How do parents transfer money to New Zealand?

Transferring money to New Zealand for your child’s education is a common concern for parents. Here’s a step-by-step guide on how parents can send funds to New Zealand for tuition fees or living expenses:

1. Bank Wire Transfer (SWIFT/TT Transfer)

This is the most common and reliable method. You can transfer money directly from your Indian bank account to your child’s New Zealand bank account or the university’s account.
- Process: Visit your bank (or use net banking) and initiate an international wire transfer.
- Required Details: Recipient’s name, account number, bank name, branch address, and SWIFT/BIC code.
- Purpose Code: For education purposes, use the appropriate RBI purpose code (S1107 – ‘Studies Abroad’).
- Documents Needed: University admission letter, fee invoice, student visa, and your PAN card.

2. Remittance Services (Forex Companies)

You can use RBI-authorized money transfer services like:
- Thomas Cook
- Western Union (for tuition through university tie-ups)
- BookMyForex
- Remitly, Wise, Instarem, etc.
These often offer better exchange rates and lower charges than banks.
- Process: Upload the required documents, fill out the remittance form online or at a branch, and transfer the funds.

3. Direct Payment to University

Many New Zealand universities accept fee payments via international payment gateways such as Flywire, Western Union GlobalPay, or Convera. These platforms allow you to pay in INR, which is then converted and transferred to the university.
- Instructions: The university’s offer letter or website will provide payment instructions and links.

4. Education Loan Disbursal

If your child has taken an Indian education loan, the loan provider can transfer the tuition fees directly to the New Zealand university and remit living expenses to the student’s New Zealand account.

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Important Points for Parents

- Proof of Funds: For the student visa, you must show proof of living expenses (NZD $20,000 for one year) and tuition fees. Funds must come from a legal source and should be easily traceable.
- Tax Regulations: You can remit up to USD $250,000 per financial year per individual under RBI’s Liberalised Remittance Scheme (LRS) for education (including tuition and living expenses).
- Processing Time: Bank transfers may take 1-3 working days; forex services can sometimes be faster.
- Exchange Rate: Compare rates and charges before choosing a transfer method.

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Need Help?
Pollster Education can guide you step-by-step on the best and safest methods for transferring funds for your child’s New Zealand education. Feel free to contact us at +919324480791 or email info@pollstereducation.com for personalized assistance!