Studying abroad is very expensive. What makes it expensive is the value of the currency where we are going to go for studies compared to Indian Rupee. Exchanging Indian Rupee to other currencies say USD or GBP or Euro comes up with additional charges such as government taxes, bank charges etc. the already expensive tuition fees keeps getting expensive. But if you carefully choose the way to send the money, you may end up saving loads of money. Online marketplaces for currency exchange like BookMyForex, which is India’s first and the largest online marketplace for currency exchange, offer best rates to its customers. Not only that, BookMyForex gives you option like freezing the rate for 3 days or setting up rate alerts. The best part is that there are no hidden fees or additional mark-up charges like banks have. In the next few steps, we will explain how much you can save if you choose BookMyForex to send your tuition fees.
We compare BookMyForex with two of India’s largest banks – HDFC and ICICI, and two global companies which are very popular among foreign Universities for the remittance of Tuition fees, Western Union and FlyWire.
We chose the New York University Stern School of Business and their Master’s Degree in Business Programme. The fee for the degree is USD 70,800. Let’s now find out the most cost-effective way to transfer money from India considering the criteria listed below. (As of 30 Jan 2017)
INR Exchange Amount – The exchange rate provided for a foreign currency
Fixed Exchange Rate Duration – The timeframe during which the exchange rate is valid till you complete the payment
Beneficiary Flexibility – Money can be transferred abroad to either university or personal accounts