Students are puzzled when they think about the expenses in a foreign country in a foreign currency. It may be expensive to exchange foreign currency and risky to carry cash. Hence, the solution is a forex card for students.
Students Journey with Forex
- A student's first interaction with forex is when he/she pays application fees via wire transfer.
- Second, while paying the enrolment fees after the application is accepted.
- Next, while paying visa fees after the grant of an offer letter.
- Next, while paying tuition fees. It can be paid in full or partially. When done partially, it will be a wire transfer before leaving India. When balance payment is done in person in a foreign country, it will be done via a forex card.
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What are Forex Cards?
- A forex card is like a debit/credit card that can be used for all kinds of transactions abroad. It is a prepaid card. It is one of the most economical, convenient, and secure ways to manage money internationally.
- It can be topped with a foreign currency of your choice, usually the currency of the country you are planning to study abroad.
- All banks and some non-banking financial companies offer forex card facilities. Transaction costs are levied on usage. Top-up has to be done before use.
- Only the person in whose name the Forex card is issued can use it. Second-person use is strictly disallowed. Forex cards are KYC compliant.
- Forex cards can be used for payment of maintenance expenses, daily living expenses, shopping, booking flight tickets, swiping cards at PoS (Point of Sale), and practically for all expenses abroad.
Types of Forex Cards
- Single Currency Cards
These cards can be topped with only one currency and for single country use.
- Multi-Currency Cards
You can top-up these with different currencies in one card. You can load up to 23 currencies on a single card, and use it in any country across the globe.
Benefits of Forex Card
- Nominal issuance fee. Some banks issue free of cost.
- Withdrawal fee is minimal for ATM withdrawals
- No merchant service fee
- It is an easy, secure, and safe way to carry and spend money abroad
- Can be purchased 60 days prior and activated any time
- The exchange rate can be locked as per the rate on the day of top-up, saving from fluctuation in exchange rates
- Make online payments abroad without incurring additional charges
- Balance can be tracked in forex cards through regular online banking channels
- Innumerable top-ups can be done within the card validity period
- Many banks and other forex card issuing agents offer valuable benefits such as insurance against theft/card loss/misuse, complimentary benefits such as travel lounge access at airports.
Limit of Forex Card
Students have an upper limit on spending foreign currency by the Government. It should not exceed $250,000 for educational purposes in a financial year, in totality with forex card and wire transfer.
Thus, with a forex card, living and studying abroad is simplified. No more issues of theft, transactional costs in money transfer. Now students can manage their expenses with ease and comfort by using a forex card anywhere, any time around the globe.
We support our students with the entire journey from start to end. Hence, we also provide travel support and guidance for international travel. Check our pre-departure support here to know how to prepare to fly abroad.
After receiving an official admission letter from the university, it's time to apply for the visa. The timing required for visa issuance varies with the country and individual case. Different countries have different provisions for student visa. Check our article here for visa assistance.
Besides, students also need to have a passport, with a validity of at least two years if your course duration is more than a year. However, this may differ for courses and countries. Make sure to check with the department of support for international students to clarify these requirements.
International flight tickets can be expensive and hard to get, if you are traveling during the peak seasons. So, it is always better to book your international tickets as soon as you have necessary travel documents in place. We help with arranging all the itinerary, ensuring affordable tickets through the shortest routes – contact us today to know more.
After you have landed in an international destination, moving from one place to another can seem daunting. You need to understand how to navigate in a foreign city to attend college, do a part-time job, run errands, or for sightseeing.
The planning and layout of cities is much different. However, these are mostly more organized than Indian cities. Have a look at the physical map or online maps to make sure you don't waste time. You can buy a local city map for easy use.
Most foreign countries have extensive connectivity with plenty of transport options. The most common being subway, buses, trains. The public transport system also provides international student discounts for them to move without spending away too much.
Plus, cycling and driving are always an option. Most countries ask for an international driving license. You need to note that traffic rules in a foreign country may vary greatly from those in India. So, find out the license requirements and traffic rules. You need to be well-versed in local laws for a better and more convenient stay in your choice of foreign destination.
We support our students on every step of the way. If you have any doubts, book a counseling session with our study abroad experts now.