Forex Credit and Debit Cards for US Bank Account

Forex Credit and Debit Cards – Hey what is up everyone welcomes to another article of the personal-finance series. we’re going to talk about what are some of the financial decisions you have to take before coming to the united states and after coming to the united states so let’s get started something came in the mail today this is the lens which I got I already opened it because I was too excited but I also wanted to unbox some of it in front of you I just wanted to confirm if it was a lens or not so it is a lens.

By the way, skip to this part if you really want to get to the actual part of the video and in this Saturday’s video you will understand why I’m ordering all these fancy lenses cameras and all of that so don’t miss out on this Saturday’s blog and then Sunday’s video is gonna be a special video I’m doing a music video so hopefully, you watch that please I need a lot of support because it’s my first cinematic full production video music video.

So I just wanted this one lens but obviously, during black Friday there are a lot of deals going on so with this lens all of this extra stuff came in this is a memory card I also got a USB dock so for some cameras this lens will not work so they have already sent me the adapter for it your case is a better word it comes with a lot of fun stuff in cleaning the camera in the lenses there’s a strap basically a backpack but it can turn into a pouch if you want to put your lens or things like that masala lot of documentation which I never read comes in a really nice pouch and wow this is beautiful.

Forex cards functions

how do you bring that forex cards and cash and the second part we will talk about which is opening up a bank account in the united states what is required to open the bank account which bank to go to and how to transfer the money from India to u.s bank account all right let’s start with number one thing which is forex card for people. who doesn’t know what is forex card is basically a prepaid debit card or a credit card to give you a very simple example back in the days when you had those prepaid sim cards. where you had to put in the balance to use the talk time it’s exactly like that you have this card where you have to put in the money .so let’s say you put in 75 000 rupees in India and that is roughly about thousand dollars in united states . so when you come here you have roughly about thousand dollars and you swipe it to purchase anything to buy anything to eat or to travel to do whatever. so you want to use that card up to two thousand dollars so the next thing is done you even need this my answer to that is yes you do need that because initially, you won’t have your bank account you won’t have a credit card you won’t have a debit card so something you need an electronic transaction so it’s better to use that instead of using your cash.

Forex Credit and Debit Cards Uses

so i would carry that just for your initial few days i don’t think you will be using it more than two weeks next thing i want to talk about is how much money should we put in this forex card my answer to that is 500 /2000 not more than that again you will only use it for your initial days next question is which one should we pick there are so many of them and i do agree there are so many of them i’m going to give you five and then i’ll give you a list of things which you can use to compare it because right now there is this offers going on but maybe when you are watching this after five months maybe this offers will not apply. so i’m gonna tell you what to look for in this cards while you are choosing choosing five cards which i saw in my research one was ICIC multi currency forex card access bank foreign card uh yes bank foreign six card HDFC and Thomas cook the only thing the only difference in Thomas cook versus other banks were Thomas cook was Mastercard and all the other one was visa card visa is highly acceptable over here compared to Mastercard so there might be some places they might not accept Mastercard most likely that won’t happen but i’ve seen where they say that they don’t accept Mastercard.

So go for a visa card instead now yours are the things which you should be looking for when you’re buying this the number one thing is travel insurance does your card have travel insurance if it does then you don’t have to buy externally any travel insurance and the second thing is the fees initial fees and the reloading fees so every time you reload the card you will have to pay money to it and one is ATM withdrawal charge now there’s a trick between ATM withdrawal just when you withdraw the money from ATM . over here you will be charged from this bank and also from your bank so most likely you will get double charge so more.

I hope you never have to remove the money from your forex card as cash and you will always use it as a transaction that’s why you need to carry cash separately last but not the least is the currency conversion charge or transaction charge does it charge you anything for a transaction in a transaction there are two things the normal swipe for buying things that are a normal transaction but then there is also currency conversion charge so do you get a locked in charge or is it fluctuation so and it doesn’t matter which one.

It is just you know be aware that those are the things you should be looking when you’re comparing those hopefully most card will not charge you anything for transaction the only charge you will get is the conversion charge and how much is that so look for that’s why they are not my Favorite because there are so many charges involved in it and there. I’ve seen some cards where you also have to pay to see your balance that’s just stupid to me because you’re buying a car you want to check your balance and you have to pay for checking your balance that’s just weird to be moving on to the next topic which is cash do you even need to carry cash is the cash required and if you do then how much you should how much should you carry yes you should carry some cash just because what if your forex card stop working what if it doesn’t detect somewhere what if it gets stolen so having a second option a fallback option is very good so yes you should carry how much would you carry roughly 200 to 300 maybe.

let’s say max 400 dollars you shouldn’t be carrying more than that now which bills to carry that was another question i had on Instagram that how much one dollar bill should we carry how much five dollars should we carry how much ten dollars should be you should carry more of ten and five dollars because majority of coffee beverages type of drink you will get it for five dollars majority of meals type of thing you will get it under ten dollars so those are the two main notes you will be using definitely carry some of the one dollar bills because they will be also helpful when you are when there are something extra like six dollars or eleven dollars or twelve dollars so those are the three main things don’t carry hundreds um don’t carry twenty uh just carry ten five one and then maybe 150 just in case uh if you need to make a bigger transaction but that’s that’s about it you don’t need to make dude you don’t need to bring more than that 200 to 300 is more than enough right now that you have that money carried landed in united states what do you do like what bank account to open how do you deposit those money what are the different bank accounts.

