FINANCIAL GUIDE
For Indian Students Going To
USA

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Top Universities in USA

Name of the University Ranking (QS Ranking) Known For
Massachusetts Institute of Technology 1 - 100/100 on 4 out of 6 Indicators for Ranking
- Good International Student Ratio
- Private Research University
Stanford University 2 - Well known for Business Courses
- Private Research University
Harvard University 3 - Oldest University in the Country
- Well known for various courses including law, medicine and business
University of Chicago 9 - Known for strong focus on research.
- Excellent score in academic reputation
Princeton University 13 - Very well known for arts and humanities courses.
- Private Research University.

Cost of Living


Modes of Money Transfer to Universities


Forex Products for Daily Expenses


Money Saving Tips


Student Offers
 

Overview

Talk about studying abroad and the first destination that comes to a student’s mind is the USA. If you are the lucky one to have secured a seat in an American university, the next most important goal is to sort out the financial details. Here’s how we’ve got you covered. A quick read will help you make accurate financial decisions, keeping in mind our money-saving tips.

 

Cost of living in USA

Living in USA can be heavy on the pocket. Being a student, you would love to know the various expenses you are going to encounter.

Place Average Cost of Living Per Month
Metropolitan $13,000 - $18,000
Suburb $10,000 - $12,000
Requirement Monthly Cost
Accommodation $200 - $300
Utilities (Electricity and Internet) $35 - $45
Food (Home Cooked Meals) $150 - $250
Restaurant Meals $75 - $90
Entertainment and Leisure $100 - $150
Weekend Getaway $100 - $200
Note: This cost breakdown is subject to variation, based on the city where you are studying
 

Modes of Money Transfer to Universities

Got the coveted admission letter? It is time that you secure your seat by doing the money transfer online by paying the first fee installment to the university on time. Want to know how to save money before the journey begins? Here are the options:

Foreign currency Demand Drafts: This is a secure and hassle-free way to outward remittance from India. Foreign currency demand drafts are physical paper drafts that can be carried physically internationally or couriered/mailed to a beneficiary abroad. Demand drafts are perfect for applications to colleges, tenders, school fees among other things.

Wire transfers: Wire transfer are direct bank to bank transfers where money from an Indian bank account is directly transferred to your beneficiary's bank account abroad. Wire transfers from India are the best and most convenient way to transfer money abroad online. After having a clear understanding of the two modes, the next task is to be well informed of the market charges and how we are helping you save.

Market Players Wire Transfer Charges
BookMyForex ₹260 (ZERO FOR STUDENTS)
Other Online Foreign Exchange Players.. ₹500 - 1000
Money Changers ₹500 - 1000
Banks Up to ₹2000

Don't wish to pay even Rs.260 fee on your wire transfer? No worries, we make it zero for our beloved students’ community. Service and Bank Charges are not the only point of benefit you have with us, we have so many other advantages in store for you: -


  • Trust Factor: We only transact with RBI approved banks and currency exchange companies.
  • Live Rates: No surcharge on the live rates, another money saving benefit.
  • Lock-In Option: You can lock the rates for up to 3 days. This is very useful when enough funds are not there in your account, yet you find the best rate.
  • Fastest Transfer Processing Time: All transfers are processed within 24 working hours after receipt of the funds & documents. Thus, the funds received by the beneficiary abroad within 24 hours at no extra cost.
  • No Hidden Charges: This one is the real pain, we have eradicated. Live and transparent rates.
 

Get this task done right away and secure your seat in your university. Here is the link

TRANSFER MONEY NOW
 

Forex Products for Daily Expenses

The task does not end after paying the university fee. Before leaving for living your dream, these are the two things you should consider for managing your day to day expenses there: -

  • Forex Card
  • Wire Transfer
 

Forex Cards

A Prepaid Forex card is pre-loaded with foreign currency and can be very cost effective. Confused why to prefer this instead of credit or debit card? Have a look at how much you save from forex cards when compared to other options:

Option How much you save?
Credit/Debit Cards 3.5% - 6.5%
Travelers Cheque 0.5% - 2.5%
Remittance Products 0.6% - 2%
Foreign Currency Note 0.5% - 2.5%

Want more reasons to get convinced? Here you go:

  • Zero Margin: Load your cards with foreign currency at exact Interbank rates with zero margin (above 1 lakh). That literally means you get to exchange currency for free.
  • Zero Issuance/ Unloading and Reloading Charges: No charges for all these services.
  • Chip and Pin Secured: Forex cards are safe and enabled with this feature.
  • Free Insurance Cover: When you buy Forex card from BookMyForex, it comes with fraud, assault and theft protection including expenses in such incidents.
  • Globally Accepted: Accepted almost everywhere where Visa/ Mastercard is accepted.
  • Emergency Cash Support: Get emergency cash across all the major international cities in case of lost or stolen Forex card.

Zero sounds so good, for a change, isn’t it? If you talk about the safest way to carry money abroad, this will be the winner at all costs.

