Outward remittances for the overseas education spectrum help students get funds for their education expenses and significantly contribute to sustainable development for a digital economy.
The scope and opportunities to study abroad are enormous, and this is what allures students to go and study at international universities abroad. As we all know, the overseas education spectrum fuels the nation’s economy and contributes to the world’s GDP by maintaining currency exchange flow.
The students going to study abroad have to pay for numerous things that bring in a lot of revenue to the universities and open opportunities for students to opt for better jobs. The outward remittances aim to help students cover their education-related expenses by easily getting funds transferred through the country of origin.
Outward Remittances for overseas education offer a convenient, approved, and legal way authorized by Govt. to facilitate the transfer of funds for specific reasons such as – travel, education, etc. The digital outward remittance platform offered by RemitOnTime eases and monitor the transfer of money conveniently.
How Outward Remittance Online Helps Students Studying Abroad
The students who are already studying overseas might require finances or funds to cover their educational expenses such as university fees, library fees, hostel charges, etc. A student can receive money from either a parent or an educational consultant using a money transfer platform to cover such expenses directly. The outward remittance platform can ease currency exchange and other scenarios to ensure the on-time transfer of money to meet such costs.
Sending money abroad from India directly from the origin’s domestic account is not allowed as per the regulatory norms and forex policies. The digital outward remittances are legal and reliable to ensure on-time money transfers to cover the educational expenses for students staying abroad.
Contribution of Outward Remittances in Economy
Regarding the contribution of outward remittances for education in Jan 2020, the remittances worth $510 million were transferred to students’ accounts staying abroad. This was the scenario before the lockdown period. The demand for remittances was much higher than that of the current scenario, as lockdown has impacted the remittances to decline more than 75%. Once the economies get back to its original state and colleges decide to open up, this figure will again see a spike in demand in the coming months. In 2021, there is a possibility that reputed universities in China, UK, the US, Germany will start calling their students back to campuses. To boost admissions, some foreign universities are also offering rebates, concessions, and other benefits related to scholarships.
Digital Outward Remittances Can Help Drive Sustainable Development
The digital outward remittance platform offers a convenient and most powerful way to meet the expenses. As there is a lot of migration happening majorly for education and jobs, the digital outward Remittances can offer such migrants sources to cover various costs and living expenses. Talking specifically about students studying abroad, over 7,53,000 Indian students study in international universities in different parts of the world. This figure is growing rapidly every year, increasing digital money transfer platforms’ scope to facilitate solutions related to outward remittances.
The digital outward remittances allow an approachable and easy way to transfer funds and make this process genuine and hassle-free. The major beneficiaries who get benefitted from these services are students, parents, and educational consultants who use such a platform to transfer the money to foreign accounts for educational purposes. The digital outward Remittance makes money accessible in any part of the world without worrying about the cash, which also fosters the growth of a country’s digital economy. The government’s frameworks and policies also help drive digital remittances to ensure a smooth and legal process to transfer funds transparently.