Rs 1,700 crore: Hidden cost of sending money abroad
Indian families sending money abroad for their children's education faced high bank fees. A report estimates they paid Rs 1,700 crore in 2024. Traditional banks charge high exchange rate markups. Digital remittances offer a cheaper alternative. India is now the largest source of international students in the US. Overseas education spending is expected to double by 2030.
Indian families sending money abroad for their children's education faced high bank fees. A report estimates they paid Rs 1,700 crore in 2024. Traditional banks charge high exchange rate markups. Digital remittances offer a cheaper alternative. India is now the largest source of international students in the US. Overseas education spending is expected to double by 2030.
