InstaReM, Southeast Asia’s leading digital money transfer fintech with a global presence, has announced extending its celebrated Best Transfer Amount Guarantee program to students, thus helping them save while making payments for their schools, colleges and universities fees abroad.
Students paying for their education fees typically transfer money abroad through banks and money transfer operators (MTOs), who add margins to the forex rates apart from charging hefty fees for such transfers. These charges invariably result in the students (or their parents) spending much more than what they estimate based on the ongoing forex rates. According to the World Bank, the average cost of sending money abroad is 7.01%. Banks are the most expensive ways to transfer money abroad at 10.53%, while the average cost of transferring money overseas via MTOs is 6.23%.
Unfortunately, most students are not aware that there are other new-age, cost-efficient ways to pay fees to the universities abroad. With digital money transfer service InstaReM’s Zero-Margin FX rates and low transfer fees (typically between 0.25% to 1%), students can save as much as 3% (up to US$ 380 on payment of US$ 20,000) as compared to traditional money transfer platforms.
With a view to help aspiring students do more by saving on their overseas money transfers, Singapore-headquartered InstaReM is now extending its “Best Transfer Amount Guarantee” program to the students’ community. This means that students (or their parents) paying school or university fees abroad will be able to realize the best transfer amount on their overseas money transfers. InstaReM is the most cost-effective overseas money transfer provider in the country, and as per the provisions of i ts Best Transfer Amount Guarantee program, InstaReM will match the differential if a student finds a better transfer amount on another money transfer operator, for the same currency pair, and the same sending amount.
If InstaReM does not live up to its ‘Best Transfer Amount Guarantee’, it will make good of the differential to the students.
Prajit Nanu, co-founder & CEO of InstaReM said, “India has one of the largest number of students moving abroad to study every year. During our interactions with prospective clients, we figured that most students or their parents used banks and money transfer operators to remit monies abroad. Unfortunately, they lose heavily on FX margins and transfer fees with traditional money transfers. Supporting the students’ cause, being cognizant of their limitations on finances, we are extending our Best Transfer Amount Guarantee program to them so that they save on expensive overseas transfers and do more out of savings from money transfers. Students will be able to utilize these savings for other necessities like paying rents, for instance.”
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