Begin an international journey and pursue your study abroad dreams can present various obstacles, with managing finances efficiently being of particular concern.
Forex cards provide an easy and secure means of carrying cash overseas, with fixed exchange rates, multiple currency support, no ATM withdrawal charges and free insurance coverage among their many benefits.
#1. Niyo Global Forex Card – Forex Card With Zero Markup
Niyo has partnered with DCB bank to provide a forex card with zero markup fees. You can get this card if Niyo is present in your city.
Niyo is the best forex card for Indian students because of zero forex loading charges.
Fees
- Card issuance fee – NIL
- Reload fee – Nil
- Currency conversion charges – Nil
- International ATM* (Cash Withdrawal and Balance Enquiry) – 100 + GST
Benefits of Niyo Global Forex Card
- 5.5% interest on this amount of savings
- TCS 5% is charged when total purchases exceed Rs 7 lakhs in any given fiscal year. A tax of 5% is charged for each transaction
Niyo has joined forces together with DCB bank to offer an forex card that has no markup costs. This card is available when Niyo is available in your area.
Niyo is the best currency card available to Indian students due to its zero fees for loading forex.
#2. Makemytrip Tripmoney Global Cash Card – Forex Card
TripMoney has joined forces together with SBM Bank India to launch the Global forex card that is powered by Visa. It allows you to deposit money into INR and use it to make purchases across more than 150 countries.
Travel with Makemytrip’s Tripmoney Global Forex card is ideal for Indian travelers. It has no markup cost, a lifetime-free validity and a the card is completely digital and in-app management. Â
Fees and Charges
- Card issuance fee – Nil
- Annual fee – Nil
- Reload fee – Nil
- Currency conversion charges – Nil
- Balance enquiry fee – Nil (in-app)
- Domestic ATM balance enquiry- Rs. 10
- International ATM balance enquiry- Rs. 255
- Domestic ATM cash withdrawal– Not allowed
- International ATM cash withdrawal – Rs. 450
Benefits of Makemytrip Tripmoney Global Forex card
- There are no currency conversion fees
- Pay in INR and make purchases across 150 or more countries
- Membership is free of MMT (MakeMyTrip) BLACK and GoTribe
- Discounts of up to Rs. 70,000/- on MakeMyTrip and Goibibo
- Full digital card application and management
#3. IndusInd Bank Multi-Currency Forex card
IndusInd Bank Multi Currency Forex card is equipped with a secure chip that makes transactions safe and simple. The card also allows cash withdrawals at any VISA ATM, security against fluctuations in currency, as well as easy online banking.
IndusInd Bank Multi-Currency Forex card has been specifically designed to suit travelers who regularly are able to travel between different countries. You can add 14 currencies on your card in order to spend across different countries.
Fee & Charges
- Issuance fee – Rs 300
- Re-issuance of Card fee – Rs.100
- Reload Fee – Rs 100
- Cross Currency Fee – 3.5% mark-upÂ
- Inactivity fee – USD 3.00 per quarter after 18 months of inactivity
Benefits of Indus Multi Currency Forex Card
- You can apply the coupon “AIRPORTC” to waive the card issuance cost.
- Receive an Uber voucher for 500 or 1000 if you deposit funds of less than 1 lakh or more than 1 lakh.
- No hassle refund process.
- Receive instant alerts on all transactions that are made using the Forex card to prevent the risk of fraud.
#4. BookMyForex Forex Card
BookMy Forex Multi Currency Prepaid forex card is powered by Visa forex card, which is in collaboration with YesBank. You can load and reload your Forex card using 14 different currencies and pay no margin rates. Additionally, you will get the insurance coverage for free up to 150,000 rupees. 1,50,000 for lost card liability as well as skimming, counterfeit and skimming.
BookMyForex currency card the most suitable choice for students and travelers due to the no margin loading fees and do not want to pay cash on card-issuance charges.
Fee & Charges
- Issuance Fee – Nil
- Reload Fee – Nil
- Refund Fee – Nil
- Cross Currency Fee – 3.5% of transaction value
- Inactivity Fee – USD 5 (Inactive period 12 months)
Benefits of Yes Multi-Currency Forex Card
- Contactless payments
- Zero loading/ unloading charges
- Fastest transfers – funds received abroad in 12-48 hours
- Get card lost insurance coverage free upto 1.5 lakh.
#5. HDFC Multi Currency Platinum Forex Card
If you’re planning a trip which has multiple countries in it, think about using the HDFC Multicurrency Forex Card. This card allows you’ll have the ability to carry with up to 22 different currencies with a the rate of 2%. This is the lowest possible cost and travel around the world with no problems.
You receive a free insurance protection valued at Rs.5 lakh to protect your currency card from fraud due to skimming or fumbling.
Fee & Charges
- Issuance Fee – Rs 500 (waived off when you load $1,000)
- Reload Fee – Rs 75
- Re-issuance Fee – Rs 100
- Cross Currency Fee – 2% mark up
Benefits of HDFC Multi-Currency Forex Card
- The fee for issuing a certificate is waived If you pay a minimum USD1000 (or equivalent in other currencies).
