Money Transfer for Education Purpose
Money transfer for education purpose
Nowadays, it is much worth investing in education rather than investing in anything else. There is a drastic drift in the mindset of people elevating the necessity for quality education among today’s millennials. This drift shows an immeasurable rise in the number of students study abroad from India pursuing their higher education. This leads to a necessity for money transfer for education purpose from India to abroad for meeting 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 make University fee payment from India for your precious ones.
How much money transfer for education purpose is possible?
- Student can remit up to $ 250000 per financial year for an academic course
The amount could be increased on request from University for Money transfer for education purpose
Why go to an overseas university for higher studies?
- Come out as a scholar in what you are keen on.
- Brag about where you did your studies.
- Join some of the top places to work
- Make your life all the more happening, for others to take lessons.
What does a student submit for international money 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
What are documents required for overseas money transfer for education from India?
- Application Form duly filled A2 form cum declaration with customer signature
- Air Ticket
- Certificates relating to the qualifications).
- Admission Letter from overseas College/University/Educational Institution.
- PAN card copy of the fund remitter.
- Other KYC’s as requested by authorized service provider.
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What are the prerequisites of Money transfer for education purpose?
- The amount should be for paying the fees of a university or college for the education
- The sender should be student or close relative of the student
- The receiver should be student of a University or college.
How to make university fee payment from India?
Most popular ways to make University fee payment from India are:
FCDD – FOREIGN CURRENCY DEMAND DRAFT:
- Simple methods to make University fee payment from India 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 University account
- Swift network is used to send information from one bank to another.
- It guaranteed speed in the remittance process and perfect security for University fee payment from India
- Swift transfers get directly credited to the overseas bank account of the overseas University or to the students’ account.
Why Student study abroad from India?
- 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
Must-haves before going for overseas university admission
- A die-hard genuine interest in the education that you are pursuing for
- Excellence in grades for the subject that you are looking for
- Get language proficiency and finance is a strong factor for all these
- Ready to adapt to the environment and society that you are moving to
- Work experience is yet another factor that is often recommended for master degrees
Forget all about the leg-work of immigration, visa processing, air tickets, etc., and start your plans for a jubilant future ahead. Now your aspirations could hardly be contained within the borders of your country so start exploring abroad.
What are the special requirements for GIC education payment?
- The minimum amount of CAD 10200 for an academic year
- Sender and receiver should always be the same i.e., 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.
GIC or Guaranteed Investment Certificate is a Canadian investment offering a definite rate of return for a stipulated tenure with a low-risk profile.
Every transaction that deals with money should be done with utmost care hence it is advisable to send money overseas only through authorised channels that have their licence with Reserve Bank of India.
What all things to be noted before doing Money transfer for education purpose?
- 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 Money transfer for education purpose.
- As per the current guidelines, the total amount of payments abroad in a financial year must not exceed $250,000 for educational purposes.
- It is to be noted that only parents and close relatives of the student studying abroad are allowed for Money transfer for education purpose.
- 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
- In case of remitting money directly to universities, you can only remit thru RBI approved category of ‘Education’
- Parents and close relatives, remit money abroad for education purposes must produce KYC’s for verification purposes.
- Payments for money transfers must come from a savings bank account and it can be remitted via NEFT/RTGS or cheque.
Are you trying to join the best study programs abroad to pick your dream choice? Why go for any less, when many top overseas Universities are arrayed one after another to add you to their engrossing courses and schemes.