Foreign exchange has always been a concern for students planning to study abroad. The exchange rates can be fluctuating, and the charges for currency conversion can be high. To counter these problems, forex cards have become popular among students traveling abroad. Forex cards are prepaid cards that can be loaded with foreign currency and used at ATMs, shops, and restaurants abroad. There are several forex cards available in the market, but which one is the best for students? Let’s find out.
1. HDFC ForexPlus Card: HDFC ForexPlus card is one of the most popular forex cards among students. It offers a host of benefits such as zero issuance fee, low ATM withdrawal fee, and emergency cash assistance. The card can be loaded with up to 22 currencies, and the balance can be checked online. The card also comes with a complimentary insurance cover of up to Rs. 5 lakhs.
2. ICICI Bank Travel Card: ICICI Bank Travel Card is another popular forex card among students. It offers a range of benefits such as zero issuance fee, low ATM withdrawal fee, and emergency cash assistance. The card can be loaded with up to 15 currencies, and the balance can be checked online. The card also comes with a complimentary insurance cover of up to Rs. 10 lakhs.
3. Axis Bank Forex Card: Axis Bank Forex Card is a popular choice among students due to its wide acceptability and low charges. The card can be loaded with up to 16 currencies, and the balance can be checked online. The card also comes with a complimentary insurance cover of up to Rs. 5 lakhs.
4. SBI Forex Card: SBI Forex Card is a low-cost option for students who want to save on charges. The card can be loaded with up to 15 currencies, and the balance can be checked online. The card also comes with a complimentary insurance cover of up to Rs. 1 lakh.
5. IndusInd Bank Forex Card: IndusInd Bank Forex Card is a popular choice among students due to its low charges and wide acceptability. The card can be loaded with up to 14 currencies, and the balance can be checked online. The card also comes with a complimentary insurance cover of up to Rs. 3 lakhs.
Factors to consider while choosing a forex card:
1. Charges: The charges for forex cards can vary from bank to bank. It is essential to compare the charges before choosing a forex card. Look for a card with low issuance fee, low ATM withdrawal fee, and low currency conversion charges.
2. Acceptability: Look for a forex card that is widely accepted in the country you are traveling to. Visa and Mastercard are widely accepted, and it is best to choose a card that is supported by these payment networks.
3. Insurance cover: Look for a card that comes with a complimentary insurance cover. This will provide financial protection in case of loss or theft of the card.
4. Reload options: Look for a card that offers convenient reload options. Some cards can be reloaded online, while some require a physical visit to the bank.
Conclusion:
Choosing the right forex card can save students a lot of money while traveling abroad. HDFC ForexPlus Card, ICICI Bank Travel Card, Axis Bank Forex Card, SBI Forex Card, and IndusInd Bank Forex Card are some of the popular forex cards among students. While choosing a forex card, consider factors such as charges, acceptability, insurance cover, and reload options.
