Save With the Right Forex Strategy

In the today’s scenario, where there is competition in each and every type of the field, it becomes very necessary that one gets the best deal by any means. The parents in the nation of the India, usually leave no stone unturned when it comes to the education of their child and as every parent is concerned, they try there best according to there pocket to do and provide the best to their children. If the facts are to be believed, India is ranking the second, just behind the republic of the china, when it comes to sending there children for higher studies abroad. But doing this is not that easy as one needs proper funds and proper types of the channels to proceed further. The over seas education also comes with a large no of the challenges, unique its own, the biggest of the challenges being offered, being doing the out ward remittances or in other words simply sending the money abroad. The fact is that the education in the foreign countries is very expensive and as a result of this, the parents are required to make this very important and the critical decision knowing that the whole process of sending there child abroad, could cost them more than any thing they have ever spend in there whole lives. But even then, it has been observed in India that there has been a great rise in the no of the cases where parents have been making this decision to send there children abroad. An under graduate degree in a good American university easily goes up to $ 50000 per year i.e. about Rs 33.5 lakh per year according to the Indian currency.

Intensive research on the interest rates on the education loans being provided by the various types of the banks, the financial institutions and the fin tech start ups is very vital. Also apart from the tuition fees, there are large no of the expenses that the students abroad incur like the housing, the meals, the insurance, the transportation and many more. Most of the universities try to attract the students and also there respective parents by offering the package of all the things together just in order to make the things for the international students easies and in a much more planned manner. But perhaps the one and the most important thing where the students and there parents end up loosing a lot is the area of the exchanging currency, which is required to be paid for all most every thing. Most of the students and there parents are unaware of the fact that the various types of the products of the forex and also the services of the forex, that exist in order to reduce the charges of the exchange of the currency and are too used to deal with there bank for the requirements of the forex.

The traditional foreign exchange providers like the banks and the money changers in a typical way add a hefty margin in order to exchange the currency that can range from the 2.5 percent to the level of the 7 percent over the inter bank rates, which acts as the base rate and it is according to this rate, the various types of the banks deal with each other. The aware ness about the use of the right forex products and the right service providers can alleviate these charges all most entirely. The digitisation has paved a way for the forex market places which make an excellent choice for all the requirements of the exchange of the various currencies. The various new age start ups that have come in to the existence in the segment, usually compare the rates of the forex across the hundreds of the banks and the various companies of the forex in each and every city and then find the most appropriate best rate in the respective required area. Many of the very well established on line forex market places also offer the remittances and the other various other forex products directly from their banking partners at a very low rate and this rate is very much cost effective than the rate that is obtained by the direct dealing with the banks as they also provide the additional options to freeze the rates on line or to at least place an alert of the rate. There are a large no of the forex products that are being offered by the banks and the various types of the financial institutions but first of all it is very necessary and also very critical to under stand to what is the requirement of the person who is or is sending some one abroad. The requirements vary if the person is going on a tourist visa or is going on a study visa and many more changes depending on the type of the visit of an individual. A large no of the products like doing TT of by selling the forex cards are available. The main advantage of the forex cards that are available is that one is not forced to carry the cash and it works like a debit card and this card can be refilled again and again with the money even by any other person in India when the card is being used abroad. These class of the specific products of the forex such as the forex cards are the ones that can be used internationally just like we use the debit card or the credit card but the point of the advantage for the customer is that the margins that are present in case of the exchange of the currency are minimised to a great level.

If one is to assume the average savings by using the right product or the service to be at 5 percent, the savings over the 4 years could very well exceed $ 10000. The most popular and also the most convenient over seas process of the transfer known as the SWIFT (Society for worldwide inter bank financial telecommunication) involves the dual charges levied intermediary as well as the beneficiary bank. On the other hand, the cards of the forex which are marked visa or the master card can be used for the transfer as these cards are accepted as the international credit or the debit cards. Market places like the bookmyforex.com levy zero margins on the forex rates and also eliminate the all type of the charges for the issuance of the reloading and the unloading and the transacting in the stores, on line and even at the ATM’s but only for the first three occurrences. The main thing that one should keep in the mind is to how to get the best deal as in this case of the foreign exchange, even a slightest of the slight change of even as low as the 10 paisa in the conversion rate can bring about a rapid upheaval when it comes to the bulk transfers. Thus it is very necessary and critical to avail the services of the foreign exchanges only from the banks or the plat forms that are able to channelise the remittances through the banks it self and which also enable the possibility to hold the rate of the exchange up to 3 working days. Such plat forms enable you to save more than 6.5 percent on the standard bank transactions. One more point that is to be kept in mind while going through the process of the foreign exchange is that one must ensure the total fee amount. A large no of the times, the foreign institutions charge a fee for the specific type of the services under the different courses that is over and above the tuition fee and the semester fee. These various types of the sub heads might be very essential in order to full fill the course’s goal and also add extensively to the over all expenses. In a such a type of the scenario, it is very essential and also very vital to take a complete stock before hand regarding the total amount that needs to be paid and also avail all the opportunities for the various types of the scholar ships, if any of them are available. According to the liberalised remittance scheme of the reserve bank of the India, only a cumulative sum of $ 250000 is allowed to be remitted for the any type of the purpose during a financial year and this same clause applies also for the education purpose. The documentation, the identity proof, the procedure in the case of the different types of the methods like the transferring with the help of the foreign exchange facilitator organization etc. can only be explained well by an expert as the policies also keep changing with the passing time and hence stressing the need for the advice of the expert as which is very critical and also very necessary as at the end of the road, it helps in saving money and also doing things in a much more planned and an organised manner.