The best Forex card for Indian students in the UK is provided by some of the top public and private banks. Students studying there might encounter issues related to remittances, inactive travel cards, or money exchange. Thus, carrying Forex Cards is the solution to overcome these hassles to simplify the study abroad experience for international students. These cards can be loaded with foreign currencies allowing them to make transactions in the UK’s local currency and help them save additional transaction costs.
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Also Read: All banks offer a wide range of remittance services like sending money abroad, receiving funds from foreign countries etc. Learn about HDFC Bank remittance services in our blog.
What are Forex Cards?
Since it is not always possible to carry cash when you are in an abroad country, carrying forex cards is an ideal option. These cards are students’ travel partners that help them in making seamless transactions without worrying about cash. They are prepaid travel cards that can be loaded with single or multiple currencies and allow one to withdraw cash, pay for the purchase of necessary items, and combat any financial emergency when not in native land. Here are some benefits of choosing to carry forex cards when studying abroad-
- The cards allow you to make transactions at the exchange rates fixed at the time of deposits. Even if the value of GBP increases shortly, students do not have to worry about the changes in exchange rates.
- Forex cards are safer and more convenient to carry than cash. They are protected by two-factor authentication and can be blocked easily (just like credit and debit cards) if misplaced or stolen.
- Multi-currency Forex cards can be loaded in more than one currency. So if you are carrying a multi-currency FX Card, you can use it in other European countries as well other than the UK. Also, they are globally accepted and act as identity proof.
- While transactions related to debit and credit cards are subject to additional charges of up to 2.5%-3.5% by the banks, transactions made through Forex cards do not charge any additional fees if made in the currency loaded in the card.
- FX Cards are easy to refund. Once your studies are over and you return to your home country, the balance can be easily transferred
Best Forex Cards for Students in the UK
Now that we know about what are forex cards and their benefits, let’s have a look at some of the most preferred and best forex cards for students in the UK. In this section, we will discuss the features of many FX Cards that are available that will help you make informed decisions and choose the best one that suits your requirements.
Axis Bank Multi-currency Forex Card
Axis Bank provides many Forex Card options. Students can choose as per their needs and requirements. Students planning to study in the UK can consider this as one of the best and greatest Forex Cards. Besides GBP, it can be loaded with 15 more widely used currencies and can be reloaded multiple times.
You can make payments at the exchange rate fixed during loading/ reloading the Axis Bank Forex Card. In case you lose the card, it can be blocked immediately and complete support is provided by TripAssist in case of emergency.
HDFC Bank ISIC Student ForexPlus Card
HDFC Forex cards are considered one of the best Forex cards for students in the UK and offer you a worry-free study abroad experience. These are easy and convenient to use. These Forex cards have multiple card options and an individual can choose the Forex card as per their requirements.
These include ISIC Student Forex cards, multi-currency Forex cards, and regalia currency Forexplus cards. Apart from loading the card in the national currency of the UK, it can be loaded in 22 more currencies. The card gets activated within 4 hours of receiving funds from the user and can be purchased 60 days in advance of your travel plans.
Note: HDFC Bank charged additional costs including issuance fees, reloading fees, currency conversion fees, and ATM fees.
Also Read: Know all about the cheapest forex cards for students to send money internationally with low transfer fees.
ICICI Forex Cards
ICICI Bank Forex cards for students in the UK are the best card options, providing various benefits. There are five different cards to choose from based on your travel needs. These cards offer advantages like student insurance and discounts.
The features include contactless payments, emergency support, online reloading, access to exclusive deals, and 24/7 customer service. Keep in mind that there’s a fee for foreign currency transactions with these cards.
Also Read: Interested in studying abroad but a bit worried about the finances? Escalate your career to the next level with HDFC Bank personal loans for education.
IDFC First Bank FIRST WOW Card
IDFC First Bank’s FIRST WOW! Credit Card is an excellent choice for Indian students heading to the UK. With zero forex markup charges, it helps you save on foreign exchange fees, making it a cost-effective option for international spending.
The card is accepted globally, offers discounts at over 1,500 restaurants and retailers, and provides up to 3X reward points on UPI payments. Additionally, you get complimentary roadside assistance and cash withdrawals up to 100% of your FD value, with 0% interest for the first 48 days.
