When you have a lot of power, you have a big duty to use it wisely. Similarly, when you enroll for study abroad programs in another country, you might feel more stressed about saving money. If you keep up with business and international news, you probably know how money values can change a lot. It’s totally normal to feel worried about dealing with money abroad. But don’t worry! You’re in the right place to get help and understand things better.
We have compiled the top tips for currency exchange for students to manage foreign exchange for while going abroad. Read along!
Make sure to use the rate lock-in feature
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This is the best one of the best tips for currency exchange for students while going abroad. If you’re wish to buy a forex card for your trip or send money for your university fees soon, it’s crucial to keep an eye on the currency exchange rates. This is especially important nowadays when the rates can change a lot. Some financial technology companies offer a service where you can book rates 24/7 and lock them in. This means you can secure the rates you like when they’re favorable to you. Using this rate lock-in feature can help you get the best forex rates available. You can also buy forex online to get cheap rates, secure transactions and convenient delivery options.
Use forward contracts to protect yourself from rate changes when transferring money
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Forward contracts are like a safety net for uncertain times ahead. When you’re dealing with big money transfers, like paying student fees, you want to protect yourself from sudden changes in exchange rates. With a forward contract, you make an agreement with the bank to exchange money at a set rate on a future date, up to a year ahead. This way, you can lock in a favorable rate today and avoid being affected by any rate fluctuations later on.
Use a Forex Card while studying abroad
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This is another important tip for currency exchange for students as it’s not smart to rely mainly on cash or regular debit/credit cards for your daily expenses when they’re studying abroad. Use a forex card for students as it offers a smarter and more cost-effective alternative. It allows you to compare rates with other foreign exchange products and interbank rates, helping you save money. Some debit cards claim to have zero margins, but they might not offer the best rates, causing you to pay more. With our forex card, you can avoid these issues altogether.
Forex Tips: You can use your forex card that helps with currency exchange for students, and they come with insurance coverage, PIN protection, and no foreign transaction fees. Plus, you can reload them for booking cheap international flight tickets online or online hotel bookings. Just make sure to watch out for extra fees like ATM withdrawals, card replacements, balance inquiries, and any other hidden charges.
Open a bank account in another country
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When you apply student visa online, you can also open a bank account in that country, matching the currency you’ll be using for payments. This means that the exchange rates on the day you open the account will be fixed. To open such an account, you’ll need to show identification like a passport, visa, student ID card, and proof of address. Many universities have partnerships with local banks to make it easier for students to open accounts. However, it’s important to know that these accounts usually don’t earn much interest.
Picking the best place to exchange money
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Do check for forex exchange rates as it is one of the top study abroad essentials for students. When it comes to exchanging currency for students studying abroad, there are a few options to consider: banks, local money changers, and online currency exchange platforms. Each has its advantages and disadvantages, so it’s essential to pick the right one based on your needs.
Use wire transfer remittance
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An international wire transfer is when money is electronically sent from one bank account to another, directly depositing the funds in the currency needed by the recipient. You can arrange international wires online, through payment and banking apps, over the phone, or in bank branches. This is one of the best forex tips and top tips for currency exchange in India.
Why currency exchange for students or Forex in India is important?
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Students need to exchange currency for several reasons when planning to study abroad. Here’s why:
- Applying to universities: Students often apply to multiple universities, some of which require application fees. Upon acceptance, they may need to pay admission fees through wire transfers.
- Visa and tuition fees: After receiving an offer letter, students must apply for a visa and pay tuition fees, which can also be done through wire transfers, either in full or partially.
- Day-to-day expenses: While abroad, students require foreign currency for daily expenses. That’s not all! You can also use it to pay for your international trip expenses or dining for its affordability and ease of reloading.
Why choose Akbar Travels for currency exchange for students?
As a parent, you want to make sure your child studying abroad has access to money when they need it. Akbar Travels is a well-known name in the travel sector for not only providing the best education services through Akbar study abroad but also provide special student rates on forex purchase. Akbar Travels offers competitive exchange rates, ensuring you get more value for your money when exchanging currencies. Our services are designed with students in mind, making currency exchange quick and hassle-free. You can conveniently exchange currency online or at our local branches.
Also Read:
Mistakes to avoid while exchanging/buying foreign currency in India
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