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The Student Forex Card: A Guide to Financial Security

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As students complete their schooling and plan to pursue higher studies, they look for foreign universities. Settling in an entirely new country with new traditions and challenges takes a lot of work. Parents must check for countless things, most importantly international travel insurance, before sending their children abroad. An international student has to manage food, books, daily expenses, and tuition fees, within a suitable budget. The burden of managing finances is inevitable, but it can be made a bit easier by acquiring a student Forex card.

What is a student's forex card?

Forex cards for students are a way to store foreign currency and use it for transactions. Consider it a debit card where you can deposit a predetermined sum of money and eliminate the hassle of cash payments. The Forex card is accepted worldwide and can be used in foreign countries and ATMs to withdraw money. This is very handy for students studying abroad as they can manage their transactions and expenses efficiently.

The key feature of a student forex card is that you can load it up with the currency you need at fixed exchange rates, and then use it to make purchases at foreign shops.

Why should you consider a student forex card?

Although forex cards have many advantages, it is important to note that there are two types of forex cards:

• Single currency forex cards:

As the name suggests, you can store only one foreign currency of your travel destination.

• Multi currency forex card:

This card lets you load 14-22 currencies. People who travel internationally from place to place should carry this card.

Now, let's dive into the characteristics of Forex cards for students:

1. Cost-efficient:

Forex cards offer better exchange rates and are available at an affordable price. Using a Forex card even absolves you from the cross-currency markup fee of 2-3.5 per cent of the transaction value.

2. Security of funds:

If your card gets stolen or misplaced, the Forex card gives you the control to block the card and transfer all the funds to another active Forex card. This takes little time and keeps your money safe.

3. Globally accepted:

Since transactions with a Forex card are smooth, you can use it for payments made to merchants. Due to the high demand for forex cards, traders and businesses have started to accept payments through forex cards.

4. Insurance benefits:

Companies and banks offering forex cards often offer great insurance deals that ensure student cardholders' safety. The insurance covers accidental death, baggage delay, loss of documents, etc.

However, it is important to know that medical care is not included in forex card insurance. Student travel insurance is necessary to seek coverage for any unfortunate accidents.

Mentioned above are the four key features of student forex cards. These services make the lives of international students easier by allowing them to manage funds, pay for transportation, transfer money overseas, and spend money for other education-related expenses.

How does a student's Forex card work, and how do you get it?

A student forex card functions like a prepaid debit card for abroad. Parents can transfer money in their home currency through a laptop or a smartphone. The deposited money gets converted into the foreign currency at fixed exchange rates.

The application process for forex cards for students is simple:

Step 1:

Research and compare: Visit finance websites and local bank branches and check the fees of different card providers. Choose the economically feasible one.

Step 2:

Scholarships or sponsorships:Certain educational universities, banks, and government organisations offer scholarships that cover the expenses of forex card insurance. Give the scholarship exam to exempt yourself from all the charges.

Step 3:

Apply online or in person:Once you find a provider for students' forex cards, apply for the card. Fill out an application form online or visit the branch(depending on your chosen provider) stating your details.

Step 4:

Submit documents:Providing up-to-date documents is mandatory. The documents needed are a copy of the passport (self-attested), visa, airline ticket, and PAN card. The application will be considered and processed only after submitting all the documents.

Step 5:

Load the currency:After the application is approved, the card will be delivered to the address. Now, you must deposit the local currency, and the card will convert it into a foreign currency at a fixed rate.

Forex cards and travel insurance are two components that keep the students at peace, providing them the harmony to focus on other factors of their university life.

Conclusion

A student forex card can be valuable for managing finances while studying abroad. You can choose the most suitable card by understanding its features, benefits, and considerations. Forex cards have two variants that widen the options for carrying different currencies. Students who go abroad for higher studies can use this card rightfully and live a peaceful life. The card's key features are the fixed exchange rates and the ability to load local currency. It also offers insurance benefits that keep the cardholder safe and sound, along with efficient safety precautions.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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