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HOW TO SEND MONEY TO YOUR CHILD STUDYING ABROAD?
Worrying about your child's well-being is natural when they are away from you, studying in a foreign country. Assuring that they have sufficient money for necessary expenses and that you have a reliable way to send it to them can help ease such concerns. Unexpected expenditures can be related to the higher cost of living internationally or to unforeseen circumstances such as sudden health complications necessitating costly medical care. In such cases, you may need to transfer funds to your child quickly. You can consider some best international money transfer service providers for this.
Students in foreign countries may lose their part-time jobs as a result of the current pandemic and economic slowdown. This circumstance has increased their need for financial assistance from you. Aside from the speed of payment transfer, other considerations such as security, low exchange rates, and processing fees are crucial when sending money abroad. You can only use the Bharat bill payment system only in India.
Here are some tried-and-true methods to consider to transfer money overseas:
You can transfer funds from your savings account to your child's international bank account by using the SWIFT code. This method is safe and allows you to send money online at any time. Because your bank's current exchange rates will apply, you should check with them before starting a wire transfer. Wire transfers can take up to 24 hours to complete, but factors such as the number of intermediary banks involved, bank holidays and weekends, and currency conversions can all affect the time it takes to complete a wire transfer.
Using Your Bank
Using your bank to send money abroad to a student studying abroad is one option. For many people, your bank is a familiar concept and thus a reliable way to send money overseas. Indeed, wire transfers from your bank to the recipient's bank account are regarded as a secure method of sending money around the world, not to mention helpful because your bank already has all of your information.
However, these advantages do not always outweigh the disadvantages. Banks frequently charge far higher transfer fees and higher exchange rate mark-ups than specialist money transfer services, not to mention much longer transfer times. If you want the student to receive as much of the money as possible (rather than losing it due to unnecessarily high fees), using your bank might not have been the best option.
Foreign Currency Demand Draft (FCDD)
You can obtain a demand draft (DD) in the foreign currency of your choice for the transferable amount. Your account will be debited in INR for the equivalent amount. In the majority of banks, the draft can be withdrawn from your child's international bank account. FCDDs are safe because they are drawn in your child's name.
Currency Exchange Marketplaces
The website of a forex exchange broker provides exchange rate quotes from partnering banks and exchange houses. You can find competitive rates because such partners try to outbid each other. Furthermore, the brokers may not charge a commission. To lock in a favourable exchange rate, you can book the transfer with an adjustable additional payment. Then you must provide the necessary KYC documents. You can transfer money abroad after verification.
You can buy a prepaid forex card and load it with foreign currency for your child. They can use this card to pay for expenses abroad or make withdrawals in foreign currency from ATMs. If the balance runs out, you can reload it digitally from your Indian bank account.
Using Money Transfer Services
Money transfer services are easily becoming the most popular method way to send and receive money online, and they are an excellent way to send money to international students. Among the most significant advantages are:
International transfer fees are reduced.
Lower exchange rate spreads.
Payment transfer times that are faster.
More ways for students to receive financial support (bank deposit, mobile money, cash, etc).
There are more ways for you to pay for the transfer (bank transfer, card payment, cash deposit, etc).
You want to make sure your child is safe and comfortable. And during this pandemic situation, they require your help more than ever. When they are in a distant country, your financial support is the next best thing to your physical presence. The above points are the best ways to transfer money internationally
At Muthoot Finance, we offer seamless money transfer services that come with benefits like quick money transfer, nominal overhead charges, direct credit facility for amounts more than INR 15,000, and a lot more. Visit your nearest Muthoot Finance branch to know more.