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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!

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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.

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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.

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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!

 

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Things To Consider While Buying Motor Insurance Online

Domestic money transfer

In 1888, a lady named Bertha Benz drove the first car. She took her sons on a 65-mile road trip in the Mercedes Benz Motorwagen. This marked the beginning of a new era in human history. Today we all depend on such motor vehicles to carry us around the globe.

Today we have come a long way. With the transition from petrol and gas to electric cars, the world is moving fast! However, automobiles are on the rise. Accidents are also following suit. A 51.8 % rise in accidents, was recorded from 2003-to 2012 in India.

For this reason, motor insurance has become essential. If you own a vehicle, having insurance safeguards you from damages. The best motor insurance online covers personal injury as well. However, you may be asking, is it safe? Yes, it is.

However, you’ll need to keep a few things in mind while choosing. Keep reading and find out how to choose the best!

Understanding Your Requirements

Vehicles are assets that belong to you. Thus, understanding the possible risks to your car is essential. Start by asking yourself questions like, is my area prone to flooding? Is it a busy zone where chances of accidents are high? Such questions help you find what you exactly need. Motor vehicle insurance covers a lot of areas. Even comprehensive cover plans have subsets. Choose wisely, and you’ll be appropriately protected!

Consider the Brand

When we talk about a brand, we don’t mean only named services. You need to select a firm with the right ideology. In today’s world of diverse businesses, transparency is essential. Thus, you should go for a customer-friendly service. Another good quality is legal accounting. A lot of online firms may often use illegal services. However, you needn’t get discouraged by this. Select insurance firms have legal accounting codes and standards that they follow. You can contact them for details on their operations!

Understanding Terminology

A big caveat of purchasing vehicle insurance online is terminology. Insurances are legal documents. Thus, the terminology may be difficult to comprehend. That’s why we recommend you complete your homework before purchasing a policy. Read up on claims, accidental loss, what is covered, to what extent it is covered, premiums, etc. once you know the relevance of these terms, you can purchase motor insurance online. The best provider in India will answer all your questions until you’re satisfied!

Know Insurance Alteration Terms

Insurance value, is determined by actuarial calculations. That’s why the initial value of your insurance may change over time. There are specific circumstances where you may need to intimate your insurer. Leading instances when intimation is required are changes to the body, engine, braking and suspension systems, interiors, wheels, paint, etc. Getting vehicle insurance online is a boon under such circumstances. You should quickly reach out to your service provider and intimate them. It saves you time and helps you make alterations to your policy online.

Compare Quotes Available

Purchasing motor insurance online is a fast process. However, ensuring you get a fair deal is essential. That’s why we recommend you compare quotes online. It helps you find the best price available. You can compare quotes to save yourself money. Use this method to your advantage while selecting a stellar service.

The Claim Settlement Ratio

When buying vehicle insurance online, checking claim settlement ratios is essential. The claim settlement ratio of a firm indicates how good they are. A high claim-settlement ratio points towards a great insurance services firm. Additionally, check the reviews of the firm. Reviews help understand how good a firm’s services are. It gives you an understanding of how well they can assist you with insurance!

But Why Get Insurance Online?

The world is changing around us. We have two ways to deal with it, either move ahead or fall behind. Online insurance-like any other online option-is cost-effective. Online insurance businesses don’t need office spaces, extensive infrastructure, or numerous employees. It helps them cut costs for their policies. Additionally, it’s convenient for you. Online service providers are easy to reach. You can contact customer service at any time, around the clock! Thus, get vehicle insurance online today!

Vehicles are an integral part of our life. As society moves towards progress, vehicles will be essential. The rate of life-threatening accidents may reduce in the future. However, the rate of minor accidents may remain the same. That’s why getting your vehicle insured is a good plan. If you’re looking for motor insurance online, Transcorp International Limited (TIL), is the best service provider.  This firm offers comprehensive services in FOREX, Travel, Insurance, etc. With experience and a stellar customer-oriented approach, TIL can get you the right insurance policy. Reach out to their customer care team today, to get the best vehicle insurance online and stay safe!