How to Send Fees to US, AUS, NZ, UK, Canada Universities
Every year lakhs of students migrate from India to different countries like US, Australia, New Zealand and Canadian Universities. Higher education in all these countries is much higher than Indian Universities and this demands a lot of money transfer from India to countries abroad. So, if you are planning to move out of India for studies, you should get ready to constantly send and receive money from different sources.
Sending or receiving tuition fees to these countries isn’t that easy task, a lot of effort goes initially to pay or send tuition fees abroad. However, gathering some knowledge and educating yourself about transferring money abroad should be done well.
Things to know before planning your education abroad
Well, now that you have decided to study abroad, know how much does it cost. Usually, the cost of studying abroad varies from ₹33 Lakhs to ₹60 Lakhs. Majority of the cost is due to higher exchange rates levied by banks and conversion companies.
1. Exchange rate offered by banks ranges around 3% to 6% which do not seem quite high in number but when the amount is more than 30 Lakh rupees or more, this percentage may fall in amount Rs 1 Lakh to 1.8 Lakh rupees.
2. Secondly paying tuition fees in installments for around 2 to 5 years would cost you much more than you have imagined. The dollar value is increasing each day and it directly reflects your total amount especially when you pay in installments. So, planning your expenses judiciously is something that you should do.
Ways to transfer tuition fees abroad
Via Demand Drafts
The service of Demand Draft is offered by many banks and even money changers which are AD-II category license by Reserve Bank of India.
Taking services from the bank may cost you more as we have discussed above in this article, so choosing the option of money changer which are available in Different Metropolitan Cities like Bangalore, Kolkata , Delhi, the better one. Besides, services like bookmyforex.com offer an exhaustive comparison between different ways of transferring money abroad. It can also help you compare the US Dollar exchange rate by different banks.
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Setting up a foreign bank account
For paying tuition fees in some countries, you will have to open an account in that country where you are going for higher education.
Don’t worry; take a sigh of relief because the good news is that you don’t need to be in the country where you want to open an account. Instead, the entire process can be completed online.
Once you know how to take advantage of Internet services, it is just a clock away. Google gives you a list of the banks that offer you the service of opening accounts, even before going to that country.
Also, you can open an account after reaching that country but then you would require address proof and an undertaking by your landlord. Lengthy process whatsoever!
Now that you have an account in the respective country, funds can easily be transferred to you by your guardians.
Through Wire Services
The traditional and always safe option of sending money abroad is through different wire services like Money Gram and others. When in the emergency, choose to send money through wire services and get satisfied with the money transfer services they offer. Wire services often charge the standard fee on certain amounts; however, the fee is subject to change.
Money Changer Services
Exchange rates provided by Money Changers are more profitable than many banks. They are often more customer friendly and usually involve less paperwork. Besides, the transfers can be made without having to open an account in another country. Money changers simply accept money from your existing bank account through a NEFT transfer and send it abroad to the beneficiary bank account.
All the above options have their pros and cons, so choose wisely according to your requirement and financial capacity. Anyhow, who likes to spend the extra money?
