Why a Forex Card is Better than Cash for You as a Student Abroad

Studying abroad is an opportunity and a responsibility. An opportunity to gain quality education and a responsibility because you will be staying alone, probably for the first time in your life. So, while you will have your much-awaited freedom, you will also need to be able to cook your meals, do your grocery shopping and laundry, and pay your bills. This means you must learn how to manage your finances efficiently and effectively.

It is easy to lose time and your concentration on your studies when you have to take care of so many things at once. While the other stuff is relatively easy, managing your finances is a whole different ball game. It can be as complex as you make it, or it could be as simple as making some smart decisions.

Until a few years back, debit and credit cards were not a big part of monetary transactions. Keeping cash handy provided some peace of mind, especially to parents. But, with increasing digitization, card payments and electronic payments modes have become mainstream and are offering more convenience and safety. This is where the advantages of forex cards for students come into play.

So, when studying abroad, using a forex card makes more sense than keeping cash. Most of the countries around the world are embracing cashless or digital payments. The smart thing to do is join the digital revolution and stay in sync with the times.

Cashless Payments are Easy

In addition to credit and debit cards, cashless payments now also include digital modes of payments like mobile wallets and Peer-to-Peer money transfer. In case of cashless payments when abroad, prepaid forex cards make payments much simpler not just for travellers but also for students. A few decades ago, travellers cheques were the preferred mode of carrying large amounts of cash. But they were slow to be processed and could only be redeemed at a select few places. And it was not unusual for the exchange rate to vary from one place to the other.

Also Read: Why Travellers Cheques Are Dying Out

Advantages of Prepaid Forex Card

Travellers cheques are no more the preferred mode of carrying foreign exchange. They have been replaced by prepaid forex cards that make the whole process easier and more efficient. With a prepaid forex card, there’s no need to worry about the exchange rates, nor is there the worry of losing your money if you lose the card.

A forex card is the smarter option to use for your expenses abroad. Especially as a student.

Prepaid Forex Cards for Students Vs Cash for Students

Carrying cash is a risky proposition. After all, cash once lost is almost always irretrievable. And it also affects our spending. When we have cash in hand, we tend to spend more. But this is just one of the disadvantages of carrying cash over a forex card. While cash may be useful in some situations, the advantages of a forex card far outweigh the advantages of carrying cash.

Difference between Forex Card Vs Cash

Ensure Security with Forex Cards

A forex card is the most secure option to keep all your money safe as a student. It ensures that you can have access to all your money whenever you need it and guarantees its safety. Thomas Cook has a wide range of prepaid forex cards that make it easier to navigate the complexities of foreign exchange.

The Thomas Cook One Currency Card is accepted in over 200 countries across the world. It also helps you to take care most of your expenses as a student studying abroad.

The long list of benefits of the One Currency Card makes life easier and leaves you free to concentrate on your studies.

Benefits of One Currency Card for Students

• It is chip and PIN protected.
• There are no cross-currency costs anywhere in the world.
• It provides access to 35.2 million establishments and 2.2 million MasterCard ATMs worldwide.
• The One Currency Card is not linked to your bank account and lost, or stolen cards are replaced for free.
• It can be reloaded/topped up from anywhere in the world.
• You can manage your card online.

Thomas Cook’s Borderless Prepaid Card also ensures that you worry less about the money and give undivided attention to your studies.

You can load up to 8 currencies in one card.

• It is chip and PIN protected.
• It is not linked to your bank account, which ensures your peace of mind.
• Lost or stolen cards can be replaced for free.
• It can be reloaded from anywhere in the world.
• You receive an SMS or email alert for every transaction you make.

Forex card is an easier way to manage your money when you are a student abroad. It takes care of all the intricacies of foreign exchange, as a result, leaving you free to concentrate on the more important things, like your studies.

Also Read: Things Every Traveller Needs Know Before Going Abroad

Some Useful Tips

In many countries, students are eligible for a lot of discounts and tailor-made offers. Be sure to ask around for any offers that will help you to stretch your money a lot farther. Many universities or colleges issue student discount cards that will help you to avail these offers. But mostly your valid student ID works too.

Here’s how students can save money using forex cards and make the most of your experience as a student abroad.

• Use public transport. Most countries have an excellent public transport system that also offers discounts to students.
• Use bicycles to commute short distances or to get around the campus because it is free and healthy!
• Make local friends who can introduce you to new cultural experiences.
• Set aside funds for any unforeseen expenses.
• Keep an eye on your expenses and check your budget regularly.

These tips will not only ensure you an enjoyable experience, but it will also open you up to new experiences and therefore, create memories for life.

All the best!