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Breaking Down International Money Transfer
Yes, the world of forex can be complex.
But with the right tools, resources and guidance, you can navigate your needs efficiently and error-free.
Just ask Thomas Cook, affectionately known as Fantastic Forex Friend. Here are some of the most frequently asked questions, when it comes to International Student Forex.
1. How do you send money abroad to students?
Thomas Cook simplifies the international money transfer process. All you have to do is log onto the website, click on the Forex tab, followed by the Remittance tab, and then the international money transfer tab. After 4 easy steps, your transaction is complete. Additionally, you may head to the nearest Thomas Cook branch with your documents and ID for personal assistance.
2. What documents are needed to send money abroad to students?
You will need the following documents to send money abroad:
- Self-declaration form regarding the relationship between the remitter and beneficiary
- Government issued ID Card
- PAN Card copy for amounts exceeding USD 25,000
3. How long does it take for the money to reach a student?
Generally speaking, a cash pickup will arrive almost instantly, whereas a bank account transfer may take up to 3 hours. For a more accurate description, please reach out to a Thomas Cook forex executive.
4. How can the student collect the amount?
When you send the money abroad, a unique reference code will be shared with you. The beneficiary will have to provide proper ID proof, along with the given reference code, to successfully collect the amount. Alternatively, the beneficiary can access the amount instantaneously from his online bank account.
5. Is it safe to send overseas tuition fees through Thomas Cook?
Thomas Cook is one of the most trusted and reliable names in the travel industry. With a wealth of experience and knowledge, a stellar reputation, and compliance with all Reserve Bank of India (RBI) norms, it becomes one of the safest options for international students.
6. Are there any fees levied on the transaction?
Yes, there is a foreign bank charge, along with an applicable GST. However, with the best currency exchange rates available, you will get to save money as compared to when going via authorised dealers.
7. What is the maximum you can transfer via Thomas Cook for studying overseas?
For international students receiving money from India, there are a set number of guidelines. The living expenses of students studying abroad are covered under the Liberalised Remittance Scheme (LRS) and the limit is USD 250,000 per annum.
8. How is Thomas Cook more cost-effective for international money transfers, as compared to other platforms?
With our forex experts guiding you every step of the way, nothing can go amiss. Whether you choose to go to your nearest branch or facilitate the transaction online, we simplify the entire process. Thomas Cook’s international money transfer service is convenient, contactless, cost-effective and quick.
Now that you’ve gone through the Outward Remittance FAQ and Student Forex FAQ, trust your Fantastic Forex Friend to help make all your educational dreams come true!
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