Your Guide To International Exams For Foreign Language Testing

Foreign Language Testing

Many countries require aspiring immigrants to clear foreign language exams before approving their immigration rights. Foreign universities also compare applicants based on their language test scores. Students who want to study at international universities have many things to consider. From students’ living expenses abroad to application requirements, they have to take care of many steps in this entire process. With this guide, however, students can put their worries about language tests to rest! Let’s break down everything you need to know about the different foreign language test options for students and aspiring immigrants around the globe!

Top Tests That Confirm Candidates’ Proficiency In Foreign Languages

International university applicants, foreign job applicants, and aspiring immigrants must prove their mastery of the local language of their target country. Authorities require the applicants to demonstrate that they can blend in with the local populace by correcting using the local language. However, it is tedious and complex to ascertain the linguistic competence of the applicants individually. Hence, different authorities have developed standardized tests to assess the level of language proficiency among foreign applicants. There are countless foreign language tests available for applicants. Candidates have to check the eligibility criteria of their target countries and institutes to determine which test they need to take. Let’s look at a list of top tests to confirm language proficiency for foreigners:

  • English: TOEFL, IELTS, EFSET, MELAB, BEC, Cambridge English Language Assessment, Public English Test System, STEP EIKEN, ECCE, TOEIC and more.
  • French: Test d’evaluation du francais, Test de connaissance du francais, Diplome approfondi de langue francaise (DALF), Test de francais international, Diplome d’etudes en langue francaise (DELF), TNF
  • German: Deutsches Sprachdiplom Stufe( I, II), NTD, Test Deutsch als Fremdsprache (TestDaf); NTD
  • Chinese: Hanyu Shuiping Kaoshi (HSK), Test of Proficiency in Putonghua, Test of Chinese as a Foreign Language
  • Spanish: DELE, CELU
  • Italian: PLIDA, CILS, CELI

This is a short list of leading language proficiency exams available to applicants. However, you should select your exam type based on the requirements of the relevant authorities. For example, Trinity College accepts scores in three exams: IELTS, TOEFL, and the Duolingo English Test. If you are applying to this college, you will not rely on tests like MELAB or the Cambridge English Language Assessment. Different colleges also have different criteria concerning the scores.

Hence, candidates must check score requirements and prepare accordingly to ace the language tests.

A Quick Comparison of English Language Tests

The English language is one of the most sought-after linguistic requirements for international candidates. Statistical reports from the IMF show that English is the world’s top business language. It is associated with 20.77% of the global GDP in terms of business usage. Hence, it is not surprising that countless foreign applicants want to get certified to demonstrate their mastery of this language. Considering the relevance of this language, it is crucial to compare the languages to explore the best options. Let’s look at a quick comparison of the English tests:

Exam Cost Duration Frequency Validity Immigration Options
IELTS USD 245-430 225 minutes 48 every year Two years Canada, New Zealand, the UK, Australia
TOEFL USD 180-260 270 minutes More than 50 every year Two years Australia
TOEIC USD 130 230 minutes 1 each month Two years N/A
Cambridge English Language Assessment USD 130-300 70-235 minutes 1 each month Unlimited Australia
BEC USD 60 140-180 minutes 6 every year Unlimited N/A

Now that you have these quick comparison details, you can choose the best test for you to demonstrate your English proficiency.

How To Prepare For Foreign Language Proficiency Exams?

No matter which language proficiency test you choose, you can ace the exam and get the score you want if you follow the right tips. Here are some suggestions that experts have as you embark on this journey:

  • Understand the Examination Format: Many experts believe that understanding the format of a competitive test is the most crucial part of acing the exam. Assessing the exam style can help you ascertain the sections you have to target and the areas where you need extra effort. Analysing the examination format is the first step to curating a foolproof strategy.
  • Study with a Fellow Applicant: Mastery of language depends on human interactions. People learn languages better when they practise communicating with them. Hence, you must find a study partner who can help you prepare using a practical approach.
  • Use Online Resources: You can use the endless supply of online resources to listen to and learn new languages. Listening is one of the most important senses for inculcating new linguistic skills. Hence, it is crucial to practise listening with the help of online materials.

Transcorp’s Support for Aspiring Immigrants and Students

Wondering how you will manage the financial complexities of paying for foreign language tests and shifting abroad? There is no need to worry because that is where Transcorp comes in to help you out. The Transcorp team has experts to help you pay for exams in foreign currencies with international money transfers, offering bank-beating rates. Contact them today for all your international payment needs to smoothen your journey!

How To Reduce Charges On Your Foreign Currency Payments?

foreign currency payments

The explosion of the gig economy has initiated an unprecedented scale of cross-border currency flows. Today, Indian freelancing professionals earn substantial incomes from overseas clients. They accept payments through international money transfers from their clients. However, many traditional ways to transfer money online involve high forex charges and markup fees. Freelancers often lose 8-12% of their earnings due to the additional charges levied on their foreign currency income. What is the best way to send money online to minimize the extra fees on your foreign currency payments? Let’s explore your options!

Why Are the Charges So High on Foreign Currency Payments?

