Takeaways
We asked Indian parents to tell us about their money transfer experiences; the methods they use, the issues they have and what is important to them when sending money to their children overseas. This is what they told us.
Students are receiving money for non-tuition related costs on a regular basis
82% of parents send money every month and are sending on average ₹285084 ($3,500*) each time
(*Flywire Student Expenses platform statistics)
When transferring money overseas, parents used:
bank transfers
a service
forex/prepaid cards
NB. parents could choose more than one option
Students told us that they use the money they receive for:
Food and meals
Course-related incidentals
Rent/board
Entertainment
Non-course related incidentals
Security, speed & useability are important to parents
When asked, parents told us that the most important requirements for money transfers were:
Security
Timeliness
Easy to use online/in the app
93% of respondents say it’s important to be able to pay in the local currency
Losing money on a transfer is common
43% of parents say they’ve lost money on money transfers
1 in 5 say it happens very often and they lose on average ₹3,689 ($45)
On fees, parents want:
No hidden fees
Low fees
A clear exchange rate
Methodology
Flywire commissioned Regina Corso Consulting to conduct a survey of those who are either students from India who are studying overseas or parents who are in India and have a student who is studying overseas to see how they are dealing with sending/receiving payments overseas.
This survey is among 1,000 respondents with 497 who are students, either graduate or undergraduate who are from India and studying overseas and 503 who are parents in India and have a child who is attending undergraduate or graduate school overseas. The survey was conducted between April 5 & April 12 2022.
Notes for reading charts and tables - percentages may not add up to 100% due to rounding or because the question was a multiple response allowed item. Unless otherwise indicated, bases for all charts are of the total of 1,000 Indian payers/receivers or 497 students or 503 parents.
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