If you’re an Indian student looking for an easy way to pay your overseas university fees, then you’re at the right place! Research says that Asians account for 52% of all students studying abroad worldwide. International students from China, India and Korea made up the majority of those numbers. But due to the covid-19 pandemic, not many Indian students were able to travel abroad for their future studies in recent years. Although, those who were lucky enough to do so or are in the process of travelling overseas, will surely benefit from reading this article!
What to consider when sending money abroad?
One of the easiest ways to pay your overseas university fees is by wire transferring your money via a bank or an authorized money exchanger. However, when one chooses to transfer money abroad online through a bank, there’s a fair amount of time, effort and expense linked to this model. It is known to be up to 5x times costlier to transfer via a bank than to simply conduct it through an authorized money exchanger. Here are a few things to consider when you’re trying to process a payment for your university fees.
Cost of transfer?
The cost of the transfer is completely reliant on how you are planning on sending your fee payment overseas. Many different companies offer services which have different fees. This is usually known as a transfer fee or a service fee. There is usually always a charge by the provider for the service just like any other service.
But in this case the exchange rate also makes a big difference. Known as Inter-Bank Rates or IBR, is a famous term in the foreign currency exchange world. This can be easily tracked on any leading exchange rate site. Getting a rate of exchange that is at IBR or closest to IBR is considered as an advantage. These rates are dynamic and change from time to time during a day.
It is always important to keep an eye on the exchange rate and compare it to the one provided on google to calculate if you are losing money in a hidden exchange rate fee.
There may even be additional fees and charges above the transfer fee or exchange rate fee. Always make sure you do your research to guarantee that you will get the best deal of your transfer overseas.
Having said that, costs of transfers also differ from one channel to another, as stated above, it is known to be 5x times costlier to transfer via a bank than to simply conduct it through an authorized money exchanger.
Speed of Transfer?
The speed of transfer can play a big factor in which provider you would like to use if you need to send money in case of an emergency or if there is a close deadline on paying the tuition fees. By assessing how fast you need to transfer money and which provider will help you get this done is very important. At WSFx, money transfers happen at T+1 working days, on an average and a transfer can be tracked at each stage of its journey.
The most convenient way to transfer money abroad is by finding a provider who is reliable, inexpensive, authorized by the Reserve Bank of India (RBI) and someone who has been around for a while now. If you’re the type of person who would like to send money in person by visiting a branch, there are a plethora of banks and authorized money exchangers who also have on-ground presence.
Although, if you would rather send money at a touch of a button through a digital experience then make sure that your provider has an app or a website that is easy to access and scroll through. The most convenient way to pay your university fees overseas is by sending it through an app that can complete all of your on boarding and pre-transaction formalities on the foreign exchange app itself, the WSFx Smart Fx App for instance allows one to send money across the globe in a jiffy, with complete digital on boarding with a video-KYC option and it all.
Trust is one of the most important factors to consider when it comes to any sort of money transfer. Especially when it comes to paying university fees, you want to guarantee that your payments are completed and received by the university on time. Therefore, you need to choose a provider that you can trust while paying your university fees.
Why should you do an outward remittance from an Authorized Money Exchange instead of a Bank?
- Exchange Rates – Better exchange rates in comparison to a bank
- Contactless Experience – The option to conduct a transfer through an app or in-person through a contactless experience with lesser documents, digital onboarding and video-KYC experience
- Pay in INR – Pay your remittance for education abroad from the comfort of your home with the net banking option or via a dedicated Forex executive.
How can WSFx help?
The world is changing digitally and the financial market place has become a lot more dynamic. Wall Street Forex is here to assist you in obtaining the best forex card for students, the best rates, and safe outward remittance from India in a jiffy. Additionally, you can get yourself a free ISIC Card when you transact with WSFx! The International Student Identity Card (ISIC) is specially designed by WSFx for students studying internationally. It’s an Annual Membership card which allows you to save maximum money and avail of amazing discounts on Food, Travel, Accommodation, Entertainment. All you have to do is transact with WSFx to get this complimentary card.