XIII) Cash and Forex Cards

After Visa approval and booking flight ticket now one need to look for US currency. One need to convert rupees to dollars before going to the US. Though there is the facility at the airport to convert rupees but its costly. So its better that if we convert the rupees beforehand.

Multiple ways are there to convert rupees to dollars. There are several banks and third party agents which convert the rupees to the dollars. And also there are multiple ways in which one can convert currencies - Notes, Traveller's cheque , Card (Preloaded Card)

Things to Note:
1. When to apply: Max 60 days before the date of travel
2. Max Documents Needed: Passport (1st & last page), VISA, Pan Card, i20/admission letter, Travel ticket
3. Min Documents Needed: Passport (1st & last page), VISA, travel ticket

How to select the best among all the forex:

1. Currency and traveller's cheque: Go for off course the cheapest one. Found that third party offers much cheaper rates than the bank due to the bidding.

2. Forex prepaid card: There are multiple factors to consider here. Arranged important ones in descending order.

• Online reload
• Free ATM withdraw/ ATM withdraw cost
• Forex rate
• Reload cost
• Initial deposit
• Customer Service
• Validity

Banks preferred:

1. HDFC Forex:
Pros: For the folks who took loan from credilla, good customer service
Cons:

2. ICICI Forex:
Pros:
Cons:

3. SBI Forex:
Pros: For the folks who took loan from SBI, cheaper than other banks but not from third party.
Cons:

4. Axis bank: Have heard less but positive reviews, but not sure about authenticity of reviews.

Third Party:


1. Thomas Cook:
Pros: Online reload
Cons:

2. bookmyforex:
Pros: Online reload, has tie ups with axis bank
Cons:

3. doorstep forex:
Pros: Online reload, Free ATM withdraw (3 times)
Cons:

4. centrumforex
Pros: Online reload, Free ATM unlimited
Cons:

I did opt for centrumforex and SBI. But SBI was faster to reload.