Student Travel Card by Niyo Global

If you are a student getting ready to travel abroad to study at an international university, managing your payments in foreign currency in the best economical way possible must be on the top of your list. It is a major decision that needs careful planning so you don’t pay too much in charges and fees. Also, If you are enrolled in an exchange program where you study in different countries every semester, it could be a hassle to deal with different currencies each time. You don’t have to worry, Niyo Global can handle them all.

What are the international payment options available when you travel abroad?

Having to spend in foreign currency comes with its own set of challenges. While there are several options you can pick from–carrying cash in foreign currency, international debit card, credit card, travellers cheque, etc. All these options come with varying risk, fees and charges.

  • Carrying a lot of cash is risky and expensive at the same time.
  • International debit or credit cards come with exorbitant fees which is why people avoid using them internationally unless there is an exigency
  • Travellers cheque is outdated in this fast paced digital world

Do students need a forex card or a travel card?

The simple answer isNO! 

Read on to find out why and what option works the best for you.

Opening a bank account abroad takes a little while. Considering the pandemic situation around the world, students are now required to book an appointment with the bank to complete the account opening formalities. Considering the large number of incoming students on campus every year, it takes quite some time to get a slot and the account opening takes a while. As a student without a steady income and bank account, it can become difficult for you to manage your regular expenses.

Once you cross the hurdle of account opening, the next challenge is receiving money into your account in the local currency. Until you start working on-campus and receive a steady flow of funds into your account, you might have to transfer funds from back home which could be a tedious process. While students forex card comes in handy during this period, it comes with a high cost of transaction. Your Niyo Global card can come to your rescue while paying for your tuition fees, meal plans, regular expenses, etc. at zero forex markup.

If you’ve been looking to get a forex card for student, you’d realize how many different charges and high fees it comes with. While a student forex prepaid card can help take care of your foreign exchange needs, it usually has several charges such as:

  • Loading/Unloading fee: Since a forex card is a prepaid card and the amount is loaded in a lump sum, foreign exchange conversion happens on the entire amount being loaded. In case there are funds left unused on your card and you intend to withdraw it, a foreign exchange fee is applied to the unused balance. Meaning, you pay a foreign exchange fee twice for that particular unused balance (while loading and unloading).   
  • Inactivity fee: Several forex cards charge a fee for maintaining it active while your card is not in use. This could add up as an unnecessary overhead.
  • Locked amount without interest: Since the money in a forex card is not linked to any bank account, the amount is basically parked in a card without earning interest.
  • Unavailability of funds instantly: After reloading, prepaid travel cards can take up to three days to make funds available in them. This could become a problem when you are out of money while abroad.

Niyo Global Students Card

We recognize the various challenges an outbound student faces and our Niyo Global account is here to handle them all effortlessly.

Niyo Global, an innovative digital banking solution for the students, in partnership with State Bank of Mauritius (India) Ltd. and VISA, brings to you an interest-earning, INR-based savings account with a zero forex markup international VISA Signature Debit Card to take care of all your banking needs while you study abroad. In addition to helping you save big on international transactions, this account enables you to transact in foreign currencies whether you are abroad or in India.

You can load your account in INR (Indian Rupees) and your Niyo Global card will auto-convert the amount into local currency whenever you make a purchase. Given the widespread VISA network around the world, the Niyo Global card is accepted in 150+ countries and has the best acceptance rate for 100+ currencies.

You can self-onboard through the Niyo Global app for Android or iOS and have access to your account with the capability of using it instantly for making online purchases with a virtual VISA Signature debit card and order your physical card to fully enjoy the various benefits your account has in store for you. 

If you are looking for a forex card for international students, look no further—the Niyo Global card is the most economical way to get all your international payments sorted worldwide!

Niyo Global is not just a card but interest-earning savings account that you can continue to use abroad and earn interest on your account balance.

Niyo Solutions Inc

Go Global with Niyo Global!

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