People are often concerned about studying in countries such as the United States, the United Kingdom, Australia, Germany, and others. With help of the latest technology, one does not find it difficult to send money abroad. They send money to support their children’s education, travel abroad, business trips, and also for various other reasons. Customers may easily meet all of these needs with outward remittance. To move money overseas, the RBI established FEMA instructions. Students from all across the world can send money to a foreign university that they have offered by following these instructions very easily.
To do so, one wants a variety of documentation to transfer funds to the university’s account. Here are a few documents to process it:
- Declaration of compliance with the LRS Scheme, A2form, and FEMA Declaration form.
- Proof of acceptance into colleges and universities.
- Admission letter, Demand Draft from college or university
- Proof of continuing the course
- PAN card
- If you need to pay more than USD 250000, you must produce an admission letter, Demand Draft from college or university. It is necessary to send the specified amount.
The above-mentioned documents are maintained on hand in case you need to make an international money transfer. When you use any offline Foreign Exchange service, you’ll be able to take advantage of a variety of attractive deals along with good customer support.
You can Send money for education via wire transfer or FC Demand Draft in a matter of seconds. Demand draft is a classic approach that is processed slowly, whereas a Wire transfer is a newer method that is done considerably quickly. Remittance of University fee to UK / USA/ Australia is precisely done by wire transfer directly between the banks, under the RBI’s LRS system which is encouraged and also mostly for the payment of university tuition fees.