New Delhi (India), February 4: Indian students who want to study abroad often face a number of challenges. For one, they have to contend with exorbitant tuition fees of universities abroad. Then there are the living expenses, which can be quite steep in countries like the United States, the United Kingdom, Canada and Australia. They also have to deal with the INR exchange rate fluctuations.
The Indian rupee has been on a roller coaster ride in recent years, making it difficult for students to budget their expenses abroad. Another issue is that many banks and money changers charge high margins on currency conversion for sending money to foreign countries. Nearly 5% of the money paid towards their university tuition fees goes to these financial institutions in the form of transaction charges. These factors put a dent on the wallet of Indian students, making it tougher for them to study abroad. With this in mind, a Kochi startup, ExTravelMoney.com, has stepped up to help Indian students save on their international university fee payments.
How Does ExTravelMoney Help Indian Students?
ExTravelMoney.com is an online platform that helps Indian students save money on their international university fee payment and other money transfer abroad needs. The platform allows students to compare exchange rates offered by various RBI licenced banks and forex dealers in their network, thus enabling them to get the best deals on their money transfers abroad. By comparing the exchange rates and total cost, including service fees and tax charges, they can make an informed decision. This can lead to significant savings, as the platform is able to negotiate better rates for students compared to what they would get if they went directly to a bank or money changer.
Here are some of the ways ExTravelMoney.com helps Indian students save on their international university fees and simplify the process for them:
1. Competitive exchange rates: ExTravelMoney.com partners with multiple forex dealers, giving students access to competitive exchange rates. The platform helps students get the best possible deal on their international remittance by comparing rates across multiple dealers.
2. No hidden charges: The platform ensures that students are not subject to any hidden charges or fees, as all charges are transparently displayed. This makes it easy for students to compare deals and make informed decisions.
3. Doorstep KYC verification: RBI’s law mandates that Indian citizens transferring money abroad must directly visit the bank or forex store to physically verify their KYC documents. ExTravelMoney.com offers doorstep KYC pickup, which saves students time and effort.
4. Multiple payment options: ExTravelMoney.com provides students with multiple payment options, including online transfers and card payments. This makes it convenient for students to make payments and ensures that they are able to complete their transactions quickly and securely.
5. Assistance with documentation: ExTravelMoney.com provides students with assistance in completing the necessary documentation for their money transfer abroad. This includes helping students fill out the A2 form for remittance and providing them with guidance on the documentation process as specified by RBI.
What Are Some Useful Tips For Indian Students?
If you’re an Indian student planning to study abroad, there are a few things you can do to save on international university fees.
First, start by looking for scholarships and grants that can help cover the cost of tuition. There are many organizations that offer financial assistance to Indian students studying abroad.
Next, consider working part-time or interning while you’re in school. This can help offset the cost of living expenses and give you some extra spending money.
Finally, be sure to compare exchange rates and fees before converting your currency. ExTravelMoney is a great resource for finding the best deals on money transfers and currency exchanges.
It is heartening to see the innovative ways startups are helping students deal with their financial woes and reduce the cost of fulfilling their dreams. ExTravelMoney has taken decisive steps in this direction by providing an easy-to-use platform that connects universities, banks, and money exchange companies to deliver student discounts on international tuition fee payments.
With more efficient service delivery, Indian students can save precious time while still getting access to competitive currency rates, which helps them keep their expenses within their budget.
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