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Forex Card
Our Forex Card has been designed keeping in mind the unique needs and requirements of students going to study overseas.
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FAQ's For Students Regarding Forex
What are the different options to pay for expenses abroad?
From the moment you start planning to study in a college abroad, you’ll begin dealing with international payments in a different currency for exam fees, college application fees, expenses like flight bookings and yearly tuition fees, food and accommodation.
There are several options to transfer money to overseas accounts other than carrying cash or the almost redundant traveller’s cheque. For instance, you may opt for:
1. Forex cards: A forex card for Indian students is a prepaid card loaded with international currency (single or multiple) based on the local currency of the country you’ll be travelling to. It can be used just like an international credit/debit card. However, a forex card comes with limitations. There are added loading/unloading fees, inactivity fees, the amount gets locked in without earning interest, and the funds are not available immediately upon loading, etc.
2. Bank transfer: This is one of the most traditional ways of sending money abroad. Most banks or money transfer agencies facilitate international fund transfers through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. These transfers are not instant, they undergo anti-fraud and anti-money laundering checks, which takes 1-4 working days. SWIFT allows electronic payments through a unique SWIFT code. Banks charge a combination of a fixed transfer fee and a recipient fee, and 3-5% in exchange rates for every transfer.
There are several options to transfer money to overseas accounts other than carrying cash or the almost redundant traveller’s cheque. For instance, you may opt for:
1. Forex cards: A forex card for Indian students is a prepaid card loaded with international currency (single or multiple) based on the local currency of the country you’ll be travelling to. It can be used just like an international credit/debit card. However, a forex card comes with limitations. There are added loading/unloading fees, inactivity fees, the amount gets locked in without earning interest, and the funds are not available immediately upon loading, etc.
2. Bank transfer: This is one of the most traditional ways of sending money abroad. Most banks or money transfer agencies facilitate international fund transfers through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. These transfers are not instant, they undergo anti-fraud and anti-money laundering checks, which takes 1-4 working days. SWIFT allows electronic payments through a unique SWIFT code. Banks charge a combination of a fixed transfer fee and a recipient fee, and 3-5% in exchange rates for every transfer.
Benefits of Forex Card
A Forex card is a card which is one of the most effective ways to carry money when you are visiting another country. A Forex card carries your foreign currency and is accepted almost everywhere you go.
With globalization becoming the flavor of the day and the relative ease of transport in today’s world, travelling has become the norm for many individuals. Whether for business or leisure, travelling overseas is no longer an arduous journey fraught with peril. And while travel has caught up with convenience and technology, so has the way to pay when you’re off on your sojourn.
It is a type of prepaid credit card where you can deposit funds in foreign currency of your choice depending on the country you are visiting. Apart from using the forex card for transactions, you can also withdraw money from an ATM using the card. You will not require to carry your money in the wallet in cash as long as you have this card.
Documents Required for Money Exchange
1. A valid passport
2. A valid VISA for the country you want to travel
3. Confirmed ticket (travel within 60 days once got the exchanged currency)
4. PAN card
5. Aadhar card
2. A valid VISA for the country you want to travel
3. Confirmed ticket (travel within 60 days once got the exchanged currency)
4. PAN card
5. Aadhar card
Is there a limit on Currency exchange?
Regarding limits on Currency exchange, things to Know When Carrying Money From India Abroad, the RBI has laid down an upper cap of $3000 per visit on the purchase of foreign currency in the form of notes and cash. On the other note, one can purchase an equivalent maximum of US $2,50,000 in the form of a forex card. US $2,50,000 is the overall limit for the Resident Individuals under the RBIs Liberalized Remittance Scheme (LRS).
Things to consider when transferring money abroad
There are a few things to keep in mind when transferring money abroad like
Exchange Rates: The value of one currency compared to another is represented by the foreign exchange rate. When sending large sums of money, even minor changes in the currency rate can have a major impact.
Transfer Speed: The ideal time frame for transmitting money through trusted online channels is between 48 and 72 hours, but cheques and demand draughts typically take several days.
Fees: It is one of the most crucial factors to consider while sending money abroad. While sending money, you may be charged a transfer fee, a fixed sum or a percentage of the transfer amount.
