Summary :- Forex cards are a convenient and secure way for students to make payments while studying abroad. These cards are preloaded with foreign currency and can be used for making purchases, paying bills, etc. Let’s understand why Forex cards are essential for students studying abroad.
Why Forex Cards Are Essential for Students Studying Abroad
Studying abroad is undoubtedly a thrilling adventure, offering a plethora of new experiences and opportunities. However, it is not uncommon for this journey to be accompanied by a certain level of nervousness and uncertainty. Once you have successfully secured admission to your dream university and have sorted out your accommodation, the next crucial step is settling into a daily routine.
As an international student, there are various essential items you will need to purchase to facilitate your day-to-day life. These necessities typically include groceries, books, clothes, etc. One significant challenge that often arises for international students is how to manage the financial aspect of these expenses effectively. Possibly the answer to this challenge can be found in the form of a Student Forex card.
Student Living Abroad – 8 Reasons Why You Need a Forex Card
Are you gearing up to spread your academic wings and take on the world of international education? The excitement is on the next level, but let’s face it, the financial side of studying abroad can be a tad overwhelming. Fear not, for there’s a handy companion that can ease your worries and make your international journey an absolute breeze – a Forex Card.
Imagine this: a card that’s preloaded with foreign currency, backed by insurance, and protects you from the ups and downs of exchange rate fluctuations. Well, that’s exactly what the Forex Card is. But wait, it’s not just any card; it’s a ticket to seamless international living for students.
1. A Global Identification Card
A forex card wears multiple hats. One of its key advantages is its ability to function as a global identification card. This means that wherever you go, you can use the Forex card as a form of identification, so you can bid farewell to the hassle of carrying separate identification proof.
2. Exclusive Discounts & Rewards
Let’s talk about the perks that come with this wonder card. Imagine exclusive discounts on everything – travel, books, food, shopping, accommodation, and even leisure activities. A Forex card is your way to both indulgence and savings. Now, that’s a combo worth having!
3. Available in Multiple Currencies
With a Forex card, you can load your desired currency onto the card, allowing you to make transactions in the local currency. It is available in all major currencies, making it a tailored fit for your academic journey in the US, UK, Europe, or anywhere else.
4. Complimentary Insurance Cover
Worried about unforeseen events? A Forex Card is your safety net. It often comes with complimentary insurance coverage and protects against card misuse to coverage for air accidents and loss of personal documents or baggage.
5. Protection Against Rate Fluctuation
Say goodbye to currency rate fluctuations. With this card, you lock in your exchange rate upfront. That means you’re protected from those bothersome rate fluctuations, whether you’re paying for your favorite local delicacy or buying books or stationery.
6. 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. What’s special about the remote reloading facility is that it can be availed absolutely free of cost.
7. Safer Alternative to Hard Cash
The biggest issue with cash is that it is vulnerable to theft and hard to carry. Forex cards are safer to carry due to robust security mechanisms. No more sleepless nights over lost or stolen cards, thanks to solid chip and PIN protection.
Forex Card for Students – 3 Tips for Smart Usage
When using your forex card, it is important to be mindful of the following things:
1. Dynamic Currency Conversion
It is advisable to avoid using your Forex card at ATMs or POS terminals that offer dynamic currency conversion options. Some banks activate this feature on their ATMs/POS terminals, resulting in additional charges being incurred for each transaction made. It is recommended to be cautious of these establishments to prevent unnecessary expenses.
2. Payment in Loaded Currency
You can easily use a Forex card for making POS terminal payments or even for withdrawing cash from an ATM. However, if you use the card for making payments or withdrawing currency other than the currency loaded on your Forex card, certain charges will be applied to each transaction made. You should therefore use your Forex card for making payments and withdrawing currencies that are already loaded on your card.
3. Forex Card for Pre-Authorization
Some merchants, such as hotels or car rental agencies, may place a temporary hold on a certain amount of funds on your Forex card as a pre-authorization. Please note that pre-authorization is not a charge and no funds get debited from your account. If you choose to use your card for pre-authorization, the funds on your card will be on hold till the time that the bills are finally settled.
Conclusion
In essence, a Forex card is more than just a financial tool; it’s a reliable companion that empowers international students with financial freedom, security, and convenience throughout their academic journey abroad. There are many forex card options available in India specifically tailored to meet the needs of students. By choosing the best Forex card, students can enjoy a seamless and cost-effective experience while studying abroad.
About the Author
Bhawna Nijhawan is the Content Manager at BookMyForex and the go-to person for creating engaging, informative content that resonates with the platform’s diverse audience. With over 8 years of experience in content writing and more than 4 years in the forex industry, she knows exactly how to simplify complex forex topics into something everyone can relate to.
