More than 6 lakh+ students are gearing up for studying abroad in 2023. Further, more than $7 billion or around ₹57,000 crore money outflow under the LRS scheme is expected this academic year! An overseas education costs big bucks. This situation is further exacerbated by the heavy exchange rates levied by banks on money transfers abroad. However, don’t let those statistics get you down. Here are 5 smart hacks for saving money on studying abroad that can save you lakhs of rupees. Parents and students take note!
1. Do Not Approach Banks For Your Remittance Requirements!
The exchange rates that banks charge customers for sending money abroad are without a doubt the highest in the industry. They are so high in fact, that you will scream “Daylight Robbery!”
Do forex transactions through authorized money changers or online money transfer companies giving good rates. An even better option you can use extravelmoney.com, the biggest online forex marketplace with more than 6500+ partnered branches across India. ExTravelMoney offers market-beating exchange rates on money transfer abroad from India.
Enter location → Compare rates → Choose best rate → Remit money abroad!
2. Send More Dollars for Fewer Rupees!
When it comes to studying abroad, these are the two major expenditures.
- The money spent on university tuition fees
- The money spent on living expenses
By making a few smart choices you can save more than 3% of this amount.
On Average, the Tuition fee and Living Expenses for a year of studies in the US comes to $30,000 each ($60,000 in total). Also, consider an additional $3,000 as cash to manage the initial expenses there. You may also load extra money in a forex travel card to serve as backup emergency funds. When going through banks, because of their higher exchange rates, you would have to spend more rupees for sending $63,000 when compared to other money transfer options. One of the best and easy ways to send money abroad would be by booking the transaction via online money transfer platforms. Get the best deals on international transfers in India with ExTravelMoney.com – rates that cannot be found anywhere else in the market!
Note: In you are availing an education loan from a bank to meet your study abroad expenses, it is not necessary to go through the same bank for paying your university tuition fees. You can pay your tuition fee abroad through extravelmoney.com, at cheaper than bank rates.
Extravelmoney is partnered with various prominent banks and RBI-licenced money changers who offer extremely competitive exchange rates on money transfers abroad booked through our portal. So you, the customer. end up getting the best rates of exchange! Another advantage is that you can use the money transfer facilities of other banks using the rate given by extravelmoney.com, without needing to open an account in those banks!
The following infographic shows how you can save money on your study abroad money transfers with us.
3. Avoid Paperwork Fees and Hassles of Bank Transfers
Banks charge unwary customers extra paperwork fees which extravelmoney can complete for you free of charge. Also, you can opt for KYC documents pick-up or upload online with E-sign from the comfort of your home.
George Zachariah, Co-Founder & COO of ExTravelMoney.com says “ The documents 15CA/CB are not really required for overseas educational remittance transactions and have been identified by the RBI as being dispensable. Based on the experience of our customers who have dealt with banks, the cost of getting these documents completed can be around ₹3,000 – 6,000. This is one of the main reasons customers opt for our online platform.”
Money Saved = ₹3000-6000
4. Buy Foreign Currency Notes Before Your Trip Abroad
During the initial days abroad before you get your own bank account, you would need money to meet your basic expenses such as food, accommodation and transportation. To meet these expenses buy a small amount of foreign currency notes for your trip in advance itself. Compare rates of forex stores near your location using ExTravelMoney and book currency at the best rate. Don’t leave this task extended to the last minute, all the way to the airport, where the currency exchange rates are very high. When exchanging money at the airport, the dealers know that your requirement for currency is immediate and thus charge exorbitant rates.
Also, Forex cards are a good way to carry money when going to other countries. Load the card with the currency of your choice and use them at ATM’s, restaurants, supermarkets and shopping malls. You can buy forex cards at ExTravelMoney for cheap rates.
Infographic on money saved with forex cards when compared to airport rate.
5. Research Your Scholarship Opportunities!
It may seem incredible but there are tons of scholarship opportunities for those planning to study abroad. If you have the right mindset and dedication, you can fund your overseas education through scholarships. Search for scholarship opportunities in India, the country you are going to study and also check if the university and course you have applied to grants educational aids for students.
Read our article to find out scholarships available for Indian students going to study abroad
So let’s take a look at the final report card for ExTravelMoney and Banks
That is more than 3.3% of your entire expenditure that you can save and put to good use.
In conclusion, studying abroad can be a life-changing experience, but it can also come with a hefty price tag. However, with a little bit of planning and creativity, you can find ways to save money from choosing the best service for your money transfer abroad and currency needs to researching scholarship options. By following these tips and being mindful of your spending, you’ll be able to make the most of your study abroad experience without breaking the bank.
Make room for extra money with extravelmoney.com!
