is a prepaid payment card that allows you to load it with foreign currency prior to your travel.

Key Features Of Forex Card

Convenience: The best Forex cards for students provide travellers with a high level of convenience. They are widely recognised by shops, ATMs, and online platforms globally, allowing you to do transactions in the local currency with ease. Forex cards also reduce the need to carry numerous currencies because they allow you to load and utilise multiple currencies on a single card.

Security features: In the event of loss or theft, you may simply disable the card and obtain a replacement, reducing the risk of financial loss. Some Forex cards also have extra security features, such as SMS transaction notifications, allowing you to watch your spending in real-time.

Factors to Consider When Choosing A Forex Card

Exchange Rates And Fees: Exchange rates and fees: It is essential to evaluate the exchange rates given by the card issuer when choosing Forex cards. Look for cards with competitive interest rates to get the most bang for your buck. Also, keep an eye out for transaction costs, such as international transaction fees or ATM withdrawal charges. Choosing a card with low or no transaction fees might help you save considerably on your travel expenses. Remember that selecting the best Forex cards for students entails looking for one with favourable rates and low fees.

Accepted Currencies: The cheapest forex card for students should support the currencies of your destination. Look for cards that offer a wide range of currencies, allowing you to load and use multiple currencies conveniently.

ATM Withdrawal Limitations: Compare the maximum withdrawal limits provided by various FX cards. As a student, you’ll need access to cash for a variety of needs, so it’s critical to select a card with suitable withdrawal limits. However, there must be a balance struck between a larger withdrawal limit and any related costs.

Additional Benefits: Look for any additional benefits the Forex card may provide. In an emergency, emergency help, card blocking, or insurance coverage might be quite useful. Some cards may provide 24-hour customer service to assist you in the event of any problems or emergencies while travelling.

Best Forex Cards for International Students

Here are the best forex cards for Indian students who want to study abroad and make their financial transactions in a foreign nation easier and more efficient:

HDFC Bank Regalia ForexPlus Card:

Issuing Bank: HDFC Bank

Key Features And Benefits:

Available in US Dollars
No Cross-Currency Conversion charges
2 complimentary lounge access every quarter at all international airports across India.
Use Prepaid NetBanking to block the card when you are not travelling temporarily.
Hassle-free, instant reloading using Prepaid NetBanking.
Protection against misuse, skimming, and counterfeiting to a limit of Rs.5 lakh.
Global HDFC Bank PhoneBanking support.
Online account management
Available in 23 currencies

Insurance of Rs.5 lakh protects the card from abuse due to counterfeiting or skimming.

ICICI Bank Student Travel Card:

Issuing Bank: ICICI Bank

Key Features And Benefits:

Joining benefits worth Rs 5000
Available in five currencies- USD, EURO, GBP, AUD and CAD.
It has a validity of three years and can be applied to any foreign exchange
Get a card liability cover worth Rs. 5 lakhs and a card protection plus cover worth Rs. 1,600.
The cardholders get a 40% discount on excess baggage

Axis Bank Forex Card:

Issuing Bank: Axis Bank

Key Features and Benefits:

Multi-currency support
Favourable exchange rates
Ease of reloading.
Contactless payments
Emergency cash assistance
Comprehensive travel insurance.
Priority and Burgundy customers enjoy an issuance fee waiver of ₹300

State Bank of India (SBI) Multi-Currency Foreign Travel Card:

Issuing Bank: State Bank of India

Key Features And Benefits:

Load up to 15 currencies
Free ATM withdrawals, online account access
Chip and PIN-protected prepaid travel card
Additional card available for backup
24/7 global assistance with free replacement of card if it is lost or stolen
No information from a bank account is required to obtain or start using this card
Reloadable until the expiry date on the card with a valid passport and Form A2 available from all branches of SBI

Niyo Global Card:

Issuing bank: SBM

Key Features And Benefits:

Up to 5% interest p.a. on savings with monthly interest payout
Zero forex markup travel card
Complimentary airport lounge access
Integrated smart app
Real-time transaction tracking
Real-time in-capp currency converter

Wise Borderless Card

Key features and benefits:

Load up to 10 currencies into a single card
Swipe it across 35 million Mastercard merchants & 70 million Visa merchants in over 200+ countries
Insurance covers up to USD 10,000
Automatic determination of currency based on transaction location
Avoid currency fluctuations by loading funds in advance

Fly Finance Forex

Key Features and Benefits:

Net Banking; Debit Card; Unified Payments Interface (UPI); Wire Transfer
The minimum transaction limit is INR 10,000
In a fiscal year, Indian citizens can contribute up to $250,000 (INR 2,05,55,125). This sum can be transferred in a single transaction or several transactions over the course of a fiscal year.
The transaction gets started right away. After three days, the money is shown in the recipient’s account.

Conclusion

Choosing the best Forex cards for students is a crucial decision for a seamless and financially savvy journey abroad. Forex cards offer a convenient and secure way to carry foreign currency, with benefits like competitive exchange rates, low fees, and multi-currency support. By pre-loading the card, students can avoid the hassle of carrying large amounts of cash, enjoy wide acceptance, and lock in favourable exchange rates. While considering factors such as issuance charges, ATM withdrawal limits, and additional features like emergency assistance, finding the best Forex cards for students ensures a worry-free experience.

FAQs

Q1. How much forex can a student carry?

Ans: The entire amount of foreign exchange utilised by a student in a fiscal year, including forex cards and wire transfers, shall not exceed USD 250,000 for educational reasons.

Q2. Which is the best Forex card for students going to the US?

Ans: Niyo Global Forex Card is one of the best Forex cards for international students. It has several advantages over other cards and is the best Forex card for Indian students.

Q3. Can I Google pay from India to the USA?

Ans: You must link your Wise account to make international payments with Wise in the Google Pay app.

Q4. How much bank balance is required for a US student visa in rupees?

Ans: While there are no rules requiring a minimum bank balance to apply for a student visa for the USA from India, it costs approximately $500 USD to obtain your F-1 student visa.