Call Us
18002099100
3 min read
Table of contents
Dear Student, you must be all set to leave home for your education abroad. While the excitement and anxiety must be playing hide and seek with you, you are also considering the monetary aspects of your petty and maintenance expenses from the time you land abroad. Therefore, if you are a student travelling abroad, it is important for you to know the most convenient and effective mediums to arrange for all your financial transactions, securely, overseas.
But firstly, check out the rewards Thomas Cook is offering on buying Forex Cards. Gift voucher, chance to win a free trip and many more. Check out the offers here.
1. Travel Cards – Best way for a student travelling abroad
Travel cards are a holistic solution for a student travelling abroad for higher education. They are safe and secure to carry and can be pre-filled with different currencies. They are pin and chip-enabled and hence much safer to carry than cash. Generally, these cards come in handy to manage your daily expenses, and students can also pay for their air-ticket bookings, cab fares and even pay their fees to the university. These cards work at ATMs too. However, please do note that there are countries including Australia, US and Canada that have certain withdrawal limits per transaction. Some banks may even charge you a fee for the withdrawals you make. There is, however, a lock-in on the exchange rate from the day of purchase.
Parents/Guardians residing in India can also reload forex cards with additional money online. You can even receive SMS & E-mail alerts to keep a check on your expenditures.
2. Demand Draft
Foreign currency demand draft (FCDD), is one of the most efficient and commonly used mediums to make international remittances. There is a nominal fee for making one. The best part – the amount gets remitted directly to the beneficiary’s account. It is generally utilised to make transactions in substantial amounts like paying university and hostel accommodation fees. However, please note that clearing of the payment to the beneficiary’s account takes a good load of time.
3. Wire Transfer
Wire transfers are the easiest and the most convenient medium to make international monetary transactions. While making a wire transfer there may be certain details necessary of the beneficiary’s account viz. Beneficiary Name, Beneficiary Account Number, Beneficiary Address, Country, Bank Name where the beneficiary is holding the account, Bank Address, SWIFT Code and any other financial code that may apply to the respective region where the beneficiary’s bank account is located. Students can make pay university fees quickly and conveniently via wire transfers.
Must Read: How To Save Money On International Money Transfers
4. Travellers cheque, Best way for a student travelling abroad
Traveller’s cheque, one of the most conventional and the oldest mediums is another one to make international monetary transactions. These are easily available in all prominent currencies. In case of any theft or loss, worry not because they cannot be used by anyone else but you. Another plus, is that traveller’s cheques do not have an expiration date, however, the negative is a limited number of vendors available to encash these cheques.
5. The Good Old Currency Notes
Last but not least currency notes, the most convenient medium of carrying out your forex transactions, these are widely accepted by all the vendors big or small. These will come in handy for all your routine expenses.
Read about Thomas Cook Services you can avail while planning to study abroad.
So, as a student travelling abroad, you must undertake all the conventional practices to go abroad for your higher studies, I wish you all the very best. And oh, spend wisely?
References:
- Economic Times, 2017
- ICICI Bank
Note:
Please note that all the forex transactions that you will undertake are subject to the limits governed by the Foreign Exchange Management Act (FEMA) of India.
