Tips for finding the best exchange rates and international money transfer options
Enrolling overseas to further your study at your dream institution is a remarkable accomplishment. To pass the admission tests and get into college, a lot of work and effort must be put in.
It is even more upsetting if your method is unsuccessful in paying your university tuition costs after all of these attempts.
In this blog, we will discuss tips to find the best exchange rates and international money transfer options when using an abroad education loan to pay for your studies abroad
Find the Best Exchange Rates & Money Transfer Options
The best exchange rates and international money transfer choices may be found by applying the following top suggestions when using an overseas school loan to pay for your studies abroad:
1. Compare the best rates
A backup strategy in case your first one fails is a smart idea. You should assess your selections’ exchange rates, customer service, and user experiences.
2. Don’t use your debit cards at foreign ATMs
You would have to pay withdrawals or transaction fees if you used your debit card to make a purchase. Yet, if you were to do an overseas transaction, you would be required to pay for the unfavorable exchange rate, ATM fees at the foreign ATM, and a payment from your bank for using your card at a foreign ATM.
The price is about three times what you normally pay with all these fees. Reconsider your necessity before using your card at a foreign bank.
If necessary, ask a bank representative about the fees associated with an overseas transaction.
3. Buy items in the local currency
This is especially helpful if you’re a tourist on the road. Stores frequently offer to accept either dollars or euros in exchange for the amount you’d want to pay. It makes sense, doesn’t it?
The equivalent will always be a higher exchange rate; that’s the problem. Although it might not seem like much at first, it can result in a considerable loss when added together.
Instead, do a bulk exchange at a money changer or bank and pay in the local currency.
4. Be wary when there are no currency exchange fees
There may be a lot of attempts made by business owners, exchange providers, and money changers to persuade you that there are no additional fees.
Even though it could seem like a fantastic deal, give it some thought. It’s been a while since I’ve done that. The answer is straightforward: by raising the already unfavorable exchange rates.
How to transfer money from India to abroad?
You may select from several techniques to send money abroad from India. The preferred method will be heavily influenced by the reason you are sending the money, as well as any requirements, such as whether you need the money to arrive quickly in case of an emergency, are looking for a cheaper alternative, or would prefer to stick with a single institution, like your bank or online platforms.
1. International money order/ offline money transfer
Money orders were the go-to way to transfer money abroad before online wire transfers became popular, even for individuals who had no idea how to do it.
It remains a cheap and secure method of sending money outside of India.
2. Online money transfer
Western Union is the quickest and most convenient method of sending money abroad. The majority of Indians who send money abroad do it in this manner.
The procedure requires the destination account data, the IBAN or SWIFT number of the receiving bank, and details on the account holder, for example.
However, remember that you can be charged high taxes and currency rates because this approach uses something other than intermediate organizations.
3. Online wire transfer
This is the most recent method to enter the money transfer industry, and it offers inexpensive costs and assessed charges for sending money abroad from India.
You may send money through a wire transfer through several financial organizations, including banks and authorized money changers like Western Union, Book My Forex, etc.
Although sending money abroad is one of the most expensive, it typically takes longer than internet money transfers. Internet wire transfers use intermediary institutions to transport money abroad, so they may provide low or nonexistent overhead costs.
Nowadays, you can access a wide range of businesses and online platforms and are no longer constrained by the possibilities accessible when sending money abroad from India.
Whatever option you select, double-check information like the recipient account number and other specifics.
Consult an expert advisor to get the right plan