How can families send money to students studying overseas?

Families have several secure and efficient ways to send money to students studying overseas. Here are the most popular and widely used methods:

1. International Bank Transfers (Wire Transfers)

- How it works: Money is transferred directly from a bank account in India to the student’s overseas bank account.
- Process: Visit your local bank or use online banking services to initiate a wire transfer using the student’s SWIFT code, IBAN, and account details.
- Pros: Safe, reliable, and traceable.
- Cons: May involve transfer fees and take 1-3 business days.

2. Remittance Services

- Popular providers: Western Union, MoneyGram, Wise (formerly TransferWise), Remitly, Xoom, InstaReM.
- How it works: Senders can transfer money online or from an agent location; the student receives funds in their overseas bank account or can pick up cash.
- Pros: Fast (sometimes instant), competitive exchange rates, user-friendly apps.
- Cons: Service fees may vary.

3. Forex Cards / Prepaid International Cards

- How it works: Families can load money in INR, which is converted to foreign currency and loaded onto a card used by the student.
- Pros: Convenient, safe, and can be used for ATM withdrawals, online purchases, or swiping at stores.
- Cons: Reloads may take a day or two; some cards charge ATM withdrawal fees.

4. Online Banking Apps

- Some Indian banks (like ICICI, HDFC, Axis, SBI) offer dedicated international student remittance services via their mobile apps or net banking.

5. UPI for NRIs (Limited)

- Some Indian banks enable UPI-based transfers for overseas students with NRE/NRO accounts (subject to regulatory norms).

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Important Points to Remember

- Documentation: Indian regulations (Liberalized Remittance Scheme - LRS) allow up to USD 250,000 per financial year per individual for education and living expenses abroad. PAN card and KYC documents required for remittance.
- Bank Charges: Compare fees and exchange rates before choosing a provider.
- Transfer Time: International bank transfers may take 1-3 days; remittance services can be faster.
- Purpose Code: When sending money for education/living expenses, use the appropriate RBI purpose code (usually S1107 for education).

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Need Help?

Pollster Education can guide you and your family with the safest and most cost-effective remittance options, as well as the required documentation. For personalized assistance, contact us at +919324480791 or email info@pollstereducation.com, or visit us at our Mumbai office.

Let us know if you would like information on opening overseas bank accounts, forex cards, or step-by-step remittance procedures!