Handling Money for Overseas Education

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It is that time of the year when college admission’s office gets crowded and super busy. You handpicked your colleges and waited with baited breath for them to pick you back. It’s easy to get lost in the hustle bustle of thousands of hopefuls battling for a few seats and you strive not to. As parents this unpredictable affair is even more nerve wracking than it would be for your child.

Months of entrance exams, reading brochures, reviews and long discussions with other equally confused parents ad infinitum. In apprehension you bite your nails short but your list of things to do keeps getting longer. Finally you have closed in on a university for your pride and joy and have packed a year’s supply of pickles for your kid. What next?

Before you fly off your kid for the next phase of his/her life, take a step back to see whether a chunk of your money is flying off too? College tuition fee is no doubt one of the deepest holes ever dug into your pockets. Overseas educations would cost you a bomb without adding to it the cost of living. Here is a step-wise approach to handling money for overseas education from team Fxkart.

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How to save while remitting college tuition fee –  Which bank to chose?

Fxkart.com is here to simplify this wire transfer to colleges abroad for you. Just like you can procure foreign exchange at market beating rates on Fxkart.com, the same goes for wire transfer. Only banks (and not dealers) can enable wire transfer. And banks are notorious for giving the most adverse rates to you if you decide to walk in and get the transaction processed. But we at Fxkart.com have brought them all on our platform to compete for your requirement and bring the rates down by our unique bidding process. So step 1 is finding the bank with the most favourable foreign exchange rate on Fxkart.com.

How does wire transfer on Fxkart.com work?

It’s a simple few step procedure. You do not need to open a new bank account even.

Step – 1 Give your requirement for wire transfer on Fxkart.com.

Step – 2 Get competing banks to give you the best rate quotes and choose the deal that suits you best

Step 3- Transfer funds from your existing bank account to the bank which you choose on Fxkart.com.

Step 4- The bank chosen via Fxkart transfers those funds to the foreign bank account of your choice.

The choosing of the foreign bank for your kid is no rocket science. Most often the university will have a tie up with some bank and give you the details. That should work just fine for you as it will not affect your funds.

Can I use Fxkart.com for paying the college tuition fee?

You absolutely can. Follow the same procedure as outlined above and the amount can be remitted to the college. Also on Fxkart.com you will find the list of documents you need to enable a wire transfer.

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How should I pay for my kid’s expenses until his/her foreign bank account is opened?

In the interim period when the admission process is getting done and especially when the university is facilitating opening the account, there will be a time period where your kid will be on foreign soils sans an account. For this period you can give a travel card to your child. You can load the travel card  choosing the dealer offering the best foreign exchange rate on Fxkart.com. Till the bank account gets opened this could be your temporary arrangement and you can load the card with funds every month or as often as required.

Your little bird is ready to leave the nest now and so are you.

Good luck and keep saving with Fxkart.com