Students who want to study abroad need access to funds to study and live abroad. To do that, they need to have a currency that is permitted in that particular country. Forex assistance and quick services are thus essential for students to make their study abroad journey easy and convenient. Working as a reputed forex assistance for abroad studies, we have tied up with leading Forex dealers, make certain that students get the best and affordable exchange rates and quick services. A huge part of your savings towards studying abroad would go towards Forex. We at CollegeClue, have aligned ourselves to your needs at each stage of the journey. We offer foreign exchange services for students with our expertise would make the road of going abroad for higher education hassle-free
Forex transactions can be tricky when there is regular fluctuation in the exchange rate which leads to additional charges on every transaction CollegeClue will provide you unique Forex card powered by visa; that will be loaded with Indian currency and used across the world with close to zero Forex mark-ups, means you can get the exchange rate almost the same as the interbank exchange rate.
Advantage of Forex Card Over Credit and Debit Card
Issuance Fee There is no issuance fee for forex cards if the card is purchased online, however some banks may charge up to INR 350. Most international debit card issuance charges range between INR 0-500. And for international credit cards, the issuance fee will go up to INR 1500.
Withdrawal Fee For forex cards $2 (approx. INR 150) is charged per withdrawal, where up to INR 500 is charged for international debit card and INR 1,000 international credit charged per withdrawal.
Merchant Fee Forex cards do not have any merchant fee, whereas for international debit and credit cards an additional 3.5 percent will be charged as a merchant fee.
FX Rates For forex cards, exchange rates are frozen at the time of loading, thus, having no probability of rate fluctuations, but, for debit and credit cards, it is not possible to freeze rates, and unfortunately highest rates of the day are applied in any type of transaction.
FX Conversion Charges No additional conversion charges are applicable for forex cards, but a cross-currency mark-up of 4 to 6 percent can be charged on every transaction through international debit and credit cards.
Types of Forex Cards
Multi-currency Card Multi-currency cards allow you to load different currencies on a single card. You can load up to 22 currencies providing protection against exchange rate fluctuations in the future.
Single-currency Card Single-currency cards are cards loaded with only one currency, and this card can be a good option if you are traveling to a single country it also protects you against fluctuation of rates in the future.
