Here are some tips to examine before sending money abroad!
Selecting the proper remittance platform could go an extended way and translate into compelling savings over the program of your child’s entire college term. Evaluate the given opportunities carefully and decide a platform that determines assurance and reliability.
Sending your child abroad for studies may be a big step in any parent’s life. Preparing for his or her overseas education may be a long process- right from conducting research for identifying the proper universities and courses, checking the eligibility criteria, appearing for entrance examinations then subsequently planning travel and accommodation abroad.
Even though an education loan would cover the university tuition fee, parents often must support their children for accommodation and other overheads while they study abroad. Foreign remittances for education, in India, form an enormous a part of the cash sent abroad. In fact, according to some sources: the money remitted for studies abroad grew by 76.61 per cent from 2021.4 USD million in 2017-18 to 3569.9 USD million in 2018-19 .
Getting familiarized with the method of remitting money to your child’s destination country may be a critical aspect for folks . From navigating remittance platforms to assessing exchange rates, sending money abroad might be a difficult affair.
Here are a couple of tips that would are available handy when remitting funds abroad:
Planning before time: Often, people make last-minute decisions to transfer money, which may not be the foremost feasible option. aside from emergencies, plan your remittance sufficiently in advance to make sure a seamless experience. Ideally, you ought to plan this as soon as your child selects universities or once they get accepted into a university of their choice.
Choosing the proper remittance partner: Take time to match platforms and understand aspects such as the exchange rates, transaction limits, processing fees, customer service, and knowledge , etc. Some players levy additional charges to the beneficiary and should produce other hidden costs associated. make sure that you decide for a platform that guarantees transparency and delivers the complete credit amount to your recipient.
Understanding the transaction limit: For college kids receiving money from India, there are guidelines set by the RBI under the Liberalized Remittance Scheme (LRS). Living expenses of scholars studying abroad are covered under the LRS and therefore the limit is USD 250,000 once a year . the utmost transaction limit for sending remittance using a web channel is USD 25,000 per transaction, which is additionally the utmost daily transaction limit.
Exchange rates: It’s important to collect information on the newest exchange rates and assess charges of the services available. Platforms like Digibank Remit offer 24×7 locked-in FX rates, which allows one to book the transaction at the displayed rate (i.e. guaranteed rate) and therefore the funds get debited at an equivalent rate, once the transaction is successfully processed.
Ease of transfer: Transferring money abroad is not any longer an extended and sophisticated process. Digibank has integrated technology to deliver a totally digitized, quick and hassle-free experience, avoiding the necessity to steer into your bank or any cumbersome documentation whatsoever. Emergency fund transfer: Being stuck during a foreign country with limited access to funds during an emergency may be a highly stressful scenario. Few remittance platforms have a cooling off period and then you are allowed to feature a replacement payee. In such circumstances, payment receipts could take anywhere between 1-2 working days. While selecting a remittance platform, choose one that facilitates same-day transfers. Overall, selecting the proper remittance platform could go an extended way and translate into significant savings over the course of your child’s entire college term. Thus, evaluate the given opportunities carefully and decide a platform that determines assurance and reliability.