GUIDESDEBIT CARDS
How to Avoid Forex Fees While Sending Money to Indian Students Abroad
3 MIN • 
LAST EDITED BY ANKANA GHOSHAL ON APRIL 30, 2025.
LAST EDITED BY ANKANA GHOSHAL ON APRIL 30, 2025.
GUIDES LAST EDITED BY ANKANA GHOSHAL ON APRIL 30, 2025.
Picture this: Your child is living their dream of studying at a top university abroad, soaking in new cultures and knowledge. Amid the excitement, there’s one critical responsibility on your plate—sending them money for tuition, rent, and everyday expenses. But as you navigate this path, you might notice several hurdles.
High forex fees, unpredictable exchange rates, lengthy processing times, and endless documentation often complicate the process. Add to that the frustration of tracking payments in a sea of paperwork, and it feels like you’re signing up for a course in “International Banking 101!”
But don’t worry. There are ways to sidestep these challenges and make the process smooth, efficient, and affordable. Let’s walk you through how.
Bank Transfers: Bank transfers are one of the most widely used methods for sending money abroad. While they are secure, the process often involves high transfer fees, fluctuating exchange rates, and a lot of paperwork. Additionally, transfers can take several days to complete, which is inconvenient.
Forex Cards: Forex cards are popular among students for their ease of use and ability to lock in exchange rates. However, they aren’t ideal for direct payments to universities or institutions. Reloading these cards can sometimes incur extra fees, and any leftover balance is subject to stringent withdrawal processes.
Online Transfer Services: Services like PayPal or Western Union are commonly used for personal transfers but may be expensive for educational payments due to hidden fees and less-than-ideal exchange rates.
Unfavourable Exchange Rates: Banks and transfer services often charge higher rates than the market average.
Processing Delays: Processing payments can take up to a week, disrupting urgent needs.
Excessive Documentation: From filling out forms to submitting proofs, traditional methods are cumbersome.
Lack of Transparency: Hidden fees and poor visibility into payment status create confusion.
High Transaction Costs: Bank transfers and other services often include hidden fees that add up over time.
Time Delays: Payments can take up to a week, disrupting a student’s schedule, especially during emergencies.
Complex Procedures: Many methods require extensive documentation, making them less user-friendly.
Also, let's not forget the forex markup fees that traditional banks and payment services add, making each transaction even more hefty. Finding a zero-fee solution is imperative for parents looking for smooth, economical international currency transfers.
This is where the Zero Forex* Fi-Federal Debit Card shines. Unlike traditional bank cards or services, it allows seamless international transactions at zero forex fees. With this card, you can load money as INR and let your child spend it in their local currency without worrying about expensive conversion charges.
Imagine the savings: No hidden fees, no inflated exchange rates—just a simple, hassle-free way to support your child financially while they’re abroad. Plus, the Fi app offers real-time insights into spends, giving you peace of mind that every penny is well-utilised.
You can use international payment processing solutions like Flywire to send money abroad using your Fi-Federal Debit Card. Follow these steps:
Supporting your child’s education abroad shouldn’t come with the added stress of expensive forex fees and cumbersome payment processes. By choosing services like Flywire and Fi-Federal Debit Card for everyday expenses, tuition payments and the like, you can ensure a smoother, more affordable experience.
So make the smart choice today and save money while your child conquers the world!
*Note: Any mention of zero forex linked to the Fi-Federal Debit Card in this blog implies Zero Forex is available on select account plans.
