As the dollar continues to strengthen, consumers who are directly affected by the won-dollar exchange rate are becoming increasingly concerned. In this situation, parents who support their children studying abroad are actively utilizing financial, insurance, and logistics services with reasonable fees and various benefits to reduce the burden of living expenses.
According to the '2024 Status of Korean Students Studying Abroad in Higher Education Institutions' released by the Ministry of Education on January 13, the number of international students has remained at around 120,000 for the past three years, and as of 2024, 126,981 people are staying abroad for their studies. By country, the United States had the most with 43,847, followed by Japan (15,930) and China (14,512). In particular, the United States has been the country with the most international students over the past three years, and most of the funds for studying abroad, including living expenses, are often remitted from Korea, which means the exchange rate burden is bound to be even higher.
Accordingly, they are using services that support safe and fast overseas remittances at low fees, international courier services at reasonable costs, or dedicated insurance products that cover hospital expenses for injuries and illnesses that occur in daily life.
◆ One-stop service from low shipping costs and consultation to packaging, delivery, and aftercare, Hyundai Marine International Courier Service 'Dream Bag'
Hyundai Marine & Fire's 'Dream Bag' is a small overseas cargo service that can transport up to 35kg of cargo between Korea, the US, Canada, and the Philippines via sea. It is popular among people living overseas for overseas study, internships, language training, etc., as it is smaller than overseas moving cargo and allows for easy and inexpensive shipping of cargo that is expensive to send by air.
Another advantage is that the 'Door To Door' service is in place, so customers do not have to go to the store to check in their luggage themselves. With just one phone call, Hyundai Marine will pick up their bags from their home in Korea and deliver them to their overseas location.
◆ Coverage of hospital expenses for injuries and illnesses at reasonable costs, Lotte Insurance's 'FOR ME Overseas Long-Term Stay Insurance'
Lotte Insurance is introducing 'FOR ME Overseas Long-Term Stay Insurance' for long-term overseas residents who will be staying overseas for more than 3 months for study abroad, language training, overseas business trips, etc. through 'ALICE', a life-oriented insurance platform. Customers aged 19 to 60 can sign up, and the insurance period can be set as needed, from a minimum of 3 months to a maximum of 1 year. It is convenient because parents can easily sign up for their children before boarding the plane, not to mention signing up for themselves.
'FOR ME Overseas Long-Term Stay Insurance' differentiates the insurance subscription amount, allowing for reasonable insurance design to suit the customer's situation. When calculating the insurance premium based on a 20-year-old with the best price plan, the insurance premium is 50,000 to 100,000 won cheaper than other companies. The 'End-of-the-Line Plan', which contains the most reliable coverage, provides coverage of up to 150 million won in cases of treatment at overseas medical institutions for injuries or illnesses that may occur while staying abroad. If treatment is received at a domestic medical institution after returning to Korea, 30 million won is provided, and overseas compensation liability is also covered up to 50 million won.
◆Providing cheap and fast overseas remittance service, Sentbee
'SentBe', a personal small overseas remittance service, is popular with parents of international students as it provides a safe and fast remittance service with fees that are 90% cheaper than those of banks. Remittances can be made using mobile apps, and depending on the country, remittances can be made within 5 minutes to 1 day. SentBe can send money to over 50 countries around the world, including the US, Canada, Australia, China, and Japan, and provides a variety of receiving options such as card remittance, mobile wallet, cash pickup, and cash delivery, in addition to bank accounts, depending on the local circumstances overseas, providing a service that considers the convenience of both the sender and the recipient.
In addition, Sentbee has acquired two types of certification for the Information Protection and Personal Information Management System (ISO 27001·ISO 27701) and the highest grade 'Level 1' of the global payment data security certification PCI-DSS v4.0, thereby obtaining information security systems and safety that meet global standards. With its reasonable fees and reliable services, it is gaining popularity not only among international student families, but also among expatriates and foreigners residing in Korea who need to remit money overseas regularly.
- See more related articles
You must be logged in to post a comment.