The Growing Popularity of Forex Cards Among Students and Professionals Abroad
Heading overseas, be it for education or work, marks the beginning of a life-changing journey. Along with adjusting to new surroundings, one of the most pressing challenges people face is managing money. In the past, dealing with foreign currency meant long queues at exchanges and keeping a watch on fluctuating currency rates.
Today, the landscape looks very different. Forex cards pre-loaded with foreign currency are steadily gaining popularity among Indian students and professionals alike. According to Allied Market Research, the global forex prepaid card market is expected to reach USD 492.8 billion by 2032. In this blog, we will explore in detail the key factors driving this shift.
What Are Forex Cards and How Do They Work?
Forex cards are prepaid cards loaded in foreign currency. You can opt for a single or multi currency forex card which allows you to load your card in single or multiple currencies at a locked exchange rate.
Just like a regular credit card, you can use a forex card to withdraw cash from ATMs, shop online or at merchant establishments in the currency of your destination country. There are zero cross-currency transaction charges if you transact in the same currency that your card is loaded in.
Key Benefits of Using Forex Cards for Students and Working Professionals
Here are some of the main features that make forex cards a smart financial companion:
- Cost-effective currency management: Forex cards allow users to avoid high forex rates of currency conversion fluctuations by locking in exchange rates at the time of loading.
- Enhanced security: Forex cards come with advanced safety features such as chip-and-PIN protection and encryption. If your card is lost or stolen, it can be easily blocked by contacting your bank. Some forex card providers also offer virtual cards for secure online transactions
- Convenient and easy to use: Forex cards can be used to withdraw cash from ATMs or make purchases at merchant locations. For international bookings, there are zero cross-currency charges when paying in the loaded currency.
- Effective financial management: To maintain better control over spending, users can set transaction limits for both in-store and online purchases. Forex cards also allow users to easily track their expenses through regular online statements or by checking their balance anytime on the card provider's website or app.
- Multi-currency options: For those who travel to multiple countries, multi-currency forex cards are a great option. These cards allow you to load several foreign currencies on a single card, thus doing away with the need for multiple cards.
- Instant and flexible reloading: Users can easily reload their forex card using mobile banking, internet banking or by visiting a branch. The ability to top up the card multiple times ensures that users can add funds as and when required.
- Easy encashment: Upon returning to India, any remaining balance on the forex card can be easily encashed. So card holders can convert leftover foreign currency back to Indian Rupees without any hassle.
Final Takeaway
Access to easy foreign exchange is crucial for students and professionals living abroad. A reliable forex card can make managing finances easier when you're studying or working in a new country. If you are seeking a feature-rich product, get a forex card online from IndusInd Bank. Applying for a forex card online is a simple process.
IndusInd Bank’s Indus Multicurrency Forex Card allows users to load up to 14 different currencies. With the IndusFX card app, you can easily monitor and manage your transactions in real-time. The card also provides exclusive offers to add extra value to your experience.
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