International education expenses
The trend of studying in foreign universities is increasing rapidly in the country. Common people believe that if their children go abroad and complete higher education, then they will get more job opportunities there. As a result of this, the number of Indian students abroad is steadily increasing.
As long as the children of Indian parents study abroad, their parents transfer money from India for their fees and other necessary expenses. Recently on the transfer of these money, Redseer Strategy Consultants and Global Petrol Company Wise have prepared a report, stating how in the last one year, how in the last one year, the Indian parents have been defrauded by Rs 1700 crore through Hindon Charges.
So many thousand crores recovered in 2024
According to the report, the Indian parents sent their children to their children for studying abroad in 2024, hidden charge of Rs 1700 crore like an exchange rate margin and banking fee. Let us tell you that about 85,000 to 93,500 crore rupees are sent abroad every year, out of which 95% of the amount goes through the old way ie through the banks.
These banks usually deduct margins at an exchange rate up to 33.5% and spend 25 days to reach the money. Because of this, families suffer a big loss. If a family sends 30 lakh rupees every year, then it is only in the charge and hidden charge of about 60,000 to 75,000 rupees. Which is equal to the cost of living and eating for several months or can be used in any other course.
Spending will increase so much by 2030
According to the report, by 2030, the expenditure on international education from India will double. In such a situation, if the right method is adopted, then financial pressure on families can be reduced considerably and students can also easily handle the cost of their studies.
It was also told in the report that now Indian students hold up to 3035% of the total population of international students in big countries like America, Britain, Canada, Australia and Germany. In 2024, India sent the most international students in America, leaving behind China, while 10 years ago this figure was just 11%.
This can benefit parents
When the transfer fees are getting so big, then families should also see this expense in the entire budget of foreign studies. A lot of money can be saved by choosing the right service, understanding fees and sending money cheaply. So that every rupee is spent in the education of children.