Have you ever considered the best Forex card for Indian students in the USA? Is there any particular high-quality card in the Forex market that all Indian college students can use effectively and without any hassle? And ultimately, what are these cards if there are several?
Generally speaking, Forex cards are among the best options for managing expenses during international travel.
These prepaid cards allow students in India and around the world to load funds from their personal savings accounts and use them both at points of sale (POS) and ATMs abroad. It is considered a very comfortable and safe option to take money abroad.
More than 440,000 Indian students pursued higher education abroad.
However, those who wish to study abroad in the US should know that in 2021, over 440,000 Indian students pursued higher education abroad. This number continues to increase every year.
When studying abroad, there are many tasks to complete. The first is to get a Forex card, which is considered crucial for smooth transactions outside an Indian student's home country. Choosing the ideal Forex card for Indian students in the US can be a daunting task.
We will cover some of the top Forex cards for Indian students to ensure a hassle-free transactional experience in the US.
So, regardless of whether you are looking for the best Forex card for Indian students in UK, USA or more, we will provide you with the most useful information list: What are these famous Forex cards for Indian students in USA? USA?
Let's get the full list, shall we?
#1 HDFC Bank Forex Card
HDFC Bank offers a variety of Forex cards. Some of them are well known, such as the following:
- ISIC Forex Plus Card for Students
- Regalia Forex Plus Card
- Forex Plus multi-currency card.
These Forex cards are specifically designed to meet the specific requirements of Indian students studying abroad.
In addition to functioning as an exchange card for currency transactions, it also serves as a globally accepted identification card.
This dual functionality simplifies expense management for students in the US and facilitates identity verification as required at HDFC Bank for ISIC students.
Unique Features of HDFC Forex Cards
Among the unique features of HDFC forex cards are the following:
- There is a possible currency exchange fee.
- There are no unestablished interbank exchange rates.
- You cannot expect delivery within the same 24 hours.
- Expect an issuing fee of INR 500.
- A recharge fee of 75 INR.
#2 ICICI Bank Prepaid Forex Card for Students
ICICI Bank Student Forex Prepaid Card is designed for Indian students in the US and offers convenience and flexibility to manage finances abroad. This particular card is known for including and supporting completely diverse currencies.
It presents a fantastic choice compared to traditional payment methods such as the following:
- International credit cards
- Traveler's Cheques. Getting the card is easy – just visit the nearest Forex branch or download the ICICI iMobile app to get started.
Please note that the features of this particular card include the following:
- A five-day delivery
- Established rates that generally exceed interbank benchmarks.
- No discount on bank transfers and more.
#3 Yes, Forex bank card
Indian students can more easily use the Yes Bank Forex Card to make payments in the United States. Visa, the famous company behind the Yes Bank Forex Card, supports transactions in fourteen different currencies.
The crucial advantages of this particular card include the following:
- Competitive interbank exchange rates
- Same day delivery
- No fees for uploading or downloading funds
- Refund Offers for Students
- The option to pay later.
Forex Card #4 Fly Finance
When looking at the best Forex cards for Indian students, we would like to start our list with Fly Finance, which stands out as one of the top options. It is a card that is renowned for its international financial services tailored to students.
According to Indian students, this card is among the best providers in India. The company collaborates with multiple partners to issue Forex cards to students traveling abroad.
These partnerships allow Fly Finance to offer Forex cards at lower rates than those available on the market.
Here are some of the key features of the Fly Forex card:
- Affordable Transactions: Fly Finance offers the lowest transaction costs and minimal to no forex margin fees.
- Fast Application: The Fly Finance Forex Card application process is fast and onboarding is completed within 2 minutes of submission.
- Competitive exchange rates: Fly Finance offers real-time exchange rates that are more favorable than those offered by most banks.
#5 DCB Bank Niyo Global Card
The Niyo Global Card, provided by DCB Bank, functions as a digital savings account that offers a competitive interest rate of 7% and excludes foreign exchange surcharges.
It supports loading Indian rupees (INR) and allows transactions in over 130 global currencies without additional fees.
There is no fee for issuing the card and users can make free withdrawals at domestic ATMs up to three times a month, with fees applying later.
Notable benefits include access to international lounges, a user-friendly mobile app that includes a global ATM locator and exemption from tax collection at source (TCS) on international expenses of up to INR 7 lakhs per annum.
#6 Wise card without borders
Among the best Forex cards for international students are Wise Borderless Cards. They are excellent at offering affordable international transfers. If Indian students use this forex card, they will be able to quickly make large and small payments in local currency.
It is worth mentioning that the card is becoming one of the best Forex cards for foreign students due to its increasing popularity and simple online application process.
Take a look at the main attributes below:
Forex Wisdom Letter
- It is a completely online card that allows students to transfer their funds anywhere they want on a global scale. They can do so in more than sixty different currencies.
- There are over 45 different currencies and students can withdraw up to INR 25,976 ($350) monthly.
- Students can get their Wise multi-currency account not only if they are in the US, but also in Australia, the UK, and Europe.
- Allows students to have low exchange rates with this card.
- There are no formalities to transfer your funds to your home country.
#7 Forex Cards for Students from IndusInd
IndusInd Bank offers premium Forex cards in association with Visa or Mastercard, accepted worldwide. Students can manage their international expenses comfortably with competitive exchange rates.
Card recharge options include online banking, debit/credit cards or visiting an IndusInd branch.
Key Features:
- Supports loads of up to 14 different currencies.
- Enhanced security with chip and PIN protection
- Suitable for online transactions
- Includes emergency assistance and insurance coverage.
Costs:
- No issuance fees
- Moderate ATM withdrawal fees.
Differences between Forex card and Debit card
If you are wondering what the main differences are between Forex and debit cards, here is what you need to know:
Forex Card Features
- When you use a Forex card, you load it with a significant amount of foreign currency of your choice. This amount is fixed at the exchange rate at the time of loading, providing stability.
- It typically means lower international transaction fees, making foreign travel and spending cost-effective.
- If your Forex card, for example, is lost or stolen, you can get a replacement with the remaining balance intact, ensuring your security and peace of mind.
- It comes preloaded with a fixed amount, making it easy to manage expenses without worrying about exceeding limits.
Debit Card Features
- A debit card is linked directly to your bank account and allows you to spend money in the local currency of the country you are in, regardless of the exchange rate.
- However, using a debit card for international transactions often incurs higher fees, including international transaction fees and possibly ATM withdrawal fees.
- If your debit card is lost or stolen, unauthorized access to your bank account balance could put your finances at risk.
- You must comply with spending limits set by your bank, which may restrict your spending flexibility compared to a Forex card.
Essential Tips for Choosing a Forex Card for Indian Students
Whether you are looking for the best Forex card for Indian students in Canada or the best Forex card for Indian students in Germany, it is important to know how to choose the best one.
Remember that choosing the right Forex card is crucial for Indian students living or studying in the US as it ensures smooth financial transactions.
Here are some key tips for selecting the perfect Forex card:
- The first step should be to understand your financial needs based on where you live and how you spend. Decide whether a card that handles only one currency or multiple currencies best suits your needs.
- Compare the features and benefits offered by different Forex cards to find one that meets your needs. Check out cards that offer discounts or special offers for students.
- Before applying for a Forex card, do your research. Read reviews and ask other students for advice so you can choose wisely.
Bottom line
We have listed just a few of the best Forex charts that every Indian student should know about before choosing one. Of course, do your research thoroughly and read all the key features and reviews before choosing the right one for you!
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