Quick Summary
Discover the best forex cards for Indian students in 2024. Know the definition, benefits & top student card options partnered with Laxmii Forex.
Studying abroad is the dream of many Indian students and this dream has become an accelerating reality leading to a high rate of student migration. Projections show about 2 million students will be studying abroad by 2025. Even though this migration faced a little lull after the pandemic, however, now countries are more welcoming to Indian students.
Studying abroad exposes students to new cultures, experiences, socialisation, and rationality. However, financial management remains a common concern for many Indian students travelling abroad given the unfamiliar currencies and fluctuating currency exchange rates. That’s where the relevance of student forex cards emerges.
These cards are crafted for international students enabling a secure and convenient way to manage finances while minimising the cost. This blog will uncover the best forex cards for students in India and their key features for you to make the right call easing your international academic journey.
Let’s begin by understanding what are student forex cards!
What are Student Forex Cards?
A student forex card is the ultimate tool to manage finances in a secure, cost-effective and convenient way for international students. These specialised cards have well-thought-out features, such as multiple currency support, best exchange rates, global acceptance, prepaid, reloadable, and secure payments.
Student forex cards also come with special student discounts, zero transaction fees, chip and pin protections, lost card support, and travel insurance coverage. These student-friendly features make it a must-have for all students aspiring to study abroad.
Necessity of Student Forex Cards: Why Students Need it?
Student forex cards are very effective tools for Indian students pursuing studies abroad. They are the best solution any student is looking for to effectively manage the finances in international travel.
Here’s why student forex card is a necessary tool:
Ease of Travel: With the capacity to hold multiple currencies in a single card students don’t have to worry about different currencies. This ensures a big relief to students so they can invest more time in their studies rather than planning expenses.
No Financial Surprise: The feature of locking the exchange rate while loading currency enables predictability and stability in expenses protecting students from sudden financial surprises and fluctuations.
Cost Effective: Most student forex cards come with no hidden charges. It also incurs lower fees while debiting and crediting money, making it a cost-effective alternative.
Better Budgeting: Students can manage budgets and prevent overspending by preloading a fixed amount. This helps students to live on a tight budget to better plan renting, tuition, and groceries.
Exclusive Offers: Some of the best forex cards for students offer discounts on travel, shopping and dining.
Global Usability: These cards ensure global utility across ATMs, retail stores, restaurants, and various online platforms. Students can purchase without the hassle of a traveller’s check or cash.
- Live Monitoring: Students can easily track their spending and balance in real time through apps and online platforms. Automatic alerts are sent to students to keep them informed about any suspicious activities and real-time activities.
Don’t Miss These Features: What to Look for in a Student Forex Card?
While hunting for the best forex cards for students, ensure to check these features before buying one:
Multi-currency Support: Pick a Forex card that supports multiple currencies ensuring you can hold and load different currencies. This feature is extremely handy when you’re travelling internationally across nations.
Currency Exchange Rate Lock-in: Look for student forex cards that offer competitive exchange rates with the ability to lock in exchange while loading to avoid future fluctuations.
Low Transaction Fees: Choose a card with minimum to no foreign transaction fees for ATM withdrawals and loading fees.
No Hidden Fees: Ensure there are no hidden charges or maintenance fees attached to the card you have chosen.
Chip and PIN Protection: Don’t miss out on this security feature. Check if the card holds EMV chip and PIN protection to shield you from fraud and unauthorised transactions.
Lost Card Protections: Lost care protection is another useful feature to consider. This will ensure emergency card replacements and lost card support.
Reliable Customer Support: Opt for quick customer support to get your issues and concerns related to your card resolved promptly while overseas.
Global Acceptance: Check if the card you have chosen is widely accepted globally across locations, ATMs, retail shops, and online merchants.
Relodability and Online Mobile Access: Your card should be easily reloadable via online or mobile banking, preferably with lower to no reloading charges. Pick a card that comes with an easily accessible mobile app to track balance, transactions, and other activities in real-time.
Budgeting Tools: If the cards have budgeting tools like expense tracking and spending limit, it will enable money management easily. You can set weekly or monthly spending limits and provide detailed expense reports to check and modify your spending.
- Additional Benefits: Most student forex cards also come with additional benefits like travel insurance or student-special discounts. Make sure you look up the additional benefits to make the right call.
Best Forex Cards for Indian Students:
We have curated the best Forex card for Indian students to travel smart and worry-free. Let’s check them out!
1. Laxmii Forex – Thomas Cook Student Forex Card
Laxmii Forex’s Thomas Cook student forex card is loaded with student-friendly features taking care of the worries for you while you travel abroad. Here are some of the key features of this card:
Key Features:
- Zero Charge: No joining fee, reload charges and application charge.
- Loss Protection: Free card replacement in case of loss and emergency cash assistance in case of loss.
- Perk: One free withdrawal per month (up to ₹1500 dollars or equivalent)
- Perk: Free SIM card for one month and free ISIC card.
- Rewards: Get Singapore Airlines points with every purchase
- Fraud protection: Get insurance up to 10,000 USD
- Name embossing: Get free name embossing, which is required in the US and Europe
- Visa Vs. Master Card: Option to pick between VISA and MasterCard
- No Charge: No swiping (POS) or online transactions charges
- Bank Account Not Needed: No hassle of opening a bank account
- User-friendly: Simple application, handover with same-day activation
- Online Tracking: Mobile app and WhatsApp chatbot for tracking and managing transactions
- Online process: The entire process can be done online
- Lower Rates: Pay university fees at a lower rate of 0.5% per transaction.
