Are you looking to transfer funds abroad for educational purposes? Here are some of the cheapest, trusted, safest and reliable ways to send money overseas From India.
Many students choose to study abroad these days, and parents should be prepared for various circumstances where they might be required for sending money overseas. Sometimes it may become a challenging task to send money abroad as it might require legal complications and a tedious process. To overcome such challenges and hassles of transferring money abroad for educational purposes, these are some of the best options that might offer you the easiest and safest ways to transfer money.
10 Cheapest Ways to Transfer Money to Abroad For Educational Purposes
1. Remittance Services:
These days, online digital outward remittance platforms are convenient and popular options to transfer money from India to Germany and across the globe. The RemitOnTime is one of the fastest, reliable, and secure money transfer platform that offers you the ease of transferring money for educational purposes. It is genuine and free of any hidden costs that online platforms usually charge. As a legally registered platform, it is a safe, legal and cheapest way to send money abroad. It also offers you a convenient way to check the best exchange rates before transferring the funds.
2. Wire Transfer:
It is also called SWIFT (Society for Worldwide Interbank Financial Telecommunication). It is considered the safest and traditional method of sending money abroad. In order to avail of this, you need to go to your bank in order to transfer your money, the process is quite long and might take some time. As per the standard procedures, the recipient receives the money within 24 hours. Various Indian private banks offer wire transfer services relatively cheap and fast to send money abroad.
3. Educational Consultants/Agents:
Studying abroad is quite trendy these days, being that reason the demand for sending money overseas is multiplying day by day. The educational consultants and agents offer the services to transfer funds for various purposes, including tuition fees, hostel fees, exam fees, etc. These agents simplify this process for the consumers as they need to deposit cash, and money gets transferred through the agent to an overseas account. The services are relatively easy and may attract a fixed commission or transaction fee charged by agents.
4. Foreign Currency Demand Draft:
Demand draft is one of the simplest methods for transferring money overseas for educational purposes. The sender must fill the form mentioning the bank account and other required details to get a demand draft that can be presented by drawee in any of the bank branches to get the amount in foreign currency. It is also quite a cheap and reliable way to transfer money abroad. In terms of timeframe, it might take longer than usual options to get the demand draft.
5. E-Cheque Transfer:
The electronic method, which exactly works like a cheque system, offers convenience to the senders having an international bank account. To transfer funds for educational purposes, one can fill the form through the bank’s online portal, and the amount will be sent within 5-7 working days. It is also quite a reliable and trusted option to send money through bank accounts whose banks also operate internationally.
It is one of the payment solution services that offers the convenience to send money online through a physical agent or associate. In this way, the money can be directly sent to the receiver’s Moneygram wallet, which can be used for various transactions.
It makes international transactions easy and even more reliable for users looking to sending money abroad. It lets you directly transfer the money to PayPal account users, which can be used for making payments. This platform is entirely secure and offers ease of transferring money through dedicated mobile apps.
8. NRI-NRE account:
This is one of the preferred methods for NRIs to park foreign earnings, but the banks do allow people to transfer their own money to overseas bank accounts, which is completely legal and authorized as per the regulatory standards. It can also be done through net banking portals offered by respective banks.
9. Forex Services:
Forex is the wise choice for the students, it offers prepaid and postpaid services to the customers, but if we see, prepaid is quite good for students for the daily expenses. The added advantage of this is the students can check and compare the rates with the other forex products. It is accepted almost everywhere where Visa and MasterCard are being accepted without any transaction fees. If we talk about safety aspects, it comes with pin safety and insurance over too. In conclusion, the forex card is the best for the student’s day-to-day expenses, and they can recharge when required.
10. University Fee Portal:
The major international universities offer convenience to parents to pay education-related fees directly through their dedicated portal. One can easily make the payments irrespective of the country through the registered login id credentials provided by the university/college. It might also charge a nominal fee for performing transactions inclusive of taxes.
These options are quite trusted and reliable as it comes under the respective laws and international regulatory standards of Reserve Bank of India.