Outward Remittance for Education Abroad from India | Transfer Money/Funds Abroad Online UK, USA – WSFx

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Remittance

Sending money abroad is now easier than ever. WSFx offers a simple, fast and reliable way to remit money from India across the world. After quickly processing the necessary documents, WSFx enables hassle-free outward money remittance for a variety of purposes that are permitted by the Reserve Bank of India (RBI). With several years of experience in the forex arena and strategic associations and partners to aid an outward remittance from India abroad successfully, WSFx is your reliant partner to send money abroad online to over 180 countries.  

Outward remittances are also available on our mobile application in 4 easy steps, simply download the WSFx Smart Fx App and send money abroad in a jiffy. 

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Outward Remittance
Your convenience is

Our #1 priority

WSFx offers a variety of comprehensive forex-based solutions designed and upgraded from time to time, keeping the discerning customer in mind. From currency notes to, multicurrency travel cards and insurance, all your requirements can be addressed with attention to detail, trust and security.

Whatever the purpose,

We have got you covered

WSFx is an Authorized Dealer (Category 2), permitted by the Reserve Bank of India (RBI) to send money abroad for a wide variety of purposes. From funding your child’s education overseas to maintenance of close relatives and gifting them, there are a variety of reasons and scenarios where we can assist you in managing the transfer of your funds abroad wisely and safely. Here is an extensive list of money transfer objectives that we can help you accomplish. 

  • Overseas Education
  • Remittance under educational tie up arrangements with universities abroad
  • Emigration and emigration consultancy fees
  • Visa Fees
  • Private Visits
  • Medical Treatment Abroad
  • Business Travel
  • Remittance for participation in international events / competitions (towards training, sponsorship and prize money)
  • Remittance by tour operator’s /travel agents to overseas agents /principals /hotels
  • Fee for participation in global conferences and specialized training
  • Film Shooting
  • Remittance towards fees for examinations held in India and abroad and additional score sheets for GRE, TOEFL etc.
  • Disbursement of crew wages
  • Employment and processing, assessment fees for overseas job applications
  • Registration/subscription/membership fees to international organizations
  • Skills/credential assessment fees for intending migrants
  • Processing fees for registration of documents as required by the Portuguese/other Governments

Know more

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FAQ

Outward Remittance is a transfer of money in foreign exchange, by a resident in India to a beneficiary situated outside the country (except for Nepal, Bhutan, North Korea and Iran) for a purpose as approved under FEMA (Foreign Exchange Management Act). You may send money abroad to a beneficiary for various purposes including education, employment abroad, emigration, foreign travel, medical treatment, etc.
Resident of India can do an Outward Remittance transaction.
The Liberalized Remittance Scheme is a facility provided by the RBI for all resident individuals including minors for remittance up to USD 250,000 per financial year for permissible current or capital account transactions or a combination of both. This facility will not be available to corporate, partnership firms, HUF, Trusts, etc.
The transactions permitted are as follows:

Student Remittances:
    1. University Fees
    2. Overseas Education - GIC
Other Remittances:
    1. a.Private Visits
    2. b.Fee for participation in global conferences and specialized training
    3. c.Remittance for participation in international events / competitions (towards training, sponsorship and prize money)
    4. d.Emigration Fees
    5. e.Emigration Consultancy Fees
    6. f.Employment and processing, assessment fees for overseas job applications
    7. g.Medical Treatment abroad
    8. h.Examination Fees
    9. i.Visa fees
WSFx will charge a handling charge of Rs.250 for every remittance transaction.
Nostro bank charges are fee/charges levied by the Nostro bank of the sending bank for effecting the remittances. You will have to select if the sender (remitter) or the beneficiary will bear the charges. If remitter is selected additional charges will be collected else, if beneficiary is selected the final amount will be less the Nostro bank charges
Swift Copy refers to a document that acts as a confirmation of payment made from your bank and informs the beneficiary of the value date of the transaction. Once the remittance is completed, a copy of SWIFT/ Debit Advice will be available in the Smart Fx App for download.
Yes, you will have to submit your self-attested transactional KYC documents physically. Our service executive will collect the documents from your residence/office address. This will also be applicable to customers who have done their Video KYC through the WSFx Smart Fx App.
No, third party payments are not allowed by RBI for outward remittance transactions. Payment can only be done by the following:
  1. a.Self
  2. b.Spouse
  3. c.Father or Step Father
  4. d.other or Step Mother
  5. e.Son and step son
  6. f.Son's Wife
  7. g.Daughter
  8. h.Daughter's husband
  9. i.Brother or Step brother
  10. j.Sister or Step Sister
Any person resident in India can remit upto US$5,000 in any one year as a gift to a person residing outside India or as donation to a charitable/educational / religious /cultural organization outside India. Remittances exceeding the limit require prior permission from the Reserve Bank.
Yes, foreign exchange for studies studying abroad can be taken in all forms except currency where a limit is of USD 3000 applies. Pre-paid cards can be re-loaded by students’ parents / guardians at any time (In Workings hours and Working days).
A direct remittance service to the institute you are getting enrolled in can also be done through the Smart Fx App.
In general, foreign exchange entitlement comes under USD 2,50,000 per annum (If not consumed any part of it in any other purpose stated under LRS). Remittances exceeding USD 250000 will be allowed based on the estimate received from the institute abroad.
Yes, it is mandatory for the resident individual to provide his/her Permanent Account Number (PAN) for all transactions under LRS made through Authorized Persons.
There are no restrictions on the frequency of remittances under LRS. However, the total amount of foreign exchange purchased from or remitted through, all sources in India during a financial year should be within the cumulative limit of USD 2,50,000.
Once a remittance is made for an amount up to USD 2,50,000 during the financial year, a resident individual would not be eligible to make any further remittances under this scheme, even if the proceeds of the investments have been brought back into the country.
For remittances pertaining to permissible AD II transactions, the customer has to furnish Form A-2 along with supporting documents (ID/Address proof) regarding the purpose of the remittance and declare that the funds belong to him and will not be used for purposes prohibited or regulated under the Scheme.
The remittances can be made in any freely convertible foreign currency. Through our App you can remit for the following currencies:
  • United States dollar - USD
  • Canadian Dollar - CAD
  • European euro- EUR
  • Pound Sterling – GBP
  • Australian Dollar - AUD
  • Arab Emirates Dirham – AED
  • Singapore Dollar – SGD
  • New Zealand Dollar - NZD
  • Hong Kong Dollar - HKD
  • South African Rand - ZAR
  • Norwegian Krone -NOK
  • Swedish Krona - SEK
  • Saudi Riyal - SAR
  • Danish Krone - DKK
  • Swiss Franc - CHF
  • Japanese Yen - JPY
Money can be sent abroad through the following modes:
  • Wire Transfer
  • Foreign Currency Demand Draft
You can do an outward remittance through the Smart Fx App or by visiting any of the WSFx branches & submit forms/documents with necessary beneficiary and transaction details.
Gifts up to USD 2000 per financial year can be sent on the basis of self-declaration, Gifts / Donations can also be sent under Liberalized Remittance Scheme (LRS) upto USD 2,50,000, The facility will be per financial year basis (April-March).
Resident Individuals are allowed to send Outward Remittances under Liberalized Remittance Scheme (LRS) up to USD 250,000 per financial year for any permissible current account transactions.