Things You Didn’t Know About Handling Money For Overseas Education

It’s time to let your little ones spread their wings to soar to new heights. College admission season is here and there are loads to do to ensure the best for your child. Don’t let foreign exchange rates and fine print bog down your spirits. Here are some things you did not know about handling money for overseas education and how to get the best deals while paying in dollars when you earn in rupees.

Don’t Trust The Bank

Buying foreign exchange from the bank is the worst deal you can make. Those bankers will fleece you with their high margin rates. Get your forex requirements from an authorised money changer. Better still is to log on to Fxkart.com where you enter your requirement and dealers bid for the same making the rates go down. At the end of the bidding time, the rates will be presented to you on your screen and you can opt from any of those.

Paying The Tuition Fee

If you have taken a student loan from a bank, it is not necessary to remit your tuition fee to the university using the same bank. For every installment of tuition fee you pay, you can log onto Fxkart.com and get market-beating rates from different money changers and pay with that rate. (Please note banks enable wire transfer and not money changers. Our money changers are tied up to a bank which will enable your transaction albeit at the rate offered by the money changer).

In case you haven’t availed a student loan and plan to pay from your own funds then don’t settle for the rate offered by your bank. Just in case you need reminding, banks will rob you with that foreign exchange rate of theirs!

The other advantage offered by Fxkart.com is that even if the bank in which you hold a bank account does not offer the best rate and you would like to use the online money transfer services of some other bank you can easily do so. Usually, if you wish to avail wire transfer services of a bank offering a great rate, you will only be able to do so by opening an account with them.

On Fxkart.com, your funds are transferred from your bank account to the bank that you have selected through the website and from there it is transferred to the foreign bank account (at the rate you bagged on Fxkart). No inconvenience of being compelled to open a new bank account and no hunting for best rate across town. Everything is served on a platter to you from Fxkart.com

So you have shelled out a big sum for your degree from that esteemed overseas university. That’s that and then some when you take into account the fluctuating dollar rate. Even though you are paying the fee in dollars, your loan is sadly in the rupee. So each time you pay and the tide of the rate goes against you, you end up paying more. And it all adds up to a disturbingly huge figure. See our table for some sad math.

While Planning Expenses

 

Loan Repayment Scheme ( What you thought vs What you actually Pay)

Take this extra expense into account while planning your college education so that you are not in for a nasty surprise. Also, minimise this setback by converting your money using Fxkart.com. In many countries, the forex rate can be hedged for future payments so that you don’t end up paying extra as market rates change but sadly it’s a distant dream in India.

Don’t Run Behind The Bank For Paperwork

The goodness of Fxkart doesn’t end with an awesome rate. The documentation for a online money transfer services and registration for exams abroad can be difficult to handle. So at Fxkart.com, we have an in-house Chartered accountant who can help you with all the required certificates such as CA certificate, Application under section 195 and A-2 forms. We simplify all the paperwork while you focus on choosing the best college for your child. You got tons of brochures to read, after all, so we’ll take care of this one.

A Travel Card For Those Initial Expenses

You can cover the initial expenses by giving your child a travel card till the new bank account is opened abroad. In case the balance on the card is exhausted before the new account is opened, you can reload the card from India via Fxkart.com. Once you child’s foreign bank account is opened, use Fxkart’s wire transfer services and avail best rates. Needless is to say to never approach a bank for getting the travel card either.

So what we are saying is, sit back while giving you the best deals for your exam fee, application fee, term fee, first time living expense, recurring living expense plus handle a headache known as paperwork! Download our app now (available on android and iOS).