Nowadays, it is much worthy to invest in education than investing in anything else. Due to the effect of a drastic drift which made in the mind-set of people which has improved the necessity to expand quality education among today’s millennial. This drift shows an immeasurable rise in the number of student study abroad from India roaming to universities in other nations to get graduated in professional courses. This leads to a necessity for money transfer from India to abroad for gratifying all their related expenses like payment of university fees, hostel accommodation, tuition fees, purchasing educational accessories, etc. All such dire demands may surge your quest on how to pay overseas university fees from India for your precious ones.
Why students prefer to study abroad?
- Enhanced career advantage
- For being internationally competitive
- Diversity of nationality
- Better quality education
- Flexibility in opting quality courses
- Guidance from elite professors
- Attractive compensations or salaries offered for jobs abroad
What are documents required for outward remittance for a student study abroad?
- Application Form
- Passport
- Air Ticket
- Visa
- Certificates relating to the qualifications.
- Admission Letter from overseas College/University/Educational Institution.
How much exchange is available for oveseas education specially outside India?
- Student can remit up to $ 250000 per financial year
4 points to note for studying abroad to note while doing outward remittance
- Affordability:
Consider about the charges involved in it and whether it is within your means.
- Total amount of foreign currency is allowable for you to exchange from your home currency for outward remittance
- Does the receivers essential to pay any extra charges for receiving the money?
- What are prevalent foreign exchange rates?
- Safety and security :
While sending money abroad don’t compromise with safety or security. Confirm that, you, your receiver as well as the money that you are sending are in perfect compliance with the current procedures of the country. Certain dealers may claim low commission or meagre processing charges for send money abroad but that is often risky and not at all reliable. Henceforth it is always worthwhile to get yourself involved in healthy dealing with most trusted dealers in the foreign market with authorised licence from reserve Bank of India.
- Reliability:
Get the support of a money transfer service provider who is equipped to handle your enquiries and grievances at any time of you needs. Your service provider is the one whom you can trust or reach for the best deal with the sureness that your money will get there securely on time.
- Knowledge and common sense
Numerous vibrant information about how much money an Indian citizen is allowed to send abroad, means for outward remittance and its measures that are related with it, are to be kept in mind before planning for an overseas transfer of funds. Cost or added charges levied by certain agencies for outward remittance from one country to another can also be evaded to a greater extent by achieving adequate information that showcased by trusted agencies or authorized service providers.
Best means four Outward remittance is through Swift or as FCDD. Every transaction that deals with money is often made with utmost care hence it is most reliable to send money overseas only through authorised channels that have their licence with Reserve Bank of India.
