GUIDESDEBIT CARDS
How to Send Money to Students Studying Abroad: A Comprehensive Guide
4 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.
Every year, a significant number of Indian students embark on their educational journey abroad, drawn by opportunities for higher education, cultural exchange, and career advancement. For their families back home, sending money internationally becomes an essential part of this experience. Financial support from parents or guardians helps cover tuition fees, accommodation, daily living expenses, and emergencies.
However, with several money transfer options available today, choosing the right one can be daunting. This guide will explore the best ways to send money abroad to students, ensuring secure and cost-effective transfers while highlighting crucial factors to consider.
When students move abroad, their financial needs extend beyond tuition fees. Living expenses such as rent, groceries, transportation, and miscellaneous costs can add up quickly. Sending money internationally helps ease the financial burden, ensuring students can focus on their studies and enjoy their new life without added stress.
Exchange Rates: Exchange rates can significantly impact the amount received. To maximise the value of your money, opt for transfer methods offering competitive rates.
Transfer Fees: Different services charge varying fees for international monetary transfers. Some charge flat rates, while others take a percentage of the total transfer amount. Compare options to minimize costs.
Transfer Speed: Emergencies demand fast transfers, so choosing a service that offers instant or same-day transfers is critical.
Convenience and Accessibility: The ability to send money abroad via mobile apps or websites ensures you can transfer funds without hassle, regardless of location.
Security: Choose regulated and trusted providers to ensure your money is secure during the transfer process.
Online money transfer services offer convenience, competitive rates, and low fees. Here are some leading options:
Wise (formerly TransferWise): Known for its transparent fee structure and real-time exchange rates, Wise offers a multi-currency account that allows seamless international transfers.
CurrencyFair: With competitive rates and peer-to-peer matching for currency exchange, CurrencyFair is an affordable option.
Flywire: Tailored for international education payments, Flywire simplifies tuition fee transfers and provides tracking options.
These platforms are ideal for regular transfers, ensuring students receive funds directly into their local bank accounts.
Forex cards are prepaid cards loaded with foreign currency, offering a secure and economical way to transfer money.
Fi-Federal Debit Card: This card lets you load funds in INR, which students can spend globally without worrying about conversion fees. Additional benefits include zero forex* markup and global ATM access.
Multi-Currency Cards: Banks and fintech platforms offer these cards, which support multiple currencies, making them ideal for students travelling across countries.
Forex cards are handy for managing day-to-day expenses and provide the advantage of locking in favourable exchange rates.
Bank transfers remain a traditional but reliable method for sending money internationally.
SWIFT Transfers: Most banks use the SWIFT network for international transactions. While secure, these transfers may incur high fees and slower processing times.
Pro tip: Use our partner bank, Federal Bank’s SWIFT code-FDRLINBBIBD, for seamless international currency transfer.
Demand Drafts: Foreign currency demand drafts are a less common option but can be used for specific payments like tuition fees.
Banks are a good choice when you need the security and reliability of a regulated financial institution, though they might not always offer competitive exchange rates.
Modern fintech platforms combine speed, affordability, and accessibility, making them popular for international funds transfer.
Fi Money: Use the Fi Money app to track transfers and optimise currency exchange rates while sending money internationally using the Fi-Federal Debit Card.
PayPal: Widely used for international payments, PayPal provides a straightforward way to send money abroad, though fees may be higher than specialized services.
Specialist providers like Western Union and MoneyGram offer wire transfer services, enabling cash pickups or bank deposits.
These services are invaluable for emergencies, allowing instant money transfers abroad. However, their fees can be higher than other options.
When deciding on the best method for international cash transfer, consider the following:
Frequency of Transfers: Due to cost-effectiveness, regular monthly transfers may benefit from forex cards or fintech platforms.
Purpose of Transfer: Tuition payments may require bank transfers, while day-to-day expenses are better handled with forex or multi-currency cards.
Urgency: Online transfer services and wire transfers are best for urgent needs.
Ease of Use: Platforms like Fi Money stand out for their user-friendly interfaces and app-based functionality.
Compare Exchange Rates: Use comparison tools to get the best rate.
Schedule Transfers: Plan transfers during favourable market conditions to avoid unfavourable exchange rates.
Avoid Emergency Fees: Always keep a buffer amount in the student’s account to avoid expensive, last-minute transfers.
Utilise Promotions: Look for discounts or cashback offers from banks or fintech platforms.
Sending money internationally is an essential aspect of supporting students studying abroad. With multiple options available, from online transfer services to fintech platforms like Fi Money and forex cards, families can choose methods that align with their needs. You can ensure secure and cost-effective international monetary transfers by comparing fees, exchange rates, and transfer times.
*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.
