Forex 101 : Wire transfer, Forex Card, Currency Notes

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Student Forex by Yocket

Updated on Apr 29, 2021

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After getting an admit from any universities abroad, the next concern that students face is arranging for the forex required. The tuition fee and accommodation costs are paid in advance but day to day expenses have to be managed regularly after moving to the university.

There are 3 possible ways to transfer/carry money:

Wire Transfer :


What is wire transfer?
Wire transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account. Wire transfer is the safest and most secure method of transferring large sums of money (typically a few thousand dollars).

A nominal transfer fee has to be paid depending on the currency and transfer amount to the service who is offering the wire transfer - typically Forex Companies or banks.

University fees:

Student loans and scholarships can be availed by students from banks and universities respectively. 

Most universities insist that the fees must be wire-transferred to their bank account. But if your university is okay with paying by card, you can use your Forex Card too (make sure you check the government regulations for the upper limit to carrying currency / plastic money.)

If you’re all set to pay your university fees, you can do that directly on Yocket here

Why choose Wire Transfer?

Wire transfer is the best way for transferring large sums of money by abiding to the government laws and regulations, since the amount required for tuition fees is transferred directly to the overseas university account from your bank account.

How is wire transfer done?

Once you have the required conformation from the university and complete bank details of the university, you can follow these steps.

Fill the wire transfer form on Yocket by entering all the university bank details. Be careful while entering the swift/IBAN number to ensure that the money is transferred to the correct account.

Upload scanned copies of the required documents.

Make payment. Once the payment is made, you will get the SWIFT copy within 2-3 working days.

 

Forex Card :


As a student moving into a new country, there are a number of day to day needs which include food, recreation, travel, supplementary books and other interests. Using an International Debit or Credit card from your country for such needs is impractical since it turns out to be rather expensive most times.

What is forex card?

It is a prepaid card which is like a regular debit or credit card which can be loaded with  multiple currencies on a single card. 

It can be loaded with any amount and then further top-ups can be made as per your needs or convenience. Expenses from your forex card can be conveniently monitored online. And it is as easy for parents to know when their child is running out of cash and reload it whenever needed.

Why should forex card be used?

Carrying a huge amount of cash may not be the safest option for a student staying in a hostel. Misplacing cash during the travel and other transit points is a very real concern. Carrying currency notes also exposes you to theft, which could be an overwhelming experience in a new country. In such cases using a forex card is the best and safest option.

Once a particular amount is credited in the card, the rates are locked and the amount in the card is not fluctuated by changes in exchange rates.

If you use a forex card, you do not have to carry bulky banknotes or cumbersome traveller’s cheques. A forex card is the most successful evolution in carrying foreign currency.

A forex card can be used at all those places where VISA cards are accepted. It can be used in online as well as offline stores. There are no additional service fees on the use of forex card. This greatly reduces the need to withdraw money from an ATM. In case you have to, a forex card can always be used as an ATM card by paying a nominal additional charge.

Safety and Security :

If you lose your card, you can block it immediately by calling customer care. Additionally all Yocketers are also provided with a secondary card which can be used in case of emergencies when you have misplaced your card. 

Since a Pre-paid forex card is loaded with a fixed amount, and is not linked to either your credit card or bank account, it completely eliminates the risk of any fraud. An insurance cover is provided in case the card is lost or if there is an assault or robbery.

Multiple currencies :

Money in multiple currencies can be loaded in the card. Different accounts are maintained within the card for different currencies. On usage, the amount is deducted accordingly. This makes it easy to manage multiple currencies.

Refilling a card :

To reload the card online you can enter your card number or choose existing card and proceed to payment with the required amount. If your documents are already verified, you don’t need to upload them again. You can also check the balance online. Checking you balance in an ATM is possible with a nominal additional charge.

Documents Required to book your Forex services (Scanned  copies to be sent)

  1. Letter of admission
  2. Original Passport with Student Visa
  3. Confirmed one way Airticket
  4. Prospectus / Offer Letter / Admission(Letter, which they received from university)
  5. PAN copy for all Forex transactions in cases(where total amounts exceed US Dollars 25000. Form 60 / 61 in case PAN not available)
  6. Pan card is mandatory if client is making payment more than 25,000 by cash
  7. In case of person traveling to USA Form I-20 is required

How to get a forex card?

With Yocket you get a Free Forex Card. All you need to do is place your order by choosing the required amount. Proceed to adding your KYC & university documents and make the payment online securely.

After the card has been booked, the centrum team will deliver the loaded card to your doorstep. In order to collect the card, you have to be present and also provide some identification. A Forex Card is activated within 24- 48 hours. You can also choose to pick up the loaded card from the Centrum office in your city.

 

CURRENCY NOTES :


Hard cash is useful for immediate purchases like at airports or for commuting through cabs. At the same time, hard cash is available at higher rates and it is not possible to carry large amounts.

So it is preferable to have a forex card and some hard cash for initial few weeks.

If you need any kind of assistance, feel free to get in touch with out team on support@yocket.in

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