Foreign exchange or Best Forex Card in India for Students Tourists have become increasingly popular among students traveling abroad for studies. These prepaid cards offer a safe and convenient way to carry foreign currency, make purchases, and withdraw cash without the hassle of carrying cash or dealing with currency exchange. Here are some of the Best Forex Cards in India for students.
What is a Forex Card?
Also known as a prepaid card, prepaid travel money card, or Travel credit card, A Forex card is a ready-to-use card’ rather than a localized currency. It is accessible in a fixed quantity but allows you to top up the card as needed.
You can load it with any money and use it like a debit or credit card. One of the key benefits of this card is that it allows you to pay for your international travel while avoiding the hassle of currency exchange. And, like a credit or debit card, it may be used to withdraw cash from an ATM. When traveling abroad, a Forex card can help keep your money safe.
I’m updating the list of students’ and tourists’ Forex cards for your upcoming international travel in 2023.
I’ll be talking about my personal travel experiences.
- I prefer to use the Best Forex Credit Card for foreign purchases rather than Forex cards. In order to gain rewards points and cashback.
- On my worldwide travels, I bring some cash in foreign and Indian currencies. In popular international tourist locations, it is simple to locate exchange bureaus where Indian rupees (INR) can be converted to foreign money at a competitive exchange rate.
- I use my Indian debit card Best Forex card for travel to make a foreign currency withdrawal from an international ATM.
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The simple answer is no, I don’t use foreign exchange cards, and if you have high-end credit and debit cards with low foreign exchange transaction fees, you can also manage without one.
Students and travelers without premium credit cards or forex card for international travel should always carry a forex card.
For travelers and students without premium credit cards, carrying a Forex card makes sense.
Private companies including Thomas Cook, Niyo Global, Wise, MakeMyTrip, and BookMyForex all collaborate with banks to issue forex cards.
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Types of Best Forex Cards in India
Forex cards come in two different types in India.
- Multi-Currency Forex Cards: A card that can be loaded with 23 different currencies and is usable everywhere. It is beneficial to exchange your current currency for the local one when traveling from one nation to another.
- Single-Currency Forex Cards: You can only put one kind of currency on this kind of card. However, the buyer has the option of reloading it whenever they like. Anytime you use a different currency, this card will charge you a high cross-currency fee. It also offers a few benefits. Best rewards credit card for travel
Best Reference 👉List of the Best Forex Cards in India 2023
- HDFC Forex Plus Card
- ICICI Bank Student Travel Card
- Axis Bank Student Forex Card
- SBI Student Forex Card
- IndusInd Bank Forex Card
- Kotak Mahindra Bank Forex Card
- Standard Chartered Bank Forex Card
- Thomas Cook Forex Card
- Centrum Forex Card
- American Express Forex Card
HDFC Forex Plus Card
HDFC Forex Plus Cards popular choice among students for foreign travel. It offers zero lost card liability, emergency cash assistance, and insurance coverage.
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Fees and Charges:
- Card issuance fee: Rs. 500
- Reload fee: Rs. 75 per reload
- Card replacement fee: Rs. 200
- Cross-currency conversion fee: 3.5% of the transaction amount
ICICI Bank Student Travel Card
The ICICI Student Travel Card offers special discounts on flights, hotels, and shopping. It also comes with complimentary insurance coverage.
Fees and Charges:
- Card issuance fee: Rs. 500
- Reload fee: Rs. 100 per reload
- Card replacement fee: Rs. 200
- Cross-currency conversion fee: 3.5% of the transaction amount
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🏦Axis Bank Student Forex Card
Axis Bank Forex card offers attractive exchange rates and discounts on flight tickets and hotel bookings. It also offers emergency assistance and insurance coverage.
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Fee & Charges :
- Card issuance fee: Rs. 300
- Reload fee: Rs. 100 per reload
- Card replacement fee: Rs. 100
- Cross-currency conversion fee: 3.5% of the transaction amount
SBI Student Forex Card
SBI Student Forex card offers discounts on shopping, dining, and travel bookings. It also offers emergency assistance and insurance coverage.
Fee & Charges :
- Card issuance fee: Rs. 500
- Reload fee: Rs. 100 per reload
- Card replacement fee: Rs. 300
- Cross-currency conversion fee: 3.5% of the transaction amount
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IndusInd Bank Forex Card
IndusInd Bank Forex card offers special discounts on dining and shopping. It also comes with emergency assistance and insurance coverage.
