Planning your child’s higher education abroad? Here is How Fxkart.com is the answer to your foreign exchange and wire transfer woes when sending your kid overseas for education.
The Best Rates Guarantee
Here at Fxkart.com, we pride ourselves in being fair, fast and free. Our unique dynamic bid makes sure that you get the best rates in town. After you have placed your forex requirement, different money changers from across the city will compete live and give you their best rate. At the end of the bid, all the results will be displayed and you can choose whichever you want.
This transparency makes sure we are fair. Fxkart.com does not charge you a paisa over and above the final rate quoted by the dealer which is all inclusive of taxes. So no surprises lurking at the end with additional fees and hidden charges.
Going About the Transaction
It’s very simple to enable wire transfer with Fxkart.com. First, you need to register on the website. Once you have logged in, click on wire transfer and you will be prompted with a few simple steps to complete your transaction.
Wire transfer is only enabled by banks and not money changers. But don’t be surprised to see money changers listed as they all have tie-ups with some bank which will, in turn, be facilitating the International money transfer. As is often the case when approaching a bank to enable wire transfer, you do not need to open a new bank account with bank chosen via Fxkart.com.
The funds will be transferred from your existing bank account to the bank selected via Fxkart.com which will, in turn, send the money overseas. So each time you find a great deal, you don’t need to unnecessarily open a bank account or lose out on the deal for want of one.
You can pay the college tuition fee as well as send monthly expenses to your child with Fxkart.com.
Once your deal has been booked you will be asked to submit copies of documents for verification by a bank personnel. For overseas education, the documents needed are a copy of Admission letter, Copy of Passport, Visa, and A-2 form. Also, there is a limit per year to the amount of money you can transfer abroad set by the RBI in accordance with your purpose of education remittance.
For overseas education, the remittance amount is limited to up to USD 1 Lacs or its equivalent per academic year and USD 10000 as incidental expenses. You will be guided by Fxkart.com at each step and you can call up our customer care in case of any queries.
For your ward studying abroad get a student guard insurance. The coverage usually is that of medical expenses as well as insurance of baggage lost or stolen while travelling to the country. Also in the unfortunate case of a hospital admission for more than 5-7 days (the time period varies depending on the policy bought), a compassionate visit by a parent or relative will be sponsored by the insurance company.
Mostly a round-trip economy class ticket and accommodation is paid for by the insurer. Other benefits were seen in many student guard policies include coverage for study interruption. The company will reimburse you for loss of tuition fee owing to a prolonged hospital admission (more than a month or so) or if you had to return home for a family emergency. It is a must for every parent to buy the student guard insurance for your child when treading on foreign soils.
Before your child’s account with a bank is set up you can cover your kid’s expenses with a travel card which you can easily buy on Fxkart.com. Usually, the university will set up the bank account for the student with a tied up bank so it could take a while. In the meantime, you can let them settle in and pay for their expenses by a travel card which can be loaded multiple times.
Good luck with your kid’s education and keep saving with Fxkart.com.