Know Which Type of Forex Card Is Best for Indian Students Studying Abroad
For higher education, the number of Indian students studying abroad in 2021. One of the largest numbers of Indian students travel overseas each year to seek higher education in various nations, with Australia being a well-liked choice. Many students studying abroad do so for the first time and are unaware of the difficulties they will encounter while studying abroad. The intricacy of managing their finances, which is one of their biggest problems, is made much worse by the fact that they have to pay for everything in a foreign currency. Many students frequently choose inefficient solutions that increase their financial load because they are ignorant of the different cost-efficient options they have accessible to them in foreign currency conversion.
What possibilities are there for paying for Indian students who are studying abroad?
The value of investing in education today exceeds that of investing in everything else. For higher education, Indian students are moving abroad, and handling finances is a key aspect of studying abroad.
Let’s look at some of the financing methods available to Indian students going overseas to study:
The most common way to pay for college abroad is through a bank wire transfer. It can take between 24 and 48 hours to finish.
To pay for college and housing expenses, you can create a foreign currency demand draft (FCDD) at any bank where you have an account. The procedure, however, takes about two weeks.
A forex card is a prepaid foreign exchange card that you may use to make purchases in the nation you are visiting after loading it with foreign currency. A few distinctive aspects of forex cards include the ability to load several currencies, the absence of issuing and reloading fees, and others.
What possibilities are there for paying for Indian students studying abroad?
The value of investing in education today exceeds that of investing in everything else. People’s perspectives on the value of higher education have undergone a considerable change. The number of Indian students going overseas for higher education has significantly increased as a result of this shift in attitudes regarding higher education. Anyone who hopes to eventually settle abroad now starts with a foreign college degree. An essential aspect of an international student’s life is the transfer of money from India and its conversion into foreign currency to pay for tuition and other living costs.
Why is utilising a currency card, in comparison, preferable for students?
1. Due to their set exchange rates, ability to hold different currencies, lack of loading fees, free insurance coverage, emergency cash support, and other advantages, forex cards are one of the finest ways to spend your money wisely when studying and traveling abroad.
2. It does away with the hassle of constantly carrying cash and exchanging money. A security pin is one of its additional security measures that makes sure your foreign currency cannot be stolen.
3. Using forex cards makes it easier to make purchases while traveling at restaurants, motels, and other establishments. Without worrying about any fees or commissions, you can swipe your card at any hotel or retail location.
4. Like a credit or debit card, forex cards can also be used to make cash withdrawals from an ATM.
5. A forex card will help you track your expenses while you’re studying abroad and keep your money safe. Many forex cards, like the supercharge card from FxNow, come with an app that helps you keep track of all of your expenses in addition to many other fun features.
The majority of these cards are issued in collaboration with Visa or Mastercard. Forex cards are prepaid foreign exchange cards that you load with foreign currency and then use to make purchases in the nation you’re visiting. Since you have already paid for the necessary amount of foreign exchange in advance at a set rate and it is currently held on your forex card, you are protected from currency swings. Swipe your Visa or Mastercard foreign exchange card to make an overseas payment, and the funds will be digitally deducted from the foreign currency you have stored on the card. Forex cards can be used to make purchases online, withdraw cash from ATMs, and swiped at PoS (point of sale) terminals.
Thomas Cook Forex Card
The prepaid forex card from Thomas Cook is one of the best forex cards provided for students also provides a range of travel-related services, including tours, vacation and business travel packages, and insurance. Borderless prepaid cards and one currency card are the two types of foreign exchange cards it offers.
What is a forex Card?
Several significant traits are the following:
- A fixed rate that is greater than interbank rates is offered for forex.
- Physical cards are sent within 24 to 28 hours (only in select cities).
- Students are not eligible for a wire transfer discount.
One should be committed to managing their funds if they have already decided to pursue an international education. Making a decision regarding how you would handle your daily currency exchange needs is one of the most crucial aspects of studying abroad. The foreign currency exchange market offers a variety of platforms and service providers, however the majority of these companies hide the information about the fees and charges they are levying. Customers frequently purchase subpar goods out of ignorance, which ends up costing them a lot of money over time.
