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March 17, 2017
2 minutes, 10 seconds Read

Here is How You Can Save Money When You Send Money Abroad

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Here is How You Can Save Money When You Send Money Abroad

IS your Son or Daughter studying abroad in the USA? How do you send them money? Do you rush to your nearest bank? But since when did banks offer reasonable foreign exchange rates? Not just exchange rates, they add markups like transfer charges etc. But have you ever thought of e-Commerce platforms like BookMyForex, which is India’s first and the largest online marketplace for currency exchange? How do you decide which is the best way to go?

Well, you should stop worrying now. We compare BookMyForex with two of India’s largest banks – HDFC and ICICI, and two global companies which are very popular among foreign Universities for the remittance of Tuition fees, Western Union and FlyWire.

We chose the New York University Stern School of Business and their Master’s Degree in Business Programme. The fee for the degree is USD 70,800. Let’s now find out the most cost-effective way to transfer money from India considering the criteria listed below. (As of 30 Jan 2017)

INR Exchange Amount – The exchange rate provided for a foreign currency 
Fixed Exchange Rate Duration – 
The timeframe during which the exchange rate is valid till you complete the payment
Beneficiary Flexibility –
 Money can be transferred abroad to either university or personal accounts

 1: BookMyForex.com

Company INR Exchange Timeframe Beneficiary Flexibility
BookMyForex 48,25,728.52 3 days Personal & University Account

 2: Western Union & Flywire

Company INR Exchange Timeframe Beneficiary Flexibility
Western Union 49,43,256.00 3 days Only University Account
Flywire  48,90,921.00 3 days Only University Account


Note:
 If you used Western Union GlobalPay instead of BookMyForex to send $70,800 to the US, you’d pay INR 1,17,527.48 more. Also, you can only transfer to the university account.

Note: If you’re curious, exchanging $70,800 to the US with FlyWire would cost you a whopping INR 65,192.48 more than if you’d used BookMyForex. The money can only be transferred to the university account.

3: HDFC and ICICI Bank

Bank INR Exchange Timeframe Beneficiary Flexibility
HDFC 48,96,528.00 Not Available Personal/University Account
ICICI 49,22,016.00 Not Available Personal/University Account

 Note: To send $70,800 to the US with the HDFC Bank will cost you INR 70,800 more than if you’d used BookMyForex. Also, there is no provision to fix your exchange rate for 3 days before you complete the payment.

Note: The transfer of $70,800 to the US with ICICI Bank would cost INR 96,287.48 more than if you’d used BookMyForex. You cannot fix the exchange rate for 3 days before you make the complete payment.

 

Start saving money by making your international money transfer from India with BookMyForex, try it out today!

 

 

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