International students, tourists, and traveling working professionals all require a forex card for payments abroad. Forex cards are prepaid cards that you can recharge before leaving for your destination. It is the easiest, safest, and most efficient way to carry foreign currency and allows individuals to easily track their transactions. Often called a traveler’s best friend, forex cards are used as debit cards and credit cards and are an easy solution for managing your finances abroad in local currency and there are many forex card options available for students abroad. Applying for forex cards is tricky, it’s important to look for hidden costs like exchange rate fees and the number of transactions per day. In this blog, we will cover the best forex cards for students planning to study abroad!
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Best Forex Cards for International Students
Here are the best forex cards for Indian students who are planning to study abroad and make their financial transactions easy and efficient in a foreign country:
Wise Borderless Card
Wise Borderless Cards are amongst the best forex cards for students. They are known for low-cost transfers across countries and one can easily make big and small payments in local currency using this forex card.
- Wise Borderless card is entirely online and allows you to send money all over the world in over 60 different currencies. However, if you are studying in the United States, Europe, Australia, or the United Kingdom, you can also open a Wise multi currency account. It is a single card that allows you to carry over 45 different currencies and make free cash withdrawals of up to $350 USD/INR 25,976 per month.
- This Forex card has low exchange rate fees and one can easily send money in their country of origin without much formalities.
Also Read: Best Credit Cards for International Students
Niyo Global Card
Niyo and DCB Bank have partnered to provide students studying abroad with a versatile and technologically advanced card that can be used in 90+ currencies, but it does come with fees and the visa exchange rate.
- Niyo is the perfect choice for today’s students who want to be able to access their card and convert money at any time and from any location. You can load money from your Indian bank account into a Niyo app and use the card in 150 countries.
- Students are charged with an annual and joining fee and along with tha the hidden exchange rate fee is included in the visa’s exchange rate. In-person signing up is required for signing up for this forex card, and thus, make sure that you are present in one of those Indian cities where Niyo global card services are available.
Also Read: Evidence of Financial Support
Axis Bank Forex Card
Axis Bank offers several forex card options for how a person travels, and the fees vary as per country. Axis Bank offers the Axis Bank Vistara Forex Card, which is linked to miles from Vistara airlines, as well as a Multi-Currency Forex Card, and a Diners Card designed specifically for USD transactions.
- With Axis Bank one has to pay fees for signing up, reloading and cash withdrawals other than Axis Bank ATMs. There is an inactivity fee of $5 USD or the listed fee for each currency if the card is not used for more than 36 months.
HDFC Forex Cards
HDFC, a well-known bank, provides a variety of forex cards, including one designed specifically for students. The ISIC Student ForexPlus Card from HDFC is only available in the United States, Europe, and the United Kingdom. In addition, the card is accepted as a qualifying student ID all over the world. However, this HDFC card has an issuance fee of Rs. 300 and a reloading fee of Rs. 75. Furthermore, you will always receive the current Visa/Mastercard exchange rate and cash withdrawal fees.
Also Read: Passive Income Ideas for Students
ICICI Forex Cards
ICICI Bank offers 5 forex cards which and the card to be chosen is completely dependent upon the purpose of travel and other purposes. ICICI forex cards offer travel privileges and discounts that are lucrative to customers.
- There are a variety of forex card options to choose from such as Goibibo Travel Forex, Sapphiro Forex, Multi-Wallet Prepaid Card, Coral Forex Card, and Student Forex Prepaid.
- Sapphiro Forex card has really high fees whereas the student forex card is affordable.
- The Student Forex card has a joining fee of rupees five hundred and along with that an annual fee of rupees two hundred from the second year.
- There are cash withdrawal charges and marked up exchange rates involved as well.
Also Read: Health Insurance Plans for Studying Abroad
This was all about the best forex cards for students. If you are planning to study abroad for the upcoming September intake then contact our experts at Leverage Edu and make your dreams come true!