Illustrious foreign institutions across the globe are opening doors to foreign students with relevant qualifications. This has led to a massive rise in the number of Indian students heading abroad to improve their career prospects. UK and Canada are primarily the most preferred destinations for aspiring students in India.
Better college infrastructure and a wider range of opportunities is what primarily prompts students to study overseas. From securing a seat in a university to arranging admission fees, the pursuit of higher studies entails plenty of preparation. But the biggest concern that arises when traveling abroad is paying for expenses.
Staying overseas involves plenty of expenses like house rent, electricity bills, commuting costs etc. Travelers’ cheques and debit cards may seem like a good option at first glance. But exorbitant service fees associated with these methods can prove to be a thorn in the side of budget-conscious students. On the other hand, a prepaid forex card is indeed a reliable travel companion.
If you are wondering whether a forex card will come handy while studying abroad, you have landed on the right post. The top 5 reasons listed below will unravel why a forex card is ideal for Indian students planning to go abroad for studies.
1. Helps dodge unnecessary expenses
When students rely on a forex card for international expenses, high transaction costs become a thing of the past. It is no secret that a surcharge of up to 3.5% is applicable on international debit/credit card usage. But the story does not end here as banks have been infamous for including hidden charges into debit cards to rip off customers without their knowledge.
Whereas forex cards can help cut down on all such overseas transaction charges by guaranteeing savings of up to 6.5% over debit cards. Students who use a forex card to transact in foreign currency will not be subject to fluctuating exchange rates. In fact, forex cards are known to keep unpleasant exchange rate surprises at bay. It is because the foreign currency which is loaded in the card is loaded at a fixed rate which you are already aware of.
Students should choose a well-known brand like BookMyForex as its forex cards come with zero issuance charges and facilitate currency exchange absolutely free of cost, i.e. at interbank rates. Students who choose to use forex cards also get the special chance to avail exclusive discounts at stores abroad.
2. Support for a wide range of currencies
The topmost priority of every student planning to study abroad is to ensure a hassle-free travel experience. Students who participate in exchange programs and travel to multiple countries on a frequent basis can benefit a lot from forex cards. The reason being that forex cards provide seamless support for up to 16 currencies like the Euro, Pound Sterling, Canadian Dollar, Thai Baht, Swiss Franc etc.
Forex cards powered by Visa and Mastercard are accepted in all parts of the world at over 30 million physical stores and 1 million E-commerce websites. The nicest thing is that students can load their forex card at zero margin rates which assures increased savings in the long run.
3. Top-end security and seamless expense tracking
Everyone knows that theft and fraud is rampant in today’s world. What distinguishes forex cards from other mediums of foreign exchange are its top-end security features. Peace of mind is guaranteed as forex cards boast both Chip and PIN protection for added safety against theft. Since all your information is encrypted within the chip embedded in the card, you can remain safeguarded against fraudulent activities like skimming etc.
It is often seen that students spend more than they should owing to which their budget gets negatively affected. However, this concern should not bother you as forex cards come with a seamless expense tracking mechanism. Every time students make a transaction with their forex card, they will be notified for the same via electronic mail or text message.
This can help students focus on their studies without worrying about inadvertent expenses taking a toll on their pocket.
4. Immediate cash support during emergencies
It is always recommended that students should carry a small amount of paper money along with their forex card. If you become a victim of fraud and lose cash, a forex card can always come to your rescue. But what if you are out of luck and your forex card gets stolen as well? This may not be a significant issue if your overseas stay is of a small duration.
However, the matter can escalate in a jiffy if you have to stay abroad for a longer duration in the pursuit of studies. In addition to featuring a robust theft protection mechanism, many forex cards boast the facility of immediate cash support during times of emergencies. Leading foreign exchange providers offer emergency cash assistance for stolen cards in almost all major countries.
Moreover, there are a handful of notable forex card providers who even go to the extent of providing a free insurance cover. In case students experience any delay or issue with their forex cards, they can contact their card provider’s helpline to receive proactive solutions to their queries.
5. Easy and convenient to carry around
One of the biggest advantages of a forex card is that it offers unmatched convenience during international trips. However, many people are of the view that hard cash is a good substitute for travel forex cards. The problem with hard cash is that it is inconvenient to carry, more so when you are staying in a foreign country. Also, it is more likely to get misplaced or stolen compared to a forex card.
Unlike heavy wads of cash which occupy a huge space in your travel bag, a forex card can easily slide it into your wallet case thanks to its slim and lightweight design. Forex cards can not only be swiped at POS terminals but can also be used for making online transactions and withdrawing money from international ATMs. With a prepaid travel forex card at their disposal, students can save between 0.5% to 2.5% over foreign currency notes.
The good news is that you will not have to travel miles and go to a physical branch for reloading your forex card when the balance runs out. You can conveniently reload it from the comfort of your home given that you have a decent internet connection and laptop/smartphone.
Takeaway
Swaths of Indians students emigrate to foreign countries each year with the ambition to pursue higher education. Studying in a prestigious foreign university you have always dreamt of can pave the way for an exciting and unique experience. While the pursuit of education abroad gives students the much-awaited freedom, it also necessitates the need to be more responsible in the matter of daily finances.
Until a few years back, cash was the preferred mode of payment be it paying for laundry, grocery bills, shopping expenses etc. But the situation is now outright different due to the advent of cashless payment modes. Since a majority of students have to abide by a strict budget, a prepaid travel forex card can help keep various expenses under check.
Students looking to maximize savings and make their studying pursuit memorable must use forex card to manage everyday expenses abroad.