The budget for higher studies abroad is high. It includes many costs related to tuition fees, living expenses, food, travel, etc. An important component of it also includes foreign exchange and fluctuating exchange rates that can make it difficult to deal with foreign currencies. However, this blog includes some of the best forex tips for international students to save money. Common ones are carrying a Forex card and tracking FX rates regularly. Continue reading to know more in detail.
Table of contents
1. Track Exchange Rates Regularly
One of the important Forex tips for international students is to keep an eye on currency exchange rate calculations and fluctuations. FX rates change constantly based on economic factors and market conditions. You must monitor exchange rates between your home country and the country you will be travelling to.
You can use Google search to get the latest results. For example, to find out the United States Dollar exchange rate against the Indian rupee, you can search ‘USD to INR.’ You can also use reliable apps to track exchange rates regularly. This will help you identify the best times to exchange money and get the best forex rates.
Also Read: Check out this blog on currency exchange in Berlin. Know about top banks and currency exchange providers in 2024.
2. Know the Fees and Charges
There are hidden costs in currency exchange. These can come in the form of commissions, handling charges, or transfer fees. The best forex tip for international students would be to know about the applicable fees before exchanging foreign currency with any bank or a service provider, like Travelex currency exchange.
Other costs like transfer fees, currency conversion charges, reloading fees, handling charges, etc. also contribute to additional fees. Remember these factors while considering forex calculations to avoid unexpected costs.
3. Always Carry a Forex Card
Another Forex tip to navigate foreign exchange while studying abroad is to carry a Forex Card. These are similar to credit/ debit cards and are your true travel partners that can be loaded with multiple currencies. They let you make easy payments at ATMs or POS (Point-of-Sale).
They also offer better exchange rates than debit or credit cards and can help you budget your daily expenses. Some of the best forex cards for international students are HDFC Forex Cards, ICICI Forex Cards, IndusInd Forex Cards, Axis Bank Forex Card, HDFC Multicurrency Platinum Forex Card, HDFC Regalia ForexPlus Card, and HDFC Bank ISIC Student ForexPlus Card.
Some of the best forex cards for Indian students based on country are listed below-
- Best Forex Cards for Indian Students in the UK
- Best Forex Cards for Indian Students in Ireland
- Best Forex Cards to use in Australia
- Best Forex Cards to use in Germany
Forex cards protect you against currency exchange fluctuations as these rates are locked when you purchase and load the card. This locking technique is an important currency hedging strategy for international students that must be known. Some additional Forex tips for international students while purchasing Forex cards are-
- Opt for forex cards equipped with EMV chips, which offer better protection against counterfeit card skimming.
- Look for providers offering 2-Factor Authentication (2FA) for logins and transactions. This usually involves a code sent to your phone for verification, making unauthorised access more difficult.
- Choose a provider with a clear and efficient process for reporting lost or stolen cards.
- Ensure the forex service operates in your home country, your host country, and ideally, has a broad network abroad.
- Consider a service that allows you to set up transaction alerts. This can notify you of any suspicious activity on your card and help you identify potential fraud early on.
4. Open an International Bank Account
You must be wondering how an international student bank account can help. Well, this is an important forex tip for international students who will be studying abroad for a long time. Opening an international bank account for students can save your ATM fees and make it easier to receive payments when you find a part-time job.
Opening an international bank account is easy. All you need to do is research the bank that matches your preferences, needs, and interests in the country you wish to study abroad.
- Some of the best bank accounts are Santander Edge bank account, HSBC Bank account, Lloyds, and Natwest in the UK.
- The best international bank accounts for students in the US are Bank of America, Wells Fargo, Chase Bank and Capital One.
- CIBC, RBC, and Scotiabank student accounts are the top choices among students for international bank accounts in Canada.
Also Read: Check out this step-by-step blog on how to open a bank account for international students in detail.
5. Compare Money Transfer Services
Always research online money transfer services when making international wire transfers for tuition fees or accommodation payments. Providers like Western Union, PayPal, and Fly Finance offer competitive rates as compared to traditional banks.
You can also use your local bank account in the host country for making wire transfers. However, comparing their schedule of charges is an important forex tip for international students. You must also understand important terms and conditions and read all the details carefully to avoid unnecessary foreign exchange charges.
Among many banks, two of the most popular merchants are Capital One Bank, PNC Bank, and Fidelity Bank. You can compare Capital One wire transfers and PNC Bank wire transfers or Fidelity international wire transfers and PNC Bank wire transfers in our detailed blogs.
6. Beware of Counterfeit Money
Unfortunately, counterfeit currency exists. One of the important forex tips for international students is to watch out for counterfeit money. Many con artists and fraud money exchange providers use tactics like exchanging fake currencies. Thus, you must exchange foreign cash only with reputable and trustworthy money changers.
You must familiarise yourself with the security features of your host country’s currency, such as watermarks and security threads. Here’s how to spot fake dollar bills, detect fake euros, and identify counterfeit pound notes.
Also Read: Thinking about what you should do if you encounter counterfeit money? Check out this blog which talks about what do to with counterfeit currency.
7. Say No to Dynamic Currency Conversion (DCC)
Some merchants offer Dynamic Currency Conversion when paying with your credit card abroad. This is also called Cardholder Preferred Currency (CPC) whereby the amount of credit card transaction is converted at the Point of Sale or ATM while making payments.
Though this allows you to see the price in your home currency offering you convenience, it comes with hidden costs. DCC rates are usually worse than the exchange rate your bank uses. This means you’ll pay more for the same item. Also, the DCC rate is typically locked in at the time of purchase, and you might miss out on a potentially better exchange rate offered by your bank. By saying no to DCC, you can avoid these surprise charges and save for your study abroad budget.
8. Stay Informed
Keeping yourself informed of financial websites and currency converter apps can help you save a lot of money. You must follow financial news and stay informed through news outlets or financial websites that help you anticipate potential currency rate changes.
Many currency converter apps make it easy for you to compare exchange rates in real time, helping you make informed spending decisions on the go.
This was all about the best forex tips for international students. Remember that being aware of these things can help you save a lot of money and budget your global dreams nicely.
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
Some of the best forex cards for international students are HDFC Forex Cards, ICICI Forex Cards, IndusInd Forex Cards, Axis Bank Forex Card, HDFC Multicurrency Platinum Forex Card, HDFC Regalia ForexPlus Card, and HDFC Bank ISIC Student ForexPlus Card.
The maximum amount of forex cash you can carry legally is USD 3000. Under certain restrictions, you can also carry forex up to USD 5000 and 10,000.
An important Forex tip to navigate foreign exchange while studying abroad is to carry a Forex Card. They offer better exchange rates than debit or credit cards and can help you budget your daily expenses.
One of the important Forex tips for international students to keep in mind is to monitor exchange rates between your home country and the country you will be travelling to. This will help you identify the best times to exchange money and get the best forex rates.
Standard Chartered Forex Card, HDFC Bank Multicurrency Platinum ForexPlus Chip Card, ICICI Bank Student Forex Prepaid Card, and State Bank Multi-Currency Foreign Travel Card are some of the best forex cards for the USA from India.
Follow Us on Social Media