Receiving money from your overseas clients can be an expensive process. Usually, there are three components of a traditional money transfer mechanism. They are:

  • Sender Bank’s Commissions: The payer’s bank charges a fee to facilitate the payment. Freelancers in India can reduce this cost by negotiating a contract that ensures their client pays for these charges. Without an effective agreement, the paying client can pass on these fees to the freelancers, adding to their financial burdens. Hence, it is crucial to discuss these terms with the clients in advance so that they pay for the sender bank’s commission.
  • Receiver Bank’s Commission: The payee’s bank in India may also charge a fee to handle this transaction. Most leading Indian banks like SBI, HDFC, and ICICI have removed these commission charges. However, some banks like IndusInd and Axis Bank continue to charge fees in the range of one hundred to five hundred rupees on foreign exchange transactions. If you opt for bank transfers, you should read the terms and conditions of Indian banks carefully before choosing an account for your forex transactions. All the banks apply GST on inward foreign remittances as per relevant rules.
  • Forex Mark-Up Fee: A foreign currency transaction also involves a forex markup fee which adds to the overall costs of cross-border remittances.foreign exchange services

Options to Receive Foreign Currency Payments for Professionals in India

Indian freelancers can get foreign currency payments using multiple payments and delivery modes. The two most popular approaches include bank transfers and the use of money transfer services. Let’s break down how these mechanisms work:

  • Bank Transfers: Banks use SWIFT to initiate international payments. SWIFT stands for the “Society of Worldwide Interbank Financial Telecommunicationwire”. This unique mechanism allows banks to make wire transfers across international borders. The bank-to-bank transfer system is reliable and trustworthy but extremely time-consuming in many cases. In some scenarios, bank transfers can take up to ten to twelve days before one receives the payment. The cost structure of bank payments can vary according to the origin of the foreign currency amount. Remittances from the US or the UK can be extremely expensive as the banks in these countries levy high commissions on the transactions.
  • Money Transfer Services: Top-rated remittance service providers can often help you get foreign currency payments without burning your cash. Modern fintech companies use cutting-edge technologies to streamline fast payments at bank-beating rates. The best services from leading payments providers like Transcorp allow professionals to get foreign currency payments at minimal charges. They charge mid-market forex rates and a small fixed fee to facilitate these transfers. Indian regulations do not allow users to keep foreign currency in online wallets. Top money transfer platforms create a virtual account for their user in the country where the source account is based. The sender transfers the amount to the virtual account, and then the money transfer company remits these funds to the user’s Indian bank account. This system ensures a legally compliant way to get money while adhering to RBI rules.
  • How to Choose a Money Transfer Service for Your Foreign Currency PaymentsYou should think about the following factors while choosing a money transfer service:
    • Reliability: Credibility and reliability are critical factors when choosing financial service providers. Transcorp is India’s top-rated money transfer service providing fantastic customer service. Its expert team of professionals has served hundreds of satisfied clients who rely on Transcorp for lightning-fast transactions.
    • Fees: You should assess the fees of a money transfer service before signing up for their services. Transcorp transfers funds 100% digitally with zero hidden fees. This team’s expertise can help you reduce the applicable charges for receiving your foreign currency payments.
    • Accepted Currencies: The money transfer service you choose must accept the currencies that your clients pay you with. Transcorp offers multi-currency transaction facilities so that you can streamline your international transactions.

    Getting Started with Foreign Currency Payments While Keeping the Charges to a Minimum

    You can reach out to Transcorp to consult its team of experts about the best mode of money transfer! Their professionals can help you cut down on additional costs and hidden charges and help you get paid securely and conveniently. Contact them today to kickstart your safe and secure foreign currency transfers from your overseas clients.


ring payments

ring payments

Contactless payments surged in popularity during the pandemic. The global demand for such payment methods rose sharply, with 79% of consumers preferring these modes due to their security and hygiene benefits. As the pandemic eased, people continued exploring contactless payment owing to the convenience and privacy features. If you want to leverage these benefits and stop carrying your debit and credit cards everywhere, a smart wearable ring can be your perfect choice. Ring payments ensure extra secure transactions in a convenient format. They help you send money on the go without unnecessarily touching unhygienic surfaces. At the same time, they can free you from the hassles of whipping out your smartphone every time you need to pay! Transcorp is revolutionizing everyday personal finance solutions with smart biometric rings for contactless payments. What is Ring Pay by Transcorp? Let’s break it down!

Contactless Payments: The Future of Personal Finance

Ring payments come within the ambit of contactless payments. Before delving into the details of these tech-enabled rings, let’s understand why contactless transactions will be the future of personal finance. Modern consumers want to send money anytime, anywhere. They seek payment solutions incorporating cutting-edge technology to facilitate fast and secure fund transfers. Contactless payments have become extremely popular due to their speed and convenience. Research shows that the value of contactless payments will rise from $1.05 trillion to $4.6 trillion between 2019 and 2027. These numbers attest to the growing relevance of these futuristic payment solutions. Here are the key advantages of contactless transactions that you can leverage using Ring Payments:


ring payment

  • Short Transaction Times: Gone are the days of waiting in the queue and counting your cash! A contactless biometric ring can help you pay with just a tap. You do not have to remember or type in your PIN. You simply have to tap your ring for quick authentication and immediate payment. Ring Pay from Transcorp can help you shorten transaction times and have hassle-free experiences at the checkout lines.
  • Secure Transactions: The tap-and-pay technology of rings can help you beat fraudsters. These transactions are more secure than traditional payment methods. Encryption technologies and dynamic data tools help to facilitate safer payment processes.
  • Flexibility: With Ring payments, you no longer need to carry heavy wallets full of cash and cards. The risks of losing your currencies or plastic money also lessen when you have a smart wearable device. You can step out with your NFC-enabled ring to experience the seamlessness of contactless payments.

