Want to know how forex cards can prove beneficial for students and travelers? Global trends indicate that Indians are more interested than ever in flying to foreign destinations of their choice. While there can be many reasons for overseas travel, most people go abroad either for studies or tourism purposes. The easy accessibility of global education tempts Indian students to fly to countries which are home to noteworthy institutions.
International education opens doors to remarkable opportunities, thus enabling students to pursue careers in various fields. Likewise, travel enthusiasts head abroad to explore foreign cultures, idyllic coastlines, scenic towns, vibrant cities etc. Regardless of the purpose of travel, maximizing savings and managing expenses well is a priority for everyone.
This is where forex cards emerge as dependable travel companions that can simplify international payments, thus making your overseas stay convenient. Considering all the possible expenses and estimating your forex needs is one step you can take prior to embarking on your journey for a hassle-free experience.
It is no secret that travelers’ cheques have long been the conventional mode of carrying foreign exchange overseas. However, their popularity has now faded owing to lack of worldwide acceptance. Without further ado, let us highlight the fantastic benefits of forex cards that make them ideal for both students and tourists.
Benefits of Forex Cards for Students
Safer alternative to hard cash:
The biggest issue with cash is that it is vulnerable to theft and hard to carry. Going cashless overseas can result in serious trouble, especially when you are a student without any backup in place. However, forex cards are safer to carry due to their lightweight design and robust security mechanism. The solid chip and PIN protection is aimed at preventing misuse in the unfortunate case of theft.
Instant cash assistance in emergencies:
Being completely deprived of money is the worst nightmare for students, more so when they are stranded abroad. The good news is that illustrious forex card providers offer emergency cash assistance if your forex card is stolen or lost overseas. You can also request a free insurance cover and block access to your forex card simply by reaching out to the helpline.
Remote reloading facility:
Since students are usually short on time due to hectic study schedules, the remote reloading facility can prove to be a boon for them. In case your forex card balance gets exhausted, you can reload it online without stepping out of your house. All you need is a laptop or smartphone combined with a working internet connection to reload your forex card. What’s special about the remote reloading facility is that it can be availed absolutely free of cost.
Also Read: What is Forex Card? Complete Guide
Benefits of Forex Cards for Travelers And Tourists
Simultaneous support for multiple currencies:
Forex cards are designed to offer simultaneous support for up to 16 different currencies like Saudi Riyal (SAR), Hong Kong Dollar (HKD), Pound Sterling (GBP) etc. Multi-currency forex cards are exclusively meant for tourists who travel to multiple countries on a frequent basis. Since forex cards allow you to load multiple currencies at once, a lot of time and effort can be saved in the long run.
Protection against market fluctuations:
In most scenarios, travelers have to abide by a strict budget. Since currency fluctuations are an everyday occurrence, the value of currency notes can slump at any time. But the cash loaded in forex cards is protected against fluctuations. Promising savings between 3.5% to 6.5%, forex cards are a better substitute for traditional debit/credit cards as well. If you want to stick to your budget, you can leverage real time expense tracking to avoid spending money extravagantly.
Global acceptance across merchant establishments:
Travelers are always on the move, and they have to consistently pay for necessities during their stay. The global acceptance of forex cards at over 30 million stores gives them a clear edge over other mediums of carrying foreign exchange. Whenever the need arises, travelers can use forex cards at their favorite cafes, restaurants, shopping stores etc., and claim big discounts too.
Support for international ATM withdrawals:
When you are staying in a foreign country, certain situations might necessitate the need for money in the form of cash. A prepaid forex card can serve the purpose of a debit card and allow you to withdraw cash from almost 2 million ATMs globally. When you utilize your forex card for taking out cash from an ATM abroad, the withdrawal charges will be negligible, hence ensuring maximum savings.
Some Common Benefits of Using Forex Card:
Best Overseas Payment Option:
Apart from a travel card, there are multiple ways of making payments in foreign currency on your trip which include transacting in cash (foreign currency notes), using your debit or credit card. However, a Forex card stays the best among all the payment options available while travelling abroad. A Forex card is safer than cash, cheaper than other cards and as convenient as your debit or credit card.
Best Exchange Rate:
The foreign currency exchange rates for a Forex card are better than foreign currency notes. You can save anywhere between 2% to 4% (depending on currency) by just switching from currency notes to Forex card.
Forex cards are easy to carry compared to a stack of cash. A Forex card can be purchased online and reloaded from a foreign land. You can also encash the remaining balance online when you return back.
No Market Risk:
Since the currency exchange market is highly volatile in nature, currency rates keep on changing which might affect you negatively if you are using your debit or credit card. But since a Forex card is a prepaid card, the foreign currency gets loaded on your card at a fixed rate, you get saved from the market risk.
No Hidden Charges:
Your debit or credit card which may charge you various types of charges such as currency conversion charges, high ATM withdrawal charges etc. on your transactions while travelling abroad. While there are no such charges levied on your travel card.
Better Expenditure Management: Being a digital card, you can smartly track and manage your expenses with a travel card while travelling abroad.
Educational institutions in foreign countries have ample opportunities in store for talented students hailing from India. Similarly, there is no dearth of bustling tourist attractions overseas for travel buffs. So, whether you are an aspiring student or a fun-loving traveler, opting for a forex card from BookMyForex will help you make payments abroad in a convenient manner.