International students require remittances below $1,000 to obtain prospectuses, to make small payments for assistance with writing admission-related essays, filling out complex forms, etc.
Transfer charges and intermediary fees levied by most banks can often exceed Rs 1,000 and can be quite burdensome.
To overcome this issue, BookMyForex has announced an offer waiving off all remittance charges, both for Indian and international banks, for all cross-border wire transfers up to $1,000 or 1,000 units of any foreign currency and other bundled offers.
“Our special tie-ups with reputed private banks ensure secure international transactions, offering better rates—typically up to 5 percent better than those provided by banks and other fintech players ,” said Sudarshan Motwani, Founder and CEO, BookMyForex.com.
Bundled offers for international students
Besides zero fee remittances, BookMyForex provides up to Rs 5,000 cashback on international money transfers. Additionally, students can avail up to 25 percent discount from MakeMyTrip on international flights and hotels, along with offers on airport services and accommodation abroad. This offer is available for all bookings made through the BookMyForex website or mobile app.
Further, users can book international transfers with the option to pay later where BookMyForex freezes the exchange rate for three days, ensuring that users benefit from stable rates even if markets fluctuate. For added convenience, they offer door-step KYC (know your customer) service.
The BookMyForex Student Offer is a limited-time promotion, valid up to September 30, 2024.
Also read | Studying abroad: How to plan financially for your child’s foreign education
Surge in Indian students travelling abroad
The number of Indian students seeking higher education abroad has surged, with projections indicating that, by 2025, 2 million Indian students will be enrolled in foreign universities, spending up to $70 billion.
These projections are from University Living, Beyond Beds and Boundaries: Indian Student Mobility Report 2023. The United States, Canada, Germany, the United Kingdom, and Australia are the most chosen destinations for Indian students, according to the report. “This trend presents a significant opportunity for the remittance market,” said Motwani.
According to the latest RBI data, outward remittances from India under the Liberalised Remittance Scheme (LRS) hit a new high of $31.73 billion in FY24.
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