Ring Pay by Transcorp: Wearing Your Wallet Everywhere You Go

Ring Payments use technology-enabled finger rings to facilitate quick payments. This wearable electronic device uses Near Field Communication (NFC) technology to initiate transactions. Any point-of-sale (PoS) terminal accepting contactless tap-and-pay methods will support Ring payments. This device looks like any conventional ring. It is a sleek and stylish wearable option that allows users to make discreet payments.

Ring Pay is an excellent choice for protecting you and your money. It uses biometric authentication to ensure that authorized users can make the payment safely. You do not need to type in a password or a PIN to enable this payment device.

Transcorp, the leading provider of top-notch payment solutions, has partnered with the Junio App and RuPay to enable secure transactions with Ring Pay. You can purchase a payment ring to add a convenient and discreet piece of jewelry that simplifies your PoS transactions.

pay with ring

Advantages of Ring Pay by Transcorp

When you buy a specialized ring for simplified payments with Transcorp’s technology, you can leverage the following advantages:

  • Extensive Quality Testing: The NFC-enabled ring by Transcorp and its partners has undergone extensive testing in the UK and France. The rigorous testing per European standards has ensured effective quality control for this personal finance product.
  • Usable Across Multiple Retail Outlets: The Ring Pay solution is usable in all top retail outlets. Any outlet that accepts contactless payments with its PoS device will accept Ring payments.
  • Sleek and Stylish Design: The payment ring is available in black and white shades. It has a unique design that you can style with all kinds of outfits.
  • Secured by RuPay: RuPay is one of the most trusted card payment networks. Transcorp’s Ring payment mechanism is powered by RuPay’s secure technology. This feature ensures the safety and privacy of your NFC transactions.
  • Offers and Discounts: Ring Payment by Transcorp comes with exciting cashback offers. You can pay with this one-of-a-kind device to enjoy special loyalty rewards.

Getting Started with Ring Pay by Transcorp

Why choose Ring Pay by Transcorp? Well, it’s fast, secure, paperless, convenient, and cost-effective. You can purchase a payment Ring by scanning this QR code! You can browse the different ring sizes to find your perfect fit and place an order at a discounted price. Check out the Ring pay option today to unlock the future of contactless payments!

How Ring Payment is Changing The Game With Wearable Biometric Authentication

payment rings

As the world has transitioned towards complete digitization, people have become more tech-inclined, which has allowed the criminal hackers to earn undue advantage making various business sectors the victims of their unlawful demands. Thankfully, with AI picking up its speed, the smart ring payment has emerged as a game changer with wearable biometric authentication to defeat unethical hackers and curtail data manipulation, data breaches and digital ransomware attacks.

Biometric certification like voice and face recognition, fingerprint and iris scanning was already gaining prominence over and above the primitive authentication methods like passwords and SMS passcodes. But, the biometric ring payment is taking the entire electronic payment industry by storm. The top global banks like Dutch Bank, Commonwealth Bank of Australia and ABN AMRO Group have already launched their wearable smart rings; you can link them with your debit or credit cards to make payments.

A Smart Ring: What is it?

A Smart ring is a wearable electronic device, which comes in the size of a conventional ring, incorporating advanced mobile components like NFC chips and sensors to perform various applications making it an ingenious substitute for smartwatches and fitness bands. However, the uses of smart rings are not limited to daily tracking activities. Rather, this mini device can also enable you to make contactless payments, restricting unethical access control with AI-powered gesture control and activity tracking.

Payment Ring: How does it work?

The smart payment ring has integrated fingerprint sensors that respond only when the authorized person uses it. Therefore, you can get Multiple-Factor Authentication (MFA) benefits and login support with no password just by a simple gesture while wearing the ring. After completing your shopping, when you go for payment, make a fist and hold your knuckles close to the card reader, and that’s all you have to do!

The smart ring is a new e-payment medium that can relieve you from the tension of losing your plastic money cards. Also, you can move anywhere without carrying thick wallets and a pile of cards. As the next-gen product, the smart ring brings a lot of advantages for its users. Nevertheless, it also upgrades your style statement as a tech-fashioned product. As one of the industry-leading Indian Financial Service providers, Transcorp has launched India’s first-ever Smart Payment Ring; grab the one for yourself and flaunt your fashion!

Smart Ring and its Advantages

Below mentioned are some benefits that Smart Rings assure:

  • Function: Whether or not a biometric ring is worth purchasing depends on the purpose behind its usage. If you are looking for a smart ring for fitness tracking or contactless payment, nothing can give a better performance than it. Sleek and compact in style alongside feather-like weight makes it the most comfortable option to seek.
  • Battery: Indeed, the battery life that smart rings have, is more in comparison to smartwatches and fitness bands because they do not include any screen. The small battery packs installed inside the mini rings can last up to a week before they require further charging.
  • Design: Generally made up of harmful chemical-free high-quality hypoallergenic clinical plastic, the tiny tech-fashioned biometric ring has an elegant design helping your fingers look stunning.
  • Privacy: In terms of privacy, nothing can beat smart rings. Even some smart watches speak out loud, which might disclose all your private information. But, the tiny electronic rings maintain the utmost privacy while securing your transactions and other activities.
  • Cost: The pricing of smart rings is on the higher side because it requires an integrated design to facilitate many functions. However, you will also get various budget-friendly smart rings that perform specific tasks like contactless payments, opening doors or controlling your smartphone and data storage. Do you wish to buy a smart payment ring but are worried about its price? Relax and contact Transcorp for the best-quality rings at affordable price ranges!

