RemitOnTime offers ease in funds transfer for parents who have their kids studying abroad. It is cost-effective and processes funds almost instantly, with a cutting-edge infrastructure, secured and poses minimal scope for payment failures.
Every year a significant percentage of the student population travel beyond their national borders to pursue higher studies. In 2019, the US recorded an enrolment of 1,095,299 international students, which was 5.5% of the total student body. The same year, there are 720,150 international students in Australia, followed by 642,000 in Canada and 485,645 in the UK. International students are spread across other geographies, but these are the most preferred nations for overseas education.
We are well aware of the language and cultural differences that pose an adjustment issue for students. However, there are more things to plan, arrange, and get accustomed to when traveling overseas for studies. For instance, getting the required funds transferred from the native nation for tuition, accommodation, visa, and transport can be challenging.
Transaction Challenges for International Students
While there are various options such as wire transfer, SWIFT payments, and other traditional payment processing avenues, those often fall short of the required speed and efficiency. Moreover, multiple regulatory compliances need abidance for international money transfer, failure to which can get the transaction revoked. Cross-border remittances and transactions also tend to be time taking and expensive. If you are a student who is in urgent need of funds, that can create a financial crisis. So, what is the easy way out?
Here’s precisely where online outward remittance platforms like RemitOnTime have been more convenient than traditional transaction methods. However, before we explain how RemitOnTime can help students, here are a few remittance facts that one should attach to the planner for a better idea of the financial side of things.
Remittance Rules to Know for International Students to Send Money to Abroad
Remittance and financial regulatory compliances are majorly geography-specific. That said, there are a few common grounds that an international student and his/her parents should be aware of.
- Tuition Fee remittances – The tuition fees are paid upfront to respective universities and educational institutes before they settle in the foreign land. Under remittance regulations, there is a limit set on the annual remit amount for students and others. The limit amount differs for each nation, as decided by the respective financial regulatory bodies. One can transfer the limit amount at one go or in multiple forex transactions. One can only exceed the limit under special circumstances like educational expenses, medical treatment, provided they furnish documents as proof.
- Living expense remittances – The former clause applies to remittances for living expenses for a student living in a hostel or a rental. The limit remains the same for each academic year.
- Getting funds transferred by parents – Students traveling abroad for study purposes are provided special status by the respective governments under which they need to follow specific rules for financial transactions. The regulations vary location wise. So before embarking on an educational journey overseas, one needs to go through the rules to avoid any issues later on.
The cross-border remittance and transaction limits are revised regularly. Hence, being aware of the latest rules is essential for both the students and the parents.
How RemitOnTime Fits into Your Child’s Plan to Study Abroad
It is essential to find the right money transfer platform, which will make it easy for the parents to send money to abroad, pay tuition and living expenses. RemitOnTime offers a hassle-free way to send money to abroad with seamless cross-border remittances that fit perfectly into your child’s financial plans of studying abroad.
Unlike other platforms and payment processing methods, RemitOnTime comes with a simple process and very little documentation to get started. It has an easy registration and KYC process, post which one can start sending money overseas.
Traditional methods can take hours and even days to process a transaction. Even after that, there can be failure and chargebacks. RemitOnTime cuts back the processing time, owing to its cutting-edge infrastructure. You can send money to your child in an instant without stressing about the payment falling through.
Compared to other payment methods, RemitOnTime charges a low transaction fee, with zero hidden charges involved. It also offers the best forex rates for remittances.
Advanced encryptions fortify the platform for enhanced security of user accounts and transactions.
When your child is hundreds of miles away in a foreign country, RemitOnTime gives you that assurance that in case any financial emergency arises, sending money to abroad will be the least of your concerns. International students can get fast financial aid from their native country with minimum transaction fees, making their stay abroad a lot easier and stress-free.