let’s start with bank accounts in the united states there are two main types of bank account checking account and savings account saving accounts we’re going to talk about in a separate video you don’t need to open them as soon as you land that is after you get your on-campus job after you start saving some money you don’t need that for the beginning part of it checking accounts and now it sounds checking is like what is checking accounts we don’t use that in India checking account is basically a day-to-day transactional account so anytime you make more than 10-15 transaction a day that’s the account you will use saving accounts you are only allowed to make five to six transaction after that every transaction. you’ll be charged five to ten dollars per transaction so that’s why saving accounts you shouldn’t be using you should be using it checking account that is like our normal regular account in India now that you understood checking accounts and saving accounts.

so there is also something called college accounts these college accounts are mainly for students from you know for high school from 17 to 24 years of old again depending on the banks but below 24 and about 17 that’s kind of the rule for college checking account or college savings accounts now why these accounts are important and you will be opening college accounts and you shouldn’t be opening normal account unless you are above 24 and why because every time you open a bank account over here there’s a monthly service fee which you need to pay to have a bank account now there are ways to wave off those and one of those is if you open a college account you won’t be charged any monthly fees.

Forex Credit and Debit Cards Charges

It will be zero month zero dollars monthly fees which means you can have an account for free as long as you finish your graduation before five years that’s the limit you have so you will have to mention that when you are opening up your bank account and people who are above 24’s. I know there are monthly charges and that range anywhere from five dollars to 15 depending on which bank you go to and there are ways to wave off that as well uh check with your bank what are those ways to wave off those fees okay now the main question is which bank should we go to open our account my recommendation is chase bank account because that’s what I’ve been using that’s what my entire batch used it a lot of my you know batch mates and my friends used a bank of America and they didn’t then they later moved to chase because chase has a better app a better I’m you know customer from last five-six years seven years now so everything is awesome over there they also have our awesome credit cards one of the best credit cards are in chase.

So if you want if you in the future after one year or two years when you get a credit card everything will be in one app and one website instead of using multiple websites so that’s my recommendation and in fact, if you use the link in the description you will get fifty dollars to open your bank account I’ll also get fifty dollars but you will also get 50 and right now in the chase before 14 January or you open the bank account uh college account you will get 100 bonus so go and open it right now obviously when you are not in India but when you reach that open chase so you will get 150 total use the link in the description you can totally open the bank account online you don’t have to go to the branch but if you feel more comfortable going to the branch you can do that as well now what is required to open the bank account.

It’s a very simple process you need your student id so before you when going to the bank you need to go to your college to get your student id you need your i-20 or a letter which says that you are admitted to this college your college name and your graduation date because that’s what it’s going to determine that you how long it’ll be a college account and then when and later on they will change your college account to professional account and you will also need your passport and visa which will be on your passport so as soon as you have all of this document you can upload it online or you can go to the branch and submit it and I think within two hours your bank account will be open and you i think you will get the debit card or two days later or three days later and you should be using your bank debit card instead of your any other forex card or cash or anything next topic is how do we transfer the money.

like let’s say if we have a loan we want to disperse this loan into our US bank account how do we do that or if your parents want to send them money for fees or expenses how do we how do they send that there are two main ways one is wire transfer and that’s kind of the safest way because both the banks are involved and there’s no third party involved so you go to your bank say that you want to do an international wire transfer. it’s very simple they will ask you three things your account your name your bank account name bank name account number and a routing number or a swift code routing code or a sift code is the same thing some bank uses swift some bank user routing you just have to use that give it to your Indian bank account and they will use that and transfer the money now there are two things which you need to be careful uh what is the rate you’re getting and one how much charges are you going to get you’re when you send the money from your Indian bank account they will charge you some money and probably when you’re receiving the money in your chase you will also get charged for some money what is that you will have to find out because it keeps changing and if you don’t want to do wire transfer another way is using third-party apps to transfer the money western union transfer wise there are others which you can use you can google. it is online but basically, you can use those websites, for example, the western union does is.

it’s a third party so you will have to put your Indian bank account where your money is coming from and then you will also have to put your uh US bank account and it will do all the transfers within two days everything will be and it will tell you how much time it will take how much charges it’s going to be and what is the rate you’re going to get it’s very simple not complicated at all which one should you go I would feel much safer with wire transfer just because it’s you know both the banks you have control over so you can go to even third party. I use a third party right now to send money to India so I’m a big fan of using the third party but I’ve never used the third party over there in India to send the money.

I’ve always used the third party over here to transfer the money to India again i would go with wire transfer probably your loan account or your bank account will be easily able to do it and the charges might be minimal but if you do see that the third party is giving you a better rate and fewer fees there’s no hesitation in trying it but try with a smaller amount first maybe try just with transferring 500 /30000 rupees 35000 rupees see if everything goes fine and how quickly it is and then go with a bigger amount never transfer big amount and you know if it gets stuck then if you can’t pay fees can’t pay rent whatever it is so you know try smaller amount first and then do the big amount all right i think that is it for this one that covers the money which you need to bring from India and the money what you need to do with those money when you come to united states hopefully. i answer all the questions if you still have more questions and more doubts please comment and let me know to subscribe if you haven’t already because every Thursday we’re going to be talking about personal finance and in the next one i’ll talk about more on credit card credit history and apps which you need so all the fun things uh how to manage your money how to manage your net worth.