Studying Abroad with a Student Loan? These Forex Cards are Best for You

The demand for foreign education has significantly increased in the last decade. Abroad education loans and student forex cards make international education more accessible for students by helping them cover their expenses while studying abroad. Student forex cards offer a secure way for students to use their education loan funds abroad. 

This article covers the significance of forex cards for students with education loans, along with their benefits. We have also covered the top banks providing the best forex card for students, along with education loans for abroad studies.

Forex Card for Students With Education Loans

A forex card for students is a foreign exchange card that allows students to cover their abroad education expenses. Students can load their abroad education loan funds into forex cards in foreign currency and use the cards to cover their expenses during the course.

Student forex cards help international students manage their education loan funds while abroad. Students can make international payments without worrying about exchange rates using forex cards. Student forex cards offer a safe and convenient way for students to carry and spend money abroad. These cards allow students to load their loan amount in multiple currencies. Forex cards also offer certain benefits for international students, which we will learn about further in this article. 

Types of Student Forex Cards

Student forex cards are primarily divided into two types:

1. Single-Currency Forex Card: A single currency forex card is a forex card that can be loaded with funds in a single currency. It allows students to load their education loan funds in the currency of their preferred country of study. Students can use a single currency student forex card to make payments in a single country.
2. Multi-Currency Forex Card: As the name suggests, a multiple currency forex card allows you to load funds in multiple currencies. A multiple currency student forex card is ideal for students planning to travel to multiple countries during their study period. Students can use a multiple-currency forex card to make international payments across different countries.

How Forex Card Helps Students With Abroad Education Loans

Using a student forex card significantly helps students with education loans for abroad studies. These cards help international students carry and spend their education loan funds in their preferred country. Here’s how student forex cards help students manage their education loan funds while studying abroad.

• Student forex cards are specifically designed to help students manage their education loan funds while studying abroad.
• You can use a student forex card to make international payments in a foreign country.
• You can disburse student loan funds into a forex card. Using a forex card for your education loan disbursements allows you to access your student loan funds while you are abroad. 
• You can use the forex card to cover your educational expenses, including living expenses, travel costs, and other course-related expenses. This helps you manage your funds while pursuing higher studies in a foreign country.

Managing your education loan funds is crucial, especially when you are studying abroad. However, students often struggle to manage their funds when they apply for a student loan without the right guidance. 

Contact WeMakeScholars, an organisation dedicated to providing expert education loan support for students. When you apply for an education loan through us, our experienced team will help you find the most suitable lender for you to get an education loan with favourable terms so that you can manage your funds while abroad. Request a callback today to contact our team.

Benefits of Using Forex Cards for Students With Education Loans

From exchange rate lock-in to low charges, a forex card for students with education loans offers several benefits. The following are the benefits of using a student forex card with education loans.

1. Quick Access: Banks can offer a swift disbursement process for transferring student loan funds to forex cards. This helps students to quickly access their education loan funds while abroad. 
2. Global Coverage: Forex cards are widely accepted across the globe, making them a convenient option for international students to make payments while studying in a foreign country.
3. Low Risk: A Forex card is a safe and convenient way to carry and spend money while abroad. It offers protection against currency exchange rates by locking in the rate at the time of loading the funds. This means that when a student loads a forex card with their education loan funds, the exchange rate on the funds will be locked according to the currency rate of that date. The student loan funds in the forex card will not be affected by the currency exchange rates. They offer a secure way for students to carry and spend their education loan funds by reducing the risk of exchange rates. 
4. Managing Expenses: Forex cards help international students manage their expenses by allowing them to carry money and make international payments. Students can easily track the transactions of their forex cards. This helps them manage their expenses while abroad.
5. Low Charges: Forex cards often come with low transaction charges. Student forex cards have lower charges compared to credit or debit cards for international transactions, making them a popular option among study abroad aspirants.

Now that we have understood how student forex cards help students with education loans and their benefits, let’s look at the list of lenders offering the best forex card for students with education loans.

Best Forex Card for Students With Education Loans

Here’s a list of 5 banks offering the best forex card for students pursuing international studies with an education loan.

State Bank Foreign Travel Card

The State Bank of India(SBI) has designed the State Bank Foreign Travel Card(SBFTC) to help international students manage their student loan funds while abroad. An SBFTC can be loaded with 9 foreign currencies.

• SBI offers both single and multiple currency student forex cards.
• The SBFTC is accepted all over the world except in India, Nepal, and Bhutan.
• The Student forex cards from SBI can be loaded with 9 foreign currencies, which are represented in the above table.

Travel Easy Multi Currency Forex Card by BoB

The Bank of Baroda(BOB) offers the Travel Easy Multi Currency Forex Card for students studying abroad. It is a student forex card that allows students to load their education loan funds in multiple foreign currencies and use them while studying abroad.

• It is a multi-currency forex card.
• The Bank of Baroda offers immediate activation for its forex cards.
• The Student forex cards from BOB can be loaded with 3 foreign currencies, as represented in the above table.

ISIC Student ForexPlus Card by HDFC

The HDFC Bank offers the ISIC Student Forex Card for students pursuing internal studies. These are specifically designed for students pursuing studies abroad and also act as an International Student ID Card(ISIC).

• The ISIC student forex card offered by the HDFC Bank is a single-currency forex card.
• It is a dual card that acts as both a forex card and a student ID card.
• It can be loaded with 3 foreign currencies.

ICICI Bank’s Student Forex Prepaid Card

The ICIC Bank offers prepaid student forex cards for students pursuing overseas education. The bank offers multiple forex cards with various benefits, including insurance coverage and card protection.

• ICICI Bank offers multiple forex cards for international students.
• They offer several benefits, including a free replacement card and an ISIC membership.
• The Student forex cards from ICICI Bank can be loaded with 15 foreign currencies.

Axis Bank Forex Card for Students

The Axis Bank Forex Card for Students is a prepaid forex card designed to help students meet their needs while abroad. Student can load their student loan funds in an Axis Bank Forex Card for Students in 16 foreign currencies and offers 24/7 emergency services for students.

• It is a multi-currency forex card offered by Axis Bank.
• The Axis Bank student forex card can be linked with ISIC services.
• It can be loaded with 16 different foreign currencies.

Choosing the right bank offering an education loan with the best forex card can be quite challenging, with different lenders offering varying options. Contact WeMakeScholars, an organisation partnered with over 15 public and private lenders. When you apply for an education loan through us, our experienced team will help you find the most suitable education loan according to your needs. 

Conclusion

Student forex cards are financial tools that help students manage their expenses while studying abroad. Education loans and student forex cards make abroad education more accessible for students. Students can disburse their education loan funds into a forex card and cover their educational expenses while abroad.

Forex cards offer a safe and convenient way for international students to carry and spend their education loan funds while abroad. However, finding the right bank offering the best forex card for students, along with an education loan, can be quite challenging.

Get in touch with WeMakeScholars to find the right lender providing the best education loan services for you, including a forex card. When you apply for your student loan through us, our experienced team will analyze your profile and connect you with the most suitable bank that satisfies your student loan requirements.