How Orient Exchange is Changing the Face of Student Remittance - Hindustan Times

How Orient Exchange is Changing the Face of Student Remittance

Published on Dec 14, 2022 07:19 PM IST

In this article, we look at how the popularity of foreign education is changing the way student remittance systems work

Orient Exchange
Orient Exchange
ByHT Brand Studio

The popularity of education in foreign countries among Indian students is on the rise again. As the pandemic eases globally and countries open up, more and more students are getting admission to foreign universities. According to the latest statistics from the MEA (Ministry of External Affairs), there are 13,24,954 students in foreign countries as of March 2022.

A degree from a foreign university gives a better chance to students to secure their future by landing a high-paying job. It also gives them the chance to settle in a foreign country of their choice or come back to India and find a white-collared, high-paying job here.

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In this post, we look at how the popularity of foreign education is changing the way student remittance systems work.

Destination countries and courses preferred by Indian students

While there are several countries offering quality education abroad, some are more popular than others among Indian students. Here is a breakdown of the top five countries based on their popularity. These figures are from the MEA statistics shared above.

  • USA - 4,65,791 students
  • Canada - 1,83,310 students
  • United Arab Emirates - 1,64,000 students
  • Australia - 1,00,009 students
  • United Kingdom - 55,465 students

There are several courses availed by Indian students in foreign countries. Some of the popular ones include:

  • Engineering
  • Computer Science
  • Information Technology
  • Business Administration
  • Medicine
  • Law
  • Social Sciences
  • Hospitality and Tourism.

Changing payment processes of foreign universities

Globalization and digitization have been the major factors that are redefining the ways we live and work today. As the popularity of foreign education continues to rise among Indian students, several fintech companies have come up. They offer solutions to send money abroad that help students pay their university fees.

Fintech companies have tie-ups with leading international universities. Their partnership makes it easier for students to pay tuition fees from their home country, India. This has largely been possible due to the unprecedented rise of Fintech companies in recent times.

Till now this space predominantly belonged to consultancy-based businesses that offered packaged deals to students. Besides offering admission-related guidance and support, they also took care of payments as technology in the finance space was still at a nascent stage. However, all that has changed now due to the emergence of fintech companies.

As technology continues to evolve steadily, its benefits are yet to be fully reaped by students in terms of cost savings. Students often end up paying more than they should usually due to markups and hidden charges that increase the cost of transactions.

Challenges faced by students in finding the best service providers

Finding a reliable service provider to send foreign university fee can be a tough task. Here are the challenges that students usually face when they want to send money to foreign university.

  • Transfer rates

International Money transfer can take time due to complexities. The transfer time can be critical for students with urgent deadlines to pay fees and secure admission. Money transfer companies like Orient Exchange, an RBI licensed Authorised Dealer II, ensure hassle-free transfer of funds in no time.

  • Processing fees and charges

It is not surprising that international money transfers can involve significant costs. These are usually in the form of markups, processing charges, and hidden fees. Orient Exchange does not have any hidden fees or markups. So, you can always expect to get the best value for your money.

  • Conversion rates

The foreign currency conversion rates (INR-USD, INR-GBP) can be a deciding factor in getting the best deal. Markups can eat up a lot of your money. However, a reliable service provider ensures you get the best rates available in the market.

Get reliable student remittance solutions today with Orient Exchange

Orient Exchange is an RBI-authorized international money transfer company that has been providing quality service to Indian students. We have special tie-ups and associations with local and international banks and fintech companies. It enables us to offer cost-effective solutions that provide true value for money. We help thousands of students every year to send money to a foreign university. Contact us today to know more details about student remittance services.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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