It’s that time of the year when the majority of the renowned universities and schools abroad opens its doors to aspiring scholars across the globe with an opportunity to enroll in the top-notch academic and research institutes. You might be really excited about applying for admissions abroad but remit money for fee payments is gonna be a real puzzling event for many of you. If you are one among them, stuck in between confusions and doubts regarding the process of remitting money abroad for overseas education, then here is an absolute guide for you…
What all things to be noted before remit money abroad for education?
1. International money transfer from India can only be administered by banks or authorized dealers, who possess an AD-II license from regulators like RBI. So, approach only authorized dealers for remit money abroad for educational purposes.
2. As per the current guidelines, the total amount of payments abroad in a financial year must not exceed $250,000 for educational purposes.
3. It is to be noted that only parents and close relatives of the student studying abroad are allowed to transfer the fund for educational purposes.
4. For remit money abroad for education, you can either send money under the RBI approved category of ‘maintenance of close relatives’ or under the ‘education’ category
5. Incase of remitting money directly to universities, you can only remit thru RBI approved category of ‘Education’
6. Parents and close relatives, remit money abroad for education purposes must produce KYC’s for verification purposes.
7. Payments for money transfers must come from a savings bank account and it can be remitted via NEFT/RTGS or cheque.
Keeping these points in mind, step into the world of learning without the worry of overseas fee remittance. Finding an apt authorized dealer is the only deal here. Rest, they will help you to process the transaction without any hassles. Now, leave your worries aside and fly high to the world of knowledge!