Tickets
A 2017 study by Expedia and the Airlines Reporting Corporation says there's a new optimal time to buy airline tickets.
Travelers often swap theories on the right—and wrong—time to book a flight. We've heard it all: The lowest fares are on Tuesdays at 3 p.m. ET. (No, Wednesday at 1 a.m. is the best time to buy!) You need to book at least two months before you fly. (No, you should look for a deal and fly at the last minute!) Websites like Kayak suggest when you should buy, or if you should wait—like we're all trading stocks—but there's no guarantee. And according to George Hobica of AirfareWatchdog, "There is no secret time. You need to look four times a day—minimum—every day of the week, as far in advance as you can."
But the latest study by Expedia and the Airlines Reporting Corporation says that 2017 "could be a banner year for travelers taking to the skies," with a new ideal time to book. Based on billions (yes, billions) of passenger flights from January 1, 2016, through October 24, 2016, the study concluded that the best day to buy airline tickets is Sunday, especially if you're booking more than 21 days in advance. Weekends are generally a good time to buy, but not Fridays, since there's an uptick then in business travel bookings. Do this and you "can save more than 30 percent to Europe and 17 percent on travel domestically," says the study.
“For today’s traveler, this confluence of circumstances—more planes, lower prices, more destinations—is exceptional,” Greg Schulze, senior VP of Expedia's commercial strategy and services, said in the 2017 Global Air Travel Outlook report. “It means that the barriers to booking a dream trip are lowered. It also means that everyday travel—flights to see the family, work trips—are likely to be easier to book at a lower price."
FOREX
The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of volume of trading, it is by far the largest market in the world, followed by the Credit market.[1] The main participants in this market are the larger international banks. Financial centres around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market does not determine the relative values of different currencies, but sets the current market price of the value of one currency as demanded against another.
The foreign exchange market works through financial institutions, and it operates on several levels. Behind the scenes banks turn to a smaller number of financial firms known as "dealers", who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "interbank market", although a few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, forex has little (if any) supervisory entity regulating its actions.
The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states, especially Eurozone members, and pay Euros, even though its income is in United States dollars. It also supports direct speculation and evaluation relative to the value of currencies, and the carry trade, speculation based on the interest rate differential between two currencies.[2]
In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.
Medical Insurance
Preparations for sending your child to study abroad can take months. From getting prospectuses to filling up forms, applying for scholarships, writing exams, calculating expenses and booking air tickets - it is a massive task which needs meticulous planning.
In the middle of all this, one not-so-minor detail is often overlooked - an appropriate insurance cover.
"While having an insurance policy is a must in universities in the Schengen area and the US, it is optional in the UK, Australia and South East Asian countries such as Singapore and Malaysia," says Neelesh Garg, executive director, ICICI Lombard.
But it always sensible to pack a safety net. For instance, while you will come under the National Health Service or NHS that makes your medical expenses free of cost if have a student visa in the UK, you might consider insurance for covering your belongings, important documents or any third-party personal liability, to make your stay protected.
"Even if the university or the country does not insist on your child having insurance, it is advisable to have one, as medical costs in developed countries are much more than in India. For instance, in India, a doctor's consultation is Rs 150-300, while in the US it is $250-300," says Tapan Singhel, managing director and chief executive officer, Bajaj Allianz General Insurance.
There are three ways to buy this cover-from the university, from an insurer in the foreign country or an Indian insurer.
DO YOU HAVE AN OPTION?
Before comparing the plans, find out your options. Some universities make it mandatory for students to buy insurance from them. Some have clauses which Indian insurers' policies may not comply with.
If the institution of your choice falls in these two categories, you have no choice but to take whatever you are offered. For instance, MIT (US) has its own student medical plan but allows waiver only if you have a comparable health insurance that meets the universities standards (they have detailed guidelines). So, if the Indian insurer doesn't fulfill all the criteria, you'll have to buy from the university.
