Foreign degree, forex nightmare

MANY HIDDEN COSTS INFLATE EDUCATION BILLS

- GAGAN MALHOTRA

LAST YEAR, OVER 750,000 Indian students headed overseas to pursue higher education. Yet, for many, foreign exchange remained an afterthought, a task often completed just before departure. In reality, it is a constant companion for the next three to four years.

Indian students can end up paying ₹1.5-2 lakh extra each year due to hidden bank charges, card fees, and currency markups. Over a four-year course, this adds up to ₹6-8 lakh—enough to fund multiple semesters of living expenses.

Pre-departure expenses

The first major overseas expense is tuition or a housing deposit. These payments are often rushed through traditional bank transfers, which typically include a 3-3.5% markup on the interbank rate, along with transfer fees, SWIFT charges, and beneficiary bank deductions.