Rohit_Jaiswal
Could you please tell me about how the exchange rates are determined?
Learn to Save Money on Every Forex Transfer
About the Event :
Some Key Takeaways:
The webinar focuses on saving money on forex transfers for overseas education, hosted by GyanDhan in partnership with Far Forex.
GyanDhan, India’s first education loan marketplace, offers free services and has partnerships with various lenders.
Far Forex specializes in foreign exchange and offers competitive rates compared to banks due to bulk rate negotiations.
The process is entirely online, ensuring convenience and compliance with RBI regulations.
Far Forex offers additional services like multi-currency cards, student travel packages, and insurance.
Tax Collected at Source (TCS) on forex transfers is explained, with different rates for education loans and self-funding.
Important documents required for forex transactions include IDs of remitters and students, university acceptance letters, and relevant permits.
Far Forex guarantees savings and seamless transactions, demonstrated with real-life testimonials.
Q&A
Q1: How to transfer 8 lakh rupees without TCS?
A: Split the transaction between your parents, transferring 4 lakh each from your mother’s and father’s accounts.
Q2: Why isn’t Avanse eligible for 0.5% TCS?
A: Only banks and Credila are granted the status to offer this TCS benefit due to specific legalities.
Q3: Can exchange rates be predicted?
A: Predicting exchange rates is very challenging due to many macro-level factors. It is advised to lock in rates when they are favorable instead of waiting.