Imagine you’re all set for your dream education abroad—new experiences, friends, and opportunities await. But then comes the big question: How will you carry your money? This is a crucial step that many students overlook. Carrying money while studying in a foreign country requires careful planning to ensure safety, accessibility, and affordability. This blog will explore various methods to carry money abroad, helping you make an informed decision that suits your needs and lifestyle. There are several ways a student can carry money abroad. Here is a quick look at the methods.
Travellers’ cheques are a traditional and reliable option for carrying money abroad. Available in major currencies, they provide a secure way to conduct transactions, as they cannot be used by anyone else if lost or stolen. Experts often highlight that travellers’ cheques offer better exchange rates than cash and have no expiry date. However, there are some drawbacks: they can only be cashed at specific authorised dealers, which may be limited in number. Additionally, even a minor signature mismatch can render the cheque void.
Foreign Currency Demand Drafts (FCDD) typically cost between ₹300 and ₹500 and are suitable for larger transactions, such as paying college and accommodation fees. They allow direct deposits into the beneficiary’s account, helping avoid intermediary bank charges. However, FCDDs can take up to two weeks to process, which may challenge urgent payments. As a result, many universities and hostels advise students to consider alternative payment methods. Additionally, if the draft is damaged, the refund process can be lengthy and complicated.
Wire transfers are a fast and efficient way of transferring funds to make payments for college tuition and accommodation. The entire process takes 24 to 48 hours. But a downside with this method is that it incurs commission charges from both, the sender and receiver banks.
Forex Cards are the ideal solution for students looking to carry money abroad. These cards allow you to load funds in your home currency, which can then be used for transactions in the local currency of your destination country. You can choose the specific currency you’ll need when you obtain the card. Designed specifically for students, Forex Cards offer additional benefits and privileges tailored to your needs. You can use them for various expenses, including college tuition, accommodation, food, shopping, books, and travel.
For instance, the HDFC Bank ISIC Student ForexPlus Card provides discounts on various purchases and offers global assistance in emergencies.
Additionally, this card serves as a valid student ID with its ISIC identity feature. You can lock in the exchange rate at the time of issuance, making it the safest and most convenient option for carrying money abroad.
Read more on why you should carry a ForexPlus Card while studying abroad.
Now that you know the best way for students to carry money abroad, don’t wait to apply for an HDFC Bank ISIC ForexPlus Card now. Click here to start now!
* Terms & conditions apply. ForexPlus Card approvals are at the sole discretion of HDFC Bank Ltd