Looking for a Best Forex Card For Students?
Great! You have reached the right place; we are here to help you. A forex card is like a prepaid credit card that allows you to deposit money in different foreign currencies according to the countries that you will be visiting during your foreign trip.
It also enables you to withdraw cash from the ATM whenever you need it. There are different types of forex cards in India for students who study abroad.
The forex cards can be of two types viz, multi-currency and single currency forex cards. Multi-currency forex cards allow you to load currencies of different countries easily,
whereas the currency of one particular country or region can only be loaded in single currency forex cards. Some of the key features and benefits of forex cards are listed below.
- As they are prepaid credit cards, you can load the amount of money you might require during your foreign trips and also top-up these cards with more money if required.
- Forex cards are accepted everywhere and therefore, there is no need to find an ATM or payment alternatives.
- Using the card also eliminates the need to carry physical cash in wallets, thereby reducing the chances of thefts significantly.
- Instead of using debit/credit cards or buying foreign currency, it is economical to use forex cards. You can encash the balance at the latest exchange rates after using the card.
- Forex cards are secured through the chip and pin technology that is integrated into other types of payment cards.
Market analysis on Forex Prepaid Cards provides , a comprehension of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer behaviours, etc. forecasting the market growth through 2028.
Source : upmarketresearch
Our Top Picks For best Forex Card for Indian Students and International Students
Also Read :
List Of 5+ Best Forex Card For Students : Forex Card For Indian Students (2023)
If you are studying in a foreign country or planning to do so and wondering which Forex card is best for students, here are some forex cards that can help you manage your expenses seamlessly :
1. Axis Bank Forex Card
Axis Bank offers a forex card that is associated with Vistara Airlines and World Traveller Forex Card.
You can use it for earning Diners Card and miles that are beneficial especially for transactions done in USD. The option of adding multiple currencies is also available.
You can also avail an Axis Multi-Currency Forex Card for adding currencies of multiple countries in one card.
Axis Bank offers multiple forex cards, allowing you to pick a card that suits your requirements.
For example, students who have to travel overseas frequently can get an Axis Bank World Traveller Forex Card as it gives reward points in the form of air miles that help them save money on airline tickets.
It falls under the category of Best Student Forex Card , if the student or the individual loves to travel alot.
Features
Fees & charges
The fees and charges for different types of Axis Forex Cards are given in the below table:
Fee Type/Card Type | Diners Card (Excluding GST) | Multi-currency Card (Excluding GST) | Single Currency Forex Card (Excluding GST) | World Traveller Forex Card (Excluding GST) |
|---|---|---|---|---|
Application Fees | INR 150 | INR 300 | INR 150 | INR 300 |
Reloading/renewal fee | INR 100 | INR 100 | INR 100 | INR 100 |
Charges for Add-on Card | INR 100 | INR 100 | INR 100 | INR 100 |
Encashment Fee | INR 100 | INR 100 | INR 100 | INR 100 |
Pin Change | No Fees Applicable | No Fees Applicable | No Fees Applicable | No Fees Applicable |
Balance Verification | No Fees Applicable | No Fees Applicable | No Fees Applicable | No Fees Applicable |
2. HDFC Forex Cards
If you are looking for country-specific forex cards, you can check HDFC Bank offers. HDFC forex cards can also be availed if you don’t have an HDFC bank account.
The main types of HDFC forex cards are listed below:
Regalia Forex Plus Card - It is meant for students who travel regularly to foreign countries. Cash can be added to this card instantly via net banking.
This card can also be temporarily blocked when the students are not travelling. No conversion charges for cross-currency transactions make it a good option for students.
- ISIC Student Forex Plus Card
ISIC Student Forex Plus Card is ideal for students who are travelling to countries where the Pound, Sterling, and USD are accepted.
One can use this card for POS (Point of Sales) transactions and ATM cash withdrawals as well.
The users of this card can access their account online for changing the PIN, checking balance, and other transactions. - Multi-Currency Platinum ForexPlus Chip Card
This forex card can be used to add up to 23 foreign currencies at once.
The card comes with an insurance coverage of Rs. 5,00,000, which can be claimed in case of theft, loss, or misuse of this card.
Also, an emergency cash delivery facility is available in case of theft or loss of a card. - Make My Trip HDFC Bank Forex Plus Card
Co-managed by Make My Trip and HDFC Bank, this forex card comes with many remarkable features that can prove to be useful for students.
Contactless transactions, Up to 22 currencies can be added to this forex card.
Features
Fees & charges
The fees and charges applicable on different types of HDFC Forex Cards are given in the below table:
Fee Type/Card Type | Regalia Forex Plus (excluding GST) | ISIC Student Forex Plus (excluding GST) | Multi-currency Forex Plus Platinum (excluding GST) | Make My Trip HDFC Forex Card (excluding GST) |
|---|---|---|---|---|
Application Fees | INR 1000 | INR 300 | INR 500 | INR 500 |
Reloading Charges | INR 75 | INR 75 | INR 75 | INR 75 |
Re-issuance Fees | INR 100 | INR 100 | INR 100 | INR 100 |
3. ICICI Forex Cards
ICICI Bank also offers multiple options when it comes to forex cards.
Up to 15 currencies can be added to these cards and they also come with additional benefits like emergency travel support, 3D secure authentication and PIN methods to secure transactions, comprehensive travel cover, etc.
