Going to US, information on forex to be carried [duplicate]

1. How much foreign currency can a person carry while going abroad?
2. Is forex trading legal in United States?
3. What is the benefit of Forex Card Why can't I just carry the currencies?
4. Do forex brokers report to IRS?
5. Is keeping foreign currency illegal?
6. How much cash is allowed in flight?
7. Do you pay tax on forex USA?
8. Do Forex traders pay tax in America?
9. Where can I trade Forex in us?
10. Is forex card better than debit card?
11. Can I transfer money from forex card to bank account?
12. Can we withdraw money from forex card in USA?

How much foreign currency can a person carry while going abroad?

Remember that the limit is for the financial year and not calendar year. Vinay Bagri, co-founder and CEO, NiYO Solutions, a fintech startup, said, “While travelling abroad, a resident Indian can carry Indian currency (in cash) up to ₹25,000 and foreign currency notes or coins up to $3,000 per foreign trip.

Is forex trading legal in United States?

Forex trading is legal in the USA, but it also comes with various differences as opposed to trading within any other continent in the world. ... forex trading is in fact allowed in all countries where the currency is allowed (bank exchange offices, currency accounts etc).

What is the benefit of Forex Card Why can't I just carry the currencies?

No need to pay forex conversion charges

Generally, no forex conversion charges are applied when you pay money through forex card abroad. This is because your currency gets converted at the time you load the forex card before you leave the home country, India. Forex cards are preloaded with foreign currency.

Do forex brokers report to IRS?

FOREX. FOREX (Foreign Exchange Market) trades are not reported to the IRS the same as stocks and options, or futures. FOREX trades are considered by the IRS as simple interest and the gain or loss is reported as “other income” on Form 1040 (line 21).

Is keeping foreign currency illegal?

In terms of sub-section 4, of Section (6) of the Foreign Exchange Management Act, 1999, a person resident in India is free to hold, own, transfer or invest in foreign currency, foreign security or any immovable property situated outside India if such currency, security or property was acquired, held or owned by such ...

How much cash is allowed in flight?

The Government of India has passed guidelines not to carry cash more than 2 lakhs in general. It will be illegal to carry cash . Even carrying cash in flight it is taxable. So we can carry cash up to 2lakhs in domestic flights in India.

Do you pay tax on forex USA?

Currently, spread betting profits are not taxed in the U.K., and many U.K. brokers offer retail forex demo and regular accounts in a spread betting structure. This means a trader can trade the forex market and be free from paying taxes; thus, forex trading is tax-free!

Do Forex traders pay tax in America?

Forex Options and Futures Traders

Forex futures and options are 1256 contracts and taxed using the 60/40 rule, with 60% of gains or losses treated as long-term capital gains and 40% as short-term. Spot forex traders are considered "988 traders" and can deduct all of their losses for the year.

Where can I trade Forex in us?

Best Forex Brokers US Comparison

Is forex card better than debit card?

While cash is definitely the least safe option, Forex cards are the safest one. Forex cards are not linked to your bank account, unlike Debit cards. You can also choose an expense limit for Forex card but can't do the same for Debit card.

Can I transfer money from forex card to bank account?

Follow these simple steps if you wish to transfer funds from your forex card to your bank. If you have an HDFC Bank Savings account: You can transfer the money from your HDFC Bank ForexPlusCard to your bank account by calling the PhoneBanking. All you will need are your ForexPlus Card number and your customer ID.

Can we withdraw money from forex card in USA?

Can I use forex card in an ATM? Yes, you can withdraw cash from any VISA/VISA Plus/MasterCard ATMs worldwide.