The card comes with a joining fee of INR 199 + GST and an annual fee of INR 199 + GST from the second year. As a limited-time offer, you can also earn 100% cashback up to INR 200. With low interest rates starting at 9% p.a., it’s a great option for students who want to manage their finances while studying abroad. Always check for the latest charges and offers with the bank for updated details.
How to Choose the Best Forex Card for Indian Students in the UK?
When studying abroad, especially in the UK, having the right Forex card can make managing your finances much easier. Here’s how to choose the best one for your needs:
- Assess Your Requirements: Consider whether you will stay in one country or travel across multiple destinations. Decide if a single-currency or multi-currency card is more suitable for your travel plans and spending habits.
- Evaluate Card Features: Compare different Forex cards by looking at their currency options, student-specific benefits, and additional features like emergency card replacement or cashback offers.
- Read Reviews: Check online reviews and watch videos from other students to gather honest feedback about different cards and their services.
- Check for Security Features: Ensure that the Forex card offers robust security features, such as card lock services, and replacement options if lost or stolen.
How to Apply for a Forex Card to Use in the UK?
Applying for a Forex card is a straightforward process. Here’s a simple step-by-step guide:
- Choose a Forex Card Provider: Research and compare Forex card providers to find one that meets your needs.
- Apply Online or In-Person: Visit the provider’s website or a branch to begin the application process.
- Complete the Application: Fill out the form with your personal details, travel plans, and preferred card features.
- Submit Required Documents: Provide the necessary documents, including your passport, visa, and travel ticket.
- Make Payment: Once your application is approved, load your Forex card with the required amount using secure methods.
Documents Needed to Apply for a Forex Card in the UK
To apply for a Forex card, ensure you have the following documents:
- Forex Card Application Form: Complete the form with your personal details and travel information.
- Passport Copy: A self-attested copy of your passport is necessary.
- Visa Copy: A self-attested copy of your visa (if you’re a non-customer of the bank).
- Travel Ticket Copy: Provide a self-attested copy of your flight ticket (for non-customers).
- Original Documents: Carry the original documents for verification when submitting your application.
How to Use a Forex Card for Indian Students in the UK
Once you have your Forex card, using it for transactions is easy. Here’s how to get started:
- Make Payments: Use your Forex card to make payments at merchants, withdraw cash, or shop online. Always keep track of your spending to stay within your budget.
2. Activate Your Card: Set up your card and create a PIN for secure usage.
3. Load the Card: Transfer funds from your Indian bank account to the Forex card through online banking or another method.
This was all about the best Forex cards for students in the UK. You can load them with foreign currencies allowing you to make transactions in the UK’s local currency and save additional transaction costs. With various choices available, it is important to compare the exchange rates, and additional charges asked by the banks. Besides, always consider your needs and requirements before choosing which forex cards suit your study-abroad needs.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs on Best Forex Cards for Students in the UK
Forex Cards are prepaid travel cards that can be loaded with single or multiple currencies and allow one to withdraw cash, pay for the purchase of necessary items, and combat any financial emergency when not in native land.
Forex cards are safer and more convenient to carry than cash. They are protected by two-factor authentication and can be blocked easily (just like credit and debit cards) if misplaced or stolen. The cards allow you to make transactions at the exchange rates fixed at the time of deposits and can be loaded with multiple currencies at the same time.
Yes, Forex cards are widely accepted in the UK. Students can use these cards to withdraw money or make payments online at shopping centres through ATMs or point-of-sale terminals.
Some of the best Forex cards for students in the UK are Axis Bank Forex Cards, HDFC Bank Forex Cards, ICICI Forex Cards etc.
There are many Forex cards offered by different banks like HDFC, ICICI etc that have zero Forex markup. Check the category of the card and the schedule of charges before applying for the same.
Yes, many Forex cards allow you to load multiple currencies, making it easy to manage expenses if you plan to travel to different countries while in the UK.
Some Forex cards may have hidden fees such as ATM withdrawal charges or inactivity fees. Always check the terms and conditions before applying for a card.
Yes, most Forex cards offer the option to transfer leftover funds back to your Indian bank account, though additional fees may apply.
You can track your Forex card balance and transactions through mobile banking apps or online banking, making it easy to manage your finances while abroad.
Yes, Forex card providers like HDFC, ICICI, and Axis Bank offer 24/7 customer support, which can help with lost cards, PIN issues, and other card-related concerns while in the UK.
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