21st-century digitization has transformed countless aspects of our lives, managing our finances being one of them. The digitized methods of regulating our financial affairs have made our money-matters more reachable, accessible, and hassle-free. Be it money transferring the money from all across the world or its withdrawal, the new-age mediums of monetary exchange have made transactions more serviceable, time-saving, user-friendly, and adaptable, especially for the students pursuing higher studies abroad.
A recent study shows approximately 4.5 million students are currently studying abroad, with 65% of them coming from underdeveloped countries seeking higher education in rich countries. This figure represents a greater need for wiring funds abroad to pay the costs of living in certain first-class nations. According to studies, financial assistance is also an integral part of international education and one of the biggest demands for foreign students. These reasons elaborate on how essential it is to make cross-border financial transactions more approachable and less expensive for international students.
As a result, this problem highlights the importance of introducing a remittance service for international students in order to make their monetary exchanges more convenient.
• An overview of remittance and remittance services:
A remittance is a non-commercial monetary transfer from foreign labor to a third party outside of the country. A remittance, in clear terms, is any settlement of an estimate or fee. Although, the concept is currently most commonly used to refer to a supply of money transferred back by a person working overseas to his or her family. The word remit comes from the word remitter, which means to send anything back.
Therefore, a remittance service is essentially a money transfer service. It pertains to a sum of money that is transported or sent from one party to another, commonly through the internet or via wire transfer. This type of transaction is frequently done worldwide and can be accomplished almost instantly. The remittance service for international students makes it simple for families to transfer funds to their children living overseas.
• Why is remittance service advantageous?
Foreign students rely on remittances for education, accommodation, and a variety of other expenses because it is their only source of financial assistance while studying overseas. However, conventional methods of transferring funds to a different country have made the entire concept of monetary exchange incredibly complicated and laborious for both the sending and receiving parties in recent decades.
It has long been considered that having a bank account overseas is the sole method to get money from home safely and reliably. However, in this case, we frequently overlook the transaction charge and time-consuming process of conventional money transfers via banks or money transfer businesses. As a result, the expenses of transferring money abroad, as well as the time it takes to process one transaction’s documentation, frequently add up in the end, making it an extremely time-consuming process.
Another broadly considered, common technique to better manage a student’s budgeting is to enroll in a debit or credit card. According to the bank’s credit report, parents would top up a set chunk of money every year, in advance or pay for it later. Again, it appears to be cost-effective initially, but the actuality is that even the exchange rate and currency difference will be factored into the price of each transaction. This may seem insignificant in individual purchases, but the additional expense would be extravagant if an overseas student made 30 transactions per month on average.
To address this issue, University Living has partnered with remittance service providers for offering overseas students and their parents a safer, more affordable, and simpler money exchange method.
The collaborative effort of University Living’s remittance service for international students is a new-age money transfer and exchange ecosystem with a comprehensive sharing economy framework that serves the international students with a far more efficient and hassle-free way of transferring money abroad.
Thus, University Living’s remittance service enables students to get money transferred from home more promptly, securely, at any time, and from anywhere using this service, with no additional costs or time-consuming procedures. This simple transaction not only relieves international students’ and their families’ financial burdens, but also renders cross-border transactions a no-brainer chore for everyone.
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Best Ways to Send and receive Money Internationally | International Payments
