Know about currency exchange rates while traveling overseas

Are you a student traveling abroad? 4 ways students can carry money abroad

Are you a student planning to travel abroad? Congratulations on this exciting new chapter in your life! As you prepare for your trip, it's important to consider how you will manage your finances while you're away from home. Carrying money abroad can be daunting, but with a little preparation, it doesn't have to be.

This article explores four different ways you can carry money while traveling abroad. Each option has pros and cons, so we encourage you to read through them and decide which will work best for you. So, let's get started.

4 ways students can carry money abroad

Let's examine how you can carry money abroad for your needs

• Forex Card

  A forex card is also known as a travel card. It is a prepaid card that can be loaded with foreign currency. These cards are widely accepted worldwide and help withdraw cash from ATMs or purchase at shops and restaurants. Forex card offer a convenient and safe way to carry money while traveling abroad, as they do not remain linked to your bank account and can be blocked in case of theft or loss.

• Foreign Currency Demand Draft (FCDD)

  A foreign currency demand draft (FCDD) payment instrument allows you to transfer money abroad. It's a cheque drawn from a foreign bank and payable in the local currency. You can purchase an FCDD from your bank and send it to the recipient's bank, where they can deposit it and receive the funds. FCDDs are a secure and reliable way to transfer money, but they may take longer to process and may come with higher fees than other options.

• Wire Transfer

  A wire transfer involves electronic transfer of funds between two banks. It's a quick and convenient way to send money abroad, as long as you have the necessary information for the recipient's bank account. You can initiate wire transfers online or at your bank branch, and the funds are usually available to the recipient within a few business days. However, wire transfers may come with higher fees and exchange rates, so comparing your options is important before sending money.

• Travellers Cheque (TC)

  A traveler's cheque (TC) is a pre-printed cheque that can be used as a form of payment while traveling abroad. You can purchase TCs from your bank or travel agency, which can be cashed at banks or exchange offices. Traveler's cheques offer a secure way to carry money. Furthermore, they can be replaced if lost or stolen. However, they may not be as widely accepted as other payment methods, and cashing them may come with additional fees.

Reasons why a forex card is the most convenient option

A forex card is often considered the most convenient option among the various ways of carrying money while traveling abroad. Here are some reasons why:

• Wide acceptance

  Forex cards are widely accepted worldwide, including at ATMs, shops, and restaurants. You can use them to withdraw cash or make purchases without worrying about currency conversion or finding a currency exchange office.

• Prepaid and re-loadable

  Forex cards are prepaid and re-loadable, so you can load them with foreign currency before your trip and then reload them as needed. It lets you lock in the exchange rate and avoid fluctuating exchange rates during your trip.

• Safe and secure

  Forex cards are not linked to a bank account and come with a PIN code, making them a safe and secure way to carry money while traveling. If there's a case of theft or loss, you can block the card and get a replacement.

• Lower fees

  Forex cards usually cost less than other options, such as wire transfers or foreign currency demand drafts. You will likely be charged a small fee for ATM withdrawals or foreign currency conversion, but these fees are often lower than those associated with other payment methods.

• Online management

  Many forex card providers offer online management tools, allowing you to check your balance and transaction history and reload your card anywhere. This makes it easy to manage your finances while traveling and avoid the hassle of carrying cash or dealing with bank transfers.

Cover all your overseas educational money transfer needs with Orient Exchange

To manage your finances while studying abroad, Orient Exchange has got you covered. Our range of services, including forex cards and wire transfers, are designed to make it easy and convenient for you to manage your money across borders. We offer competitive exchange rates, low fees, and excellent customer service, ensuring that you have a smooth and hassle-free experience.

If you're planning to study in a foreign country and are looking for a reliable and trustworthy money transfer service, consider Orient Exchange. Our services allow you to focus on your studies and enjoy your time abroad without worrying about financial hassles.

To learn more about the Orient Exchange services you can avail yourself when planning to study abroad, visit our website or contact our customer service team. We'll happily answer any questions and help you choose the right service.

So, what are you waiting for? Start planning your study abroad experience with Orient Exchange today!

Also Read:

Best Forex card for students studying abroad | Travel card
Studying abroad! Know how a forex card is advantageous for a student living abroad?
How to pay fee to a foreign university from India