Best Ways to Transfer Student Living Expenses Abroad

Statistics say that tons of students from India journey overseas to get a higher degree every year. And when it comes to studying abroad in a foreign land, you have a number of things to take care of alone; but transferring or receiving money shouldn’t be one of them! Also, when you have to send money abroad, there are a lot of minute banking guidelines that need to be followed closely. To help you (and your parents) navigate this slippery slope like a pro, here is a guide to the best ways to transfer money overseas.

10 Steps to Follow to Send Money Abroad Successfully 

After reaching the destination, you, as a student, will have to finance your tuition and living. On top of that, maintaining an emergency fund is also a good idea. But while some countries are very supportive of students working part-time, some countries might see this as a strict no-no or follow very tight rules. Also, we Indians are supported mainly by our families. For such students, the Reserve Bank of India (RBI) has put together some set rules under the Liberalized Remittance Scheme (LRS) to transfer money abroad. 

Follow these 10 steps to send money abroadwith Thomas Cook and without any hassle:
1. To transfer money overseas through Thomas Cook, you need to visit our website and click on the ‘Forex’ tab. From list of dropdowns, under ‘Remittance’ choose the option that best suits your purpose, be it transferring money to India and transferring money abroad.
2. Next, click on the ‘Send Money Abroad’ tab.
3. Select the currency in which you want to transfer money abroad. We also show you the current rate against INR.
4. Feed in the amount of money you want to transfer. You can enter this in forex amount or INR. You can click on the ‘Remitter’ option to understand how much you are paying while the ‘Beneficiary’ option tells the amount your receiver is getting. Please note, according to the regulations set by RBI, a single individual can only transact a maximum of $2,50,000 in one financial year.
5. Next, fill in the communication details where we will send the order confirmation. Enter your city, mobile number and email address. Click on ‘Get Quote’ to see the final remittance amount. Finally click on ‘Proceed’ to transfer money abroad.
6. You will be redirected to a page to review your bookings. Select the purpose of travel which will also give you the list of specific documents required for conducting the transaction. Select other necessary options and proceed to the next page.
7.Next, you need to sign in to Thomas Cook for completing the transaction. Proceed to the next page.
8. Fill in the traveller details choosing the right options that suit your purpose. Go to the next page.
9. Navigate through the page to make the payment.
10.Your transaction is complete.

Various Options You Can Choose to Send Money Abroad

If you Google the various ways to transfer money abroad, Thomas Cook ranks a one of the topmost Money Service Providers. We are now a full-fledged Forex dealer authorized by the Reserve Bank of India and are the only non-bank AD II in India. We provide exceptional services so that you can send money abroad without any worry. You can avail our assistance through any one of our 100+ branches in 65+ cities with 20+ extension counters. We also service 4 major airports.

Here’s an insight into the different ways in which you can transfer money overseas with Thomas Cook:

Forex Services
If you want to send money abroad through Forex, we offer our services in buying foreign exchange, selling foreign exchange and reloading your Forex card.

Forex Products
To make your foreign exchange process undeniably simple, we also offer a host of Forex products like Forex Cards, Multi Currency Cards, One Currency Cards and Currency Notes.

Remittance
You can also simply receive or send money abroad using our International Money Transfer and Remittance to India options.

Forex Tools
Our Forex journey with you is not limited to the foreign exchange service. We are here to assist you in every step of process with our after-sales services like Rate Card, Forex App and Know Your Card Balance.

Things to Note to Transfer Money Overseas
If you need to receive or send money abroad, here are a few important points to note, so you have a seamless experience:

Fee Remittance and its Limits
In most cases, the tuition fees for the course are directly paid to the foreign university before the student leaves for abroad. The Liberalized Remittance Scheme or LRS states that all residents, including students or minors, can freely remit up to $2,50,000 every financial year. You can also send money abroad in one forex transaction or make multiple forex transactions in the same financial year. But only under special circumstances you can exceed the designated amount of $2,50,000:

• If the estimated amount received from the foreign university exceeds the stipulated amount set by RBI, you can transfer money overseas from any Authorized Dealers Category I and II without prior approval. 
• If you transfer money abroad related to studies or medical treatments, then you will be allowed to conduct a foreign exchange that exceeds the RBI stipulated amount. However, you will need to provide relevant documents like the estimate from your doctor in India or abroad in case of medical treatment and an estimate of the tuition fee from the university or maintenance expense in the case of students. 
  Your Parents Can Transfer Money Overseas When You Are Living Abroad
  The students who have journeyed to other countries to study have been assigned a special status to the students, that is, NRIs. This status comes into effect from the date you leave the Indian land, unlike previously, where you had to spend at least 182 days abroad to be considered an NRI. This revision in status has made opening a bank account abroad easier where your parents can easily send money abroad hassle-free. 
  Because of the NRI status, you, as a student, can also open Indian accounts that are NRE and NRO to send back money home.

Your Parents Can Transfer Money Overseas When You Are Living Abroad

The students who have journeyed to other countries to study have been assigned a special status to the students, that is, NRIs. This status comes into effect from the date you leave the Indian land, unlike previously, where you had to spend at least 182 days abroad to be considered an NRI. This revision in status has made opening a bank account abroad easier where your parents can easily send money abroad hassle-free. 
Because of the NRI status, you, as a student, can also open Indian accounts that are NRE and NRO to send back money home.