Types of Smart Rings

You will be dazzled by the myriad smart ring collection available on the market. However, get yourself the one that serves your purpose. Here are the most preferred ones:

  • McLEAR Ring: As a tech-fashioned product; introduced for the first time in the market, this Near-Field Communication (NFC) smart ring assures contactless payment for iOS and Android devices. Fashioned from premium-quality zirconia ceramic, the McLEAR payment ring requires connectivity with the user’s Debit or Credit Account for proper application.‍
  • Token Ring: Taking a step forward, the Token Ring can ascertain whether or not the actual user is wearing it. It has optical sensors fitted inside, making it safer for transactional purposes. Once you take off the ring, it automatically slips into the lock mode safeguarding your accounts and personal information from illegal access.
  • Oura Smart Ring: Different from the first two categories, the Ouray ring is basically a sleep tracker developed for keeping an eye on your circadian rhythm and nightly rest. It can also track your other day-to-day activities, pulse rate, body temperature etc. Available in many color options, this smart device is a must-have if you are a fashion-cum-fitness enthusiast.
  • Motiv Ring: Another type of smart fitness ring that is slim and lightweight is the Motive Ring. This type of AI-powered ring usually assists you in keeping track of your calorie intake, footsteps and distances you travel alongside heart rate, sleeping habits etc. It goes further, allowing you to access different websites. So, if you are a fitness lover, this deluxe-looking tiny tech device is bound to attract your attention.

A new addition to the world of technology, the smart rings are blowing people’s minds with their stunning styles and features. Drawing the attention of all fashion and fitness enthusiasts, the minuscule electronic device is working wonders breaking all the boundaries and taking e-payment to the next level. Recently introduced to the Indian markets, the smart rings are obvious to benefit many consumers, including those who encourage health and fitness and others involved in daily business transactions. Do you need detailed information about biometric ring payments? Consider visiting the Transcorp official website and dial the helpline number!

Top Money Transfer Companies in India

money transfer

When it comes to travelling outside the country or sending money to your loved ones, using the best money transfer services is essential. However, when choosing the best company, you’ll need to be diligent. Conducting proper research and knowing about the best services can guarantee safe and secure transactions at all times.

That’s why, today we’ll be looking at the some of the leading money transfer services in the country, the RBI guidelines for money transfer and Transwire – the easiest way to transfer money internationally.

The Leading Money Transfer Options in India Wise

Wise can be a wise choice when it comes to transferring money. The app is considered to be the leading authority in global remittances. Wise is a UK-based business that’s growing at an astronomical pace in the Fintech.

Wise is known for using a transparent approach to global payments alongside offering a multitude of transfer options. Coupled with these features, its online platform and mobile app are easy and simple to use. The business’ promise is to offer transfers at a rate that’s 2x lower in comparison to its competitors.

  1. Instarem

Instarem is highly-rated in the money transfer industry. This firm based out of Singapore handles remittance requests across APAC, India being one of its main markets. The business stands out by offering minimal transfer charges and offering a near-to 0 exchange rate margin. Their customer service is available around the clock with a number of their service teams based in India. All-in-all, Instarem is one of the most credible brands in the market.

  1. Ria Money Transfer

With a global agent network, Ria Money Transfer offers its customers options to transfer funds online and offline! The company earned its goodwill primarily due to its cash payout system. With home delivery and collection services offered across 400,000+ locations worldwide the accessibility Ria provides is high. Additionally, against the industry average of 3-5 days of processing debit and credit card payments, Ria makes them available instantly to their customers. Summing it up, Ria makes it to the top-3 services in India.

Now that you know about the international money transfers, let’s take a look at RBI and its AD 2 guidelines.

RBI – Authorised Dealer Category II

The Reserve Bank of India provides a category for NBFC institutions under category 2 to deal in foreign exchange. The list of vendors allowed to deal in foreign exchange currently is:

  • Upgraded FFMCs,
  • Select RRBs
  • Select UCBs
  • Other entities

Due to a large portion of the Indian diaspora being connected to foreign remittances and other FOREX transactions, RBI has taken an initiative to expand the current network and include selected organisations into the network. It translates into greater opportunities for Indian business to offer FOREX services.

Additionally, the RBI mandates that NBFCs offering FOREX services need to have a board approved policy on the management of risks and handling customer grievances that arise out of any such activities. The RBI also has set up the requirement of a monitoring mechanism that needs to be in place for monthly audits.

In spite of expanding the ecosystem, RBI has maintained that there will be a tight leash on the leeway given to such organisations on handling FOREX transactions on a daily basis. The process of granting licenses reflects this thoroughly. RBI is only granting licences to those NBFCs having a minimum investment grade rating.

Lest assured, this is good news for customers. You can now transfer money via local authorised dealers of RBI category II without any stress. The extreme level of oversight put in place by the central bank ensures secure and safe transactions without any delay. Additionally, the authorised dealers you can access locally will also be NBFCs of the highest order in the country.