Why Choose This Card?
This card is ideal for international students who are looking for a budget-friendly and convenient solution. The Laxmii Forex – Thomas Cook Student Forex Card comes with zero joining and reload fees, free monthly withdrawals, and additional perks like a free SIM card and ISIC card.
The best part that will make you say yes is the low rate for university fee payments and fraud protection insurance making it a secure and cost-effective choice. Moreover, this card also offers exceptional value.
2. Laxmii Forex Partnered ICICI Multi-Currency Card
Laxmii Forex ICICI multi-currency card is yet another best choice for Indian students. Here are some of the attractive features of this card.
Key Features:
- Loading feature: Multiple currency loading ability
- Secure: Embedded with chip and PIN security
- Best Rates: Competitive exchange rates
- Zero Fee: No international transaction fees
- Online Facility: Online reloading and balance check
- Added Benefit: Travel insurance
- Perk: Emergency cash assistance
- Added Perk: Discounts and offers
- Withdrawals: ATM withdrawals (may incur fees)
- Transactions: Online and POS transactions
Additional Key Features with Laxmii Forex
Students also get the following additional features in collaboration with Laxmii Forex:
- Zero joining fee
- No headache of opening a bank account
- Get the best possible rates for purchase, reload, and refund
- You can reload and encash even if you have purchased from ICICI Bank
Why Choose This Card?
This is one of the best cards for Indian students who are looking for flexibility and the best possible exchange rates. With the partnership with ICICI, the reloading and enhancement becomes seamless, even if you had purchased the card from the bank initially.
3. Laxmii Forex Partnered ICICI Bank Student Forex Card
Apart from the muti-current student forex card, Laxmii Forex’s partnership with ICICI brings you two more options to pick from- the ICICI Student Forex Card and the ICICI Student Sapphiro Forex Card. Let’s see why these are the ideal travel cards for students.
1. ICICI Bank Student Forex Card (₹499/-):
Students are mostly on a very tight budget, which is why the ICICI Bank Student Forex card will be the ideal pick for them. Here’s what this card offers:
Perks of Choosing ICICI Student Forex Card:
- Get complimentary airport lounge access
- Enjoy an Uber cab voucher worth ₹500
- Free International Student Identity Card (ISIC)
- Free international SIM card
- One free ATM withdrawal monthly
- 20% discount on courier services with DHL
- Free comprehensive card insurance up to ₹5,00,000
- Emergency cash assistance in case of loss
Why Choose This Card?
This card offers amazing benefits with a minimal card fee including airport lounge access, free SIM and ISCI card with elaborate insurance. It’s one of the best student forex cards for Indian students who prioritise value-added services.
2. ICICI Bank Student Sapphiro Forex Card (₹2,999/-)
The ICICI Student Sapphiro Forex Card is relatively more expensive than the ICICI Student Forex Card. However, the extra cost is justified by these attractive features.
Perks of Owning a Sapphiro Forex Card:
- 0% markup on cross-currency transactions
- Enjoy complimentary access to two airport lounges
- Get Uber cab vouchers worth ₹1,000
- ISIC membership
- Free assist card protection plan
- Three free ATM withdrawals monthly
- 5% cashback on online grocery and transit bookings
Why Choose This Card?
Even Though the cost of this card is higher, the Sapphiro card comes with attractive features. From no cross-country markup, multiple lounge access to cashback on grocery and essential services, this card is ideal for students looking for premium benefits while travelling abroad.
Travel Smart: Tips for Using Student Forex Card Wisely
Student forex cards enable you to travel smart and worry-free while studying or travelling abroad. But carefully using the card is also important for students who are exposed to new currencies, cultures and ways of life.
Here are some tips to make the most of your student forex cards:
- Understand the fees associated with the card, such as ATM withdrawal, currency exchange, or inactivity fees to prevent unexpected charges.
- Track your spending regularly and monitor your transaction history to be mindful of your money.
- Don’t forget to set alerts to detect any fraudulent activity and track your transactions
- Keep a note of the cards’s expiry to renew it on time and without fail
- Choose to be charged in the local currency instead of your home country to prevent unfavourable exchange rates.
- Set aside some portion of money for unexpected expenses and keep some cash with you as well.
- Wisely load the card when needed and choose the right currency while loading
- Take advantage of the additional features, offers on international money transfers and student-exclusive discounts and offers
Have You Decided Yet?
Have you decided which Forex card to pick yet? Just kidding, choosing the right forex card that suits your budget, travelling frequency and purpose will require some time. We have handpicked some of the best and cost-effective student forex cards in this blog along with some useful tips and key features to consider.
The right Forex card makes your travel seamless and convenient and acts like a financial companion through your international journey. Laxmii Forex offers cost-effective solutions to forex cards, travel insurance and student forex cards. Travel smart and safe with a student forex card and happy studying!
FAQs
As per the Liberalised Remittance Scheme (LRS) of the RBI, a student can carry up to USD 250,00 per year for educational expenses such as tuition fees, living expenses, and other educational costs.
Some of the next forex cards with lower exchange rates, transactions and ATM withdrawal fees, include Laxmii student forex cards, SBI multi-currency travel cards, HDFC multi-currency ForexPlus cards, ICICI Forex cards, and Axis Bank forex cards.
Here are some of the perks offered by the Laxmii Forex card over the others:
- Zero issuing fee and minimal transaction charges
- Competitive exchange rates
- Ever-ready customer support
- Global acceptance across nations
- Online money management and tracking services
- Student-exclusive offers and discounts
