A Comprehensive Guide for the Documents Required to Transfer Money Abroad for Education

Documents Required to Transfer Money Abroad for Education

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

Is there any limit to transferring money for abroad education?

Yes, there is a limit of $ 250,000 during an academic year. The limit can be increased under some special circumstances.

Which is the simplest method to transfer International money from India?

FCDD – FOREIGN CURRENCY DEMAND DRAFT is considered the simplest method to transfer money.

What is the transfer speed?

The transfer speed may vary from 48 hours to 72 hours. In the case of FCDD, it may take 4-5 working days.

What is the eligibility to transfer International Money from India?

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.

About Farina Khan

Farina Khan is a journalist by profession and a writer by passion. She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.

Leave a Comment

10 Best Banks in the USA for International Students Open an International Bank Account Online in 7 Steps 3 Best Student Bank Accounts to Open when Studying Abroad ICICI Bank Education Loan to Study Abroad Baroda Yoddha Education Loan to Study Abroad Top 5 Benefits of SBI Zero Balance Account for Students Eligibility Criteria for Aditya Birla Capital Education Loan to Study Abroad Auxilo Education Loan for Army Brats: Loan Details and Interest Rates Steps Involved In Canara Bank Education Loan Processing Time IBDI Education Loan Documents Required Checklist
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Want to transfer money abroad at the cheapest rates?