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Managing cash is one among the first considerations of any student going abroad. Once you attempt to study abroad the primary expense will be the tuition fee then comes maintenance expenses and travel expenses. As a student, once you are travelling from India you will only take 3000 USD price in cash. You will continuously pay the tuition fee by wire transfer. However what if there is differently of carrying money? Affirmative, because the title says, Forex cards are the most effective manner for a student to hold cash abroad.
The most important factor that makes forex cards standout than currency exchange is the better rates. Both for students and travellers forex cards are a viable option because of this. Once Funds are loaded into Forex cards, they have a fixed amount of foreign currency in them whose rate not subject to forex market fluctuations. It is rather like the money you carry in your case, only higher and easier to manage. Let us list out the benefits of using forex card for students going abroad.
You get well exchange rates continuously for loading foreign currency than shopping for foreign currency through currency exchange. Since do not involve currency notes, of which banks and cash changers have a limited supply, they are a lot of inclined to provide a forex card rather than foreign currency as cash. This provides higher exchange rates on buying or selling the currency in your card. You can easily encash the remaining money in your card once you are back from your trip.
Forex cards can carry a large volume of money. One can carry their total LRS limit of USD 2, 50,000 (1.75cr INR approx.). This can be beneficial for students since this enables them to pay for their expenses and cover their tuition fees. Even parents will reload the card online or through the banks once required. The deposits can replicate within 24 hours because of the cards balance. This is a more convenient option than performing international money transfer to your childs bank account.
Carrying currency in forex card is convenient because it is safe from lost and it is simply manageable. You do not have to flash a bundle of cash while payments you can simply use the card without letting anyone know how much money you are carrying.
Forex cards are free of dealing charges abroad and generally even provide free withdrawals. Since the card contains the currency of the country you are in, there are no conversion charges involved when making any transaction. The debit or credit card that you possess can also be used like this but it incurs a Transaction charge every time you make payment. This can be from 2-5% of the transaction amount excluding the conversion rates. Most cards offer free reloading over online banking if you happen to have a bank account. But mind you not all providers offer to reload for free.
The service provider you choose for your card, the benefits can vary. You have to choose the one that suits you the most. Are mainly used to book flights or for any of the online purchases typically is the hand cash in the form of a physical card. It is the best of both worlds.
Guardian needs to reload the money in the forex card & go-ahead! Money is been attributed to their children forex card, for their needs.
This blog is helpful to the student who is travelling abroad, From last 5 year, the Forex card for students is playing a vital role in Abroad study.
Thank you Sir