Pursuing your studies outside of your country can be challenging for several reasons. It can be a bit tougher for Indian students. We all know that money is the top most priority doesn’t matter where you are living and what you are up to. Away from your home country, you will require money on time for various purposes. You need it to pay your tuition fee, university fees, living expenses, travel allowances, etc.

When we talk about the challenges, you must know that managing money or finances can be tough in foreign countries. Specifically, during emergencies, it can be really tough to manage your finances. Online money transfer or foreign money transfer can be a seamless option in emergency situations, but there are certain things associated with it that are necessary to know for an Indian student. Here in this comprehensive guide, we have mentioned some essential factors that are important to know for emergency situations.

An Overview of Emergency Money Transfers

Early remittances are often necessary when students have unforeseen circumstances that require immediate financial intervention. This could include situations such as a medical emergency, a stolen or lost wallet, the need to travel unexpectedly, or an emergency deadline for tuition. In times of emergency, a quick buck can sometimes mean the difference between a minor problem and a major one.

Early access helps reduce risks associated with learning delays, medical needs, or personal safety. For emergency situations, it is crucial that you must select faster money transfer service providers. Usually, a money transfer service can take 72 hrs to a week to send money abroad from India. However, with HiWiPay, money can be transferred within 24 to 48 hours, that too without extra chargers.

What are Foreign Money Transfer Options in India?

Being an Indian student or parent of an Indian student, it is crucial that you know about the money transfer options available. Here in this section, we have mentioned some of the essential online money transfer and offline money transfer options available in India. So what are we waiting for? Let’s delve into this essential piece of information to know more about it.

Bank Transfers:

For emergency situations, it is crucial to open a student bank account in a foreign country where you are studying. It is essential to receive wire transfers from your home bank in India. However, a usual wire transfer can take more than two to three working days. That’s why it is essential to have a check on banks' money transfer timings, current fees and money exchange rates. This option can not be feasible for those who need money within 24-48 hours.

Online Money Transfer Services:

Online money transfer can also be used to send money abroad from India. There are certain reliable online money transfer services available such as Western Union, Hiwipay, PayPal, etc. These service providers typically take 24-48 hours for money transfers and also provide genuine currency exchange rates and transfer fees.

Forex Cards:

Another available option for foreign money transfer is forex cards. Parents can load the Forex cards with enough funds to support students living in abroad. Students can use this card in emergency situations to fulfill their financial requirements. However, it is essential to use this card thoughtfully.

Planning Emergency Money Transfer

It is evident that an emergency situation can hit you at any time. So, it is crucial to stay ahead in the game and be ready for every upcoming situation. Essentially, for students, here are some of the effective plans that they can adhere to to fulfill their money requirements.

As an Indian student studying abroad, it is essential that you have a robust plan to tackle emergency situations. Always keep a certain portion of your funds for specific works or situations.

While studying abroad, it is essential that you must maintain an emergency contact list. Sometimes, it may take more than 24 hours for parents to send money abroad from India. In such a situation, you must have known people abroad who can help you tackle such situations.

Always inform your parents or guardians about your financial situation. If you need money, you must inform your parents about it before you need it. This practice can help you tackle an emergency situation with mindfulness.
You must have several well-known people who can help you in an emergency situation until your parents send you money.

Conclusion

In conclusion, we can say that one of the most important skills for any international student is how to manage money while studying abroad. It assures that students can focus on their primary goals of education and personal development, if they know how to handle instant remittances properly. Students can ensure they are prepared for any financial crisis by planning ahead and choosing the best relocation options.