 
FOREX CARD
 

Wire Transfer

When studying abroad, money will be required from time to time. You can make this made hassle free and cost effective for your parents with this option. All you need to make sure is that there is an account of the beneficiary abroad. Take a quick read of the earlier section for more information.

 

Money Saving Tips:

Time your Currency Exchange

Foreign currency exchange rates are dynamic and keep fluctuating. If you are smart about the process, you could end up saving a lot of money by keeping a track of these fluctuations at least 2 weeks before your departure. Wondering how? Our blog page will be your one stop solution for this.

Set-up Exchange Rate Alerts

All you need to do is to set a rate alert for yourself from our website and get the best rates via SMS/mail.

Request for Better Rates

We Indians love to bargain, why not try it here, of course more professionally. Request for better rates on our website and based on your city and volume of order, receiving better rates is possible.

Beware of Hidden Charges

This is the slow killer and we cannot make you suffer with this. No hidden charges at any cost from our side.

 

Student Offers from Book My Forex

We know you are already bothered with so many expenses hovering in your head. So we thought, apart from the various places where we help save so much, let us also excite you all with offers designed exclusively for you.

  • With our Forex Card, you get exact interbank rates with zero margin for transactions above 1 lakh.
  • You save Rs. 1050 to 2000 with us for transaction worth 1 Lakh, and this saving can go even higher with transactions of higher amount. Wondering how? Have a look: -
Market Players Cost of transaction above 1 Lakh (Interbank Rates + Paisa Per Dollar)
BookMyForex Interbank Rates + Zero Charges
Other Online Forex Card Providers Interbank Rates + 60-100 Paisa Per Dollar
Banks Interbank Rates + 100-200 Paisa Per Dollar
  • We will charge Zero fees on the wire transfer from our students. Want to have an idea of your savings?
Market Players Bank Charges
BookMyForex ₹260 (ZERO FOR STUDENTS)
Other Online Foreign Exchange Players.. ₹500 - 1000
Money Changers ₹500 - 1000
Banks Up to ₹2000
The promo code to avail the zero fee benefit is ZEROBANKFEE
  • THE WIN- WIN GAME! If you are not going to study abroad but you do know people who are, we have something in store to add up to your pocket money. Not only this, your effort will give your friend discounted rates on their first order with us. Check out this link -
 
REFER NOW

FAQs on How To Transfer Money from India to Abroad?

What is an Outward Remittance?

An Outward Remittance is a transfer of money in foreign exchange, by a resident in India or an NRI to a beneficiary account outside of India (except for Nepal and Bhutan) for a purpose as approved under FEMA (Foreign Exchange Management Act). You may send money from India abroad to a beneficiary for various purposes including education, employment abroad, emigration, maintenance of close relatives, foreign travel, gifts, medical treatment, donations, etc

To whom can I Send money from India for the purpose of "maintenance of close relatives"?

You can Transfer Money Overseas to the below-mentioned persons:

(a) Members of your Hindu undivided family.
(b) Your spouse.
(c) You are related to the beneficiary in any of the manners indicated below:
1. Father (including step-father).
2. Mother (including step-mother).
3. Son (including step-son).
4. Son's wife.
5. Daughter.
6. Daughter's husband.
7. Brother (including step-brother).
8. Sister (including step-sister).

What are the modes of doing an outward remittance also called Overseas money transfer?

An international money transfer from India can be sent through the following modes:
1. Wire Transfer from India (You Send Money online by doing a Bank to Bank Transfer of Money)
2. Foreign Currency Demand Draft.

What are the eligible purposes to do an International Money Transfer through BookMyForex.com?

The permissible purposes to transfer money abroad through BookMyForex.com are as follows:
1.Maintenance of Close relatives abroad
2.Education Abroad
3.Medical Treatment Abroad
4.Immigration Abroad
5.Employment abroad
6.Fees for examinations like GRE/GMAT/TOEFL
7.Other Travel Including Holiday Trips
8.Travel for education
9.Travel for Medical Treatment

What is the foreign exchange entitlement (limit) for education/ studies overseas?

As an Indian, the limit to Transfer money from India is US$ 2,50,000 or its equivalent per annum (as long as the limit is not consumed/ part consumed in any other purpose stated under LRS) towards tuition fees, maintenance expenses books, etc.

What is the foreign exchange (limit) in cases of overseas medical treatment?

The limit for money transfer from India to abroad is up to US$ 250,000 or its equivalent for the patient going abroad for medical treatment or check-up abroad. Up to US$ 25,000/ equivalent for attendant accompanying the patient going abroad for medical treatment/check-up within the overall limit of USD 250,000.

View All Money Transfer Overseas FAQs

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BookMyForex is a fully authorized money exchanger regulated by the Reserve Bank of India (RBI). | License number : FE.DEL.FFMC/ U070/2013 | Insurance is the subject matter of solicitation | IRDAI Registration No. CA0429 | IRDAI | Cheques are subject to realization.

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* Zero margin rates/ interbank rates are available only on forex cards on specific currencies, in select cities for orders amounting to Rs. 1.5 lakh or more (Use promo code: ZEROMARKUP)

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