Transwire – Your Next Step to Easy Money Transfers

Transwire is an AD2 as authorised by RBI. The business seeks to simplify FOREX transactions for customers using AI integrated software to single out the best rates available 24/7. By using Transwire, you can transfer money simply by singing on, booking a currency and paying the amount.

Some of the top reasons for which we recommend choosing Transwire are:

  • Category II Authorisation by RBI makes the service one of the most reliable services in the country,
  • 500,000+ satisfied customers pan-India,
  • The business has roughly 22 branch offices across the country to ensure each customer is within reach,
  • SaaS based systems employed by the business makes FOREX transfers safer by taking advantage of cloud based two-factor OTP authentication and other security protocols,
  • Transactions are made quicker as the pipeline is completely automated and self-reliant,
  • 24/7 customer support for instant query and grievance resolution.

Thus, Transwire is a next-level method to transfer money across borders easily. By using Transwire, you as a customer reap the following benefits:

  • Best currency deals are available at all times due to the live tracking system of Transwire
  • You can block your desired currency rate for up to 3 working days.
  • The transfer rates you access at Transwire are cheaper than most banks,
  • The Swift Wire Transfer system is super-fast and gets your FOREX transactions completed almost instantaneously,
  • There are no hidden costs at all

Thus, using Transwire can change the way you transfer money completely. With the 2-factor authentication and lightning fast transaction process, transferring money to your loved ones, for education, or travel can be done from the convenience of your home.

Transfer Money without the Stress

Going to a physical store or navigating a complex app may often be challenging when transferring money. That’s why we urge you to choose Transwire – an absolutely home-grown FOREX service. Transfer remittances and other payments from the convenience of your home in no time.

Check out Transwire and services you can avail. In case you have further queries, feel free to reach out to their customer service that’s available 24/7. Make transferring money to your loved ones a process that’s as smooth as silk. Ensure that your money is safe hands with Traswire’s top-notch RBI-authorised secure payments service!

Travel Insurance: The Item That You Should not Miss on Your Next Travel Checklist

Travel Insurance

Post-COVID-19, more and more travelers are taking travel insurance seriously. An increasing number of domestic and international travelers are buying travel insurance to cover the risk of unfavorable and unexpected events on a vacation or a business trip. Based on recent research, an increase of 215% in the purchase of single-trip policies was observed in FY 2021–22 from FY 2020–21. The research also mentions that trip cancellations, flight cancellations, and flight delays are the most common reasons for a claim.

Let us understand the meaning and importance of travel insurance in detail.  

What is Travel Insurance?

In simple words, travel insurance is a type of insurance that covers expenses and risks against a variety of dangers connected with travel. It protects a traveler from damages that may occur during travel, including medical costs, lost luggage, canceled flights, and other misfortunes. The insurance can be obtained for both domestic and international travel. International travel insurance is often purchased from the day of departure until the traveler returns to India. Purchasing travel insurance guarantees complete coverage in the event of an emergency abroad. There are various companies that offer travel insurance for domestic travel; however, it is a more common choice for international travel.

Depending on the traveler’s needs, specific plans may cover a wider range of hazards. The policy and plan that the traveler chooses will determine the extent to which these risks are covered. At an additional cost, travel insurance also includes other hazards. Some of these dangers are unique to the traveler or the destination they are visiting. In general, some of the risks covered under travel insurance are personal accident cover, permanent total disability, accident & sickness medical expense reimbursement, repatriation of remains in case of death, dental treatment relief emergency evacuation, baggage delay, loss of checked baggage, loss of passport, flight delay, home burglary, trip cancellation, bounced hotel booking.

Types of Travel Insurance  

There are travel insurance plans created specifically for single trips. However, purchasing a multi-trip travel insurance policy is a recommended alternative for travelers who travel abroad frequently. There are also insurance options that cover multiple visits to the same location for the duration of a whole year. For businessmen and frequent visitors to a specific location, choosing such plans is considerably more cost-effective. Many companies also offer student plans at a reasonable premium that are specifically created for students traveling overseas to pursue their studies. Group travel insurance coverage is another variety of travel insurance. These plans are affordable and provide advantages compared to those single-trip travel insurance plans. Policies for group travel insurance are based on the ages of the travelers, making them more affordable for each one in the group. When a travel agency is leading tours across multiple geographies, most of them choose to purchase group travel insurance plans.

Is Travel Insurance mandatory?

For many countries, travel insurance is mandatory and they may decline you to enter their country without valid insurance. But why purchase insurance only because it’s mandatory for an international trip, flight tickets, health, and luggage are all equally important regardless the travel is domestic or international. 

Why is it crucial?

Unforeseen medical emergencies: While planning for a foreign trip, you want to be least concerned about an unfortunate medical situation such as a severe medical emergency, disability, or death. Additionally, healthcare services on foreign soil are expensive. Accordingly, it becomes crucial to consider covering the risk of medical crises and unforeseen costs during a foreign trip. Thus, appropriate travel insurance could save your wallet.

Loss of luggage: Losing your luggage, passport, or other crucial travel documents when traveling puts you in a concerning state. It can land you in a complete mess. But if you have travel insurance coverage, you can receive a certain, agreed-upon amount of compensation in the event of loss of possessions. You could also submit a claim in the event that your luggage is delayed. If you lose your passport, you may be reimbursed for the cost of getting a replacement or duplicate passport.

