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COVID-19 pandemic is affecting the whole world. Students studying abroad do not have the option to return home due to travel restrictions and country-wide lockdown. Despite universities and part-time jobs, students abroad depend on their parents for money. It is important to ensure that during the lockdown, they have sufficient funds to maintain their own position so that they can manage any accidental medical emergency or other needs. Therefore, it is important to understand remittance options and choose a platform that allows easy money transfer.

From navigating to the remittance platform to assessing exchange rates and sending money abroad, sitting in your home can be a complex task. Here are some tips that might work for you:

Choosing the right remittance partner: Give time to compare the platform and understand various aspects, such as exchange rate, transaction limit, processing fees, customer service, and experience, etc. Some platforms impose additional charges on the beneficiary, and there may be many other hidden costs as well. Make sure you choose a platform that guarantees transparency and gives your recipient the full credit amount.

Understanding transaction limits: For students receiving funds from India, some guidelines have been given by rbi under a liberalized remittance scheme. The cost of living of students studying abroad comes under the Liberalised Remittance Scheme, and the limit is the US $ 250,000 per annum. The maximum transaction limit for sending money using an online channel is USD 25,000 per transaction, which is also the maximum daily transaction limit.

Exchange rates: It is important to collect information about the latest exchange rates and assess the fees of available services. Platforms such as DigiBank Remit offer a 24×7 locked-in FX rate, which allows you to book transactions at the display rate (i.e., guaranteed rate). Once the transaction is successfully processed, the money is debited at the same rate.

Ease of money transfer: Transferring funds abroad is no longer an extended and complicated process. Digibank protects you from going to the bank or getting entangled in the cumbersome documentary process. It provides integrated technology to provide you with a digital, quick, and hassle-free experience. This flexibility is particularly important in the present situation.

Emergency Fund Transfer: Limited access to funds during an emergency abroad is stressful for anyone. On some remittance platforms, if you add a new name (payee, which is to send money), you have to wait for a cooling period. In such cases, it may take 1-2 working days for payment. When selecting a remittance platform, choose the same option that facilitates emergency fund transfers in a single day.

Fund transfers in a single day: You're abroad, and it's stressful for you if you lose or lose money. On some remittance platforms, if you add a new name (payee, which is to send money), you have to wait for a cooling period. In such cases, it may take 1-2 working days for payment. When selecting a remittance platform, choose the same option that facilitates (bean day) money transfers in a single day. Overall, selecting the right remittance platform is not only to support the needs of your child living abroad but also to prepare for an emergency situation. It is always necessary to carefully evaluate your options to choose a platform. An option that is safe, reliable, and meets your needs.

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Image credit: thebalance