For those of you whose children are headed to a university England, you must be exploring different ways to send money from India to UK for education. Here are the choices you have:-
- Wire transfer (SWIFT transfer)
- Demand Draft
- Prepaid travel card
- Traveler’s cheque
We’ll help you decide which one to choose by familiarizing you with the pros and cons of each option to transfer money from India to England for educational expenses.
Wire transfer is amongst the best, quickest and most convenient ways to transfer money from India to England for educational expenses. However, you need to have an account abroad where you can transfer the money unless you are directly transferring it to the university/ college’s account. Banks in India charge anywhere from Rs. 250 to Rs. 1500 for a wire transfer. BookMyForex has special arrangements with Banks that can and would charge only Rs.200, the lowest in India, for a wire transfer. The foreign banks receiving the money charge an additional foreign correspondent fee ranging from GBP 10 to GBP 40, which makes wire transfers somewhat expensive.
Demand draft is a very cost effective way to send money from India to UK for education since you only have to pay approx. Rs. 500 as bank charges (only Rs. 200 using BookMyForex) for your demand draft. It is best and safest way to carry large amounts of forex but only if you are physically visiting the destination as it saves the corresponding bank charges (an exorbitant GBP 10 – GBP 40)
Prepaid Travel card
Prepaid travel card is the most economical way for you to transfer money from India to England specially for personal expenses. Some universities may accept college fee by cards but you need to double check on that to avoid delays / high expenses from changing cash on card to any other mode. There are special prepaid travel cards available for students with a limit of upto USD 1 Lac that can easily be reloaded by parents from time to time to transfer money for the fees, maintenance expenses etc. With BookMyForex you will not have any issuance & reloadng fee irrespective of how many times you re-load the card.
Though traveler’s cheques are an option, they are an outdated and obsolete way to send money from India to UK for education because the rates are relatively high but they are not easily accepted at several establishments overseas and are therefore difficult to encash.