Congratulations on choosing a forex card rather than a debit or credit card for managing your expenses while studying abroad! As the next step in savings, let us help you point out the key factors you need to consider when selecting a student-friendly forex card. So read on to make the right choice.
Also Read: 10 Common Mistakes to Avoid When Using a Forex Card Abroad
1. One or Multi-Currency Forex Card
Yes, you guessed it right. You can only load a single foreign currency on a one-currency forex card, which is usually in USD, and add more than one currency on a multi-currency forex card. So choose a forex card based on your currency requirement.
However, the majority of students choose a multi-currency forex card as it helps them manage their cash while travelling to neighbouring countries during semester breaks. For instance, students studying in the UK can use a multi-currency forex card when travelling to nearby European countries where the Euro and Swiss Franc are the local currencies.
2. Range of Global Currencies Available
Whether you choose a single-currency or a multi-currency forex card, having access to your preferred currency is essential. Exotic currencies are rarely available for loading onto forex cards, so an alternative is to load a single-currency card with US Dollars. The US dollars loaded are automatically converted into the necessary currency during transactions overseas without incurring any cross-conversion fees.
So consult a forex expert to know whether the currency of your study destination is loadable onto a forex card.
Chat with Our Forex Expert Now
3. Exchange Rate
Although forex cards shield you from exchange rate fluctuations during your complete study period, keep an eye on the rates applied by the card issuer when loading currency. Issuers often impose a forex markup or currency conversion fees. Check the interbank rates, which are the average exchange rates, to determine if the rate set by your card issuer is too high.
4. Fees
Forex cards come with a few charges to be aware of, but they generally cost less than using credit or debit cards overseas. Additionally, not every fee is applied by the card issuers, so it’s important to choose cards with fewer and lower charges.
The common forex card charges include the issuance fee for your initial currency loading, ATM fees per withdrawal, a cross-currency conversion fee when making payments in a currency that is not loaded on your forex card, reload fees for adding additional funds to your card, and an encashment fee when converting the remaining balance from the forex card to Indian Rupees and withdrawing.
5. Security Features
Forex cards should include robust security measures, such as an EMV chip, PIN protection, and round-the-clock fraud monitoring. This guarantees that your money remains safe even if the card is lost or stolen.
6. Complimentary benefits
Certain forex cards provide added perks such as access to airport lounges, travel insurance, a complimentary international SIM card, or an ISIC card that makes your life abroad easier and more affordable. So don’t miss out on these offers.
7. App and Emergency Assistance
Most forex cards are equipped with an app that allows you to monitor your card balance, expenditures, and conveniently reload funds. This app also offers emergency support, including options to block a lost card or request emergency cash, ensuring you have assistance while abroad.
8. Issuance Time Taken
Generally, it takes a few hours to up to a week to complete your paperwork and obtain a forex card after submitting your application. Therefore, it is advisable to apply well ahead of your journey to prevent any last-minute hurries.
9. Customer Support
Ensure that the forex card issuer provides 24/7 customer support, both at home and abroad, whether you’re facing issues with your card, loading currency, or cashing out.
10. Global Acceptance
Choose a forex card that is broadly recognised at your study destination for payments at university, hotels, restaurants, and retail stores. Cards affiliated with major networks like Visa or Mastercard are accepted globally.
Smartest Way to Buy a Forex Card – ExTravelMoney
Assessing all these factors for each forex card available in the Indian forex market can be a lengthy and mentally exhausting process.
ExTravelMoney is an online forex aggregator that streamlines this process for you by creating a marketplace where we compare the top forex card providers available in your vicinity and identify the perfect forex card suited to you.
Get VISA and MasterCard forex cards with zero fees, accepted at 70 million POS and ATMs worldwide. Enjoy same-day issuance, easy reloads/unloads from anywhere, doorstep delivery or store pickup, transaction tracking via mobile app, and dedicated forex experts just a call or message away.
ExTravelMoney offers exclusive offers for international students on their initial forex card loading. The promotions available vary based on different loading amounts as follows:
| Offers | Initial load amount | ||
| 5000 USD | 3000 USD | 1000 USD | |
| International lounge access at Indian airports | ✔️ | ✖️ | ✖️ |
| Free international SIM card for 1 month | ✔️ | ✔️ | ✖️ |
| Complimentary ISIC | ✔️ | ✔️ | ✖️ |
| One free ATM withdrawal per month | ✔️ | ✔️ | ✔️ |
| Insurance coverage up to $10,000 | ✔️ | ✔️ | ✖️ |
Now that you know what to look for, don’t waste any time! Head over to ExTravelMoney to find the best forex card at unbeatable rates, and start your educational journey with the ultimate financial partner in your pocket.
Also Read: Is Purchase of Foreign Currency and Forex Cards Taxable in India?
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.