Multi-currency Forex Cards for Students In India

Multi-currency Forex Cards for Students In India and Their Benefits

One of the simplest ways for students to carry foreign currency is through a Travel Card. Consider it a prepaid card that you may load with well-known currencies, including USD, EUR, CAD, GBP, AED, SGD, and more. A Student Forex card has multiple uses. Once loaded, you can use it to pay for your travel in the local currency of the country you visit, just like a debit card. Such cards can also be used in online mode.

You can use a Student Forex Card online to pay for almost everything on sites that accept card payments, including hotel reservations, admission tickets, bus or train passes, shopping, and restaurant bills. Additionally, you can use the card to withdraw cash in local currency at ATMs abroad.

Niyo Travel Card can be another option as your perfect companion in travel. You can load this card in Indian currency and use it in 150+ countries and 130+ currencies with zero markup fees on all international transactions.

How does a Forex Card work?

A Forex card is your best friend during your foreign travels. Using the bank’s current exchange rates, you can load your travel card in India. Most widely recognised currencies can be loaded onto the card. Once you’ve chosen the foreign currency for your card, you can quit fretting about the ever-fluctuating exchange rates and make payments effortlessly.

When you arrive at your destination, you can complete purchases with the Travel Card, just like a debit card. Additionally, you can constantly replenish the Travel Card through the bank’s online portal and internet banking services.

Uses of a Forex Card for Students While Studying Abroad

Forex cards can be loaded with the required amount and used similarly to debit cards. They enable you to make payments in foreign currencies while travelling and make quick online payments through a Forex card.

1. Eliminates the impact of fluctuating exchange rates by locking them in during loading, providing cost savings for international transactions.
2. Enable students and travellers to transact effortlessly in diverse currencies, ensuring seamless global transactions without concerns about currency exchanges.
3. Secure method for transactions, providing multi-level authentication, ensuring safety in both online and physical transactions without the risk of discrepancies or monetary losses.
4. Easy to manage with minimal maintenance, 24/7 bank support, and convenient features such as app-based card blocking for security.
5. Have minimal charges (2.5% to 3%) and no extra transaction fees when the currency is included, saving on additional charges and taxes for transactions and exchanges.
6. Substantial discounts on both online and offline purchases through tie-ups with retailers, ensuring cost-effective shopping experiences.
7. Reload with local currencies and banks efficiently refund unused amounts with an offloading charge, enhancing reliability for foreign transactions.
8. Some banks offer Forex cards that double as student IDs, providing a convenient and dual-purpose solution for identity verification in foreign countries.
9. Forex cards provide cardholders with insurance coverage, ensuring secure and trouble-free transactions, and offering crucial support in challenging situations abroad.

Different Types of Forex Cards

Multi-currency forex cards and single-currency cards are the two main categories of currency cards. Using a single currency card is restricted and incurs higher cross-border costs abroad. A multi-currency forex card can be used in more countries depending on the currencies loaded on the card. You can use it to transact in up to 23 different currencies. 

Prepaid NetBanking allows you to transfer funds between various currencies whenever required conveniently. This feature is especially beneficial when travelling to countries with foreign currencies, enabling smooth transactions and financial flexibility.

Let’s compare Forex cards to help you pick the best one for international travel.

4 Best International Travel Cards

1. Induslnd Bank’s Multi-Currency Forex Card

Among frequent travellers, the IndusInd Bank Multi-Currency Forex Card is ubiquitous and a famous international forex card. This card offers 14 currencies and advantages like no foreign markup fees and internet use.
Fees:

• Issuance Fees: ₹300
• Reloading fee: ₹100
• Currency Conversion Fees: 3.5%

2. ICICI Bank Multi-Currency Forex Prepaid Card

The ICICI Bank Forex Prepaid Card is the ideal choice if you want to visit a particular country. It can be loaded in 15 currencies. They also provide insurance protection up to ₹10,00,000. You can open this account with ICICI Bank without needing a savings or current account, and you get the card in just two days.
Fees:

• Joining Fee: ₹499 + GST
• Reloading fee: ₹100 
• Currency Conversion Fees: 3.5 %

3. SBI Multi-Currency Forex Card

The SBI Multi-Currency Foreign Travel Card is another Forex card in India. You can use it to pay for a wide range of things, such as restaurant tabs, shopping, eating, and other lodging expenditures, worldwide because it carries the MasterCard Acceptance Mark.
Fees:

• Issuance Fee: ₹100
• The cost of an additional card linked to the same funds: ₹100 +GST
• Reload Fees: ₹50+ GST.

4. HDFC Multi-Currency Forex Card

The HDFC Multi-Currency Forex card is one of the most well-liked ones. It supports 22 multiple currencies on a single card. These cards have contactless technology, which can shuffle money between two currencies and provide additional insurance and concierge services. Furthermore, they shield users from fluctuations in foreign exchange rates.
If the data is misused, customers are entitled to compensation of up to ₹ 5 lakh associated with some terms and conditions.

• Issuance Fees: ₹500 + GST 
• Reloading fee: ₹75 + GST
• Currency Conversion Fees: 2%

Niyo Global Card is another multicurrency travel card option that works like a Forex card but has added benefits and features. It is better than a Forex card due to its exceptional characteristics and convenience. This top-tier VISA Signature Debit Card offers a seamless global banking experience that is accessible online. 

Here are the benefits of the Niyo Travel Card:

• Zero Forex Markup: Enjoy fee-free international transactions with zero forex markup, saving you from hidden fees.
• Complimentary Lounge Access: Easy access to selected international terminals in India, providing a comfortable and luxurious pre-flight experience.
• Multi-Currency Flexibility: Load your card in Indian Rupees (₹) and use it effortlessly in over 150+ countries and across 130+ currencies.
• 1% Cashback as Global Coins: Earn 1% cashback on all transactions, rewarding your spending with valuable global coins.
• Quick Card Delivery: Your card will be delivered to your doorstep in just 2-3 days, ensuring you’re ready for your travels without delay.
• 24x7 In-App Chat Support: Get round-the-clock assistance with 24x7 in-app chat support, providing you with the help you need whenever you need it.

Unlike a single or multiple currency card, the INR-based Niyo Global card with zero forex markup on international spending eliminates the need for constant currency conversion hassles and extra charges, offering travellers unparalleled convenience and significant savings. Plan your expenses and spend accordingly. Check the Niyo Global card for students if you plan to study abroad and need help managing spending efficiently at affordable prices!

Frequently Asked Questions

1. What are the cheapest Forex cards in India?

The Niyo Global card is a better travel card than a Forex Card. It has zero forex markup and no cross-currency charges. It also doesn’t have hidden fees or joining or annual fees.

2. Is the Niyo Global Card safe to carry?

The Niyo Global card can be considered one of the safer travel cards in India because the card can be controlled in the app. You can also use the app to temporarily lock, unlock and block your card for any reason.

3. Is it easy to apply for the Niyo Global Card?

Yes! It is easy to apply for the Niyo Global card. You can do it on the Niyo app and set up your account.

4. How many currencies can you load on the Niyo Global card?

You can load around 130+ currencies on the Niyo Global card. The best part about the card is that you can use it in whatever currency you need after loading funds in INR. It automatically converts into the local currency.

5. How do multi-currency Forex cards protect travellers from currency fluctuations during international travel?

Multi-currency Forex cards protect travellers from currency fluctuations by allowing funds to be pre-loaded at a fixed rate. This locks in the exchange rate, shielding users from potential losses due to fluctuating currencies while abroad and ensuring stable and predictable expenses during their travels.