Forex 101 : Wire transfer, Forex Card, Currency Notes

There are 3 possible ways to transfer or carry money:

• Wire transfer
• Forex card
• Currency notes

Wire Transfer:

What is a wire transfer? A wire transfer is a method of electronically moving funds from one person or entity to another. This transaction can take place between two bank accounts. Wire transfers represent the safest and most secure approach for moving large sums of money, typically amounting to several thousand dollars.

A small transfer fee applies, depending on the currency and the transferred sum, payable to the service provider facilitating the wire transfer, which is usually a bank or a forex company.

University fees:

Students can obtain education loans from banks and scholarships directly from their respective universities.

Most institutions require tuition payments to be sent via wire transfer directly to their bank account. However, if your university permits card payments, you may use your Forex Card as well, provided you verify government regulations regarding the maximum limits for carrying currency or plastic money.

If you are ready to pay your university tuition, you can process it directly through Ashiraj right here.

Why choose Wire Transfer?

Wire transfer is the optimal choice for moving large amounts of money while fully complying with government laws and regulations, as tuition funds go straight from your bank account to the overseas university account.

How is a wire transfer executed?

Once you obtain the official confirmation and complete banking instructions from the university, you can proceed with the following steps.

Complete the wire transfer application on Ashiraj by entering all university banking details. Take extra care when inputting the swift or IBAN code to guarantee that the funds reach the correct destination.

Upload digital copies of the mandatory paperwork.

Complete the payment. Following the transaction, you will receive the SWIFT confirmation copy within 2 to 3 business days.

Forex Card:

As a student settling into a foreign country, you will have numerous everyday requirements, including meals, entertainment, transportation, extra books, and personal hobbies. Relying on an international debit or credit card from your home country for these expenses is impractical, as it usually proves quite costly.

What is a forex card?

It is a prepaid card, functioning similarly to a standard debit or credit card, which can hold multiple currencies simultaneously on one piece of plastic.

You can load any initial amount onto the card and add more funds later as your needs or convenience dictate. Expenses made using your forex card can be easily tracked online, allowing parents to effortlessly monitor when their child is running low on funds and top up the card whenever necessary.

Why should you use a forex card?

Hanging on to large amounts of physical cash is rarely the safest choice for a student living in a dorm. Misplacing cash during travel and transit is a genuine risk, and carrying currency notes also leaves you vulnerable to theft, which can be a distressing ordeal in an unfamiliar nation. Utilizing a forex card is the most secure and effective alternative in such situations.

Once a specific amount is loaded onto the card, the exchange rates are locked in, protecting the funds on the card from fluctuating due to changing currency markets.

By opting for a forex card, you avoid lugging around bulky paper bills or inconvenient traveler cheques. A forex card represents the pinnacle of modern foreign currency management.

A forex card is accepted anywhere VISA cards are welcomed, making it useful for both online and brick-and-mortar purchases. There are no extra service charges when paying with a forex card, which significantly cuts down the necessity of withdrawing cash from an ATM. If you ever need to, however, the card can function at an ATM for a minor additional fee.

Safety and Security:

If your card goes missing, you can freeze it instantly by contacting customer support. Furthermore, all Ashiraj clients receive a backup card for emergency situations if their primary card is misplaced.

Because a prepaid forex card holds a predetermined balance and connects neither to your personal bank account nor your credit card, it completely removes any risk of fraud. An insurance policy is also included to cover card loss, assault, or robbery.

Multiple currencies:

Funds in various currencies can be loaded onto a single card. Separate balances are maintained internally for each currency, and the appropriate amount is debited based on where you make your purchase, simplifying multi-currency management.

Refilling a card:

To top up your card online, simply input your card number or select a saved card, then proceed to pay the desired amount. If your paperwork has already been verified, there is no need to re-upload it. You can also check your remaining balance online, or at an ATM for a small additional fee.

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?

Ashiraj provides you with a complimentary Forex Card. Simply place your order by selecting the desired sum, upload your KYC and university paperwork, and complete the online payment securely.

Once the card reservation is complete, the Centrum crew will bring the pre-loaded card right to your door. You must be available in person and present valid identification to receive it. Activation of a Forex Card takes between 24 and 48 hours. Alternatively, you can pick up the funded card from the Centrum branch located in your city.

Physical currency comes in handy for urgent expenses such as airport purchases or taxi fares. On the flip side, cash incurs steeper exchange rates and carrying substantial sums is unsafe.

Therefore, it is wise to rely on a forex card alongside a small amount of cash for the first few weeks.

Should you require any help, please reach out to our staff at support@Ashiraj.com