Got into a college of your choice? Congratulations! That is no mean feat. You must take some time off for that well deserved self-congratulatory pat on the back. Now roll up your sleeves again and head onto Phase 2 – planning and preparation for the transition.
First and foremost, ask yourself how you are going to pay for expenses – both professional and personal? We realized that there was no one consolidated list that can help you understand Foreign Exchange options available to you, so we got down to the grind and put together this list for you.
Before we get into the various Foreign exchange instruments available in India and how you can buy Forex in Delhi, Mumbai, Hyderabad, and other major cities in India, it’s good to have a general idea on how much Forex you are eligible to carry as a student.
For Tuition & Living Expenses: USD 100,000 per annum or amount stated in your Admission letter/I-20 form.
For Basic Travel Quota/BTQ: USD 10,000 or its equivalent per financial year.
Prepaid Forex Cards
Prepaid Forex cards are fast gaining popularity in the student community as a preferred means of payment. These are plastic cards just like your debit or credit cards and can be loaded with a currency of your choice.
- Cheaper than cash: Get the lowest forex rates on a card than hard cash as the latter is subject to market availability.
- Highly secure: Prepaid forex cards are chip and Pin protected giving you the highest level of security. They can also be immediately blocked in case of theft and you can get a replacement card on request.
- Load the entire amount onto a single card: Your complete Tuition fee and living expenses can seamlessly be loaded onto an easy t use and handy card.
- Comes with insurance cover: Most prepaid cards come with free travel insurance.
- Can be swiped at university terminal: Transfer your entire college fee with a single swipe.
- Can be reloaded from anywhere: Online Foreign Exchange companies like BuyForexOnline.com provide the means to reload or top-up your Forex card from anywhere in the world. All you need to do is login to your account and top up with a desired amount.
- Free ATM Withdrawal: Some online forex vendor such as BuyForexonline.com offer free ATM withdrawals on your Forex. So this is a good way to save a buck!
- Some universities do not have swipe terminals to process cards. So make sure your college accepts Forex cards if you decide to pay your full tuition fees through this option.
- Some ATMs charge a withdrawal fee per transaction.
You can remit money directly your college account or your individual account through a SWIFT wire transfer.
- opportunity to transfer a large sum of money
- ability to send funds to both universities and individuals
- ability to transfer money in 200 + different currencies
- Despite many companies advertising zero sending fee, there are often additional charges you will have to pay for a SWIFT transfer.
- You are often dependent on a person in local country to make subsequent transfers.
You can always carry currency on you and hand over the amount in person. Though this may sound like the easiest thing to do, there are several cons. So it is best to carry a Forex card and a bit of Hard cash on you for immediate expenses.
- Once you buy, it’s always at hand.
- Useful for immediate purchases like at airports and commute through cabs etc.
- High rates. Larger amounts are not readily available in the market.
- Unsafe to carry larger amount. Especially prone to theft.
- No Reload options. What would you do if you run out of Forex?
- University acceptance: Most universities don’t accept hard cash.
- High chance of Counterfeit Notes
Some universities accept payment only in the form of demand drafts which can be made for up to 9 different currencies. Demand drafts can be deposited directy into the individuals or university bank account. To make a demand draft, you will need to furnish valid supporting documents.
- Sometimes, they are the only acceptable form of payment in colleges
- A DD can be made for up to USD100,000
- They are only valid for 6 months
So the next time you find yourself wondering where to get the best deals on Student foreign exchange in hyderabad, in delhi, and other major Indian cities, you know exactly where to look!