Here, we compare Pax Credit with two of India’s largest banks — HDFC Bank and ICICI Bank, and popular global companies, such as Western Union Global Pay for Students and FlyWire, and demonstrate how you can save a lot of money by using Pax Credit.

Let’s consider, for example, the tuition fee of the Class of 2020 for a master’s degree in Business Analytics at the New York University Stern School of Business, which is USD 76,750. Let’s now find out the most cost effective way to transfer money from India considering the criteria listed below.

INR Exchange Amount — The exchange rate provided for a foreign currency

Exchange Rate Lock — The time frame during which the exchange rate is valid till you complete the payment

Beneficiary Account Flexibility — Money can be transferred abroad to either university or personal accounts

Western Union GlobalPay For Students

# INR Exchange: ₹ 54,46,389

# Exchange Rate Lock: 3 days

# Flexibility: Only University account

Note: If you used Western Union GlobalPay instead of Pax Credit to send $76,750 to US, you’d pay ₹94,235.43 more. Also, you can only transfer to university account.

FlyWire

# INR Exchange: ₹ 53,97,289

# Exchange Rate Lock: 3 days

# Flexibility: Only University account

Note: If you’re curious, transferring $76,750 to US with FlyWire would cost you a whopping ₹45,135.43 more than if you’d used Pax Credit. The money can only be transferred to the university account.

HDFC Bank (Wire Transfer or Telegraphic Transfer)

# INR Exchange: ₹54,13,177.50

# Exchange Rate Lock: N/A

# Flexibility: University & Personal accounts

Note: To send $76,750 to US with the HDFC Bank will cost you ₹61,023.93 more than if you’d used Pax Credit. Also, there is no provision to fix your exchange rate for 3 days before you complete the payment.

ICICI Bank (Wire Transfer or Telegraphic Transfer)

# INR Exchange: ₹54,43,877.5

# Exchange Rate Lock: N/A

# Flexibility: University & Personal accounts

Note: The transfer of $76,750 to US with ICICI Bank would cost ₹91,723.93 more than if you’d used Pax Credit. You cannot fix the exchange rate for 3 days before you make the complete payment.

# INR Exchange: ₹53,52,153.57

# Exchange Rate Lock: 3 days

# Flexibility: University & Personal accounts

Verdict: Pax Credit offers India’s best exchange rate guarantee for sending money abroad along with the flexibility to transfer to either university or personal account.

Start saving money by making your international money transfer from India with Pax Credit, try it out today!

LIST OF CURRENCIES SUPPORTED

US Dollar | Euro | British Pound | Australian Dollar | Canadian Dollar | Singapore Dollar | New Zealand Dollar | Hong Kong Dollar | UAE Dirham | Saudi Riyal | Swiss Franc | Japanese Yen | Swedish Krona | Thai Baht | | Malaysian Ringgit | Chinese Yuan Renminbi | South African Rand | Omani Rial | Bahraini Dinar | Kuwaiti Dinar | Norwegian Krone | Danish Krone | Indonesian Rupiah | Sri Lankan Rupee

LIST OF OPERATING CITIES

Delhi | Mumbai | Bangalore | Hyderabad | Chennai | Pune | Kolkata | Chandigarh | Amritsar | Coimbatore | Ahmedabad | Jaipur | Navi Mumbai | Gurgaon | Noida | Faridabad | Ghaziabad | Kanpur | Secunderabad | Vijayawada | Vishakapatnam | Kochi

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