- You can redeem an Amazon Voucher for Rs. 1000 if you reload or load with your HDFC Bank Forex Card through HDFC Bank Debit card with 1 lakh rupees. 1 lakh.
- Lowest cross-currency fee.
- You can transfer funds to your card via online banking.
#6. Axis Bank Multi Currency Forex Card
Axis Bank’s Multi-Currency Forex Card lets you secure exchange rates prior to you leave for your trip. This means that you don’t need to pay cross-currency fees and you can pay to other nations at the exact rates you have loaded or reloaded your currency card.
It is possible to use this credit card to purchase foreign currency in 16 countries
Fee & Charges
- Issuance Fee – Rs 300
- Reload Fee – Rs 100
- Add-on Card Fee – Rs 100
- Cross Currency Fee – 3.5%
Benefits of Axis Multi-Currency Forex Card
- Get 3 lakh insurance coverage on the lost/stolen and counterfeit cards.
- Get up to Rs.1,000 off on your Vodafone international roaming pack when you load/reload the Axis Bank Multi-Currency Forex Card.
- You can swipe your forex card at over 80 million merchant outlets and 1000 e-commerce websites.
- Withdraw cash at any VISA/Mastercard ATMs across the world.
#7. ICICI Bank Student Forex Card
ICICI Bank Student Forex Prepaid Card is specially designed for students who plan to go on a study abroad trip. The best thing about this card is that you can reload it at any of the ICICI Forex branches, their online platform-Forex@Click, or through their iMobile app.
Fee & Charges
- Joining fee – Rs.499
- Annual fee – Rs.199 (from the second year onwards)
- Reissue card – Free for 1st time
- Reload fee – Rs. 100
- Cross currency charges – 3.5%
Benefits of ICICI Student Forex Card
- You receive an International Student Identity Card (ISIC) membership of Rs.590.
- Get a card protection plus insurance worth Rs.1,600.
- Enjoy a 40% discount on your excess baggage.
- Get 20% discount on courier service by DHL.
- Get a lost card/counterfeit card liability coverage of up to Rs.5 lakh.
Understand the different types of charges on forex conversion.
- Forex Rate. Get the most up-to-date foreign conversion rate at xe.com. Banks will charge you more when you sell your foreign currency. If the USD converts to Indian Rupee rate shows the rate of Rs. 80, then you can you can expect that your bank will bill you at least Rs. 82 or 83.
- Forex Conversion Charges. The majority of credit and debit cards cost 3.5 percent of the amount spent. Certain premium credit cards such as HDFC Infinia, Standard Chartered Ultimate and Axis Magnus charge 2% markup for forex.
ATM Withdrawal Charges. Avoid using cardholders with credit to withdraw money at ATMs to avoid charges and high interest. Make use of a debit card or a forex credit card for withdrawing money from ATMs in foreign countries. Expect flat charges per ATM transaction that price range of. 400 to 1000.
Here are some interesting points related to Forex Travel Cards
- Banks can issue travel cards with foreign currencies at a very low cost (Rs 150-500).
- This card is filled with foreign currency at the current exchange rate. This means you don’t need anxiety about changing exchange rates.
- Conversion fees for currency are included in the cost. HDFC bank charges the lowest fee of 2.2%.
- There aren’t additional charges when you purchase items in shops and shops.
- You are able to withdraw cash from any ATM in the world however, you must pay fees for cash withdrawals from an ATM that is international.
- You are not able to top-up your forex card in another country regardless of whether your bank has a branch in the country. You must contact the bank that granted the account. A few banks allow you to refill your wallet using online banking.
- In accordance with RBI regulations, you are not able to hold more than $1000 USD or equivalent in your foreign currency card.
Forex card vs International Debit/Credit card
If you compare forex cards with a international debit or credit card the forex card is a better choice than the other two options due to the following reasons.
- It is simple to apply and can be it is compared to credit cards.
- You can add multiple currencies onto one card for use overseas, but this isn’t possible with a credit or debit card.
- No charges for currency conversion when transactions made abroad with foreign cards.
- Lower fee for issuance.
- Get a new card without impacting your money in the event of loss, or theft.
- The fee for currency conversion is less.
- Fixed exchange rate, even when there are fluctuations in currencies on the foreign exchange market.
What are the benefits of a Forex card?
Forex cards provide students living abroad with an efficient, safe, and cost-effective means of managing their finances while abroad. Not only can it keep track of spending, but other advantages include reloadable features, free ATM withdrawals, no inactivity fee and chip and pin protection which reduces theft or fraud risks.
As opposed to debit cards, Forex cards provide numerous advantages over their counterparts. When used at international online stores and websites, using it eliminates the need to convert your funds to local currency which reduces transaction fees and is safer to carry than cash while working at most merchant outlets and ATMs in its host country.
Forex cards make it easy for parents to send funds to their children studying abroad with its reloadable feature, making it simple and efficient for parents to send funds directly onto a card and use it for day-to-day payments or withdraw cash at local ATMs. Wise, BookMyForex and ExTravelMoney are among the leading providers for student travelers looking for competitive exchange rates, no transaction fees and low maintenance charges – among them are some top providers like Wise.
