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Mint
3 days ago
- Business
- Mint
Studying abroad? How prepaid forex cards help manage student expenses
Are you going abroad for studies? Then, a prepaid forex card, which is specially designed for students, will be a handy tool for managing your expenses. Prepaid forex cards for students come with a host of benefits including multi-currency features, locked-in exchange rates and lower transaction fee compared to regular debit and credit cards. Here is a guide on the features, benefits and what you should look for while getting prepaid forex cards. A prepaid forex card for students is a convenient and secure way to carry foreign currency abroad. It offers features such as multi-currency support, locked-in exchange rates, and lower transaction fees than regular debit or credit cards. 'Prepaid forex cards provide multi-currency loading options, online tracking, secure chip-and-pin technology, easy reload functionality, and easy blocking in case of loss or theft,' says Ankit Mehra Co-Founder and CEO of GyanDhan, an NBFC (Non-Banking Finance Company) that has a tie-up with edtech firms. 'Additionally, forex cards lock in the loaded amount, protecting against currency fluctuations,' he says. 'These cards can be used for payments and ATM withdrawals globally. Many service providers offer student-friendly perks such as zero issuance fees, discounted rates, free international SIM cards, and travel insurance,' says Pavan Kavad, Managing Director, Prithvi Exchange, an RBI licensed forex dealer. These cards are widely accepted at merchants and ATMs worldwide, making them an ideal choice for students studying abroad. They come with added benefits like expense tracking through mobile apps and instant card blocking in case of loss. Prepaid forex credit cards are a smart choice for students studying abroad. They offer benefits such as global acceptance, online tracking, and easy reloads from India. They ensure safe, convenient payments and help manage foreign currency expenses efficiently. Students should ensure that their forex card comes with ISIC (International Student Identity Card) as an additional benefit. ISIC provides access to thousands of discounts worldwide on travel, food, shopping and educational resources. 'Combining an ISIC with a forex card helps students save money on everyday expenses and enhances their international experience. Many banks and forex providers also offer combo deals that include both cards for extra savings and convenience,' Kavad says. 'Additionally, pairing a forex card with an ISIC card provides verified student status and also unlocks additional global discounts on travel, shopping, and entertainment, making the student's overseas experience more economical,' Mehra says. Mastercard is offering ISIC as a complementary benefit for all prepaid forex cardholders who are on its network in India. Education finance consultants say that students should ideally load a prepaid forex card with enough funds to cover at least 3-6 months of expected expenses, including tuition fee, rent, and living costs. 'A typical initial load ranges from $3000 to $10,000, depending on the destination and the cost of living. Since forex cards are reloadable, students can top up funds as needed,' Kavad says. 'The load comes with a limit of $7500 daily, which is enough. So, students can load sufficient funds for the first couple of months, and then reload based on actual expenditure patterns,' Mehra says. Incidentally, students can transfer up to $250,000 per financial year for their studies abroad under RBI's 'Liberalised Remittance Scheme'. Consultants say that prepaid forex cards can also be used for large payments such as tuition fees. 'Prepaid forex cards should not be limited to managing only routine expenses. While they are ideal for daily needs like groceries, transportation, and dining, they can also be used for larger payments,' Kavad says. 'However, for tuition fees, it's essential to check if the university accepts card payments. Otherwise, a wire transfer from an Indian bank might be required,' he says. 'Forex cards can safeguard the amount from exchange‐rate uncertainty. Thus, loading larger sums when rates are favourable can shield students from future volatility. Beyond daily expenses, preloading tuition fees in advance locks in favourable rates and minimizes exchange costs,' Mehra says. Most banks issue prepaid forex cards to students who are more than 18 years old. There are banks that issue these cards to students above 12 years of age. In any case, the student should have secured admission in a foreign school/college/university to get the card. Here are the documents that you have to furnish to the bank for availing the card. Self-attested copy of valid passport Self-attested copy of PAN card of the Applicant or Guardian (If the applicant is a major, PAN card of the applicant is mandatory. Additionally, if the forex card is funded by the