Studying abroad is one of the most thrilling experiences of one’s life. Most Indian parents cherish the thought of sending their child to a top foreign university for which they spend a lot of time planning and budgeting.

However, apart from getting a good score and being competent enough to handle the pressure of being amongst some of the most intelligent students in the world, finances are a critical aspect of studying abroad. Foreign payments for tuition, boarding and lodging as well as other overheads are vital to a seamless experience while studying abroad.

In India, foreign remittances for education form a huge part of the money sent abroad, as per the latest report by the Reserve Bank of India (RBI).

According to the HSBC survey (Value of Education Learning for Life report) – 88 per cent Indian parents want to send their children abroad for post-graduation. This figure stands way ahead of other Asian countries including Turkey (83 per cent), Malaysia and China (82 per cent each).

With these facts in mind, it becomes imperative that while dreaming of making it to a university of global repute overseas, parents and students are also updated on all the legal and regulatory aspects of foreign remittances for education.

Sending money to your ward:

Wiring money to one’s dear ones overseas is no longer as complex and intimidating as it used to be. With the emergence of new-age technology-backed currency exchange marketplaces, you can simply do a wire transfer or send a demand draft from one of India’s top banks in just a few minutes.  However, a few stipulations must be followed.

Foreign remittances can be made through a few prescribed methods such as NEFT and RTGS. Cheques are also acceptable but are subject to clearance. Similarly, the payments must be made directly to the partnering bank of the fintech company that you are using through your savings account only. The bank’s account details are typically provided through an automatic notification upon your reconfirmation of the transaction.