A Guide for Indian Students to Send Remittance to US Universities
Studying in the United States is a dream for many Indian students. However, with the high cost of living and education in the US, it is essential to manage finances effectively.
Knowing about Remittances can be an important tool for Indian students studying in the US to cover their expenses and manage their finances.
In this article, we will discuss a remittance guide for Indian students studying in the USA.
What is Remittance?
Remittance is a transfer of money by a foreign worker to an individual or a family in their home country. In the case of Indian students studying in the USA, it refers to the transfer of funds from their parents or other family members in India to the student’s bank account in the US.
Ways to send Remittance to US Universities:
There are various ways to send remittance available for Indian students in the USA. Some of the popular ones are:
Online remittance: Top Online remittance platform in India like Orient Exchange provide a convenient and cost-effective way to send money overseas. This platforms charge a lower fee compared to other online platforms, and the transfer process is quick and hassle-free.
Wire transfer: Wire transfer is a common way of sending money from one bank account to another. It is a quick and secure method of remittance, but it can be expensive.
Bank drafts or cheque: Bank drafts or cheque are another way of sending money to the US. However, it is a slower method and can take several days for the funds to reach the recipient.
Factors to consider while choosing a remittance option:
While choosing a remittance option, Indian students should consider the following factors:
Cost: The cost of remittance is an essential factor to consider. Different remittance options have different fees, and students should compare the fees and choose an option that is affordable.
Exchange rates: Exchange rates can have a significant impact on the amount of money received by the student. Students should choose a remittance option that offers a competitive exchange rate.
Transfer time: Transfer time is another crucial factor to consider. Some remittance options offer quick transfers, while others may take several days or even weeks. Students should choose an option that provides quick and reliable transfers.
Security: Security is an essential consideration while choosing a remittance option. Students should choose a reputable and secure remittance platform to ensure the safety of their funds.
Tips for Transferring money to USA from India:
Here are some tips for Indian students studying in the USA to remit money from India:
Plan ahead: Students should plan ahead and estimate their expenses to determine the amount of money they need to remit. This will help them avoid the last-minute rush and ensure that they have enough funds to cover their expenses.
Compare remittance options: Students should compare the different remittance options and choose an option that is affordable, offers a competitive exchange rate, and provides quick and reliable transfers.
Verify the recipient’s bank details: It is essential to verify the recipient’s bank details before initiating a remittance to avoid any errors or delays in the transfer process.
Keep track of the transfer: Students should keep track of the remittance and ensure that the funds are credited to their bank account in the US. They should also confirm the receipt of funds with their bank.
Use a reputable remittance platform: Students should use a reputable and secure remittance platform to ensure the safety of their funds.
Avoid carrying large amounts of cash: It is not advisable to carry large amounts of cash while traveling to the US. Students should opt for a secure and reliable remittance option to transfer money.
Remittances can be an important tool for Indian students studying in the USA to manage their finances effectively. Students should choose best and secure mode of platform to transfer money to US Universities.