STUDY ABROAD MONEY EXCHANGE
When you’re sending money abroad, there are two main costs to consider: Fees Most money transfer services (excluding some bank accounts) tend to charge you for what they do, so keep an eye out for any fees or hidden costs that may not be apparent at first. – Study Abroad Money Exchange
Option 1: Use your bank One of the most simple and reliable ways of sending and receiving money while you’re studying overseas is through your bank account.
Keep your passport separate from your bank cards in case you need identification to open a new bank account.
Open a student bank account Opening a student bank account in the host country should be a priority once you step in.
A student bank account also offers myriad benefits to outside students, which many of them miss availing due to lack of awareness.
These fees and surcharges may apply abroad depending on your particular bank. If your bank charges you a flat rate fee, it may be smarter to take out larger sums of money less frequently in order to avoid multiple fees. If you are not comfortable carrying around large sums of money, consider finding a bank that charges a lower rate. Look into credit unions as they may have lower fees. Do some research to see if your bank has partner institutions or reciprocity agreements with banks in your host country. In some cases, this will eliminate transaction fees entirely.
According to the Reserve Bank of India data, expenditure by Indian families on overseas travel and education has witnessed an upwards surge of over 60 percent year-on-year.
When you swipe your credit and debit cards abroad, banks charge you a foreign currency conversion fee (up to 3-3.5 per cent for each transaction) and a foreign transaction charge (of around 2.5 percent to 3.5 percent, again for each transaction).
In such a scenario, it’s natural to have doubts regarding what are the RBI rules for money transfer abroad in India.
Also, resident Indians can avail foreign exchange facility (buying foreign currency as cash/forex card/traveller’s cheques) within the same limit of USD 2,50,000. 10 LRS Rules Indian Students Should Know As per the Liberalised Remittance Scheme, Authorized Dealers can allow money transfer abroad up to US$ 2,50,000, by resident individuals per financial year for permitted current account/capital account transactions or both.