Wallet to wallet transfer option is available to ensure liquidity across multiple currencies.
Additional security features include a checkout process that validates your identity while completing the payment process.
Some of the popular ICICI Forex Cards are listed below:
- Sapphiro Forex Prepaid Card
- Goibibo Forex Prepaid Card
- Coral Forex Prepaid Card
- Student Forex Prepaid Card
- Multi-Currency Forex Prepaid Card
Features
Fees & charges
- A charge of USD 2 is applicable for ATM cash withdrawals. ATM balance verification will cost you USD 0.5. For SMS alerts, a charge of USD 1 is applicable.
- Joining fees range from INR 499 to INR 2000. An annual fee of INR 149 is applicable for travel forex cards meant specifically for students.
4. Niyo Global Card
One of the best forex cards for students, Niyo Global Card is the joint effort of DCB Bank and Niyo. The card is accepted in over 150 countries.
However, you need to pay Visa Exchange Rate and an annual fee for using this card.
Adding money via a bank account in India is possible and the option of 90 currencies is available for adding foreign money.
However, a drawback of the Niyo Global Card is its unavailability in some countries.
Therefore, if you live in a city where Niyo services are not available, you won’t be able to avail of its features and benefits. Niyo offers 24/7 priority service via Whatsapp. Also, withdrawing cash is possible in any ATM across the globe.
Features
Fees & charges
- The PIN for your forex card can be reset instantly by using the Niyo Global App.
- Visa Exchange charges and markup fees are not applicable if the transactions are done in foreign currencies
- An annual fee of Rs. 200 is charged as maintenance fees.
5. Wise Borderless Cards
Multiple currencies can be loaded in a Wise Borderless Card if you are visiting countries like the United States, Australia, Great Britain, and European countries.
Features
Fees & charges
No sign-up fees are required for obtaining Wise Borderless Cards. Students can store up to AUD 23,000 on this card without paying any fees. To add Rs. 10,000 to the account, you will need to pay a fee of just Rs. 248.77.
How does a forex card work?
A forex card works exactly like a credit or debit card. You can swipe or dip it on any swiping machine of a vendor or merchant and set notifications for the transacted amount and balance.
The forex card can be either multi-currency or single currency depending upon your needs.
Once you apply for this card, you will receive it along with your PIN and other details. Ensure that you change the PIN and verify the balance after receiving the card from the bank.
If the bank provides an internet banking facility, you can use it to verify the balance and transactions as well.
How to apply for a forex card?
It is quite easy and hassle-free to obtain a forex card these days. They are available at banks, finance companies, and even travel agents to assist you in obtaining this card. The following steps can be followed to apply for a forex card:
Step 1: Different banks and finance companies offer different types of forex cards and their benefits and features might vary slightly. Therefore, it is recommended that you analyse the features and services of multiple forex cards before applying.
Step 2: Visit the bank or finance firm and fill out the application form with your details. Submit the necessary documents and complete other formalities. If a bank or finance company offers an online application mode, you may utilise it to acquire a forex card for your foreign trips.
Documents needed for a Forex Card
Though the formalities for getting a forex card vary from one issuer to another, the documents that one need to submit are usually the same. The documents that are commonly asked by the card issuers are listed below:
- An application form
- Passport copy
- Visa copy (copies if multiple countries are to be visited)
- Copy of airline ticket
- PAN card
Conclusion
A forex card comes in handy during foreign trips. However, these cards won’t work at toll booths and you may not be able to use them for paying rental deposits, car deposits, hiring hotel rooms, etc.
Also, you may ask for another card in case the first one gets damaged or stolen. Once you get a forex card, change the PIN immediately and also be aware of the expiry date on the card if you are planning to use it for a long time.
I hope you liked our article on Best Forex Card For Students, and it must have solved your queries such as which forex card is best for students.
if you have any comments or suggestions do share them in the comments below.
Frequently Asked Question
Q1. Is a forex card good for students?
Instead of using debit cards, students can use forex cards as they are widely accepted and convenient to use. The card can be used to withdraw cash from the balance that is pre-loaded on it.
Once the balance is reduced, you can also top up the required amount. However, you won’t be able to add an amount during your overseas visit by yourself. Therefore, it is recommended that you authorise a person who can do it from your side.
Q2. Which forex card is best for the students visiting the United Kingdom for abroad studies?
The forex card issued by HDFC bank is recommended for the students who will be visiting the UK for studies. It is because this forex card is meant only for Europe, the UK, and the US.
It also is equivalent to a student ID in all the international locations. You can get this forex card from any HDFC branch by merely paying Rs. 300 as application charges.
Q3. Are Forex cards really worth applying for?
Yes, it is worth applying for a forex card as it is the cheapest method of managing your expenses during a foreign visit. Also, you may use the same card in multiple countries by loading the respective currencies in it. These cards are also a safe and better alternative than carrying cash
Q4. Which documents are required to obtain a forex card?
Documents such as passport copy, Visa copy, copy of airline tickets, and PAN Card copy are required along with the application form. Some additional documents may also be required, especially if you need a higher amount loaded in the forex card.
Most of the applications are accepted because these cards are prepaid in nature.
Q5. Which forex card is best for students in USA?
These are two most commonly used best Forex card for Indian students moving to USA:
- HDFC Bank Regalia ForexPlus Card
- ICICI Forex Cards
