Planning to study abroad? Some FAQs on forex that will make your task easier

Before leaving the house, there is a definite process to follow, with the participation of these four steps:

1. Use: A student attenuates the colleges of his choice and, on average, applies to five or six of them. Some universities require an application fee and others do not. When the application fee is required, payment is usually made by bank transfer.

2. Acceptance, some colleges have to pay a registration fee. Again the wire transfer is the preferred option here.

3. Once you receive a letter of offer from your university of your choice, now is the time to apply for a visa. After obtaining a visa, you will have to pay your tuition. According to the college, these fees can be paid in one go or a partial payment can be made before joining the rest once you get to college and make the payment in person. If you are required to make a prepayment, a transfer is the preferred option, and individual payments, a currency card is the best option.

4. Maintenance costs and maintenance expenses. For your daily expenses, a currency card is recommended as it is less expensive that the transfer cable can be easily recharged online.

Some colleges still accept payment with the draft, but it quickly becomes the obsolete option. That is why it is good to have a thorough knowledge of Forex before beginning this new chapter of your life.

The total amount of foreign currency used by a student in terms of both currency and transfers during a fiscal year must not exceed $ 250,000. This amount includes, in general, exchange rates, maintenance and living expenses and tuition fees. However, if your tuition exceeds this amount, you can justify your costs, providing slip.

What is the difference between bank transfers and currency charts?

Bank transfers or remittances are a popular method of transferring funds abroad and using the SWIFT platform for transfer (Society for Global Interbank Financial Telecommunications). To send money, you must have a bank account and a bank account transmitter reception. There will be a current exchange rate freezes at the time of transfer, sending a tax collected by the issuing bank and the BEN beneficiary payment or income received by the beneficiary bank. For example, you send $ 10,000 abroad, it is possible to pay for ₹ 250 to 2500 ₹ shipment and charge BEN $ 13 to 15 $. Depending on your destination and your bank’s mail of choice, these rates vary.

Currency cards are the prepaid cards in which to carry money in local currency, which then becomes the foreign currency of choice in fixed-effect rates. Forex charts can be used to withdraw money from ATMs, conduct online transactions and can be transferred to the terminal. They can be recharged with new funds in case we run. According to the bank in which you purchased, some exchange cards include the issue costs between 100 ₹ ₹ 350.

No. Forex is highly regulated and KYC compatible. Demonetization messages, customs searches at airports are becoming more stringent. If you do not have a valid proof of foreign currency purchase, the amount of the entire currency can be confiscated. This amount can only be redeemed upon proof of purchase.

Why can not I use credit/debit cards instead of a currency card?

Forex cards offer obvious advantages over credit, debit or credit cards. Here are some:

Issuance costs – There is no issue of exchange cards if purchased online. However, some banks may charge less than ₹ 350. Most international debit cards have an emissions tax and are generally less than 500 ₹ For international credit cards, issuance costs are generally lower ₹ in 1500.

Withdrawal Charges – For currency cards, $ 2 or its equivalent in another currency is charged by withdrawal at ATMs, while up to $ 500 is charged for withdrawal of debit cards and up to ₹ 1000 international withdrawal cards the credit cards.

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