University fee payment from India | Money transfer from Chennai

Chennai is one of the rising economic cities with a higher potential for business and other forms of development. More than 8 million people across the state are involved in software development and business process that has created ample ground for all sorts of business to thrive and grow. People moving out to various countries have created a great necessity for Money transfer for education purpose from Chennai to for University fee payment from India. At the outset, it is most important to get the best rates from the reliable hands of the industry that would be lucrative.

What are the prerequisites of University fee payment from India?

• The amount should be for paying the fees of a university or college for education.
• The sender should be a close relative of the student to do money transfer for education purpose from Chennai.
• The receiver should be a student of a University or college.

Foreign currency demand draft is better known as FCDD

What is FCDD?

• FCDD or foreign currency demand draft is made in foreign currency with the desirable amount that needs to be remitted.
• Most reliable instrument for Money transfer for education purpose from Bangalore to any part of the world.
• Available in all exceedingly demanded currencies
• Valid for 3 months
• Primarily used for Education, Employment purposes, Immigration, Visa fees, etc
• Payments can be done through Foreign Currency Demand Draft in foreign banks and get it cleared
• Nominal charges are taking for making the draft
• Rely on authorized financial institutions with a license from the Reserve Bank of India

How much money can be taken as FCDD?

• Send up to $ 250000 per Financial Year under the LRS scheme for education as per RBI guidelines

What is TT or Telegraphic Transfer – SWIFT?

Transfer of funds through telex/telegram, also known as Telegraphic Transfer (TT). Funds are transferred from the bank of the remitter in one country to the bank account of the beneficiary in another country

• Most recommended and only electronic mode to transfer money as per the Reserve Bank of India
• It has guaranteed pace and security for faster credits
• Trouble-free and highly secured way to send money abroad
• Almost worthwhile for every personal transaction under this method
• You can transfer money directly to the bank accounts abroad

How much money can be sent as TT?

• Send up to 250,000 dollars in a year on a personal account
• Transfer up to 1,000,000 dollars in a year on a business account
• Send up to 10,000 dollars per day using a bank debit