As the new academic term begins, BookMyForex, an online retail foreign exchange platform, has launched the “BookMyForex Student Offer” specifically designed for Indian students heading abroad who require small remittances of under $1000 equivalent to obtain prospectuses, make small payments, among other things.
This offer includes zero-fee remittances with a guarantee of the exact amount for transfers up to 1,000 units in any currency. Additionally, students can receive up to Rs 5,000 cashback on international money transfers. The package also includes up to a 25% discount from MakeMyTrip on international flights and hotels, along with offers on airport services and accommodations abroad.
The number of Indian students seeking higher education abroad has surged, with projections indicating that by 2025, two million Indian students will be enrolled in foreign universities, spending up to $70 billion. The United States, Canada, Germany, the United Kingdom, and Australia are the most favored destinations for Indian students. This trend presents a significant opportunity for the remittance market. According to the latest RBI data, outward remittances from India under the Liberalised Remittance Scheme (LRS) hit a new high of $31.73 billion in FY24.
Sudarshan Motwani, Founder and CEO of BookMyForex.com, stated, “Many students require small remittances of under 1,000 USD equivalent to obtain prospectuses, make small payments for assistance with writing admission-related essays, and fill out complex forms. Transfer charges and intermediary fees levied by most banks can often exceed Rs 1,000 and be quite burdensome for the student. Hence, we have taken the initiative to completely waive all remittance charges, both for Indian and international banks, for all cross-border wire transfers up to 1,000 USD or 1,000 units of any foreign currency.”
“Our special tie-ups with reputed private banks ensure secure international transactions, offering better rates—typically up to 5% better than those provided by banks and other fintech players in the market. By eliminating transfer fees and offering substantial cashback rewards, we expect to drive our growth rate beyond 50%, solidifying our commitment to delivering exceptional value in the remittance market,” he added.
Users can book their international transfers with the option to pay later where BookMyForex freezes the exchange rate for 3 days, ensuring that users benefit from stable rates even if market
fluctuations occur.
