In today’s digital era, there are a lot of ways through which a person can transfer money in any part of the world. If you are planning to study abroad in 2024 and are wondering which one you should pick, you should definitely read further.
Debit cards, credit cards and forex cards are some of the best options available for transferring money when you are studying in a foreign country. Before deciding on which one you should pick, let’s take a deep dive and figure out which one seems better for you.
International Debit Cards and its advantages
International Debit card is a rupee based card which is usually linked to the savings account. This card is widely accepted all over the world however it is mandatory to have a savings account in the bank in order to carry on transactions via these types of cards. The only drawback these cards have is that the currency exchange amount is not fixed.
Also Read: Know about Popular Forex Scams and understand the types of them.
Credit Cards and its advantages
The credit cards unlike debit cards have a credit line that the user borrows up to a certain amount. The card issuers have the right to charge interest on the amount that the user borrows up to a certain pre-set limit. Credit cards are better if you are able to carry small or larger transactions even if you don’t have sufficient funds in your account.
Forex Cards and its advantages
Forex cards are the cards that are issued by the bank which can be loaded with the currency of your choice for making transactions. Forex cards allow the user to load currency at an actual locked in rate. It means that you have to pay no additional charges while doing transactions. Also, the forex card is widely accepted all over the globe.
Also Read: Detailed comparison between Forex Cards and Credit Cards
Which one is better?
If you are an international student, a Forex Card is usually better due to several advantages –
- The card is really convenient to carry and re-load.
- The card is not prone to rate fluctuations like any other cards.
- It is accepted everywhere and is safe to use as it is secured with two-factor authentication.
- Multiple currencies can be carried in one card if you use a multi currency forex card.
So, conclusively, if you are a student who is planning to study abroad in 2024, you can definitely choose a Forex card as it has certain advantages over others. However, every card has its own benefits. It’s just important to understand the nuances of each card that makes you take better financial decisions.
Follow the Fly Finance Newsdesk to get regular updates on study abroad loans, the latest guidelines, international money transfers etc.
