By George Zachariah
Studying abroad is a dream for many students who want to pursue higher education in reputed institutions and explore new cultures and opportunities. However, one of the challenges that students face while studying abroad is transferring money to pay for their tuition fees, living expenses, and other needs.
Traditionally, students had to rely on banks or money transfer companies to send money abroad, which involved a lot of paperwork, high fees, poor exchange rates, and long delays. Moreover, students had to comply with the Know Your Customer (KYC) regulations, which required them to visit the bank or money transfer branch to physically verify their identity documents and provide other information.
According to a report by the Reserve Bank of India (RBI), the total outward remittances from India for education purposes amounted to $3.7 billion in 2020-21, up from $2.8 billion in 2019-20. This shows the increasing demand for international money transfers among Indian students. With the advent of online money transfer platforms, the KYC compliance process has become much easier and faster for students who want to send money abroad.
Online money transfer platforms: what are they and how do they work?
Online money transfer platforms leverage cutting-edge technology to enable seamless international money transfers right from your smartphone or computer. Instead of traditional banking visits, users can simply onboard in these platforms by uploading their basic info and KYC documents for online verification.
Once authenticated, one can execute transfers by selecting the destination country, inputting the transaction amount, choosing the payment method, and providing the beneficiary details. Leveraging real-time forex algorithms, these platforms offer optimal exchange rates, and ensure funds are securely and swiftly deposited into the recipient’s overseas account in a matter of hours.
Some of the benefits of using online money transfer platforms are:
Convenience: Users can book money abroad anytime and anywhere, without the need to visit a bank or money transfer office. They can also track their transactions online and receive notifications on their phone.
Speed: Online money transfer platforms are typically faster than traditional methods, as they use digital channels and automated processes to onboard customers and verify documents.
Low cost: Online money transfer platforms usually charge lower fees and offer better exchange rates. This can save users a significant amount of money on transaction costs.
Multiple payment options: Users can choose from various payment options such as net banking, debit card, credit card, UPI, or wallet to fund their transactions.
Accessibility: Online money transfer platforms are available 24/7 and can be accessed from anywhere with an internet connection. They also support multiple currencies and countries, making it easy for users to send money to different destinations.
Easing students’ KYC compliance processes
One of the main advantages of using online money transfer platforms is that they simplify and streamline the KYC compliance process for students who want to send money abroad. Unlike banks or money transfer companies, online platforms do not require users to visit their branches or offices to verify their identity documents.
Instead, users can complete the KYC process online by uploading their documents, such as passports, PAN cards, Aadhaar cards, address proof, etc., to the platform’s website or app. The platform then verifies the documents in real time and approves the user’s account.
Conclusion
Studying abroad is an exciting and rewarding experience for students who want to pursue higher education and explore new opportunities. However, sending money abroad can be a challenge for students who have to deal with the KYC compliance process. Fortunately, online money transfer platforms have made the KYC compliance process easier and faster for students by allowing them to verify their identity documents online using their advanced tools.
Some of the online money transfer platforms that students can use to send money abroad are ExTravelMoney, Remitly, and TransferWise. These platforms are reliable, secure, and affordable, and they have a good reputation among customers. Online money transfer platforms also offer other benefits such as convenience, speed, low cost, multiple payment options, and accessibility. Therefore, online money transfer platforms are a great option for students who want to send money abroad without any hassle.