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Make Tuition Fee Payments using our company services via International Wire Transfer
This is one of the most common methods for paying tuition fees abroad:
1. Gather necessary information:
University's bank account details
SWIFT code
Purpose of remittance (education fees)
2. Get rates from nearest banks & exchange houses
3. Visit your chosen bank/Exchange house or use online banking to initiate the transfer
4. Fill out Form A2 for foreign exchange transactions
5. Submit required documents:
KYC documents (PAN card, passport)
University acceptance letter
Fee structure
6. Pay the transfer fees and currency conversion charges
7. Your wire transfer will now be initiated ,Track the transfer using the provided reference number.
8. The beneficiary will receive the credit within 2-4 working days.
Sending Tuition Payments Overseas from India: A Simple 4-Step Guide
Initiate Your Transfer:
Specify your destination country, the amount you're sending, and the reason for the transfer. You'll then receive exchange rates from nearby banks and currency exchange services.
Select Your Provider:
Review the offered rates, pick the most favorable option, and schedule your international transfer online. You'll need to provide your identification documents for verification purposes.
Complete the Domestic Transfer:
After your identity is confirmed, transfer the funds to the chosen bank or exchange service's account using NEFT or RTGS, which are local Indian bank transfer methods.
Await Completion:
Your international wire transfer will be processed at this point. The recipient should receive the funds within 2-3 business days.
It takes one day for KYC verification & customer id creation at the bank. You can transfer the funds on the next day before 2 pm. The university will receive the funds within the next 48 working hours.
Factors Affecting Transfer Time
Banking Hours and Time Zones
Transfers are only processed on business days during banking hours1.
Time zone differences between India and the recipient's country can add delays, as banking systems in different regions may not be active simultaneously.
Intermediary Banks
International transfers often pass through up to three correspondent banks before reaching the final destination, which can extend the processing time.
Currency Conversion
If the transfer involves currency conversion, it may add extra time to the process.
Security Checks
Banks implement fraud prevention measures and security checks, which can cause delays.
Holidays and Weekends
Bank holidays and weekends in either the sending or receiving country can extend the transfer time
Primary Proof of Payment
The main document that serves as proof of payment for an international wire transfer is the Foreign Inward Remittance Certificate (FIRC). This certificate is issued by the bank that receives the wire transfer and acts as official proof that the payment has been received from abroad.
Additional Supporting Documents
In addition to the FIRC, other documents that can serve as proof of payment include:
Wire Transfer Confirmation: This is a document provided by your bank showing the details of the transfer, including the amount, date, and recipient information.
Bank Statement: Your bank statement showing the deduction of the transferred amount can serve as supplementary proof.
University Receipt: Once the university receives the payment, they typically issue an official receipt or confirmation of payment.
Swift Copy: For transactions processed through Flywire or similar services, a consolidated swift copy may be sent at the end of each day, which can serve as proof of payment.
Additional Considerations
It's important to include the student's admission number or reference number as a SWIFT message along with the transfer to help the university identify and apply the payment correctly.
Some universities may have specific requirements for proof of payment. Always check with your university's financial services department to ensure you have all the necessary documentation.
Keep all transaction records, including any correspondence with the bank or the university regarding the payment, as additional supporting evidence if needed.
No, third party payments are not allowed by RBI for outward remittance transactions. Payment can only be done by the following:
a) Self
b) Spouse
c) Father or Stepfather
d) Mother or Stepmother
e) Son and Stepson
f) Son's Wife
g) Daughter or Stepdaughter
h) Daughter's husband
i) Brother or Stepbrother
j) Sister or Stepsister
When it comes to transferring money abroad from India for education fees, there are certain restrictions and regulations in place under the Liberalised Remittance Scheme (LRS). Here are the key points to understand:
Remittance Limit
The LRS allows Indian residents to remit up to USD 250,000 per financial year for various purposes, including education610. This limit covers:
Tuition fees
Accommodation expenses
Other education-related costs
Tax Collected at Source (TCS)
The TCS rates for education-related remittances are as follows:
Amount of Remittances Purpose TCS Rate
Below INR 7 Lakhs Education Nil
INR 7 Lakhs or more Education Through Loan 0.5%
INR 7 Lakhs or more Education Not Through Loan 5%
No TCS is applicable on remittances below INR 7 lakh for educational purposes5. For amounts exceeding INR 7 lakh, the TCS rate depends on whether the funds are sourced through an education loan or not.
Documentation Requirements
To ensure the remittance is considered for educational purposes, you must provide:
Form A2 cum LRS declaration to the bank
Student name, ID, and university name
Purpose of remittance (tuition fees, accommodation, etc.)
For education loans, additional documents are required to claim the lower TCS rate.
Permitted Expenses
The LRS covers various education-related expenses, including:
Tuition fees
Hostel fees
Exam fees
Books and stationery
Travel and incidental expenses related to education
Frequency of Remittances
There are no restrictions on the frequency of remittances under LRS, but the total amount must not exceed the annual limit of USD 250,000.
Exchange Rates
It's advisable to compare exchange rates across financial institutions to maximize savings on large transfers for education expenses.
By understanding these restrictions and requirements, students and parents can effectively manage their international education payments while complying with Indian regulations.