Lady Luck’s dazzling grin sets the balls
rolling and an exultant flight of fancy coalesces to concreteness elating you
to cloud nine! Your long enshrined desire of studying overseas embodies a
reality. Beyond a shadow of doubt criss-crossing every impediment, you’ve
finally spiralled to the study hub. When the initial euphoria evaporates in a
puff of smoke, the inevitable burden of paying mammoth overseas tuition fees
and avert it from stacking up dawns to you.
Well, the art is not in making money, but in
keeping it. It is so imperative not to thrust aside cost savings when making outward
remittances to educational institutions.It indeed pays to hunt down the best
deal as foreign currency specialists can save between 1-5% of the value of your
international transfer.
Here are the best ways to transfer fees from
India to a foreign university:
1.
Wire Transfers
If you are in a rush to remit money abroad,
your only viable alternative is an online one, i.e., wire transfer and the
National Electronic Funds Transfer (NEFT) system for a faster and a hassle-free
transmission.Outward Remittance through wire transfer is a highly secure and
efficient method to remit money abroad which ensures safe transfer of your
bucks. This is done through a procedure with overseas correspondent banks and
takes place in real time. It is expensive as compared to a DD due to dual
conversion charges, because along with the remittance charges that you pay to
the home bank you also have to pay a fee of USD 10 to USD 40 to the foreign
bank involved. Being a clever customer, you should look for a best currency exchanger centre that offers you the best
rate. BookMyForex.com, tailored specifically to suit your individual
forex requirements, can help extensively condense the cost by finding you the
best exchange rates and lowest remittance fees.
2.
Demand Drafts
The facility of Demand Drafts in foreign
currencies is the most unsurpassed mode on condition that the student is in
India itself and carries the DD along with him as there is no intermediary bank
fee levied on a DD for making payments abroad. You can courier the DD to the
beneficiary, who receives payment from the drawee bank on presenting the draft
if you’re not physically present. Of course, this offline mode is time
consuming and it may take a span of 4 to 7 days for the recipient to receive
the remittance.
3.
Credit/ Debit Cards
Payment through credit or debit cards is also a
good option, provided your college accepts the payment through card. Using a
debit or credit card can speed up the time it takes to send funds, compared
with using a bank. But using it might cost you more and you may face an extra
credit-card fee from your issuer, depending on how the transaction is
processed. Supplementary to this, keep in mind that most banks and financial
institutions do not remit money on public holidays.
Given a plethora of options, it’s about
narrowing down on a mode of money transfer that suits you the best.
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