Difference between Wire Transfers and Forex Cards
What is the difference between Wire Transfers and Forex Cards?
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Wire transfers or remittances are a popular method of transferring funds abroad and use the SWIFT platform for transfer (Society for Worldwide Interbank Financial Telecommunication). To remit money, you will need to have a sending bank account and a receiving bank account. There will be a prevailing Forex rate which will be frozen at the time of transfer, a sending fee levied by the sending bank, and a Beneficiary fee or BEN charges levied by the receiving bank. So, for instance, if you are sending $10,000 abroad, you might be charged a sending fee of INR 250 to 2,500/- and BEN charges of $13-$15. Depending on your destination and your choice of sending bank, these charges vary.
Forex cards are prepaid cards onto which you load money in local currency which then gets converted into the foreign currency of choice at a fixed FX rate. Forex cards can be used to withdraw money from ATMs, swiped at terminals, and can also be used to make online transactions. Forex cards can be reloaded with fresh funds in case one runs out of forex. Depending on which bank you purchased from, some forex cards come with an issuance fee in the range of INR 100-350.
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