Money & Banking

BuyForexOnline launches remittance services for Indian students

Anil Urs Bengaluru | Updated on February 21, 2018 Published on July 24, 2017, an online forex services company, has launched convenient and affordable online remittance services for Indian students planning to study abroad.

BuyForexOnline’s wire transfer services allows students to make university payments online at attractive rates. Wire transfer services are available in 26 currencies to more than 200 countries and are executed within 48 hours.

“Wire transfers or remittances are a popular method of transferring funds abroad using the SWIFT platform. To remit money one needs to have a sending bank account and a receiving bank account. The prevailing forex rate viewed online will be frozen at the time of placing the order, and the sending fee levied by the sending bank and a beneficiary fee or BEN charges levied by the receiving bank are also transparently displayed,” said Ananth Reddy, Founder and Managing Director of BuyForexOnline.

“So, for instance, if you are sending $10,000 abroad through a bank or offline vendors, you might be charged a sending fee of Rs 2,500 and BEN charges of up to $50, and be offered rates at margins of up to 4 per cent, which all could add up to a cost of around Rs 30,000! We are trying to make the process as seamless and affordable as possible, by offering the lowest wire transfer rates and zero sending fee, so a similar remittance transaction online with us would cost the student just about Rs 5,000 or less.”

Published on July 24, 2017
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