For Indian students studying abroad, managing finances is a crucial part of the journey, and transferring money internationally is often necessary. Whether it’s to cover tuition, living expenses, or other essential needs, students and their families frequently rely on remittance services or Forex cards. In these cases, Form A2 plays a key role, as it’s required by the Reserve Bank of India (RBI) to ensure regulatory compliance for foreign currency transfers. Here’s a step-by-step guide on filling out Form A2, specifically tailored for Indian students.
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How to Fill Form A2 for International Money Transfer?
Form A2 is a mandatory document required by the RBI for any outward remittance from India. This form is primarily used for remitting funds under the Liberalized Remittance Scheme (LRS), which allows Indian residents to send money abroad within specified limits. To complete the transaction you need to fill out the Form A2. Check the steps below to fill out the form:
- You can download Form A2 from your bank’s website or collect it from your bank’s branch.
- In the form, write your full name as it appears on your official documents as this is mandatory for remittances under LRS.
- Mention your current address in India along with your phone number or email for contact.
- Choose the one that best matches your purpose e.g., “Studies abroad – tuition fees” or “Studies abroad – living expenses.”
- Mention the currency in which you wish to remit funds, usually the currency of the country where you’re studying.
- Enter the name of the institution or your name (if transferring to your account abroad).
- Enter the details of the beneficiary’s bank like the bank name, branch, SWIFT code, and account number.
- Sign and date the form, verifying that all details provided are correct and that you’re aware of the applicable limits and regulations.
- Submit the completed form to your bank along with any supporting documents required (like admission letters, fee demands from your university, or your PAN card).
- If you’re using an online platform, follow the bank’s process for uploading Form A2 digitally.
Also Read: Check here all about Canara Bank Education Loan Balance Transfer
Factors to be Considered When Filling Form A2
Some of the key factors which you need to consider while filling out Form A2 are accuracy in personal and beneficiary details, selecting the correct purpose of outward remittance, and ensuring compliance with the Liberalized Remittance Scheme (LRS) limit of USD 250,000 per financial year. Check more details below:
- The LRS currently allows Indian residents to remit up to USD 250,000 per financial year. Ensure your remittance fits within this limit to avoid complications.
- Some banks may ask for additional documentation, like an admission confirmation letter or passport copy, so check with your bank to be prepared.
- If using a Forex card, you may still need to fill out Form A2, especially for higher amounts. This helps document the foreign currency transaction per RBI guidelines.
- Though most of the banks do not ask to fill out Form A2, Canara Bank Forex card makes it mandatory to fill out the Form A2 at the time of reloading.
Also Read: Check here all about IDBI Education Loan Repayment Plan
Using Remittance Services and Forex Cards
For international students, using remittance services or Forex cards is the best way to manage expenses abroad. Many banks and third-party providers offer competitive exchange rates and lower fees for student transactions, particularly for educational remittances. When using a Forex card, funds loaded on the card are often considered a remittance and will require Form A2, especially for large transfers. You can search for the cheapest Forex card for students and save a lot of money on exchange rates and transaction fees.
Form A2 is a simple but essential part of sending funds abroad from India. International students can make their remittance process smoother by being well-prepared with all the required information related to Form A2. Check some of the FAQs based on how to fill Form A2 for international money transfers below:
FAQs
Form A2 is a mandatory form issued by the RBI for outward remittance of funds from India, used under the Liberalized Remittance Scheme (LRS). Students need it when transferring money for tuition, living expenses, or loading funds onto forex cards to comply with regulatory requirements.
You can obtain Form A2 from your bank’s branch or download it from their website. Many banks also offer an online option, where you can fill and submit the form digitally through net banking or their mobile app.
Banks require a few supporting documents, such as your PAN card, passport, admission letter, or fee demand letter from your institution. Requirements can vary by bank, so it’s best to confirm with your branch to avoid delays in the remittance process.
Yes, for higher loads on forex cards, banks often require Form A2, as it’s considered an outward remittance. This helps document the foreign currency transaction according to RBI guidelines.
Yes, under the LRS, residents can remit up to USD 250,000 per financial year. This cap applies to most education-related remittances.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
