Number of Indian students studying abroad for higher education in 2025. One of the largest numbers of Indian students travel abroad every year to pursue higher education in different countries, with Australia being a popular choice. Many students studying abroad are doing so for the first time and are unaware of the difficulties they will encounter during their study abroad.
The complexity of managing their finances, which is one of their biggest problems, is further compounded by the fact that they have to pay everything in foreign currencies. Because they are unaware of the many profitable options available to them for exchanging foreign currencies, many students often opt for inefficient solutions that add to their financial burden. What payment options are there for Indian students studying abroad?
The value of investing in education today exceeds that of investing in anything else. For higher education, Indian students go abroad and financial management is a key aspect of studying abroad.
Let’s take a look at some of the financing methods available to Indian students studying abroad:
The most common way to pay for studies abroad is by bank transfer. This may take 24 to 48 hours. To pay for tuition and accommodation fees, you can create a Foreign Exchange Demand Draft (FCDD) at any bank where you have an account. The process, however, takes about two weeks.
Once loaded with foreign currency, a foreign currency card is a prepaid foreign currency card that you can use to make purchases in the country you are visiting. Some unique aspects of Forex cards include the ability to load multiple currencies, no issuance and reload fees, etc.
How can Indian students studying abroad get paid? Today, investment in education is more important than investment in anything else. The number of Indian students going abroad to pursue their higher education has increased considerably. A significant aspect of this change in attitude towards higher education. Anyone hoping to eventually settle abroad now starts with a foreign university degree. An essential aspect of an international student’s life is transferring money from India and converting it into foreign currencies to pay for tuition fees and other living expenses.
On the other hand, why is using an exchange card preferable for students?
- Due to their fixed exchange rates, the ability to hold different currencies, no loading fees, free insurance coverage, emergency cash assistance and other benefits, currency exchange cards are one of the best ways to spend your money wisely when studying and traveling abroad.
- This eliminates the hassle of constantly changing money and carrying cash. A security pin is one of its additional security measures that ensures that your foreign currencies cannot be stolen.
- Using Forex cards makes it easier to make purchases while traveling in restaurants, motels and other establishments. You can use your card at any hotel or retail establishment without worrying about fees or charges.
- Like a credit or debit card, Forex cards can also be used to make cash withdrawals from an ATM.
- While studying abroad, an exchange card will help you track your spending and control your finances. Many Forex cards, like the BookMyForex Super Card, come with an app that helps you track all your spending in addition to many other fun features.
Most of these cards are issued jointly with Visa or MasterCard. Currency cards are prepaid cards that you load in foreign currencies and use to make purchases in the country you’re visiting. You are protected against currency fluctuations because you have already paid the required amount in foreign currency in advance at a predetermined rate and this is now held on your currency card.
Swipe your foreign currency Visa or Mastercard to make a payment abroad, and the funds will be digitally deducted from the foreign currency you have stored on the card. Forex cards can be used to make online purchases, withdraw money from ATMs and swipe at PoS (point of sale) terminals.
Thomas Cook currency card
One of the best exchange cards for students, Thomas Cook prepaid exchange card offers guided tours, vacation and business travel packages, insurance and other travel related services. Unlimited advance cards and a currency card are both types of currency cards offered.
Some important features are:
A fixed interest rate higher than interbank rates is proposed for exchange rates.
Physical tickets are shipped within 24-28 hours (only in certain cities).
Students are not entitled to a discount on bank transfers.
A person must be committed to managing their finances if they have already decided to pursue international studies. One of the most important aspects of studying abroad is deciding how you will manage your daily foreign exchange needs. There are many platforms and service providers in the foreign exchange market; However, most of these companies hide information about their fees and charges. Customers often buy substandard products out of ignorance, which ends up costing them a lot of money over time.