Things to remember when your child goes abroad to study

Parents always want the best for their children, and when it comes to sending the child abroad to study, there are few things that they must focus on so that they can send their child without having fear and apprehension in their mind and about the significant changes and the big steps.

Some of the essential points to focus on are:

1. Most Important “Planning for your education”

Planning is one of the essential parts of the study abroad process. It includes financial outlining, utilization of available resources, and mental preparation.

2. “Do some research about your shortlisted colleges”

Before bringing this dream of your children into reality, researching the foreign country, best colleges, courses, application processes, VISA formalities, research opportunities, cost of living, etc. is advisable. This will help both the student and parent to be well prepared in advance.

3. Estimate the “Cost of living”

It is essential to get the measure of “Cost” involved in the whole round process of studying, food, accommodation & travel so that one would not feel short of funds at the last moment. If possible, devise a sound financial plan, that can help the child manage his/her monthly expenses well.

The student may also apply for various scholarships which will help them to get their tuition fees, and living expenses waved off.

4. Safety & Security of your child

To ensure the child’s safety, learn about the selected University/Country safety protocols for international students. Also, make the child aware of emergency contact numbers and about various safety measures.

5. “Packing the essentials.”

Help the child to pack light-weight essentials. Mark-up the “must need things” checklist. Do not forget to pack copies of essential documents, passport, credit cards, etc.

International education may appear at a very high price, but it can also prove highly rewarding if planned in a proper manner. No doubt, tuition fee and other expenses are denominated in dollars, and sometimes we spend a valuable portion of it additionally as the Bank processing fee while transferring funds to the child’s account. But the cost of remittances can be controlled by choosing the RBL Bank’s outward remittance policy that costs No processing fee for children’s education overseas.

RBL Bank international Debit Card furnishes zero mark-ups on the foreign currency.

RBL Bank facilitates the joint account of the child and the parents so that the child can use the debit card freely while studying abroad.

What does “Cross-currency mark-up on debit and credit card” mean?

Mark-up can be understood as a foreign transaction/ payment fee that the companies of credit and debit card charge whenever their customer does a transaction with foreign currency. It can be 3.5% or more of the transaction value.

What does RBL Bank is offering & how does it work?

RBL Bank is offering a waiver of complete 3.5% and costing 0% mark-up on debit cards during the offer period.

This offer is most suitable for frequent overseas travellers or regular FX card transactors.

How is this offer better than Forex Card?

Forex card charges some amount of mark-up on each transaction overseas. Also, Forex card can create a problem when your child goes out of money because it takes up to three days to make funds available after reloading, which is not the case with RBL Debit Card.

How to make the best utilization of the offer provided by RBL Bank debit cards?

RBL Bank Debit card can be used at all ATMs abroad and for every international transaction.

The person can also use the card while shopping from any merchant outlet internationally or on popular e-commerce sites like Amazon and AliExpress.

How is this offer better than the cashback offers provided?

Cashbacks may sound profitable or fruitful, but they aren’t providing you with a full discount on transaction mark-up, you still lose a significant amount of money and get only a bit at hand as cashback. The credit of cashback amount sometimes takes months while doing FX transactions.

The zero mark-up offer is reliable and easy to understand. It provides on-the-spot and speedy benefits to the cardholder. Savings are 100%, with no mark-up fee. Now, you have to decide which is the smart choice, either to lose or save all on the mark-up.

To know more, visit their outward remittance page here

You can also like RBL Bank on Facebook, follow them on Twitter, Instagram and LinkedIn.

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About the Author

Rachit believes in the power of education and has studied from the top institutes of IIIT Allahabad, IIM Calcutta, and Francois Rabelias in France. He has worked as Software Developer with Microsoft and Adobe. Post his MBA, he worked with the world’s # 1 consulting firm, The Boston Consulting Group across multiple geographies US, South-East Asia and Europe.

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