A forex card can save you thousands during your study abroad, but only if it is managed wisely. At ExTravelMoney, we believe that mastering forex card management is non-negotiable for every international student. So this guide for international students covers 8 forex expert hacks to manage your forex card while studying abroad.
Also Read: How to Choose the Best Forex Card for Students Travelling Abroad
1. Keep Track of Your Forex Card Balance
Remember that Forex cards are preloaded cards, not credit cards. They only hold the amount you have loaded. So, not monitoring your card balance can lead to awkward situations at checkout counters.
You can check your forex card balance in the app provided by the forex card provider at no cost. If you have inadequate funds, reload the card immediately with the help of your forex card service provider.
Most forex card providers offer an app where you can check your balance instantly and for free. And if you notice funds running low, you can easily reload your card through ExTravelMoney (if purchased from us) at competitive rates, so that your forex card is always ready when you need it.
2. Do Not Check Balance at an ATM
A few forex cards charge a fee of upto $1 to view balance at an ATM. So why waste money when you can check it for free with your forex card app?
3. Limit ATM Withdrawals
Forex cards incur ATM withdrawal fees per withdrawal, which vary depending on the ATM operating bank and your overseas study destination. The fee ranges from $2 to $3 for multi-currency forex cards and $5 for one-currency forex cards.
So the smart move is to minimise the number of ATM withdrawals and maximise the amount withdrawn each time.
4. Avoid Paying in Currencies Unavailable on Your Forex Card
Paying or withdrawing in currencies not loaded on your forex card, even in Indian Rupees, can cost you exorbitant exchange rates or even conversion charges, depending on your forex card.
In these situations, multi-currency forex cards usually impose a cross-conversion fee of 4.5% when the required amount in the loaded currency is converted to an unloaded currency. But in the case of one-currency forex cards, there is no cross-conversion fee. But the transaction will only take place at the then exchange rate.
Also Read: 11 Best Forex Cards for Students Travelling Abroad: Benefits & Features
5. Do Not View your Payable in Indian Rupees
As mentioned earlier, paying in Indian Rupees using your forex card can attract uninvited charges. The same applies even when you opt to view your payment in Indian Rupees. This is because Dynamic Currency Conversion (DCC) happens when students choose this option, and your transaction gets calculated in Indian Rupees. DCC fee ranges around 1% of your transacted amount.
So take it as a sign to stop comparing your expenses abroad with Indian Rupees and offer yourself peace of mind.
6. Manage Payments Within Transaction Limit
Forex cards maintain a daily transaction limit for safety purposes. So keep the limits in mind while making transactions. The typical transaction limits for forex cards are given below;
| Forex Card Transaction Type | Daily Transaction Limit |
| ATM Withdrawal | USD 1500 |
| Swipe Payment | USD 15,000 |
| Online Purchases from Foreign Websites | USD 15,000 |
| Contact-less Payment | USD 35 |
7. Keep the Validity Period in Mind
Forex cards come with a validity period of 5-6 years, after which you can encash the card balance. However, it is easier to encash it before the expiration date.
International students can reload their forex card during their course period, but not afterwards.
8. Utilise the Student Offers and Discounts
International student forex cards come with several offers and discounts on the purchase of daily essentials as well as study materials. So check them out on your forex card app and try them out to save more.
A well-managed forex card means fewer surprises, lower charges, and better control over your budget during your overseas education. So what if you can make your forex card management easier with a personal forex expert, one ping away?
Check out ExTravelMoney for
- Student-friendly forex card purchase
- RBI-authorised service providers
- Door-step-delivery
- 5% extra savings on fees and exchange rate
- Student special offers, such as airport lounge access and a free international SIM card (depending on the forex card chosen)
- Forex expert service
- Online loading, reloading, and encashment services
So book with ExTravelMoney and make your forex card work smarter!
Also Read: What To Do When Your Forex Card Is Stolen or Lost Abroad?
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.