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How a Forex Card can aid students going overseas

2 Mins October 31, 2019

Going abroad for higher studies often entails a lot of preparation for students and their families. Securing admission into a university of their choice is just one part of the entire process. Arranging the required funds - for the course as well as for other expenses during the entire stay - can be quite a task. The pressure to get everything organised -- from clothes appropriate for the climate to documentation and packing – is immense.

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The big-ticket expenses, such as college fees, would already have been paid for before the student leaves India. But there are other expenses to account for - monthly essentials, food, stay (if unable to find accommodation on campus), travel, watching movies or any other form of recreation, etc. There could also be emergency expenses such as medical emergencies. All and fixed deposit accounts:

What’s a Forex card?

While your children pack their bags and say goodbyes, don’t forget to give them a vital tool – a Forex Card.

A Forex Card is a simple pre-paid card that is loaded with cash and can be used for financial transactions. Think of it as a debit card that comes with multiple advantages. It can be used to swipe at “Point-of-sale” terminals for all regular transactions.Here are some of the benefits you get with Axis Bank’s Forex Card:

You can load up to 16 currencies on an Axis Bank Multi-Currency Forex Card making it ideal for hassle-free travel around the globe. These currencies range from US Dollars, Euro, British Pound, Australian Dollar, Singapore Dollar, and Japanese Yen, among others.

To ensure total security, Axis Bank Forex Cards come with an embedded chip and PIN facility.

One important advantage is with an Axis Bank Forex Card, the amount you load on the card is protected from currency fluctuations. So, if the Rupee continues to depreciate while your child is studying abroad, you don’t have to worry about it.

Axis Bank Forex Cards come with TripAssist feature. What this means is that in case of loss or theft of the card you can block it with just phone call, besides getting emergency cash additionally you can even avail assistance in case of a lost passport.

Loading extra funds on the card is easy. Just log into your net banking account and do the needful. Parents can also load additional funds on the card for the child, sitting in India. It is faster than transferring money to the child’s overseas student accounts.

If there is any unspent amount on the Axis Bank Forex Card when the student finishes the course and returns to India, you have the following options:

Encash the balance by transferring the funds to a savings account in India

Simply let the balance remain on he card and use it for future travel. (up to an RBI mandated limit of USD 2,000).

All these benefits make the Axis Bank Forex Card an ideal complement for students traveling abroad for studies.

Disclaimer: This article has been authored by The Source, a Mumbai-based content creation, and curation firm. Axis Bank does not influence the views of the author in any way. Axis Bank and The Source shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.

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