Choosing to study in a foreign can be one of the most important and rewarding decisions of your life. It will help you gain unmatched education, develop your personality, and present exciting work opportunities in the future. However, managing your finances can be a concern when you go abroad for education.
You may think of transacting through your bank accounts or credit cards, but that’s not the best option. One of the better alternatives is a prepaid forex card. This article looks at how forex cards will make it easier for you to pay and manage your expenses when studying abroad.
What is a prepaid forex card?
A prepaid forex card is a convenient option to carry foreign currency and transact abroad. You can load the forex card with the currency of your choice and use it to pay for your expenses. Furthermore, a forex card also comes in handy to withdraw cash from ATMs.
When you carry a forex card, there’s no need to worry about exchanging foreign currencies or carrying bundles of cash with you. The card is safe to use and convenient to keep with you at all times.
Benefits of a prepaid forex card
Here are various advantages of using a prepaid forex card when you study abroad.
- Exchange rate fluctuation protection
Forex rates vary and keep changing every minute. When the exchange rate is low, the transaction costs will be much higher and affect your finances. However, a forex card overcomes this issue by locking the desired rate.
When you load a forex card with the currency of your choice, you can ask for a specific rate and lock it. So, irrespective of what happens in the market, you can transact at the same rate in the future. There is complete protection from the volatility of currency rates.
- Low markups
Markups are additional charges you need to pay for certain transactions. For example, when you transact with your credit card, you need to pay a small amount as service charges. The same applies to forex cards.
However, a forex card is still a convenient option. When you transact in the same currency, there is no need to pay any markups. In the case of different currencies, the markup will be minimal and won’t cost you much.
- Low ATM withdrawal charges
We all know that ATM withdrawals can hurt your finances significantly in a foreign country. You will need to pay more if you transact with a financial institution outside your bank’s network.
Forex cards solve this problem by allowing you to withdraw your desired amount with minimum expenses. You only need to pay a small amount as a processing fee and get the same service you would get in your home country.
- Cost efficient
When you exchange currency at airports or other places, getting the best rates will not be possible. You may often spend more than you should, which will affect your finances.
A forex card makes it convenient to transact in the local currency by loading the same in your card. Furthermore, regular transaction alerts help you keep track of your finances. You can also avoid going overboard with spending your money.
Bottom line
Using a prepaid forex card is a convenient option when you go to a foreign country for educational purposes. You can load the prepaid forex card with the currency of your choice and use it to transact wherever you go.
The card also offers advanced security features to protect against fraudulent use. Moreover, it will be like carrying your regular credit or debit card with a world of convenience. Contact us right away if you are looking to get a prepaid forex card for yourself.