Table of contents
Our Forex Offerings
Recommended Articles for you
12 Best Places To Visit In November In India In 2026
0 0 November is a month of vibrant transitions in India, offering an array of travel experiences from the cool Himalayan foothills to the warm beaches of the south. If you’re planning your travel itinerary for November 2026, India presents […]
10 Best Places to Visit in December in India 2026
0 0 December marks the beginning of the peak travel season in India. From the North of the country to the South, every region has pleasant weather and clear skies, perfect for sightseeing. After the hot summer and muggy monsoon, […]
Cheapest Countries to Study Abroad for Indian Students in 2026
0 0 Overseas education costs have climbed steadily over the past few years, and tuition fees alone no longer tell the full story. Indian students planning to study abroad in 2026 need to weigh tuition fees against living expenses, visa […]
How Much Does It Cost to Study Abroad as an Indian Student
0 0 Studying overseas is an exciting opportunity, but it is also an equally expensive opportunity. Honestly, tuition is only one part of the equation. There is also accommodation, food, transportation, health insurance, visa fees, flights, study materials and even […]
How NRIs Can Send Money Home as a Gift to Their Parents in India
0 0 Most NRIs sending money home aren’t doing it for just one reason. It might be covering a parent’s hospital bill this month, helping fund their retirement next year, fixing up the family home, or simply sending routine support […]
Why Prepaid Forex Cards Are Better Than Credit or Debit Cards for International Leisure Travel
0 0 A crucial decision to make while planning for International Leisure Travel is how to carry the currency you will be using there. Which of these you must carry – Cash, Credit cards, Debit cards, or Foreign Exchange Cards? […]
Best Forex Cards in India (2026): How to Choose the Right One
6 1 There isn’t one card that wins for everyone, and any article claiming otherwise is probably selling something. What makes a card the best forex card for you comes down to the markup, whether it holds the currencies you […]
GBP to INR History: How the Pound Has Changed Against the Rupee Since 1947
0 0 Have you ever noticed that the pound feels more expensive today than it did for your grandparents? While you may consider it to be inflation, it is much more than that. The GBP to INR history has seen […]
Foreign Exchange in India, Now Easier than Ever
0 0 A trip to the foreign shores is indeed an exciting thought. Meticulous planning and itineraries follow. However, one thing that can be mildly discerning is buying and managing foreign exchange that would be needed during the trip. All […]
Rial Is the Currency of Which Country? Countries That Use the Rial
0 0 Understanding “rial” currency can be confusing because when you search for it, some searches will show you Iran, Yemen, and Oman as countries that use it. Some searches may also show Saudi Arabia and Qatar. And this is […]
Money Transfer Scams to Watch Out For When Sending Money Abroad
0 0 With the advancements in technology, there are a lot of benefits, especially the ability to transfer money globally. Those working abroad can send money back home to their family. As for the students abroad, they can get necessary […]
Cherry Blossom Festival in Japan
0 0 All You Need To Know Before Planning a Cherry Blossom Trip to Japan The cherry blossom season Japan is usually from March to early May. Tokyo, Kyoto, and Osaka are popular destinations if you are visiting for the […]
Sakura Cherry Blossom in Japan
0 0 Sakura Cherry Blossom in Japan: Best Time, Places, Festivals and Travel Tips The sakura season in Japan usually starts in March in many popular destinations and continues into May in northern regions. Sakura is the Japanese word for […]
Why Is the Dollar Rising? Understanding the Factors Behind USD Strength
0 0 Why dollar price is increasing because of changes in interest rates, inflation expectations, economic growth, capital flows, and demand for the US dollar. Overall, this change is closely linked to the difference between US interest rates and those […]
Why Study in Australia? Here’s What Indian Students Should Know
1 0 Australia is a popular destination for students who want to study internationally. The opportunity to study in Australia gives access to internationally recognised qualifications, modern campuses and an environment with many cultures, helping you grow. What to keep […]
Chasing the Lights Across the World’s Best Northern Lights Countries
1 0 There is a particular kind of silence that falls over you the first time the sky turns green above your head. It is not something a screen can prepare you for. That unforgettable moment is what makes Northern […]
What is the average cost of living in Singapore in 2026?
0 0 The Cost of Living in Singapore At A Glance Average monthly budget: A single person may need S$1505 every month excluding accommodation. The rest of the budget depends on lifestyle and location. Biggest expense: Accommodation is the largest […]
Top Universities in Germany for International Students
0 0 Germany universities for international students have been one of the most preferred destinations for many years. Public universities charge little to no tuition fees, offering excellent opportunities for globally valued research and English-taught programs across engineering, business, and […]
RBI Forex Guidelines for Foreign Exchange Transactions in India
0 0 What Do RBI Forex Guidelines Say? FEMA oversees the legal mechanism governing foreign exchange transactions in India. All Indian residents should deal in forex only through RBI-authorised persons and for permitted purposes. Under the Liberalised Remittance Scheme (LRS), […]
Cost of Living Index by Country: Compare Living Expenses Around the World (2026 Guide)
0 0 No two countries charge the same price for everyday life. A coffee that costs $2 in Hanoi can cost $7 in Zurich, and a one-bedroom apartment renting for $300 in Cairo might command $3,000 in Manhattan. These gaps […]