Safeguard your foreign education budget or study abroad by following 4 Steps.
The Big concern for students who are willing to study abroad is, Falling Rupee against dollor in the market. This is impacting exiting and aspirants planning to go for abroad studies.
So what can we do to manage this currency volatility.
Purchase foreign currency-denominated prepaid cards
1. Buy a foreign Currency Denominated prepaid cards
Purchase cards like Forex Card, When you traveling abroad, A Forex card is like a near tearm forward contract with zero premium.It can be loaded in one or more foreign currencies and used to transact or make payments hassle-free.
2. Use the Rate Lock in Felicity
Keep on eye on current currency exchange rates, when you are buying a Forex cards, or traveling or tuition fee to a university.A few Fin Techs are providing 24X7 booking and rate lock-in facility that you can use to your advantage.
3. Forward Contracts
forward contracts are the best way in the against uncertainty in the future. Transactions of the money are generally are high when you are paying fees, So book a forward contract and protect against exchange rates.
A forward contract is an arrangement with the bank that allows you to transfer money at a specific date in the future (up to 12 months) at an exchange rate that is agreed upon today.
4. Open a Overseas Account
Open a overseas back account. You need a passport, Visa, Student ID Card, address proof etc. are required to open a back account.
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