Best Forex Cards for Indian Students in the USA

What are the Payment Options for Indian Students Studying Abroad

It is evident that investing in education is far more beneficial than investing in anything else. Nowadays, people are more particularly interested in higher education. We can see this as a revolution in the education sector. Because of this shift of thought towards higher education, the number of Indian students is increasing every year. Most of the students are choosing the USA for their higher education. However, settling down in the U.S. with unknown people can be way easier than managing your finances and doing your transactions smoothly. It is crucial to know all the payment options if you are going to study abroad. For Indian students, it is vital to know the money transfer process and use forex cards to cover their education and living expenses.

These are some of the specific payment options available for Indian students studying abroad. 

1. Wire Transfer

Wire transfer is essentially a traditional payment method provided by various banks to pay your education fees outside India. It is considered a secure and effective way of sending money from India to abroad. However, the pain point is that it takes up to 24 hours to 48 hours to complete the transaction. It also involves certain fees and commissions charged by the bank. You may find it an expensive payment option due to its considerable bank charges. 

2. Forex Cards

As a most beneficial and hassle-free payment option you can consider Forex cards. These cards are provided by several banks that convert your Indian rupees into foreign currency and make it more convenient to make payments in the United States. These cards are beneficial in saving you from currency fluctuations. With the help of these cards, you can easily make payments in abroad just to swipe your card. You can Forex cards to withdraw cash from ATMs and can make online payments as well. Undoubtedly, forex cards are one of the best options for making payments in the USA. However, obtaining a Forex card can be lengthy due to the extensive documentation process. Here, you can seek help from Hiwipay to streamline the entire documentation process and obtain the card in one go. 

3. Foreign Currency Demand Draft

To make certain payments in the USA, you can also use a foreign currency demand draft. You can make this demand draft of a certain amount to transfer the money in any country you have an account. Usually, people use this method to pay education fees in the abroad. However, this process can take a maximum of two weeks to transfer money, therefore, you can not use this method for any emergency or immediate situations. 

Also Read : How to Transfer Money from India to UK for International Students

Why is Using a Forex Card Comparatively a better Option for Students

We are not promoting the forex cards but then it is evidently a better option for students in comparison to other payment methods. Here we have mentioned some of the essential factors why you should consider using forex cards. 

• Forex cards are one of the best way to manage your finances in the United States. This card comes with immense benefits to set exchange rate, no loading fees, emergency cash support, free insurance cover and holding various currencies. 

• This card mitigates the requirement of carrying cash and keeping it exchanged for various money purposes. You can use this card for online payments and withdraw cash in foreign currency from ATMs. 

• You can swipe this card to make payment at any retail outlet, restaurant, hotel, or educational institution in the United States without any extra charge or commission. 

So these are some of the essential factors why you should use a forex card while studying abroad. 

Read More : Education Loan for Abroad Studies without Collateral

Best Forex Cards for Students in the USA

In this section, we have added some of the best Forex cards for hassle-free payments in the USA. 

• Yes Bank Forex Card: Indian students can use this card for a streamline payment process in the U.S. This card is powered by Visa, which supports 14 currencies. Some of the major features of this card are that it is available at interbank rates, offers same-day delivery, has no unload and reload charges, offers cashback for students, and provides a pay-later feature. 

• HDFC Bank Forex Card: This bank provides several types of forex cards such as Multi-currency forex plus card, ISIC student forex plus card, Regalia forex plus card, etc. Indian students can opt for an ISIC student forex card, which can be used as an identity card and to pay their expenses in the U.S. Some of the special features of HDFC forex cards are No hidden interbank rates, it may charge cross currency markup of 2%, it charges issuance fee of INR 500, no same day delivery option, it charges INR 75 as a reloading fee. 

• ICICI Bank Student Forex Prepaid Card: This bank offers ICICI student forex prepaid cards, which can be used as an alternative to traditional payment methods such as international credit cards, cheques, etc. This card can be obtained using the ICICI iMobile app or by visiting the nearest Forex branch. Some of the essential features of this card are it offers fixed rates that are usually higher than interbank rates, it can be delivered within 5 working days, no discount on wire transfers, etc. 

Read More : Best Forex Cards for Indian Students in Ireland

Difference Between Forex Card Vs Debit Card

Let’s have a look at some of the specific differences between a Forex card and a Debit card.

Forex Card	Debit Card
Forex card loaded with significant foreign currency of your choice.	Debit cards are something that is linked to your personal bank account.
It is locked with in-rate when loaded.	It is loaded with the dynamic rate of the current currency.
Minimum international transaction fees.	Required to pay international transaction charges along with withdrawal charges as well.
You can get a replacement of your remaining amount in case you lose your card.	If you lose your debit card, the amount in your bank may get compromised.
Forex cards come with a pre-loaded amount that comes with easy-to-pay expenditures.	You have to spend accordingly as per your card limits.

Also Read : Tax Benefits on Education Loan for Abroad Studies

Tips to Choose Indian Students Forex Card

Money is the ultimate requirement to live or study anywhere in the world. A Forex card can be your go-to companion to make hassle-free and smooth transactions in the USA. Here are some of the best ways to pick quintessential forex cards. 

• First, you need to determine your financial requirements based on your country and also consider your spending habits. Before choosing a particular Forex card, you must decide if you need a single-currency card or a multi-currency card. 

• Every Forex card has its own features and benefits. Hence, it is important to analyse them first and compare the cards with each other. Apply for such a card that comes with essential student offers or discounts. 

• Before applying for any Forex card, it is imperative to do some research and read the feedback. Apart from this, you also connect with other students for references.

Read More : International Money Transfer Services in India

Conclusion

In conclusion, we can say that obtaining a Forex card is essential for Indian students to manage their finances in the United States. But before choosing a Forex card, it is crucial to know the features and benefits. Some cards with hidden charges may not be considerable for students; that’s why, in such a scenario, it is advisable to compare the card you have chosen with others. 

FAQs on Best Forex Cards for Students in the USA