Different ways Students can Carry Money Abroad

Students going abroad need money for their travel, accommodation, food, educational expenses and so on throughout their educational stay. In this case, international debit/ credit cards are not advisable in the first place.

The new smart ways to complete foreign transactions are forex cards and wire transfers. This can be useful for anybody travelling abroad for any reason, travel, work, leisure or study.

Spend smart with Forex Cards:
Ease of Global Use: Forex Cards are easy to use as they are prepaid cards. This enables the user to swipe the card at airports, food counters, hotels and wherever required instead of using cash currencies or international credit/ debit cards.

Safe for Transactions: Forex Cards come with a chip and PIN, that make it secure for use. Forex Cards are helpful for students specially as it is safer to use and carry. Students staying in hostel or dormitories are often under the threat of stealth. Travelling to new places is also a risk for many, in which case, carrying currency notes is not recommended.

Multiple currencies can be carried at once: Many banks, non-banking finance companies and forex companies offer forex travel cards. You can load more than a single country currency and upto 16 country currencies at once for most of the cards. There are various card categories offered based on the use; single currency, multiple currency, for students, or forex travel card for travellers.

Affordable and Better: You can load the card with foreign currencies at one-time conversion rates. For any transaction through your card, you will not be charged any conversion rates (which is applicable for international credit/ debit cards). Student/ parent can top up the account whenever required.

Specially for students, they need to travel to various places for research or projects, taking work trips and leisure trips as well. Forex travel card makes all of this very easy to spend whenever required. In this case, choosing a multi-currency forex card is advisable.

Wire Transfer for Huge Transactions:
Likewise, while paying the university fees; a wire transfer is always recommended by banks and the university too. This is an electronic transfer initiated by the sender, which needs the recipients bank details to transfer large amount. There is a nominal charge for the transaction to be paid. The receiver can track the transaction by a reference number in case of any delays or errors that occur.

Currency Notes for Instant Expenditure:
Traveling abroad can be due to many reasons where travellers carry currency notes for convenience. But, gone are those days to carry bulky wallets full of foreign currency notes. It is not advisable in the first place for simple reason of theft and loss of personal belongings.

It is advisable to have 20% cash with you, with some good number of change currencies, for small expenses like at food counters or stores. The rest 80% you can carry as plastic money, your forex card for all day to day life online and offline transactions.

Read more:
All you need to know about the FOREX Card
The Credit Score and What it Means for Your Overseas Education Loan