Also Read: Aadhar Card Centre Setup Process In India
What is a Forex Card for students?
Forex cards are prepaid cards designed to hold multiple currencies. They’re an easy and secure alternative to carrying cash when traveling abroad, as they enable you to lock in favorable exchange rates while being widely accepted at ATMs, online stores, merchant outlets and merchant locations – not to mention being easier to use than debit or credit cards!
International students studying abroad may find managing finances challenging. A student Forex card provides an easy solution; simply load local currency onto it and convert at a pre-set exchange rate into foreign currency – this way you can avoid fluctuating currency rates while saving money on transaction fees.
There are various Forex cards designed for students, including ICICI Single Currency Card, ICICI Multi-Currency Card, IndusInd Multicurrency Card, HDFC Regalia ForexPlus Card and Wise Borderless Cards. Each offers different benefits tailored to different budgets; make sure to read reviews and compare options before selecting the ideal card for yourself!
Best Forex Card for Students
Forex cards provide students with a safe and straightforward method for transporting funds overseas, helping to avoid expensive currency exchange transactions while offering numerous other advantages. Finding the appropriate card depends upon many factors including ATM withdrawal limits, conversion fees, reload charges and any applicable additional charges.
ICICI Bank offers several forex cards designed specifically to meet the needs of students, such as its Student Travel Card which offers special discounts, global acceptance and emergency assistance services, competitive exchange rates, low transaction fees, online account management capabilities and online account access.
also read:- Axis Bank Credit Card
Axis Bank offers several forex cards tailored specifically towards travelers, including its World Traveller Forex Card that earns miles with Vistara airlines; Multi-Currency Forex Cards and Diners Cards designed specifically for USD transactions. Each card comes equipped with unique features and benefits.
Niyo has teamed up with DCB Bank to offer students an international debit card that is accepted in 150 countries with no markup fees or forex loading charges, and makes use of its digital in-app card management system. Makemytrip TripMoney Global Forex Card also gives Indian students access to zero foreign currency loading charges and features an in-app card management system for convenient management.
How to apply for a Forex card
If you’re traveling abroad for study purposes, get a Forex card as it can make the process much simpler. These prepaid cards allow you to preload multiple currencies before your journey and can also be used at merchant establishments and ATMs abroad – not forgetting they come equipped with an embedded microchip which prevents fraud! To apply for one visit your chosen bank or financial institution’s website where these products can be found – basic information will need to be submitted including your name, address, contact number and email ID along with copies of documents like passport and visa documents should also be submitted –
When selecting a Forex card, look for competitive exchange rates and fees as well as one with flexible withdrawal limits and reload options. Also look out for student-specific perks and discounts which could save money when making international transactions; these savings could add up significantly over time!
also read :- Bank Of Baroda CSP Online Apply
Documents Required for Forex Card
Indian students traveling overseas for studies or work, a Forex card can be an ideal way to manage their finances. Widely accepted by businesses and banks abroad, these cards make purchases and withdrawals simpler without needing to exchange currency. Furthermore, these cards come equipped with insurance coverage and 24-hour support and more securely than cash or debit cards as they feature PIN protection.
Acquiring a forex card can be done easily both online and in person, depending on what options your bank or financial institution provides. Most cards require certain documents such as self-attested copies of passport, visa, airline ticket and PAN card in addition to filling out an application form and fulfilling any other applicable requirements.
Once all steps have been completed, a Forex card can bring many advantages while studying overseas. To find the ideal card for you, compare fees and exchange rates across providers before selecting one with multiple currency wallets, low foreign transaction charges, and easy account management features.
How to use a Forex Card?
Students often ask, how do forex cards work? The simple answer is this: forex cards provide an efficient and hassle-free solution for spending money overseas in local currency without cumbersome cash exchange or unnecessary hidden charges and fees.
Student can load and reload their forex card at any time from home country and use it abroad at merchant outlets, international ATMs and online. Balance monitoring via an app allows students to easily monitor their balance at any given moment; additionally they can avoid carrying large sums of cash with them while locking in favorable exchange rates when purchasing goods and services using forex cards.
Students seeking a forex card should take note of any charges or fees associated with its issuance, reloading, transaction fees or inactivity fees before making their selection. Furthermore, make sure their card of choice offers competitive exchange rates and fee structures internationally.
Additionally, students should seek a forex card that provides 24-hour customer support and emergency monetary assistance should their card become lost/stolen. Furthermore, it’s advisable that they purchase one issued from a reputable bank as this will guarantee both security and credibility of service delivery.
also read :- Bank Of Baroda CSP Online Apply
Final Conclusion (Which Forex Card is best for you?)
You may have come to a choice about which currency is the best one for you based on your specific needs. If you’re perplexed after reading the details, read my recommendations below and decide which one is best for you.
If you’re looking for highest currency wallets, the most affordable cross-currency charges and significantly lower load charge, then look to HDFC Bank Multi Currency Forex Plus Chip.