Flight cancellation or delay: Using travel insurance coverage, you can save your pocket by receiving compensation or a refund for at least a portion of the ticket cost when there is a delay or cancellation of a flight. Without insurance coverage, you would forfeit this benefit and incur a loss. 

Loss of a debit or credit card: It is a common worry to lose a debit or credit card while on vacation and become a victim of card misuse. But you don’t run the danger of losing that money if you have reliable travel insurance coverage. Based on the policy chosen, you can get your money back if the issue is reported within 12 hours of the loss of the card.

It’s all about overcoming the unexpected in life. Even if you have never considered purchasing travel insurance before, we recommend you to consider it now for your upcoming travel plans. Any of the above can happen when you travel, especially to a foreign country: illness, accidents, theft of your personal property, lost luggage, or any other problem. Getting travel insurance for you and your family is the best approach to reducing the dangers that could ruin your travel plans. Depending on the service provider, the price, exclusions, and coverage of travel insurance will vary. Before buying the insurance, the buyer should carefully read through all disclosure documents.

Call to Action

Once you are familiar with the definition of travel insurance, choosing coverage is simple. Choose a travel insurance policy that offers extensive coverage for your overseas vacation. Transcorp International Limited (‘Transcorp’) provides both domestic and international travel insurance policies for medical treatment, luggage, etc. The insurance policies from Transcorp can be purchased for INR 300–400. Transcorp provides a range of travel-related services including foreign exchange, outward remittance, student loans, travel services, etc. They envision delivering the best travel and financial services across demographics.

International Money Transfer For Your Family Maintenance Needs A Beginner’s Guide

International money transfer

The globalised environment of the modern world has necessitated a free and fast flow of capital across national borders. However, outward remittance remains a complex topic for many ordinary Indians as they grapple with the regulatory issues surrounding the international money transfer process. Data from the Reserve Bank of India (RBI) shows that Indians sent US$ 18751.4 million abroad in 2019-20. Travel and education together accounted for over 60% of it, while outward remittance for family maintenance formed 18% of the total amount. 

As more and more Indians move abroad to pursue new opportunities, international remittance for family support garners increasing relevance. What do international transfers for family maintenance entail? What is the easiest way to send money to family members living abroad? Let’s answer these questions and more in the following sections!

Outward Remittance for Family Maintenance: A Growing Necessity in Recent Times

In the earlier days, foreign remittances for family maintenance resulted in capital inflows. Children settled abroad would send money to their parents in India and support them in running their households. But now, the situation has changed drastically. A large number of Indians emigrate every year to pursue promising opportunities across the globe. Their families in India offer assistance by sending them money with outward remittance systems. RBI categorises these payments as “Maintenance for Close Relatives”. This category can cover several aspects:

  • Maintenance of the household while the primary income earner is living in India
  • Financial support for close family members related by blood or marriage
  • Financial assistance for children who are studying or setting up a livelihood abroad

RBI’s Rules for Outward Remittance: Decoding the Regulations for Sending Money Abroad

RBI has a “Liberalised Remittance Scheme” (LRS), laying down the rules for an overseas transfer. The following points highlight the regulations under LRS:

  • Resident Indians (including minor children) are eligible for outward remittances up to US$250,000 in each financial year between April to March.
  • These transfers are allowed for capital account transfers, current account transfers, or a combination of the two.
  • This limit includes the foreign exchange facilities available to a resident Indian.

LRS does not allow Indians to make capital account transfers to countries that the Financial Action Task Force (FATF) deems non-cooperative. Moreover, RBI issues advisories to banks with the names of people who pose risks of terrorism. Resident Indians cannot send money to these individuals under the LRS. Besides these limitations, the LRS offers substantial flexibility to Indians for sending their money abroad.

How to Send Money to Your Family Abroad?

There are two popular approaches for sending money to family members living abroad:

  • Remittance Via Banks: Indians have traditionally relied on banks to manage their international transfers. You can get a foreign currency demand draft (FCDD) from your preferred bank and send it to your family member. They can present the FCDD to their drawee bank and receive the amount. However, this is a time-consuming and complicated process. Nowadays, banks use SWIFT transfers for direct interbank remittances. You can submit your request for a bank transfer and wait for up to five working days. While this is a trustworthy process, it is not as fast and convenient as the modern fintech-enabled remittance services available in the market.
  • Remittance through a Money Transfer Platform: Money transfer platforms can help you send money to more than 40 countries from the comfort of your couch. Top outward remittance platforms allow users to send money on the go with their cutting-edge fintech model. The hassle-free system of online money transfers is convenient and quick, helping people manage their family maintenance needs.

Sending Money with Transwire- The Best Money Transfer Platform

Unsure which Forex organisation you should approach? Transwire can simplify your outward remittance woes.

Transwire has the ability in managing international money transfers. They provide an easy-to-use online system to initiate overseas payments for family maintenance needs.

Transwire is a trusted money transfer platform because it ensures secure payments and strict compliance with RBI norms. The RBI has recognised Transwire as an authorised category II dealer, facilitating secure transactions across national borders. We have supported customers in sending money to more than seventy countries and continue to do so with a complete commitment to transparency and customer service. 

The process for remitting money with Transwire is quick and effortless. The following steps will help you complete your payment:

  1. Register on the Transwire site and complete the self-onboarding process.
  2. Upload relevant documents for making a transaction under LRS.
  3. Initiate the transaction.
  4. Book the exchange rate and pay for the transaction.
  5. Download the SWIFT data or invoice.

