With the globalisation and opening of the world once again, students started pursuing their education abroad. The process of transferring money for overseas education is crucial. Earlier, it was cash transfer only, but with the digitisation of the world and advancements in technology, transferring money with the help of digital mode is a preferable choice. It is not easy for the parents to choose the mode of transferring money due to trust issues and lack of awareness. In this blog, we will explore the various ways of transferring money abroad for education and the required documents for the same.
There are various ways to transfer money for overseas education. Safe and secure transfer with less processing time is something always preferred by the parents. The safest ways to transfer International Money from India include:
- FCDD – Foreign Currency Demand Draft
- SWIFT TRANSFER – TT TELEGRAPHIC TRANSFER
- NEFT -National Electronic Funds Transfer
- RTGS -Real-Time Gross Settlement
Also Read: Best International Money Transfer Apps in 2023
Documents Required
Always prefer the government-registered website for International Money Transfer. Also, try to choose the website with maximum tracking. The documents required for the International Money Transfer are as follows:
- Offer Letter from the overseas University
- A2 application form cum declaration duly signed
- A valid Passport
- A valid PAN Card copy of the fund remitter
- Air Ticket
- Valid Visa
- Educational qualification certificates
- Other KYCs as asked by the service provider
- Permanent address proof (Electricity bill can be used)
Before transferring money for overseas education always consider these points
- Try to research the best exchange rates in the market.
- Awareness of Ta clearance criteria as it may vary from country to country.
- Always do your own research before choosing the correct mode of transfer.
- Try to choose a reliable service with reasonable processing time.
- Choose the mode of transfer wisely.
Also Read: Top 7 Reasons Why You Should Pursue Masters Abroad
FAQs
Yes, there is a limit of $ 250,000 during an academic year. The limit can be increased under some special circumstances.
FCDD – FOREIGN CURRENCY DEMAND DRAFT is considered the simplest method to transfer money.
The transfer speed may vary from 48 hours to 72 hours. In the case of FCDD, it may take 4-5 working days.
An individual transferring money should be a student or a close relative of the student.
Also Read: Best Credit Cards for International Students
Always prefer a government or RBI-registered mode of transfer for safety and security purposes. Also, try to avoid third-party apps and go for government-registered banks with the help of which you can track your transaction status.
To know more about the loan application process, and the best bank accounts for students or international money transfers, subscribe to Fly.Finance or reach out to our experts to help ease your study abroad experience.
