If you are an abroad student, you might get worried about your pending payments as making payments to your foreign university seems different and new. Here are all the things you need to know about making payments to your respective foreign universities.
Here are the steps and instructions to make your payments easy and secure.
- Even though there are many money transfer agents to transfer funds to your abroad universities, only dealers like AD I banks, AD II and FFMC license holders are permitted to send money abroad under the apex financial institute of India – RBI.
- The total amount of foreign remittance paid through any sources from India should not exceed more than USD 2,50,000/- throughout the financial year.con
If you are a student from India, here is how you can transfer your pending university fees.
- Approach any one of the authorized financial institutions mentioned above to make your overseas university fee.
- Look up the current exchange rates before processing your transaction.
- Provide the required KYC information’s to the service provider. After the verification, you can transfer your funds to the agent’s account.
- The fund transfer will only initiate after the required amount is credited from the account.
Different modes of payment.
Even though there are several modes of payment, the most commonly used two payment modes are given below.
- FOREIGN CURRENCY DEMAND DRAFT (FCDD)
- WIRE TRANSFER / TELEGRAPHIC TRANSFER (TT)
These are the documents required to make the overseas payment.
- Remitter PAN card
- University offer letter
- Duly signed A2 form
- Student passport