Before initiating this process, you should prepare your remittance documents. You will need the following:

  • An Identity Card as per RBI norms
  • A PAN Card
  • A2 declaration

The experts at Transwire can help you understand the documentation process and provide support as you navigate it. The A2-cum-LRS document is an essential requirement under RBI guidelines. You can reach out to the Transwire team and take their assistance in preparing these documents.

The self-onboarding system on the Transwire website is available to you 24*7. However, the remittance process is only permissible during the business hours of your target location. You can speak to your Transwire agent to understand relevant exemptions for this.

Now that you know how easy this process is, it is time to initiate your overseas payment! Contact the Transwire team today to simplify your outward remittances.

How Can I Pay My College Fees Abroad From India?

College Fees Abroad From India

Today, Indian parents and their children are increasingly opting for studies abroad. Our modern world’s hyper-competitive environment demands individual preparedness. A global education can support such preparation, enabling students to secure an edge. The number of Indian students going abroad to pursue higher studies is projected to reach 1.8 million by 2024. While this growing trend underscores India’s rising potential on the global stage, it also complicates the issue of outward remittance. As thousands of Indian students pack their bags for foreign universities, they must contend with a fundamental problem: how to remit money for paying their course fees?

Education fees to abroad

International money transfers to send hefty amounts involve several complexities. Students must adhere to relevant norms while paying their college fees abroad. Let us explore the avenues open to them! One can pay institutional fees to a foreign university in four ways. The following section analyses these options for you.

Four Ways to Pay Fees to a Foreign University: Which is the Best Choice?

Forex Cards: A Forex card is a prepaid instrument: you load it with a chosen amount and swipe it at electronic terminals for making payments. It operates like a credit or debit card while paying for something. The difference is that the debit or reduction occurs from your Forex Card balance. A Forex Card’s USP is that it can load money in a foreign currency. For example, if you get a Forex Card with USD as your chosen currency, you can swipe the card at American terminals and pay a dollar amount. 

Forex Cards are ultra-convenient. Anyone can make quick local payments by swiping the card. Students and travelers use these fast and convenient cards to pay their everyday expenses. However, people do not prefer Forex Cards for large transactions like fee transfers. Fluctuations in exchange rates and exchange facilitation charges can also compound the costs of a Forex Card for making lump sum payments.

Payments via Banks: Banks provide money transfer facilities for students in international institutes. International transactions through banks can take two forms: demand drafts and SWIFT Wire Transfers. People use international demand drafts relatively less often. However, some colleges may insist on payments via demand drafts. Let’s break down both of these options in detail:

International Demand Drafts (D/Ds): An outward foreign exchange D/D involves two banks. Students or their family members can go to a bank and apply for a D/D along with a cheque. The bank will subtract a small amount as the D/D fee, and convert the rest into your chosen foreign currency for creating the D/D. The payer can transfer this D/D to the foreign university’s designated bank. After depositing the D/D, one can inform the institute, which can then collect the amount upon demand. This process is relevant for students when their institutes specifically request D/D payments. However, this method is time-consuming and complex, and few people opt for it.

Bank Transfers: A bank wire transfer is a trusted way of sending money to foreign institutes. A system called SWIFT (Society for Worldwide Interbank Telecommunications) connects most banking establishments around the globe. A bank can transmit a lumpsum amount to the payee’s bank account using the SWIFT mechanism. This process can take three to five business days. You can initiate a wire transfer online for some banks. For example, users can execute an SBI Wire Transfer by visiting the State Bank of India’s online banking portal. However, the online facilities offered by Indian banks are often slow and cumbersome, causing hassles for students. Furthermore, some banks may require students or their families to physically visit the bank branches to initiate an international transfer. Even though bank transfers are credible and safe, their inconvenient features often make them unsuitable for students.

Bank transfer is the traditional method for making foreign university fee payments. This method has long been widely acceptable in India. However, since the advent of fintech, it has become easier to make international transfers from the comfort of your home. Students can save the extensive time it takes to complete a bank transfer by switching to a smarter system. Bank transfers take much longer than the modern mechanisms for on-the-go money transfers. Hence, the rapid rise of fintech have worsened the appeal of bank wire payments.  

Money Transfer Services: How cool would it be to have money transfer apps handle your foreign university payments, right? If you are a student hoping for remittance apps to serve as your genie, you need to look no farther than money transfer providers. A money transfer service will help you send your fees abroad super-fast. You can send money on the go with a top-notch transfer service. They charge a small service fee and have clear rules about exchange rate considerations. There are many money transfer providers in the Indian market. However, you must find a credible company using cutting-edge technology to deliver this service. Users may onboard themselves on a money transfer company’s website and initiate the verification process. After that, you can take the help of their seamless technology to upload documents and initiate the payment as per prescribed rules.

Getting Started with Money Transfer with Transwire-The Trusted Money Transfer Company

Transwire’s team is expert at managing outward remittances for people transferring money abroad. Transwire is an authorized dealer (category II) approved by the Reserve Bank of India (RBI). The team can help you make foreign remittances for university fee payments according to the financial regulations applicable in India. 

