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Everything You Need To Know About Forex Cards for Study Abroad

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International education opens doors to countless opportunities for students. As a result, more students find, flying to their dream destinations for higher education compelling. The easy accessibility to global education attracts many students to fly overseas to prestigious institutions. Now, as exciting as travelling abroad sounds, you must answer two questions—How much currency will be “enough” to carry, and how do you plan to do it? Suppose you take adequate cash with you; what happens if you encounter hidden charges that you did not account for in your budget ? It is here, where forex cards come in handy while making payments in a foreign currency.

A forex card is a helpful choice if you are a student considering studying in a foreign country. Why? And what exactly is the use of a forex card? This article aims to unravel the must-know concepts of a forex card and its benefits. If you are on the lookout for  the best forex card in India for studying and travelling abroad, dive in to get a sneak peek at what we have in store for you!

What is a Forex Card?

A forex card is a prepaid card that lets you store money electronically. It is the local currency of the nation you are staying in, allowing you to deposit funds in the respective currency. 

In layman’s words, the sole purpose of a forex card (also known as a travel card) is to enable you to carry currency of your destination nation and make transactions easily. Further, you can use a forex card to withdraw money from an ATM, which makes it a handy solution. 

 Forex cards are one of the most convenient payment alternatives, particularly for students studying overseas or travelling abroad. 

How does a Forex Card work?

Forex cards are the new normal for transacting overseas, thanks to their convenience, safety, and universal acceptance. 

Banks and financial institutions offer several cards, and it is preferable to go through the multiple options before you buy a forex card. For instance, single-currency and multi-currency cards are available to simplify your stay abroad. While the former is suitable for a particular country or region trip, you can use the latter for different currencies. And the good thing is that you do not have to acquire an entirely new skill to use a multi-currency forex card; it works just like a typical debit card.

After you have completed all the paperwork and received the best travel money card, change the pre-set PIN and check the balance at a nearby ATM of the issuing institution or bank. You can also check your balance online if the issuing bank permits digital banking. It is better to inquire and know about the methods through which you can keep track of the available amount beforehand. Many banks send SMS or notifications to update the customers about their remaining balance on their travel card

Now, you can use the card for transacting in a foreign country by effortlessly swiping or tapping it. In addition, you can view the expenses and charges, as your card will reflect the balance instantly after payment.

What are the eligibility criteria for getting a Forex Card?

Applying for a Forex Card does not require many prerequisites. It is readily available. You can access a forex card if you meet the criteria:

  • An Indian national travelling abroad
  • A foreign national residing in India

You can inquire with your bank,  regarding the availability of forex cards. Many banks provide travel cards to their customers and, in some cases, non-customers too. You can buy a forex card and load it instantly over the counter at your bank by submitting the required documents. Or you can visit a travel agency or other financial institutions to get the best forex card in India. 

What are the documents required for getting a Forex Card?

When applying for a forex card at a financial institution, bank, or travel agency, it is mandatory to submit a few documents:

  • Application form
  • Self-attested copy of passport
  • Copy of visa 
  • PAN card
  • Airline ticket copy

What are the benefits of Forex Card for international students?

Some of the benefits of a Forex card for students travelling abroad to pursue higher education are:

  • Foreign currency card is efficient and secure. International students are always sceptical regarding safety. And their fears are justified. Cash in hand often leaves you vulnerable to theft and scam. The Forex card is a way to sidestep this hurdle.
  • Forex cards guarantee convenience in every aspect. You don’t have to search for an ATM or worry about failed transactions. Some cards for international travel also come with an in-built ATM locator feature.
  • Forex cards are not subject to exchange rate fluctuations. The exchange rate on the day you load your forex card determines the amount on your forex card and ensures no loss in daily transfers.

Why choose Niyo Global Card over a Forex Card?

Studying abroad is really expensive and as a student, you have to be cautious while spending money. It is easy to get a forex card but forex cards come with extra charges such as forex markup, loading charges, unloading charges, maintenance charges etc. That’s not all, while unloading any leftover money, it goes through currency conversion all over again! Therefore, having a card that doesn’t charge such fees is what you should look for while picking the right payment solution. 

Niyo Global card comes with all these features and much more. Niyo Global is an digital savings account in partnership with the SBM Bank (India) and comes with an INR-based international debit cardwith zero forex markup. It supports transactions in over 150 countries with the best acceptance rate for over 100 currencies. It does not charge extra fees for the convenience of transacting in foreign currencies and that itself can save you 3-5% on every international spend made with the Niyo Global card. The 24×7 in-app chat support makes sure you have access to any of your account-related queries irrespective of the time zone you are in. 

Want to know why it is the best travel card for international travel? The Niyo Global card comes with a wide range of perks that will make handling your payments in foreign currency smooth: 

  • Zero forex markup on all international payments
  • Complimentary airport lounge access across India
  • 6.5% Interest P.A.* on savings with monthly interest payouts
  • Add money in INR and spend in 150+ countries
  • Real-time in-app Currency converter
  • In-app nearby ATM locator
  • Realtime transaction tracking
  • Zero commission on direct mutual fund investments
  • Systematic Investment Plans (SIPs) starting at just ₹100 
  • Track Employees’ Provident Fund (EPF) balance in-app
  • 100% paperless account opening via the Niyo Global app
  • 24×7 in-app live chat support 
  • Concierge services (Powered by VISA Signature)

Comparison Between Niyo Global Card Vs Forex Card

S.No.

FEATURES

NIYO GLOBAL CARD

FOREX CARDS

1

Currency exchange rate

Niyo Global card uses real time VISA conversion rates, 

With forex cards, banks charge conversion prices that are always comparatively higher.

2.

Money loading and unloading convenience

With Niyo Global card, you can load the money in INR without any charges and then use it in150+ countries across the globe.

Niyo also offers free unloading of the card.  

With Niyo Global, only your transaction amount gets converted to a foreign currency and the remaining amount continues to earn interest up to 6.5% p.a. 

In case of forex cards, there are charges for  loading money, and at the cash-out process is expensive too. 

When encashing the remaining balance from the forex card, the conversion rates are applied once again and there is also unloading charges.

3.

Cross currency charges

None. The user can do international transactions in 150+ countries.

In a single currency forex card, making a transaction in another currency adds an extra cross-currency charge.

4. 

Forex markup charges

Niyo Global card offers Zero forex markup fee,i.e., no fee will be charged over and above the foreign exchange (forex) rate for the convenience of making payments in a foreign currency

Forex markup fee is applied for each transaction at the international ATM.

5.

Interest rate 

6.5% Interest P.A.* on savings with monthly interest payouts

NONE


Conclusion

A forex card undoubtedly makes travelling abroad smooth, but comes with exttra charges and limitations. Zero forex markup cards like the INR-based international Niyo Global debit card add up to your savings with their zero forex markup benefit each time you make an international payment using it.Do not let these possibilities spoil your zing. Get yourself the best travel money card, and you will be good to go! Ensure that you keep the foreign currency card information confidential. an. 

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