Here’s How to Finance Your Child Studying Overseas

As a responsible parent, it is obvious that you will be worried about your child’s well-being when they are studying overseas. When you are assured that you can finance your child’s studies overseas without any hassle, you are relieved to a great extent. It is like a dream come true to study abroad for Indian students and as a doting parent, you would not like any hurdle to come in their path. There might be several unexpected expenditures when your child is studying abroad.
The cost of living in a foreign country is quite high. There might also occur unforeseen circumstances like health complications which might incur huge costs. The most important expenditure is the course fees which cannot be delayed at any cost. There may be several instances when you might need to send money to your child immediately. In such cases, you can take the help of Thomas Cook, a trusted name for sending money overseas.
There may arise several conditions when students studying overseas might need instant money from you. They may lose their part-time jobs, which is a big source of funding for their course fee. Therefore, you should be ready to send them money without falling into any monetary problems yourself. But making a money transfer to a foreign country can be daunting for most parents. You might have many questions, the first being will the money reach safely? Here are some ways through which you can finance your child studying abroad through Thomas Cook.

How can you transfer money overseas?

There are three ways in which you can transfer money abroad

• Through a bank: The safest way to finance your child studying abroad is through a bank. But the only con is you can never be sure if you are getting the best rates. Moreover, transferring money through banks can take four to six days. Therefore, banks are not a good option if you need to send money immediately.
• Through a money transfer firm: You can also look for a good and reputable money transfer firm that can transfer your money instantly. But every good thing comes with some disadvantages. The fees charged by money transfer firms can be exorbitantly high. Their exchange rates might also be high and they might change even twice a day.
• Through a foreign exchange broker: Therefore, the last and safest option left is sending money through a foreign exchange broker. They can offer you the best combination including speedy transfer of money, low rates, and safety. Foreign exchange brokers charge very little or no fees for transferring your money to your child abroad. They mostly use wire transfers which are best for online money transfers. You can send small as well as large sums of money as and when required. With these brokers, you can also lock in a rate for payments to be made regularly. No fees mean you can send the maximum amount without having to bear huge exchange rates. You can choose Thomas Cook they offer various affordable combinations for sending money abroad.

10 steps to send money overseas through Thomas Cook

You can follow these 10 steps and easily finance your child studying overseas. Make the dream to study abroad for Indian students a reality through Thomas Cook.

• The first step in transferring money through Thomas Cook is by visiting their website and clicking on the “Forex” tab. Then, from the dropdown list, you can choose your option under ‘Remittance’. You will have to choose the option of transferring money abroad.
• Next, you will have to click on the tab “send money abroad”.
• From the send money tab, you must choose the currency in which you want to transfer money to your child. Thomas Cook will give you every detail on the current rates against INR.
• Next, you will have to select the amount of money you want to transfer. You can either enter the Forex amount or the INR amount. The ‘remitter’ option will show you how much money you are paying and the ‘beneficiary’ option will inform you about the amount of money your child received. According to the regulations set by RBI, a single person can only make a transaction of $2,50,0000 in a financial year.
• Next, you will have to fill up the communication details. You have to give details about your city, phone number, and email address. Thomas Cook will send you confirmation on the given communication address. Next click on ‘Get Quote’ to check the remittance amount. Click on ‘Proceed’ for sending money abroad successfully.
• Then you will be redirected to the page where you can review your transaction. You will have to select the purpose of your child’s travel overseas which will give you a list of documents that are required for the transaction to be completed. Then proceed to the next page.
• Next, you need to sign into Thomas Cook to complete the final transaction. Then proceed to the next page.
• Fill in the required details and proceed to the next page.
• Check the page properly and make the payment.
• Finally, your money transfer is complete.

Options to finance your child studying abroad:

Thomas Cook is one of the most trusted money service providers. They are a Forex dealer and are authorized by the Reserve Bank of India. Here are some of the ways through which you can send some money abroad through Thomas Cook:
Forex Services: If you are interested to transfer your money through Forex, Thomas cook offers services like buying and selling foreign exchange and reloading the Forex Card.
Forex products: To make your transfer of money to your child studying abroad hassle-free, Thomas Cook offers several Forex products such as Forex cards[Interlink to, currency notes, one currency card, and multi-currency cards. They will also show you how to get a forex card.
Remittance: you can also use International Money Transfer or Remittance to India to send money abroad.
Forex Tools: Thomas Cook is an expert in providing after-sales services. They will assist you in every process regarding the Forex app, Rate card, and know card balance.

Tips to finance your child studying overseas

• Get a Forex card: The first thing that you should do when financing your child’s overseas studies is purchase a Forex card. You can purchase one currency card. Thomas Cook provides several offers on Forex cards.
• Consider your budget: When you dream to send your child abroad, you must consider your financial status and make a budget. You will have to consider several things like rent, transportation, course fees, study material, and many more. It will be great if you save money from before.
• Plan smartly: studying abroad is costly and therefore you should plan smartly. You can cut down on your daily expenses to save for transferring money to your child for emergency purposes.

So, what are you still waiting for? Send money overseas hassle-free for your child studying abroad today!