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International Money Transfer for Overseas Education
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International money transfer for overseas education is mainly intended for university fee payments abroad. Only the service providers with Authorized Dealer II licence are permitted by Reserve Bank of India to remit money for education purposes abroad. The transactions are processed only after verifying PAN card, university offer letter and other basic KYC’s of the remitter.
Money Transfer Limit:
The Reserve Bank of India has set certain limits for international money transfer. Under the LRS of the RBI, all resident citizens of India are allowed to freely send money up to USD 250,000 per each financial year (April – March). Different purposes allowed under LRS include emigration, medical treatments abroad, overseas education, maintenance of close relatives etc. Overseas education fee is generally paid to the foreign university directly after getting the necessary supporting documents. The upper limit of $250000 can be used in a single foreign exchange transaction or multiple foreign exchange transactions combined in a financial year.
Taxability:
After the Union Budget of the year 2020-21, fresh revisions have been introduced to the Finance Bill, where 5% of tax would be imposed on overseas remittance for above Rs. 7 Lakhs as TCS (Tax collected at Source) under the Liberalized Remittance Scheme (LRS). TCS on remittances supported by financial institutions (educational loan) for study abroad is kept at 0.5% on the payment above Rs 7 Lakhs.
Why Unimoni for international money transfer?
- Easy processing with simple documentation.
- Personalized service to each student.
- Quick transfer at unbeatable rates.
- Most trusted and secured service provider for your international money transfer.
Global support in a range of languages
We don’t do complicated, automated systems. We have offices around the world, and we’re here to help you whenever you need it.
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Protecting you and your money
Every month, our customers trust us to move over 100 million of their money. Here are some of the important ways we protect them.
Safeguarded with leading bank
We hold your money with established financial institutions. Saudi separate from our own accounts and in our normal course of business not accessible to or partners
Regulated around the world
We are regulated by authorities around the world. This includes the FCA in the UK and the FinCEN in the US
Audited regularly
We make sure your money is secure and that voice is financially stable as we are not a bank your money isn't FSCS protected instead We safeguard it
Extra secure transactions
We use two factor authentication to protect your account and transactions. That means you - and only you - can get your money
Data protection
We are committed to keeping your personal data safe. And we are transparent to how we collect process and storage it
Dedicated anti-fraud team
We were around the clock to keep your account and money protected from even most sophisticated fraud
Outward remittance from India to other countries
FAQs
Customers can book and pay outward remittance within our portal .
Get in touch with us through toll free number: 1800 102 0555 WhatsApp number:
9946086666 or mail at customercare@unimoniindia.com or request a call back to
book a send money abroad option. We will call you back to update you regarding
all the details.
| 1. Father (including step-father) | 2. Mother (including step-mother) |
| 3. Son (including step-son) | 4. Son’s wife |
| 5. Daughter | 6. Daughter’s husband |
| 7. Brother (including step-brother) | 8. Sister (including step-sister) |
| 9. Husband and Wife. | ————————————– |
Yes
Sending money through wire transfer enables the beneficiary to get credit in his account.
No. The total amount of foreign exchange purchased or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000/-
The amount is based LRS limit
Any ID proof of the sender