Some universities do not accept an insurance policy from insurance carriers outside their country. That means, either you buy from the university or search for a local insurer in their country who complies with the university's rules. Since buying a cover from a foreign insurer sounds complicated to many, the majority chooses to fill up the insurance documents along with other university formalities.
EVALUATING ALTERNATIVES
Rules for international students differ from university to university. The sum insured and the type of insurance required, too, vary. It is important that the plan you buy complies with the university's guidelines. This is why most students buy from the institution. The premium is often billed with the fees.
"Buying the university acclaimed insurance plan is an expensive option but people choose it first up because most are uncertain about the rules and are ignorant or have less knowledge about alternatives," says Vaibhav Gupta (22), who is pursuing his Masters in Computer Science from University of Texas at Dallas.
Vaibhav was lucky to find help. After consideration, he bought a plan from a domestic insurer which he says "worked out to be way cheaper than what the university or local US insurers were offering."
The premium charged by domestic insurers is about one-third charged by foreign universities or insurers. "The cost difference could be in the range of 20-30 per cent between insurance policies available in India versus those available abroad for the same coverage," says Gaurav Garg, MD and CEO, Tata AIG General Insurance.
This is more applicable in case of the western countries. The health insurance charges as per Boston University's fee structure is $1,914, that is, Rs 95,700 (calculated at Rs50/$). But if you buy a policy from a domestic insurer, say, ICICI Lombard (taken for illustrative purposes) with a sum insured of $50,000, the annual premium will be Rs 14,897.
On the other hand, China Medical University will charge 600 CNY (Chinese Yuan Renminbi), that is, Rs 4,646 (calculated at Rs7.74/CNY). A cover from a domestic insurer will cost you around Rs 8,000 in this case. However, one shouldn't just look at the cost and should compare the benefits as well.
Standard university plans cover only health whereas domestic policies offer both medical and non-medical benefits. Indian insurers, on their part, offer benefits such as a travel plan (covers loss of passport and check-in baggage), compassionate visits (reimbursement of parents' travel and stay cost if the student is hospitalised), third-party liabilities, study interruption protection (reimburses fee for any semester the student skips due to medical or compassionate reasons) and sponsor protection (reimbursement of tuition fee if the person funding the education dies).
MAKING A CHOICE
Ideally, a good student insurance should cover medical situations, evacuation and repatriation, personal liability and accident, tuition fee, sponsor protection and travel.
The choice should depend on four parameters - flexibility and size of the cover (sum insured), claim settlement process and track record, hospital network (tie-ups with hospitals on or near the campus) and benefits apart from the medical ones. While an Indian insurer may score on cost efficiency and benefits, the university plan may provide a more extensive health cover with a better network of hospitals.
"Plans offered by universities provide cashless treatment in hospitals on and near the campus. These hospitals may not be part of the cashless network of Indian insurers," says Rahul Aggarwal, CEO, Optima Insurance Brokers.
Also, do not forget to read the details, especially the deductibles and sub-limits section. For instance, the Indian insurer may have a deductible of $100 while the college plan may have a deductible of $500.
This means if your hospital bill is $1,600, while the Indian insurer will reimburse $1,500, the college plan will get you only $1,100. If converted into rupees (at Rs 50/$) the difference is Rs 20,000. Pick a plan that provides extensive coverage within your budget and complies with the university guidelines.
Ticket-Others
Travelers often swap theories on the right—and wrong—time to book a flight. We've heard it all: The lowest fares are on Tuesdays at 3 p.m. ET. (No, Wednesday at 1 a.m. is the best time to buy!) You need to book at least two months before you fly. (No, you should look for a deal and fly at the last minute!) Websites like Kayak suggest when you should buy, or if you should wait—like we're all trading stocks—but there's no guarantee. And according to George Hobica of AirfareWatchdog, "There is no secret time. You need to look four times a day—minimum—every day of the week, as far in advance as you can."