Guardian, the PAN card copyof the Guardian is mandatory). Self-attested copy of Appointment letter/ Admission letter/University Identity Card Cancelled cheque/passbook copy Self-attested copy of international travel ticket or visa (any one) Copy of 'Passbook' or one year 'Account Statement', used for funding the forex card. Self-attested copy of Form I-20 if the student is going to the US for higher studies. Form I-20, officially titled the 'Certificate of Eligibility for Non-Immigrant Student Status', is a crucial document for international students seeking to study in the US. The signature of the 'Guardian' is required on the application form if the applicant is between 12 to 18 years old. The card will be activated only after complete verification of the KYC (Know Your Customer) documents. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
News18
20-05-2025
- Business
- News18
Germany Opens Its Doors Wider: New Visa Reforms Offer Relief and Hope for Indian Travellers
Last Updated: Germany's new visa reforms promise faster processing, fewer rejections, and a more transparent experience for Indian travellers. In a much-anticipated move that's set to reshape international travel for Indian citizens, Germany has announced sweeping visa reforms that promise greater transparency, efficiency, and accessibility. Coming into effect from July 1, 2025, these changes are expected to significantly ease the application process for Indian tourists, students, and skilled professionals—many of whom have long grappled with bureaucratic delays and unclear rejection procedures. Perhaps the most impactful of the reforms is the elimination of the visa remonstration process, a previously opaque and time-consuming appeal mechanism. Applicants who faced rejection often found themselves in a frustrating loop, with little clarity on the reasons for denial and limited recourse beyond a lengthy appeal that could stretch on for months. According to Pavan Kavad, Managing Director, Prithvi Exchange (India) Limited, 'Germany's upcoming visa reforms mark a significant and positive shift for Indian travellers and professionals. By scrapping the visa remonstration process, Germany is removing a lengthy and often unclear appeals system. Applicants will now have a clearer option to either reapply or seek formal legal recourse, introducing greater transparency and predictability." To further streamline the application journey, Germany will also be cutting visa appointment wait times from nearly nine months to just a few days—a transformative move for those with urgent travel or academic commitments. The change is expected to benefit thousands of Indian applicants annually, including students racing against academic timelines and job seekers eyeing global opportunities. A Personal Perspective: 'I Almost Lost ₹30,000" For many, these changes aren't just policy—they're personal. Indian travellers have long felt the sting of Europe's rigid and unpredictable visa systems. Travel blogger Jeevan Kadam shares his own harrowing experience, 'Last year, when I applied for a Schengen visa, it was nothing short of a nightmare. I nearly lost ₹30,000 in the whole process," he recalls. 'It was incredibly frustrating and time-consuming, and the worst part was not clearly knowing why the application was denied. Like many Indians, I felt helpless." His experience echoes a broader trend. According to a recent Business Standard report, Indians lost a staggering ₹662 crore in non-refundable visa fees in 2024 alone, primarily due to Schengen visa rejections. These denials not only cost applicants financially but also result in missed academic admissions, business meetings, family reunions, and holiday plans. 'But now," Jeevan adds with optimism, 'things are changing. Germany will eliminate the remonstration procedure, and instead of an unclear internal review, applicants will now have to either reapply or go through judicial appeal—which feels fairer. They've even launched a digital Consular Services Portal so applications can be submitted online. This just feels like a more reliable and traveler-friendly option." Germany: A Gateway to Europe These reforms are expected to position Germany as a gateway country for Indian travellers to Europe, especially for those planning to visit multiple Schengen countries. With the promise of efficiency, fairness, and accessibility, Germany is rapidly becoming a preferred starting point for European travel. 'Germany is emerging as one of Europe's most accessible and promising destinations for Indians," Kavad affirms. 'These visa reforms are not just administrative updates—they're a reflection of the country's recognition of India's growing global mobility and contribution." As the countdown to July 2025 begins, one thing is clear: Germany's new visa policy has the potential to redefine the Indian travel and mobility experience, creating a more open and equitable system that finally meets the needs of the modern global citizen.
