Forex Cards & Currency Exchange Assistance
i20 Overseas
Forex Cards & Currency Exchange:
Forex Cards & Currency Exchange assistance is an important support service for students going abroad. It helps them manage money safely, avoid last-minute hassles, and save on conversion charges. Including this in your offerings adds professional value to your education consultancy.
1. What Is a Forex Card?
A Forex Card is a prepaid international travel card that students can load with foreign currency before traveling. It can be used like a debit card when the student is travelling abroad—for swiping at stores, withdrawing cash, or making online payments.
2. Benefits of Using Forex Cards
- Locked-in exchange rate (protection from rate fluctuations)
- Lower charges than debit/credit cards
- Safer than carrying cash
- Multi-currency options (for students traveling across countries)
- Reloadable from India
- Easy replacement if lost
3. Top Forex Card Providers in India
You can help students compare options from:
- Banks: HDFC ForexPlus, Axis Bank Multi-Currency Card, ICICI Travel Card, SBI Forex Card
- Fintechs/Forex Companies: Niyo Global, BookMyForex, Thomas Cook, Unimoni, EbixCash
4. How to Apply for a Forex Card
Assist students with:
- Filling the application form (online/offline)
- Submitting documents:
- Passport
- Visa copy
- Air ticket
- PAN card
- KYC verification and card activation
5. Recommended Currency Split
- Carry 70–80% of money in a forex card
- Keep 20–30% in foreign currency cash for:
- Taxi fare from airport
- Emergency use
- Local shopping or small stores
6. Tips for Currency Exchange
- Always exchange through authorized dealers or RBI-approved platforms
- Avoid exchanging at airports (higher rates)
- Get a currency exchange certificate for future reference
- Track rates and lock-in when favorable (platforms like BookMyForex allow rate alerts)
7. Post-Arrival Tips
- Use the card carefully: check balance and reload via mobile app
- Avoid using it in non-supported ATMs to reduce extra charges
- Use university banking support to open a local bank account for long-term money management
