When you are ready to travel to USA or any other Country for your Higher Studies, the first thing that comes to mind is how much money you should be carrying with you while travelling to your destination. It’s a good practice to keep 1000$ as ready cash in your wallet and rest either as travelers check or Prepaid Forex Cards. This post is entirely on Forex Cards and the Fees & Charges for it.
What Is A Prepaid Forex Card?
A Prepaid Forex Card is similar to your ATM Card where you can withdraw the money from any ATM in USA or any other country. When you purchase your Forex Card you are said to top up to a minimum balance the card should have. The amount is paid in Indian Rupees (or your home country currency) and is converted into Dollars or any equivalent foreign currency that you want to convert it into. The currency conversion is done on the day in which you top up your Card. Consider this Forex Card to be similar to your Prepaid Mobile SIM Card. You top up your SIM Card with the required amount and then use it.
Which All Currencies are included in Prepaid Forex Cards?
Following are the currencies that are included in prepaid Forex Cards: -
- US Dollars
- Euro
- Pound Sterling
- Swiss Francs
- Australian Dollars
- Canadian Dollars
- Singapore Dollar
- Japanese Yen
- Arab Emirate Dirham
There are even more currencies that are included in Forex Cards by different Banks. These are the common currencies that are included no matter which Bank you choose to get your Forex Card.
What Documents should I carry to apply for Prepaid Forex Cards?
Below are the Documents that you must carry for applying for prepaid Forex Cards: -
- Completed Forex Application Form of the respective Banks.
- Form A2. (if you are loading more than $5000)
- Passport & Visa Copy.
- Travel Ticket.
- PAN Card.
Documentations are subject to change depending on the Bank from which you will be purchasing your Forex Cards.
How To Reload The Cash into the Forex Cards?
In order to Reload cash onto the card, either you or your authorized representative will have to visit the branch personally and make the request. Make sure you get appropriate forms from the banks and authorize your parents/sponsor. Also, confirm with your bank if they allow you to load the card through your existing account with the bank through internet Banking. It will be convenient for your parents/sponsor to load your card.
Some Important Points To Consider: -
1) All these cards come with the facility of checking the balance online. Do not waste time to check the balance at ATM Centers as it is chargeable.
2) Even though you can check your balance online, you cannot do a fund transfer from your Forex Card to your Bank Account.
3) All the Forex Cards have a charge for ATM withdrawals abroad. Also, there is a daily withdrawal limit for the ATM Cash withdrawals in most Forex Cards.
4) Make sure you get appropriate forms from the banks and authorize your parents/sponsor to load the money into your Forex Cards.
5) As per RBI regulations, an Indian citizen going abroad for a general visit cannot take more than $10,000 in a year with him abroad in paper/plastic money (cards). But, the rule is different for educational trips. As per FEMA (Foreign Exchange Management Act) regulation, a student going abroad for education may be sent a maximum of $1,00,000 or equivalent during the financial year. Make sure that the card you choose from below is compliant with FEMA regulations and will allow you to carry more than $10,000 in a year.
Fees And Charges of Different Banks: -
Check out the Fees & Charges of Different Banks that issue Forex Cards so that you can compare the rates.
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