The craze of moving abroad for higher education among Indian students is increasing every year. Even the pandemic has failed to damp down students’ enthusiasm to move overseas. According to the UNESCO survey, 91% of Indian students expressed their desire to study abroad amidst the pandemic and despite all the COVID risks.
Undoubtedly, studying abroad gives a lot of exposure, but it can also be financially draining for Indian parents. You need to consider various expenses before you decide to study abroad, including airfare, tuition fees, accommodation expenses, food bills, and other expenses. Your expenses don’t end here; you also need to consider the high foreign exchange rates that fluctuate now and then.
If you’re one of those students who want to study abroad and are worried about the expenses and foreign exchange fluctuation rates, don’t worry! This article will describe some tips for students to save money on foreign exchange and have a less stressful life in a foreign country.
Ways to handle foreign exchange fluctuation rates
Here are a few tricks that can help you save money when you plan to study abroad, provided you play your cards right:
1. Monitor forex rates, compare them, and choose the right channel
If you’re yet to fly to a foreign country for your studies, the best you can do is to monitor currency rates and compare them. Most companies offer currency conversion services. You can check live exchange rates on their website. We know forex exchange rates fluctuate a lot and vary among money changers, banks, and currency exchange organizations. So ensure to keep an eye on the fluctuation and invest in foreign currency when the exchange rate is low. You must know that online forex marketplaces give you better value for money as they constantly compete with each other.
2. Look for the high remittance charges
Keeping an eye on forex rates is not enough. Make sure to check the remittance charges too. When you transfer money to another country (for your institute, accommodation, or other expenses) through a bank, an online marketplace, or an authorized dealer, they charge a remittance fee for every transaction. The cost can vary from Rs 250 to Rs 2000. So before choosing your channel, find out about the remittance charges behind every transaction and then decide wisely. You can trust BookMyForex to transfer your money abroad with the best exchange rates and minimum transfer charges and for fast & secure transfers.
3. Open a bank account abroad
The next step you can take to save money due to fluctuation in the foreign exchange rate is to open a bank account overseas. It would be beneficial for you in the longer run, especially if you’re going to stay abroad for over a year. Several universities help students to open a bank account for International money transfers from India. However, you will need to submit a few documents to open an international bank account:
- A photo ID other than the passport
- Passport with relevant student visa
- Proof of enrollment in a university
- Proof of residence
- A minimum balance and the amount may vary from bank to bank
Opening a bank account abroad will help you save money every time you use your account from back home, and it also helps you get your paychecks quickly if you decide to start a part-time job.
4. Use Forex Cards
Forex cards are another way of saving money on your international money transfers and currency exchange. The best thing about forex cards is that they’re pin-protected and can be used as Visa/Mastercard in foreign countries. Moreover, you don’t have to worry about fluctuating exchange rates because they lock the rate when you purchase them. So, make sure to buy them when exchange rates are low. Also, you can reload your forex cards whenever you require, making them the most convenient and flexible to use in foreign countries. Reloading your card is easier; all you need is your smartphone or a laptop. Forex cards seems quite useful, but you need to be careful while using them as they do have some hidden charges. You may get charged for cash withdrawal, balance enquiry, statement request, cross currency markup, slip retrieval on ATMs, and more. Some of these charges are unavoidable but while others can be avoided by choosing BookMyForex for your Forex cards.
Following these tips to save money on foreign exchange rates due to fluctuation might sound overwhelming, but trust us a slight fluctuation in the currency exchange rates can be a big deal for you. So make sure to keep these tips in mind and follow them if you’re going to study abroad.
Still have any doubts about how to save your money and forex cards, do let us know in the comment section!
