What’s with all the hype about studying abroad? It’s a question that most people ask and still misunderstand. Having the opportunity to study abroad should be cherished, not frowned upon when thinking of how you’re possibly going to manage the costs of living and other unchartered expenses associated with it.
Going abroad is a journey filled with exciting opportunities for growth and experiencing new cultures, people and environments. But most people turn the other way when managing finances is involved. It’s undoubtedly a challenge, but what if there is a one-way solution to all this: a Forex Card.
What is a Forex Card?
A forex card is a prepaid card loaded with a specific amount of foreign currency. It operates similarly to a debit card, allowing students to make international payments without worrying about extra charges. A Forex card is a reliable solution for students studying abroad that aids in smooth financial management.
Types of Forex Cards
There are two types of student forex cards:
- Single-Currency Forex Card: Ideal for short-duration studies, this card supports a single currency for one country and offers low currency exchange fees. It is suitable for students studying in a single country who do not plan to travel extensively.
- Multi-Currency Forex Card: This card is great for students who travel to several countries for their education because it lets them load multiple currencies. Students who intend to study abroad for an extended period of time or who want to travel extensively can use this card.
Difference Between A Forex Card and a Debit Card
Everyone knows what a debit card is, but not so much about Forex cards. It’s especially important for students and travellers going abroad to have adequate knowledge about this convenient tool and possibly seek to utilise it to carry out fast and secure transactions abroad. Here’s a detailed comparison of how a forex card is different from a debit card:
- Currency: One of the main differences between forex cards and debit cards is that the former uses foreign currency while the latter uses domestic currency. A forex card is similar to a prepaid card. It can be preset with the amount of a specific foreign currency, while a debit card is linked to a bank account and uses the local currency.
- Transaction Fees: International purchases on debit cards come with additional transaction fees, ATM withdrawal fees, and currency conversion fees, making these side effects costly. However, forex cards normally include a static exchange rate at the point of loading, and most forex card providers waive the card loading fees, thus making them a preferred choice for international travellers in terms of cost.
- Security: Travellers, in most cases, prefer to use forex cards instead of debit cards for international travel as they are more secure. Forex cards are not tied to a bank account. If a stranger tries to access your card, the access is instantly blocked; this is a useful safety mechanism when the cardholder’s Forex card is lost or stolen.
- Lock-in Feature: One of the primary advantages of reloading a Forex card is that it allows cardholders to lock in exchange rates at the time of reloading. This means that if the exchange rate has increased since the initial load, cardholders can add more value to their card. This is particularly useful for international travellers who want to maximise their spending power abroad. Debit cards do not support this feature.
Unipay Forex Card: A Closer Look
The Unipay Forex card is a ground-breaking currency card solution that Unipay has developed in collaboration with Thomas Cook. It is acknowledged as the best forex card for students in India. Students can load one or more currencies onto a single card, making it possible to conduct hassle-free international transactions.
Benefits of Forex Card for Students
The benefits of Unipay Forex cards extend beyond just carrying out international transactions. Here’s a broader perspective of its benefits:
- Avoid Currency Fluctuations: Unipay’s Forex Card allows students to load money in advance, making the budgeting process easy and managing one’s expenses a breeze. This beneficial feature particularly helps during times of economic volatility, when currency values might undergo massive variations.
- Automatic Currency Detection: Unipay Forex card has a feature of automatically detecting the transaction location and choosing the appropriate currency accordingly. This function enables students to transmit money from their account to the recipient’s account without having to select the currency every time they send a transaction.
- Reloadable: Students can recharge their Forex Card as frequently as needed. This grants them more financial freedom and relief, as they know that they will not deplete their funds in unexpected ways.
- Secure Protection: Unipay Forex Card is equipped with Chip and PIN protection and is not connected to a student‘s bank account. This adds an additional layer of security. Students are also provided SMS and email alerts for all their transactions so they can check their card activity and report any unauthorised usage at once.
- Set Your Own Limits: Students can adjust the transaction limit to suit their needs, allowing them to regulate their spending. This facility assists students in making wise decisions and prevents them from overspending.
- Convenient Accessibility: The Unipay Forex Card can also be bought and loaded online. Students can carry a card and withdraw their money without any surcharge at AllPoint ATMs. Thanks to this function, students can spend funds as needed without the need to pay additional fees.
- Emergency Cash Feature: In case of unforeseen situations, students can rely on the Forex Card’s emergency cash feature, which provides them access to funds up to their available card balance. This feature comes as a safety net for students in emergencies, allowing them to have access to funds when they need it most.
Conclusion
The Unipay Forex Card is an invaluable resource for students studying abroad. It provides a safe, practical, and affordable means of managing spending when travelling. With its many advantages and easy application process, a Forex card is a must-have for any student starting their study abroad experience.
