Is Forex Card Good for Students?

Posted on Wednesday, April 5th, 2023 | By IndusInd Bank

Each year, innumerable Indian students travel abroad to study in foreign universities. The initial few months in a new curriculum and culture provide a whirlwind of experiences and  lifetime of memories. However, one of the chief concerns during this phase is whether they will be able to manage everything by themselves, in a different country while living alone. There are many questions that a student has in their mind when going abroad for higher studies. Majorly, they worry about how to carry foreign currency with them.

Although there are a number of options available, they come with both pros and cons. Carrying large wads of cash is a hassle and using credit and debit cards can prove expensive. The best way for a student to carry foreign currency is therefore, a Forex card.

What is a Forex card?

Forex cards have long served as the most convenient way of carrying foreign currency when travelling abroad for leisure , business or education . These are prepaid cards that can be loaded with a certain amount of foreign currency or currencies and used for transactions at merchants via POS or webpage in the foreign country,and to withdraw cash at ATMs abroad.

Since these are prepaid cards, they do not involve the hassle of thinking about exchange rates. Once the card is loaded with a certain amount of foreign currency, one has that much purchasing power no matter what happens to exchange rates after.

IndusInd Bank offers the service where one can load upto 14 currencies on a single Forex card, with the option to load and reload multiple times subject RBI guidelines. 

Why Forex cards are the best option for students to carry foreign currency?

A Forex card has many benefits to students as depicted below

Hassle-free

The last thing a student needs is to keep track of note bundles, whether in their wallet or at the locker. Forex cards are much more convenient to plan one’s day around, whether going to the university, or a day trip with friends. It works at merchant outlets, at international ATMs and for online transactions, with equal ease. The unbeatable rates offered for loading/reloading the IndusInd Bank’s Forex card and its free airport transfers save one from last minute runs to the money changer and also to transfer funds abroad with minimum documentations.

A Forex card can be bought  easily as most banks and Authorized Money Changers in India provide this product.

Helps keep track of expenses

The single most important thing for students overseas is to keep track of their expenses and transactions. With Forex card that comes with a mobile app, the current available balance on the card, number of transactions made oramount of money spent are all a click away. Forex cards also provide SMS notifications that inform students about all transactions made on the card, providing additional security. A detailed diary of one’s expenditure may be kept with periodic regular statements, as well as through the Indus Multi Currency Forex Card via our website.

Low cost

Forex cards don’t have any additional mark-up charges when it comes to transactions at merchants. On the Contrary credit cards that can have mark-up fees of around 2.5-3% of the transaction amount. International bookings and payments for hotels, restaurants, airlines, stores, and petrol pumps can all be made via the Travel Card at no extra charge prior to travel or post travel.

Bottom Line

If looking to apply for a Forex card that is great for students, look no further than the Indus Multi Currency Forex Cards. These cards are widely accepted worldwide, provide secure online shopping, immediate hot-listing of the card in case it is lost/stolen, instant access from anywhere and anytime through our online portal and assure easy encashment upon return to India.

Why wait !! Buy the  Indus Multicurrency Forex cards the best Forex card for Indian students, click here.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.