Every student has to purchase Foreign Exchange (Forex) to meet at least the expenses for the first few weeks of stay in US, even if you have got aid (unless ofcourse you are staying with someone). The process of obtaining Forex is tedious and time consuming. You can purchase Forex say about 3 weeks before your departure.
Forex under entitlement for Higher Studies Abroad can be purchased from an Authorised Dealer (AD) like a bank, Thomas Cook. Most of the students purchase it from their own banks as the money is already lying there. This makes the job of obtaining the Forex easy.
The terms and conditions for obtaining Forex are :
1) USD 30,000 per annum towards tuition fees, maintenance expenses, books etc. Exchange in excess of USD 30,000 may be released to the extent of the requirement of exchange indicated in the letter from the University. If the student has received scholarship, he/she is entitled to avail Forex to the extent desired (ofcourse max. being USD 30,000).
2) Incase a student receives full sponsorship from a close relative, he is eligible for full Forex , if he desires not to avail of the hospitality.
3) Incase letter of admission does not state the amount of exchange required, exchange upto
UDS 15,000 may be released subject to adjustment while releasing further exchange.
4) Exchange is released in the form of currency notes not exceeding USD 500, Travellers cheques (TC) not exceeding USD 1,500. The balance amount is released in the form of draft in favour of the student/University as desired by the applicant.
The procedure for obtaining Forex :
1) Approach your AD, generally your bank.
2) Ask for an A2 and TRS form (if you just tell them you want Forex they will give you these forms). Fisrt time the student has to fill up the form and go personally (as you might have guessed you can't come down from US evertime you want Forex!!!).
3) Take along with you : I-20, Letter Of Admission and passport. Some ADs also require you to bring a confirmed ticket (you will have to check with your AD). A set of photocpoies of each of the above documents.
Forex under entitlement for Higher Studies Abroad can be purchased from an Authorised Dealer (AD) like a bank, Thomas Cook. Most of the students purchase it from their own banks as the money is already lying there. This makes the job of obtaining the Forex easy.
The terms and conditions for obtaining Forex are :
1) USD 30,000 per annum towards tuition fees, maintenance expenses, books etc. Exchange in excess of USD 30,000 may be released to the extent of the requirement of exchange indicated in the letter from the University. If the student has received scholarship, he/she is entitled to avail Forex to the extent desired (ofcourse max. being USD 30,000).
2) Incase a student receives full sponsorship from a close relative, he is eligible for full Forex , if he desires not to avail of the hospitality.
3) Incase letter of admission does not state the amount of exchange required, exchange upto
UDS 15,000 may be released subject to adjustment while releasing further exchange.
4) Exchange is released in the form of currency notes not exceeding USD 500, Travellers cheques (TC) not exceeding USD 1,500. The balance amount is released in the form of draft in favour of the student/University as desired by the applicant.
The procedure for obtaining Forex :
1) Approach your AD, generally your bank.
2) Ask for an A2 and TRS form (if you just tell them you want Forex they will give you these forms). Fisrt time the student has to fill up the form and go personally (as you might have guessed you can't come down from US evertime you want Forex!!!).
3) Take along with you : I-20, Letter Of Admission and passport. Some ADs also require you to bring a confirmed ticket (you will have to check with your AD). A set of photocpoies of each of the above documents.
