How will I pay my living expenses in foreign currency? Will the forex card help? How to get a forex card? Are these questions bothering you? You no longer have to stress over these questions as we bring you the answers. International students can have an incredible academic experience while studying abroad by keeping in mind these essential things.
You will have to consider living expenses, food and accommodation costs which needs to be paid on a regular basis. Forex card is one of the best options out of several other options like wiring money and international debit/credit card because it is super convenient.
A forex card is like a prepaid card. You can load your money on this card in local currency, which gets converted into foreign currency at a fixed foreign exchange rate. Forex cards allow international students to withdraw cash from ATMs and make online transactions too. These cards may also come with other benefits like protection against fluctuating currency rates and insurance cover in case of loss or theft. The best part is, you can reload the card whenever necessary.
Forex card supports several currencies like Euro, USD, Canadian Dollars and more. Also, international students must remember that these cards come in two variants, single-currency cards and multi-currency cards. So, if you are planning to study in one particular country, you can opt for single-currency cards. Students on exchange programs or those required to travel between different countries can opt for multi-currency cards.
International students have to prioritize their studies, and the last thing they want to experience is a security issue. Most forex cards come with a multi-layer security feature that ensures a seamless and stress-free experience.
Since forex cards come with a fixed foreign exchange rate, you don’t have to worry about fluctuating rates. Ideally, the prevailing currency rate when you upload the money on the card will be applicable. Most forex service providers don’t charge issuance fees. But we advise international students to check out all the necessary fees that they will have to bear to get a forex card.
You can opt for forex cards from banks, local forex providers and online websites. Before you opt for their services, conduct thorough research to know the features, fees and other charges. Also, keep all the necessary documents ready, including ID proof, visa, air ticket, passport and other necessary documents.
If international students open a bank account abroad, it will help to save some cash on forex. When opting for a bank account, ensure you have documents like a passport, visa, proof of residence, confirmation letter from your university and other relevant documents.
Apart from the forex card, you can consider carrying ample forex currency that can come in handy in case of emergencies. Just like it is wise to buy shares when the prices hit the lowest, similarly, you must buy foreign currency when the prices fall. So, watch out for the price fluctuations.
So, these are some of the essential things that international students must know before planning to study abroad. Do you have more questions? Please don’t keep them to yourself. Please feel free to share them with us. We will be glad to assist you.
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Our current Base Rate is 14% (WEF 01.02.2023).
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