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Fee & Charges :
- Card issuance fee: Rs. 150
- Reload fee: Rs. 100 per reload
- Inactivity fee: Not applicable
- Card replacement fee: Rs. 150
- Cross-currency conversion fee: 3.5% of the transaction amount
🏦Kotak Mahindra Bank Forex Card
Kotak Mahindra Bank Forex card offers special discounts on dining, shopping, and entertainment. It also offers emergency assistance and insurance coverage.
Fee & Charges :
- Card issuance fee: Rs. 499
- Reload fee: Rs. 75 per reload
- Inactivity fee: Not applicable
- Card replacement fee: Rs. 100
- Cross-currency conversion fee: 3.5% of the transaction amount.
Standard Chartered Bank Forex Card
Standard Chartered Forex card offers special discounts on dining, shopping, and entertainment. It also comes with emergency assistance and insurance coverage.
Fee & Charges :
- Card issuance fee: Rs. 499
- Reload fee: Rs. 100 per reload
- Inactivity fee: Not applicable
- Card replacement fee: Rs. 100
- Cross-currency conversion fee: 3.5% of the transaction amount.
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Thomas Cook Forex Card
Thomas Cook Forex card offers special discounts on flights, hotels, and holiday packages. It also offers emergency assistance and insurance coverage.
Fee & Charges :
- Card issuance fee: Rs. 150
- Reload fee: Rs. 100 per reload
- Card replacement fee: Rs. 200
- Cross-currency conversion fee: 3.5% of the transaction amount.
Centrum Forex Card
Centrum Forex card offers special discounts on dining, shopping, and entertainment. It also comes with emergency assistance and insurance coverage.
Fee & Charges :
- Card issuance fee: Rs. 100
- Reload fee: Rs. 75 per reload
- Card replacement fee: Rs. 100
- Cross-currency conversion fee: 3.5% of the transaction amount.
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American Express Forex Card
This card offers special discounts on dining, shopping, and entertainment. It also offers emergency assistance and insurance coverage.
Fee & Charges :
- Card issuance fee: Rs. 1000
- Reload fee: Rs. 200 per reload
- Inactivity fee: Not applicable
- Card replacement fee: Rs. 400
- Cross-currency conversion fee: 3.5% of the transaction amount.
Advantages of using a Forex Card
Forex Card One of the major advantages of using a Forex Card is that it helps you avoid currency fluctuations and exchange rate risks. You can load the card with a fixed amount of foreign currency, and the exchange rate at the time of loading will be locked-in, thus protecting you from any future exchange rate fluctuations. Required Documents for Apply Forex Card
Forex Card in India, you will typically need to submit the following documents:
1. Identity proof: Any one of the following documents can be submitted as identity proof – an Aadhaar card, passport, voter ID, driving license, or PAN card.
2. Address proof: Any one of the following documents can be submitted as address proof – Aadhaar card, passport, voter ID, driving license, utility bill (not older than 3 months), bank statement (not older than 3 months).
3. Passport: A copy of your valid passport is required for the Forex Card application, as it is a travel-related document.
4. Visa: A copy of your valid visa is required for Forex Card
application, as it serves as proof of your travel purpose.
5. Travel ticket: A copy of your confirmed travel ticket is
required for Forex Card application, as it serves as proof of your travel plans.
6. Application form: You will need to fill up the Forex Card
application form, which is available online or at the bank branch.
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🧑🎓Forex Services for International Students
Forex services for international students can help with a range of financial transactions related to their studies abroad. credit cards offer
Currency exchange: Students can use forex services to convert their home currency into the local money of the nation where they will be pursuing their studies. Students may be able to avoid paying exorbitant fees and getting poor currency rates at local banks and airports thanks to this.
International money transfers: Students can transfer funds worldwide with the aid of forex service providers, which enables them to cover costs such as tuition, lodging, and other expenses. In comparison to traditional banks, they might also provide affordable fees and reasonable exchange rates.
Travel cards: Travel cards are available through forex providers, enabling students to load money onto a prepaid card and use it to withdraw cash and make purchases while traveling. These cards sometimes have little or no transaction fees and are simple to top off online. Best credit card deals
Benefits Of A Forex Card
Having a Forex card has several advantages, especially when you are traveling internationally. Here are a few advantages of choosing a Forex card in India:
- A safe way to manage foreign money when traveling.
- Compared to credit or debit cards, it is less expensive and has fewer fees.
- It offers exclusive benefits and discounts.
- You only need to swipe your card once to complete any payment for a purchase.
- The best Forex cards offer better exchange rates than cash or checks for travelers.
- For travelers, the best Forex cards provide better conversion rates than cash or checks.
- It is a secure form of payment because of its features.
- It is accepted on a worldwide basis.
- In addition, it provides other benefits including emergency monetary aid and free international sim cards.
