How To Transfer Money From Axis Forex Card To Bank Of America

International Bank Cards/Forex Cards – moving from India to the U.S.

Posted by Rohit Mittal

What is an International Bank Card/ Forex Card?

A Forex card is similar to a prepaid ATM card, which lets you withdraw money from an ATM in a foreign country, in their local currency.

When you purchase a forex card, you need to top up the card with at least minimum balance in Indian currency; the amount is then converted into dollars (or any other foreign currency), on the same day at the prevalent exchange rate.

As per RBI regulations, an Indian citizen going abroad for a general visit cannot take more than $10,000 in a year with him abroad in paper/plastic money (cards). But, the rule is different for educational trips.

As per FEMA (Foreign Exchange Management Act) regulation, a student going abroad for education may be sent a maximum of $1,00,000 or equivalent during the financial year.

Some Points to Remember…….

Check your forex card balance online, as checking balance in ATMs is chargeable.
Even though you can check your forex card balance online, but you can't transfer funds from your forex card to your bank account.
Most forex cards levy a fee per ATM withdrawal abroad, there is also a limit to your daily withdrawal.
Make sure you authorize your parent/ sponsor to load money into your forex card before you leave.

Popular Forex Cards options when Moving from India to the U.S.

Some of the popular banks offering forex cards in India are- HDFC, ICICI, AXIS, IDBI, STANDARD CHARTERED, CITIBANK, ING VYASA, DHANLAXMI BANK, STATE BANK OF INDIA.

Fees and Charges of different banks on Forex Cards for U.S. Dollars

Bank Name	Initial Card Fee	Reload Fee	Replacement Fee	ATM Cash Withdrawal Fee	Daily Withdrawal Limit	Balance Inquiry Fee
HDFC	INR 125	INR 75	NA	$2	NA	$0.50
ICICI	INR 150	INR 100	$20 if lost in foreign country and $3 if lost in India	$1.50	$2000	$0.50
AXIS	INR 150	INR 100	$3	$2	$10,000 Please Confirm with Bank	$0.50
IDBI	$3	$2	$2	$1.50	$20,000 Please Confirm with Bank	$0.55
STANDARD CHARTERED	INR 250	INR 100	INR 400 if collected from India and $4 if collected from Abroad	NA	Unlimited	NA
INGVYSYA	INR 125	INR 75	$3	$2	Unlimited	$0.50
CITIBANK	Please Confirm with Bank	Please Confirm with Bank	$2	$1.75	Unlimited	NA
DHANLAXMI BANK	INR 150	INR 100	INR 150 for the Card. INR 1500 additional for courier outside India and INR 250 in India	$1.50	Unlimited	$0.50
STATE BANK OF INDIA	INR 110	INR 55	$5	$1.75	$1000	Please Confirm with Bank

(Source: http://usgraduatesblog.com/forex-cards-fees-and-charges-of-different-banks/ )

Note: To find updated fees and charges, you may visit the bank's official site.

Additional Points to be considered while choosing a Forex Card

Most banks do not provide a forex card without an account in their bank.
Most banks charge additional taxes on issuance and reload fee, in addition to above-mentioned fees.
Some banks may charge a currency conversion fee, in case you make transactions in a currency different from that you had initially asked for.
Some Banks charge for the new ATM Pin to be issued if you have forgotten your ATM Pin.
Other than banks, companies like Thomas Cook, Matrix, and other travel agencies, also provide prepaid forex cards.

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Benefits of Forex Cards

A single card for multiple destinations.
Stay protected from currency fluctuations.
Wide acceptability, with withdrawal options in multiple currencies.
Easy to use and carry.
Protects against theft.
24×7 access to your funds.
Some banks also offer exclusive dining privileges and added benefits.
Most banks also offer insurance coverage incase of an accident or mishap.

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Stilt, Inc strives to keep this blog information accurate and up to date. All information is presented without warranty. Discrepancies may be found. This blog does not consist of legal advice.

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