Travelling Abroad to Study? Top Ways to Carry Foreign Currency

Posted on Thursday, October 10th, 2024 | By IndusInd Bank

Summary: Studying abroad requires prudent financial management. Foreign currency can be carried in the form of forex cards, foreign currency demand drafts (FCDD), and traveller’s cheques. Forex cards are excellent for convenience and budgeting. IndusInd Bank’s Indus Multicurrency Forex Card offers advanced security features and support for multiple currencies.

Your dream of studying abroad is finally approaching reality! As you gear up for this incredible adventure, your to-do list is most likely very long.  Among the essentials is identifying the optimal way to manage your finances in a foreign country. To cover immediate expenses upon arrival, such as transportation, meals, and settling into your new accommodations, you require the currency of the country you’re travelling to. While carrying cash might seem like the easiest way to carry foreign currency, it’s not the safest or the most convenient.

In this article, we explore the best ways to carry foreign currency so that your funds remain safe and accessible throughout your stay.

1. Forex Cards

Forex cards are the most popular and, arguably, the most convenient way to carry foreign currency. These cards function in a manner similar to debit cards, and can be loaded with a specific amount of foreign currency. They can be used for various transactions, including ATM withdrawals, POS purchases, and online payments, making them one of the best options for students studying abroad.

Key Features of Forex Cards

1. Security: Forex cards offer greater security compared to the old method of carrying large amounts of cash. The card can be blocked in case of loss or theft, and the remaining balance can often be recovered.

2. Convenience:  Forex cards are widely accepted at ATMs and merchants worldwide, making them convenient for accessing funds and making payments while travelling.

3. No Exchange Rate Fluctuation: Forex cards protect you against currency fluctuations; the exchange rate remains unchanged upon loading the card.

4. Multiple Currency Support: Multicurrency forex cards offer ultimate convenience on international travels by allowing users to load up to 14 currencies.

2. Foreign Currency Demand Drafts (FCDD)

Foreign currency demand drafts are another option for carrying money abroad. These drafts are prepaid instruments that can be drawn in a specific foreign currency. You can purchase them from your bank and carry them with you when you travel.

Key Features of FCDD

1. Fixed Amount: The amount on the draft is fixed, which helps manage large payments like tuition fees without the risk of overspending.

2. Wide Acceptance: Many educational institutions and organisations accept FCDDs for fee payments.

3. No Daily Limits: Unlike other methods, there are no daily transaction limits with FCDDs.

3. Traveller’s Cheque

Traveller’s cheques are prepaid cheques that can be used like cash in foreign countries. They are a traditional method of carrying money abroad.

Key Features of Traveller’s Cheque

1. Acceptance: While not as widely used as other methods, traveller’s cheques are still accepted at many institutions.

2. No Expiration: Traveller’s cheques do not expire, allowing you to use them when needed.

3. Ease of Use: They are easy to use and can be exchanged for local currency.

Carry Foreign Currency Safely with IndusInd Bank’s Indus Multicurrency Forex Card

FCDDs may be useful for fixed expenses such as tuition fees and traveller’s cheques can prove to be a good backup; however, they simply do not offer the convenience of forex cards.

Forex cards offer students travelling abroad a winning combination of convenience, security, and financial control. If you’re looking for a reliable card, IndusInd Bank’s Indus Multicurrency Forex Card is the perfect choice. This card allows you to load up to 14 currencies, and is ideal for travel across multiple countries. You can use this card at merchant outlets, international ATMs, and online transactions. The Indus Multicurrency Forex Card is packed with advanced security features that protect your funds from unauthorised access.Apply for a forex card online through the IndusInd Bank website today!