International Money Transfer for Overseas Education

International Money Transfer for Overseas Education

Overseas education involves pursuing academic programs in foreign countries. Students opt for international education to gain exposure to different cultures, access world-class education systems, and enhance their career prospects. However, studying abroad requires meticulous financial planning, including arranging for tuition fees, living expenses, and other related costs. That’s where Unimoni helps you.

Visa fees

General Documents Required

  • Offer letter with Fee structure or request letter.
  • Remitter’s ID proof, especially Aadhar
  • PAN Card of the remitter
  • Form A2
  • Student’s Valid Passport

Steps for Outward Remittance

  • Gather Required Documents:
  • Collect all necessary KYC documents, purpose-specific documents,etc.
  • Complete Form A2
  • Fill out Form A2, specifying the purpose of remittance
  • Present the collected documents, including PAN Card, University offer letter, Form A2.
  • Processing the Remittance:
  • Unimoni will process the remittance upon successful verification, transferring the funds to the designated foreign bank account

Points to Keep in Mind while Sending Money Abroad

  • For paying fees in university or college for education, the maximum limit is $250,000 for a year.
  • Can be remitted more if required by university
  • Beneficiary should be the University/College/Student only
  • Remitter should be Student or a Close relative

Specific Remittance Purposes

Paying university fees includes covering tuition and academic expenses at foreign institutions. Required documents for this process include an admission letter, fee structure details, and a copy of the student visa. Covering hostel fees includes living expenses during studies. Necessary documents include hostel admission confirmation and fee structure details.

How to Send Money for Education from India?

The most popular way to send money from India is through TT (TELEGRAPHIC TRANSFER)/SWIFT TRANSFER

  • An electronic method of sending money overseas to be credited to the University account.
  • The applicant for SWIFT transfer the remitter should either be the traveler himself or his close relatives such as parents/sponsors.
  • The overseas beneficiary should not be a third-party individual or an intermediary.
  • SWIFT guarantees speed in remittance and perfect security for payments from India.
  • Swift transfers are directly credited to the overseas bank account of the overseas university or the student's account.

Unimoni, Your Remittance Partner

At Unimoni, we are dedicated to making your educational journey abroad as smooth and stress-free as possible. Our committed team ensures that your financial transactions are handled with care, compliance, and efficiency. By leveraging Unimoni's assistance, you can facilitate a smooth outward remittance process for various purposes, including overseas education, family maintenance, hostel fees, and Forex card payments. Whether you are paying tuition fees, covering living expenses, or managing other educational costs, trust Unimoni to be your partner in facilitating secure and reliable outward remittances. Contact our 24/7 friendly service to learn more.

FAQs

Under the LRS, an Indian resident can remit up to USD 250,000 per financial year for permissible current or capital account transactions, including education.

• Generally, you do not need RBI approval if you comply with the LRS limit and guidelines. However, your authorized financial service provider, Unimoni, will verify all documents for compliance.

Yes, you can remit funds for multiple purposes within the same financial year as long as the total amount does not exceed the LRS limit of USD 250,000.

If your remittance exceeds the LRS limit, you must seek specific approval from the RBI, and Unimoni will guide you through this process

Yes, there may be tax implications, and you can consult with unimoni to ensure compliance with indian tax laws