Students from developing countries, especially India, are increasingly opting for foreign countries as study destinations. Even parents are also encouraging their wards to move overseas for higher education. The reason is obvious as these foreign universities not only help students to gain quality education but also offer world-class professional experience. However, getting educated abroad comes with a high price tag. And money transfer plays a significant part in terms of expenditure. Hence, today we will talk how costs can be minimized while using money transfer service.
Be Mindful Of Transfer Fees
There are several money transfer service providers across the country to send cash abroad. But, there are no free lunches in this world as sending cash overseas entails a certain fee. Some service providers charge Rs 500-1000 per transactions as you get charged extra every time you send money to a foreign location. But there are certain providers who charge less or no money for transferring cash abroad. So, look for such service providers and don’t be in a haste to select one.
Who Should Ideally Pay Nostro Charges?
A nostro account happens to be an account that Indian banks create in an overseas bank to keep foreign currencies and direct every money transfer transactions. The foreign bank plays the role of an intermediary as far as money transfer transactions are concerned. Therefore, they levy Nostro charge on users for performing the transfers. Any body can pay nostro charges, remitter or receiver, but in the case of college fee it is advisable that remitter pays the amount.
Should Be Able To Take A Call Regarding Wire Transfer or Cards
In case your child is still not admitted to a university and is seeking the admission form, then it is advisable to pay for forms via credit/debit cards rather than money transfers. The reason being, the nostro charges turn wire transfers costly for minor transactions. But, if your child is already admitted to a foreign university, then there nothing like wire transfers.