OLBlog

Sending money abroad through a bank can be a costly mistake. Contact a foreign exchange specialist who will help you to transfer funds abroad and ensure that you are not losing money when exchanging currency. Many parents need to send money abroad to their children for studies and living expenses. If you are one of them, this article is for you to create a plan, budget, and transfer your funds. 

Studying abroad is one of the most thrilling experiences of one’s life. Most Indian parents cherish the thought of sending their child to a top foreign university for which they spend a lot of time planning and budgeting.

According to Ministry of External Affairs, 16 million Indian are currently living abroad. Twenty percent of them are living abroad for higher study. Like many other countries, studying abroad or getting educated from outside Indian is highly valued when it comes to facing a job interview or joining in a profession. 
Also studying abroad is an experience that helps develop skills what would remain hidden to many.

What do you gain if your child studies abroad? 

If your children - or perhaps yourself - showed interest in studying abroad, do not hesitate to support this idea. Whether it's a short stay for a few months or a full course, you should consider future benefits.

It will always help you to gain experiences, learn other cultures, increase the cultural and professional panorama. Also, it increases the levels of responsibility of the person who travels.

Of course, traveling abroad always requires a large investment, and this is greater when it comes to a study trip. Not all countries allow students to work, and in many cases, the number of hours they can do is restricted. This is one of the reasons why you should make a rigorous budget planning for your children's study trip.

Budget before the trip

Organizing a trip abroad is a long process. You should consider starting with the administrative costs of traveling and studying abroad. Long before the farewell at the airport you will have different expenses and you must consider them in advance. Plan the following points in your budget.

Passport.

This document is basic to leave the country. Do your children already have it and will it remain in force during the period of their studies? If you do not have it yet, it is a good time to consult the rates on the page of the Ministry of External Affairs [MEA]. Apply for your passport now.

Visa. 

Some countries apply for a visa for entry. If one of your children takes a trip to study, investigates the requirements for this type of visa, usually have specific requests such as a letter of acceptance at the institution that receives it or confirmation of reservation at the place to stay.

Roundtrip tickets. 

Something that you should always keep in mind is that flights, both domestic and international, change in price the closer the date of departure. It will help you review the fare prices a few months earlier and buy the tickets in advance.

Objects of personal use. 

There are many objects that are so basic that we consider them obvious, but it is not enough to make a budget about them. Something as simple as adapters for the lap top plug or the cell phone may be different in the destination country and your child should be prepared.

Financial plan during the trip

Once your son or daughter arrives at their destination you will find everyday expenses that you should consider from the beginning. At the study site, you will surely pay rent, food, transportation and possibly attire, this is a good time to define if you will give an additional credit card, or you will have an electronic means to transfer money.

A basic point when planning the trip is to consider that the prices are different from the ones that are accustomed, the internet is a great ally to quote the prices of daily life in another country.

Visit local leasing pages, that will help you know the average rent. The pages of local public transport systems are also useful in this planning. Food is usually the most difficult expense, for this it will be useful to look for websites of local supermarkets and restaurants; If you have no idea where to start, make a visit to Google Maps, so you know the names of the shops in each city.

Forecast of finances upon return

On returning home there will also be expenses. Long stays in another country bring with them extra expenses such as souvenirs, tax payment at customs and extra transport at the airport.

Hardly your children will return with the same suitcase as they left. Something as basic as a one way taxi to the airport gets forgotten in travel budgets and that can greatly stress anyone.

How do I organize my budget?

When studying in another country you live as a local, this makes it necessary to measure the daily expenses. Remember to insist on this part to your children. If they are not clear that the money should be managed, they will surely have money problems. Define the quantities for each aspect: lodging, food, transportation, fun and do not forget a contingency fund.

During travel planning, you save and encourage the same in your children, so they will feel more committed from the beginning and this guarantees that they will do everything necessary to live responsibly in their new home.

On your return you will have a new son, more responsible, full of experiences and a positive brand for your resume. Funding a study trip requires a great investment but in the end you will realize that it was worth it.

Quick Links:
If you are from India, planning to study abroad, Siksha Student Guide is a good website to found colleges, subjects and other information about student visa processing. Popular Q&A site Quora user answered how you can transfer money from India to the USA or any other country.