“Wire Transfer or Forex card, which is better to use as a student? How can I use a Forex card as an International Student?”

Best option for Students Studying Abroad: Wire Transfer or Forex Card?

Gaining world class education from a top notch university in foreign land is something I have always wished for. And to bring it into reality, I have done enough hard-work and thankfully met most of the University’s enrolment requirements. And now, I am eagerly waiting for the final acceptance call letter.

Before witnessing the proudest moment of my life, there are host of financial decisions that are needed to be considered such as fund transfer from home country. How will I pay for tuition fees, books, accommodation and daily expenses? The first and foremost thing to look upon is the best payment option which should be safe as well as quick. Let’s explore foreign exchange services wherein Wire Transfer and Forex Card are the most talked ways.

Wire Transfer!

As the name suggests, wire transfer is the way of transferring money electronically from one person to another through banks and non-bank mediums. It requires the details of sender as well as receiver.

Forex Card!

This card is greatly considered as one of the most hassle free ways to manage money when abroad. It is similar to credit and debit card which is loaded with money and can be used in the required local currency as and when needed. It is meant only for foreign currency.

Now that we know the terms, let’s emphasize and compare their features.

How Secure?

Forex card comes protected with a chip and a pin which ensures its safety manifold. In worst case, if you lost the card, don’t panic and block the card immediately. Contact your forex card dealer, and get a new one issued in no time. However, in wire transfer you have to keep an eye on your cash throughout.

What all Extra Charges Involved?

Wire transfer comes with a commission which is applicable to both, sender as well as receiver. The upfront fee has been paid by sender while some amount has been deducted from transferred amount on receiver’s behalf. Talking about forex card, usually good forex card dealers don’t charge anything for issuing or activating the card.

How acceptable?

It varies from one place to another. Most of the universities and stores give their nod to wire transfer while few not. So, check it out with the university you are going to enroll to avoid any further problem.

What’s the withdrawal limit?

The first few withdrawals will be free and after that a small charge will be deducted on each withdrawal. Talk to your forex card dealer and enlighten yourself about it.

It is highly recommended that one should weigh the pros and cons of each medium of fund transfer before opting for one. Also, talk about the chosen medium to the university officials.  

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