The limit for fee transfers depends on your institute’s fee structure. The Foreign Exchange Management Act (FEMA) applies an upper limit of US$250,000 per person for foreign remittances. However, proper documentation and RBI approvals can help you navigate these limits as required for making your university fee payments. Our team will help you out with issues like this and more when you sign up for international money transfers! Transwire’s process involves four simple steps:

  • Register
  • Upload documents and complete verification
  • Book the exchange rate and complete the payment
  • Download your invoice

This stellar team ensures easy processing with simple documentation. Reach out to Transwire- the best money transfer company today to simplify your foreign fee payments!


Transcorp – How It Helps in Fulfilling The Financial Requirements?

financial requirements

Gone are the days when people only solely relied on paper bills and banks for their money transactions. As digitization takes over, people prefer carrying out transactions and other banking services through digital platforms. Here, Transacorp emerges as a one-stop financial services provider serving across India. They offer a unique integrated platform where one can fulfill their important financial transactions right from domestic money transfers to insurance services, mobile & DTH recharge, and even Indo-Nepal money transfers.

But what makes them ahead in the competition? What benefits can your business reap by joining hands with Transcorp? Let’s take a quick look at their fast, easy, and efficient financial services.

What services can be enabled by Transcorp?

By becoming a partner agent with Transcorp, your customers can forget the hassles of running door to door since they get the following range of services at the ease of their fingertips.

  • Domestic Money Transfer – Transcorps’s seamless money transfer portal helps your customer achieve fast and timely money transfers no matter where they are located in India.
  • Cash Deposit/Withdrawl – Your customers can enjoy 100% secure and timely cash deposits and withdrawals in one go. Since all their services are RBI-approved, you can stay assured of secured transactions.
  • Insurance Services
    Whether your customers are looking for student loans or insurance, you can fulfill these financial requirements through Transcorp’s one-stop platform.
  • Indo-Nepal Money Transfer
    Transcorp also enables your business to execute secure Indo-Nepal money transfers along with domestic money transfer services. In addition, their foreign exchange and outward remittance services emerge as a helping hand for international financial requirements.
  • Mobile, Bills, & DTH – Most customers these days like to pay their bills, mobile recharge, etc., through digital platforms. By integrating their unique one-stop solution dashboard for your business, you can cater to your customers’ needs.
    What are the benefits of using Transcorp financial solutions?
  • Faster transactions – By incorporating Transcorp financial solutions, you can expect lightning-speed services for your customers. Eventually, no one can stop you from growing faster than ever.
  • Seamless integration – By becoming their partner agent, your businesses can rest assured of other essential operations without any interruption. All thanks to their robust SOPs and seamless integration process.
  • Extended services – You can choose to expand your services to new dimensions since they offer many financial services like foreign exchange, insurance, loan procurements, money transfers, KYC services, and much more!
  • 24/7 customer care – Transcorp deploys a robust customer care team that ensures smooth and punctual operations of its services with you.

Fulfil your financial requirements with Transcorp International Limited

With their aim of transforming the financial landscape in the country, they have never failed to meet the expectations of those who want to change. Transcorp International Limited emerged as a top digital financial services provider across India. Their one-stop banking solution platform is easy to integrate and can fulfill a wide range of services in one go! If your business is looking forward to making a difference with their top-notch financial solutions, get in touch with them today by visiting their website or walking in your nearest branch! Take the change now and stay ahead of the curve.

How Does a Travel Money Card Work?

travel money card

The breakout of the covid-19 pandemic has not just put the entire travel industry into significant difficulties; the challenges that the travel lovers faced were also equally noteworthy. However, many countries are emerging from their lockdown; as the situation is taking a turn for the better, giving a chance for the tourism industry; to come to full bloom once again. If you are a travel addict, without question, this is an opportunity for you to get ready for the next trip. While you might focus on packing luggage and arranging for visas, you should be even more thoughtful about acquiring foreign currencies. What comes in handy here is the Travel money card

What is a travel money card?

Money is an important thing to consider when travelling abroad, but carrying a lot of cash would not be safe. On the other hand, using your credit card in foreign states would not also be cost-effective. A travel money card thus helps you to keep multiple currencies while travelling abroad. With this card, you can store different mediums of exchanges at one time without any fees hidden. Hence, if you have a particular currency on your card, it will automatically be used for that country you have visited. 

How does a travel money card work?

With the development of modern technology, foreign currency exchange is not a big deal now. The travel money card has become a boon for people having an overseas visit. Generally, it is a prepaid card, which you have to fill with the currency of the country you are visiting. Therefore, you can use the card the same way you would use your credit or the debit card back at home. For instance, if you already have loaded USD, Euro and some other foreign currencies in your card and you went to the USA, the card will automatically use the USDs first whenever you pay for anything.

Following are the benefits of having a travel card:

  • You can load several foreign currencies into one travel money card. It is beneficial if you plan to visit a few different countries.
  • You have the facility to lock the exchange rates before you travel, giving you certainty over your money. 
  • You don’t have to pay conversion charges. Hence, it is a gainful option; if compared to a travel credit or debit card.


Are online facilities available for reloading my travel money card?

Yes, online facilities are available for reloading your travelling card whenever you need them. 

Is taking out money from a travel card difficult?

No, withdrawing money from your travel money card is easy. You can withdraw from ATM or through a Bank transfer.

Is having more than one travel card beneficial?

You can use multi-national currencies with one card only. Hence, you would not need more than one.


A travel money card has become a suitable and safe way to buy foreign currency, devoid of expensive conversion charges. There are several travel money cards available in the market. The experts at Transcorpint can help you choose the one right for you.