When 2018 began, a USD was equivalent to about INR 63-64. Not even 10 months have passed since and the same USD is now equivalent to about INR 73-74. That is nearly 14% fall in the value of Indian Rupee against the mighty US Dollar.
The steep drop in INR against USD has affected many Indians, and Indian students studying abroad are amongst the ones who are worst affected. Their university fees and their cost of living have significantly gone up, even if the fees have not increased. The fees and expenses of USD 50,000 would cost them INR 31,75,000 (50,000×63.5) nine months ago. The same fees and expenses will now cost them INR 36,75,000 today.
From admission forms to student visas, everything has become more expensive. If pundits and analysts in the industry are to be believed, INR will continue to fall further in the coming days. Which means, students who desire to study at a foreign university will have to spend more now than ever before.
How do Indian students generally pay for their tuition and other fees while studying abroad?
Wire Transfer is widely used by Indian for making such payments. Although it is safe and secure, this method has some drawbacks. Wire Transfer can cost you up to 2% of the total transaction in the form of charges. You cannot freeze your rates, which is a major shortcoming considering the exchange rates for most of the foreign currencies are speculated to increase.
How to bring down the overall expenses?
The easiest way to bring down the expenses drastically is only possible if Indian Rupee starts appreciating. However, the following are a few solutions for Indian students studying abroad to bring down the overall expenses:
- Get yourself a scholarship –
If you can earn yourself a scholarship in a foreign university, you would be able to bring down your expenses by a huge margin.
- Do a part-time job –
You can also get yourself a part-time job. The job, most likely, will pay you fairly and help you to pay for your cost of living.
- Cook your food –
If you can stop eating outside all the time and prepare your own food, you would be surprised to see how much you would save.
- Cut down on entertainment and shopping cost –
While we understand that entertainment is the easiest way to relax our minds, it is advisable to cut down on expensive entertainment costs like partying, weekend travels, and even shopping for things you don’t need.
- Create a budget plan –
Creating a budget plan and sticking to it is a smart way to save money. The amount of money this will help you save will astonish you.
None of the aforementioned ways to cut down your overall expenses while studying abroad is easy. You have to be really, really good in studies and extra-curricular activities to bag yourself a scholarship in a foreign university. Studying and working simultaneously is never easy. Even if you get a part-time job, it would more likely be of a waiter or something. Unless you are used to doing such works, you will find things difficult. Likewise, cooking your own food may not be feasible in the long run. You will have to buy all the pre-requisites from the market and then cook it yourself. Creating a budget is one thing but sticking to it needs a lot of discipline.
Q: So what is the best practical option?
A: Get yourself a prepaid Forex Card.
A prepaid Forex card comes with a lot of benefits. Following are its major benefits:
- Fair exchange rates –
Buy Forex Online assures lowest exchange rates. While the leading banks in India charge at least 3% more than the live Forex rates, Buy Forex Online offer exchange rates as per the live rates. Buy Forex Online also update its exchange rates after every single hour.
- Freeze the exchange rate –
With speculations that rupee will continue to fall, it is better to have more of the foreign currency with you. This means, when Indian Rupee further depreciates, it will not affect you as you have already bought the foreign currency at a better exchange rate.
Buy Forex Online gives you the option of loading a single Student Forex Card with more than one currency. You can choose among as many as 23 foreign currencies.
- Free ATM withdrawals –
While you try to cut down your expenses, it could be frustrating to be charged for withdrawing money from the ATM. A multi-currency prepaid Forex card bought from Buy Forex Online offers three free ATM withdrawals per calendar month.
- Safe and secure –
Safety is a major concern while carrying money abroad, especially for a student. A prepaid Forex card purchased from Buy Forex Online is completely safe and secure. Even if you lose your prepaid Forex card, the card will be blocked as soon as you alert us. Furthermore, a substitute card will be provided to you at no additional fee.
- Free Insurance Cover –
The prepaid Forex card that you buy from Buy Forex Online comes with a free insurance cover of up to INR 3,00,000. In an unfortunate case of an ATM robbery or assault, a cover of up to INR 60,000 will be provided.
- Quick reload –
Whenever you are in need of money, your parents can reload your Forex card from the comfort of their home or office. It takes not more than 12 working hours to reload your prepaid Forex card online.
- Easy Encashment –
The extra money that is left on your prepaid Forex card can be en-cashed once you return home and will not need the card in the near future.
So, don’t let the continuous fall of Rupee affect your future plans. Get yourself a prepaid Forex card and it will help you save a lot of money. After all, a penny saved is a penny earned.