One of the biggest things that plague students and job seekers travelling and studying abroad is how to carry money safely across the borders. There are a variety of options to carry money abroad like debit cards, credit cards, forex cards and cash obviously. But what could be the most efficient and safest way to carry money abroad? Here are the 5 safest ways to carry money abroad as an international student for you.
This Blog Includes:
Cashless Ways to Carry Money Abroad
Here are some of the safest and cashless ways to carry money abroad and do faster transactions:
Multi Currency cards are the safest way to carry money abroad. It is a prepaid travel card that is extremely popular among people who travel abroad. It is also considered the safest way to carry money abroad. It allows travelers to carry multiple currencies at a time. Also these cards last for about 3-5 years. A multi-currency card should always be the first thing you look for before traveling abroad because it has better exchange rates than carrying cash. They are now even more secure because of the PIN technology. It is the most hassle-free way of making payments everyday and allows payments in 16 or more currencies depending upon the card. Here are some of the popular multi-currency cards by popular banks like Axis Bank, ICICI, SBI and HDFC.
A debit card is a payment card you receive from the bank while opening a checking account in the bank. You can spend money without writing a check. You just need to fill in the important and confidential details like your Account Number and CVV respectively. After filling the details, money paid is automatically deducted from your account. A debit card is considered a safe way for money transfer but you should always keep in mind that sharing your OTP and CVV is a big NO. So while making payments through debit cards, make sure that you do not share the important information by any means.
Debit Cards are one of the most convenient ways to get cash abroad. So when you’re traveling abroad you should always carry your debit card along with you, just in case you do not have the particular currency at that time you can find the nearest ATM to withdraw cash. However it’s important to be aware of foreingn fee while withdrawing cash from the ATM. All banks provide debit cards to its customers and allow them to withdraw money from anywhere in the world.
A credit card allows the cardholder to borrow money from the card issuer to purchase or withdraw cash up to a certain limit set by the issuing company. You can also transfer money from credit card to your bank account by signing a check, ATM or NEFT. Each credit card has a limited amount of money set that customers can withdraw to help manage their finances on a daily basis.
Credit cards are accepted in most of the places in the world. Credit cards provide you with the best rate on any foreign currency and its transaction fee is also minimum on credit cards. So when shopping abroad you can surely use a credit card to purchase your favorite items. VISA and Mastercard are widely accepted overseas. So make sure you carry your credit card along with you while going abroad.
Money Transfer Apps
The world has gone all digital in many aspects. Money transfers and payments are now done very smoothly through digital money apps. For small transactions like paying shopping, food bills or fares, Digital apps have gained immense popularity. Not only it comes handy but is extremely beneficial for paying a small amount of money abroad. Sometimes you do not have enough cash left, so you can easily pay through these apps. Online money apps such as Apple Pay, Google Wallet can be used. To get the best rates and eliminate the middleman, you can use international money transfer portals like Leverage Finance that send money directly to your account at the best rates possible.
A traveller’s cheque is an alternative that can be used in place of hard currency. A traveller’s cheque can be used as an emergency backup. If unfortunately you are unable to find any ATMs. You can go for a traveller’s check. Not only can they be used for an emergency but are easily replaceable if they get stolen. These are great in lieu of carrying huge sums of money that you can easily lose or lose track of while travelling and spending at regular intervals.
Must Read: Budgeting Tips for Students
You should never depend on a single mode for carrying money abroad. The safest ways to carry money abroad is through credit cards, forex multi currency cards, traveller’s cheques and debit cards. If you want to handle financial transactions with ease and absolute safety then head over to Leverage Finance and make your study abroad journey safe and secure!