Introduction
Indian families look to universities and agents for advice on sending money abroad - are you ready?
73% of Indian students are either already in education abroad or plan to undertake it in the future, according to Flywire research, and whilst these students often have scholarships and/or jobs, Indian parents still send significant amounts of money abroad, at regular intervals, to help their children with living expenses.
Faced with a multitude of choices when it comes to sending money overseas for their child’s living expenses (all with potential pitfalls) – they’ll look to you. Our data shows that 90% of parents are likely to look to their education agent or university/institution to recommend a way to make these payments.
Our research shows that parents value security and speed but nearly half have lost money on a money transfer, and 20% say it happens very often. When a visa application is dependent on an exact amount of money being available as proof of means this can be a major issue – as is the case in Canada.
One of the top destinations for Indian students, Canada, actually requires proof that at least CAN$10,000 has been deposited into a specialist GIC account, held with a Canadian bank, as part of their student visa application process.
And given the financial investment involved in studying abroad parents are looking for a trusted payment solution that helps them send money for non-tuition expenses across borders in an easy, inexpensive way with no hassles and with transparent and competitive pricing, upfront tax calculations and quick settlements with 83% of parents saying they would be very likely to use a payment method that met this criteria.
Here are our takeaways from 1,000 Indian families surveyed about their experiences with transferring money overseas for non-tuition expenses, the issues they regularly experience, and how you can ensure the best possible experience.
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