How to Save Money while Transferring University Fees Abroad?
International money transfer is inevitable for those with family, friends, businesses and acquaintances abroad. The service facilitates individuals to send money overseas for a specific reason. The recipient can use money in currency accepted in that country.
International money transfer is an electronic way of sending money in virtual form to anywhere across the globe. This kind of transfer has several benefits. The transfers are encrypted which makes it safe and secure.
If you are working in any country then you can send the money to your parents or other relations based in India through wire transfer similarly if you happen to be a student studying in any of the foreign universities then you can get your parents to send the money in virtual form as tuition fees or money for incurring miscellaneous expenditures.
With several benefits comes the cost as well. The international money transfer has certain costs or intermediary charges that would vary depending upon the amount and volume of transactions. However, there are several RBI approved intermediaries who charge reasonably to initiate a transfer .
The process of sending money abroad can be carried out using any of the following:
- Normal retail bank account
- International money transfer operators (such as Western Union)
- FX brokers
- Peer-to-peer companies
Listed below are some of the most common reasons people transfer money abroad:
Top 10 Reasons Why People Transfer Money Internationally:
- Buying property overseas
- Owning/constructing holiday home abroad
- Paying for overseas tuition fees for child or grandchild
- Overseas Investments
- Overseas Divestments
- Sending Money to Friends or Family living overseas
- Paying for Accommodation
- Paying for luxury Holidays Overseas
- Supporting a Family Member Who is Travelling Overseas
- Paying for one’s own Wedding Abroad
- Overseas Mortgage Payments
- Paying for work to be accomplished overseas
- Business dealings overseas
The major issue is the length of the time that the transfer takes to have the amount reflected in the beneficiary’s bank account based in other countries. Depending upon the rules and regulations laid down by the RBI and the central banks of several other countries the transfer might take almost 24 hours to more than that. Nevertheless, if the sender is fulfilling all laid down criteria to the letter then the transfer might happen in less than 24 hours. There are options available to expedite the transfer process for convenience.
Although transferring money abroad has the power to solve a huge number of issues, one the major inconvenience people face is heavy transfer charges that come along with the process. It is a huge loss for both sender and recipient.
You don’t need to live with this money loss forever. There is a way which can save you from this expensive inconvenience. The best thing to do is to reach out to one of the reputed organizations that offer remitting of money abroad without any charges levied on the process.
Paying for your Child’s Education Overseas
If you have been using bank for transferring money overseas to pay Australian University fees, you know how tough it is. Transfer through banks usually requires an amount as fee. This fee is levied regardless of the amount you wish to transfer (small or large). Regular transferring of smaller amounts of money to foreign bank accounts will cost a lot.
Since the account exchange rates has gone up in the past few years, the costs can really add up. So, how to deal with this issue? Experts recommend finding ways that help reduce these fees to a great extent and achieve superior exchange. This can save a lot of money while still ensuring a safe and secure way of transferring money to an overseas bank account.
Get in Touch with Experts
There are many companies specializing in transferring money overseas. They offer detailed guidance on the process and help you to save huge amount of money while sending money abroad. Look for a reputed and reliable company and your work will be done in no time.
To Sum Up
If you are into transferring money overseas regularly, it is time to act against the heavy amounts levied as transfer fees by banks and other financial institutions. This is possible via establishing connections with the right company. Most companies can save you a lot of money during this process. Sending children abroad for higher studies is a costly affair. The process involves a lot of money paid towards fees of university, college, accommodation, food and other necessary expenses. Paying fees for regular money transfer can be a huge blow to your budget.
A money remitting company will help you save this amount. Find one that keeps your best interests in mind and is dedicated to serve you. Remitting money wisely abroad can save you a lot of money. This can be used in a better way for your child’s future and other crucial expenses. Get in touch with one of the abroad money remitting services now!