As more and more friends and relations are flying abroad, the international transfer has become inevitable. Be it for education, medical treatment, visa fee, or business visit, money is always essential in times of need. Among the rest, education is gaining momentum with more and more aspirants moving out for higher education abroad.
What does a student submit for international transfer for education?
- Admission Letter from overseas College/University/Educational Institution
- Passport, Air Ticket, and Visa
- Application Form/ offer letter
- Certificates relating to the qualifications
How much can a student remit for overseas Education?
- The maximum amount of USD 2.5lakh for an academic course
- The amount could be increased on request from University
What are the prerequisites of educational remittance?
- The amount should be for paying the fees of a university or college for the education
- The sender should be a close relative of the student
- The receiver should be a student of a University or college
What are the special requirements for GIC education payment?
GIC of Guaranteed Investment Certificate is a Canadian investment offering a definite rate of return for a stipulated tenure with a low-risk profile.
- The maximum amount of CAD 10200 for an academic year
- Sender and receiver should always be the same student pursuing education
- The name of the student, ID number, and GIC are to be mandatorily mentioned.
- Offer letter, student passport copy along with GIC Letter is required.
What are the popular ways to send money for overseas education?
FCDD – Foreign Currency Demand Draft:
- Simple methods to make money for overseas education to any other part of the world
- A paper instrument in the form of a demand draft can be submitted to foreign banks and get the credit through the clearing process.
- Almost all the demanded currencies can be taken as FCDD
- This draft is valid for 3 months from date of issue
- It is mainly used for educations, Employment resolutions, Immigration, Visa fees, etc.
TT (Telegraphic Transfer) – Swift Transfer
- An electronic method of sending money overseas to be credited to the beneficiary’s account
- It guaranteed speed in the remittance process and perfect security for your money
- Swift transfers get directly credited to the bank account of the overseas University and also to the students’ account
Students planning to study overseas should gather maximum information about international transfer for education methods to make smart use of it in times of dire need.