Living Cost of Studying in the UK for Indian Students

 

The monthly living expenditure in the UK for Indian students is approximately range between 1000 GBP to 1500GBP depending on the place of an individual and other factors.

The living cost can be divided as follow

 Accommodation

Most of the Universities in the UK offer on-campus residence to students and there is much private housing available for students with no on-campus facility.

 University Accommodation – For Indian and other international students, these types of accommodation facilities are known as Halls of Residence with options of self-catering or full board options.

Halls are known to minimize the cost of living in the UK for Indian students as they are more cost-effective and affordable than other housing options.

Cost for Halls of Residence – GBP 400 – GBP 600 per month

Private Accommodation – An individual has the option of renting a room or opting for a paid guest facility. The university’s accommodation office can help you find accommodation if you are having trouble finding one yourself.

 The cost of private accommodations substantially varies depending on whether the accommodation is in London or outside the city, as London is the most expensive city in the United Kingdom.

Private apartments – GBP 800 – GBP 1000 per month.

 How to receive an amount from India?

The Digital era has created much more convenient modes to send money overseas from India.

Among them, wire transfer is the best way of transfer money from India to the UK.

Wire Transfer to send money to Canada from India

 

Wire transfer is a method of transferring electronic money from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.

 How to use a wire transfer to send money to Canada?

To transfer money from India to Canada, one needs to get GIC(Guaranteed Investment Certificate) Account.

 Wire transfer Cost?

Wire transfer is chargeable, the sender and receiver both will have to pay some amount depending on the banks or financial institution.

Orient Exchange offers a safe and fastest mode of wire transfer to send money abroad.

What is the limit for outward remittance from India to US for an NRI?

Outward Remittance basically means sending money abroad with specified rules mentioned in FEMA. Knowing the limit for outward remittance completely depends on to whom you are sending money. 

Whether you are remitting from an NRO account or to an NRE account. From the NRE account, there is no limit on repatriation and the whole balance can be repatriated. 

From an NRO account, an NRO can send up to 1 million USD from India to the USA or outside Inda. There are certain procedures are involving while transferring money from India to USA. 

Where to transfer Money? 

There are many online platforms available to Transfer money from India to USA. 

You can choose the Orient Exchange platform to Send Money Abroad for convenient transfer of money  

How to make GIC payment/ transfer to GIC account

 

  Canada currently ranks first among students from India who wish to study abroad. Canada's straightforward immigration regulations, friendly native population, and friendly government are the main contributors to this.

After completing a degree program in Canada, there are many opportunities to pursue a successful career in a developed country. Students looking to study in Canada have long questioned GIC payments. To resolve the conflict, many people are looking for mediators and other tools.

You absolutely must educate yourself on the Canada GIC and how it operates before making a hurried choice to Send Money Abroad. Utilize all of your resources to conduct a little online study so you may advance with confidence and learn more.

           To make a money transfer to a Canadian account the student must open a GIC Account through a Canadian bank and deposit the necessary funds to meet their living expenses for a whole year. This account functions more like savings account with a fixed balance that is available to anyone who meets the requirements. Each month, the student would receive a sum equal to their proportionate share of living and educational expenses, interest included.

           The whole process could be done by making contact with one of the leading service providers that provide reliable services close to your area, but make sure the agent is allowed to give this service by the Reserve Bank of India. Send an international money transfer request to Canada for GIC payments then submit all of your required KYC documents to start the money transfer. You can immediately transfer the money once the KYC has been confirmed.

Your money is now being wired. The credit will be applied to your GIC account during the next 48 business hours. Before moving forward, examine exchange rates and select the most advantageous one using their web platform.

How to send money to Foreign university bank accounts in India.

 

The most exciting experience in life is studying abroad. The majority of Indian parents take great pride in the idea of sending their child to a prestigious overseas university, and they take great care in preparing and budgeting for this.

Finances are a key component of studying abroad, in addition to achieving a high grade and being capable of handling the pressure of being among some of the brightest students on the planet.

To have a flawless experience while studying abroad, foreign payments for tuition, boarding, and accommodation, as well as other costs, are essential.

                It's no longer difficult to send money abroad for your loved ones living in abroad. Remittance of overseas university fees is carried out through demand draught, a wire transfer, forex card in just a few minutes thanks to the development of new-age technology-supported currency exchange marketplaces.

 To send money overseas for paying university fees, use a wire transfer.  It is simple,  secure and one of the most widely used ways for students to pay their tuition.

You must pay a fee when making wire transfers, but if you use money exchangers, the fee may be significantly lower, resulting in significant cost savings.

Before transferring money, it is best to double-check the fluctuation of currency rates with your service provider. Use their online portal to view the live exchange rates in your locality.

               Create a rate goal for yourself, then transfer when you achieve it. This will ensure that you always get the greatest deals. It can be completed in as little as 24 hours, which is a major benefit of a Wire transfer.

 If the university accepts this method of payment, you can rapidly pay the fees because the process is safe. Both the sender and the recipient should be unconcerned because the entire process is transparent and clear.

3 Ways to transfer money to abroad from India

Traveling across the world and exploring abroad education made Outward remittance or sending money abroad becomes common practice in India.

People transfer money abroad from India for several reasons may it be buying or renting a property, paying tuition or college fees, booking a vacation abroad, or gift support money to friends and relatives.

But how to transfer money abroad from India?

Depending on purposes the mode of transferring money may vary.

Here is a simple guide to transferring money from India to any other country:

Bank Draft and Cashier Check:

  This method is an ideal way to send money abroad. Bank Draft or Demand Draft is easily available at all banks.

The drafts and cheques are traceable in case of theft or lost in abroad and make one of the most reliable money transfers internationally from India.

Online Money Transfer:

In the modern era, online money transfer makes the easiest and most convenient way to transfer money internationally.

 The majority of Indians use this mode of transfer to transfer money.

Wire transfer:

This has emerged as the latest mode of Money transfer. Many Financial institutions available in the market opted for online wire transfers to send money overseas.

 Among them one of the most trusted online platforms is Orient Exchange, here you can buy or sell currency, send money abroad or you can purchase travel/Forex cards at a reasonable exchange rate.

End Note:

In today’s world with emerging technologies there is no longer limited options available to you to make money transfer internationally.

Choosing suitable mode and verifying the details is key to the successful transfer of money abroad.

How to Send Money Abroad?

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Send Money Abroad

Transfer Money To the USA

Transfer Money To CANADA

How to transfer money from India?

In India to transfer money abroad is very tranquil but one needs to follow the rules of the Reserve Bank of India. There are different purposes that are categorized by the Reserve Bank of India according to the general citizen’s need to send money abroad.

Some of the outward remittances can be done only through ADI-categorized entities such as Banks and other purpose transactions, mostly current account transactions similar to Education, Immigration Fees, Medical Maintenance fees, Application Fees, and Visa Fees can be done through ADII-categorized entities such as Foreign Exchange Company and through Bank also.

After deciding the purpose of the remittance you need to check from where you can process the transaction. Here are comparison details that will help you to decide on selecting the vehicle for remitting money abroad.

Remittance Directly through Bank: 

• 
  In Bank you need to open an account; without opening an account you cannot transfer money to abroad
•      A bank is safe and secure
  
• A bank is enormous where you won't get Individual attention and guidance about the remittance
  
• You need to stick on to the Foreign Exchange rate given by them you cannot bargain with Bank
  
•  Bank charges are high
• 
  

  Process flow in the Bank for outward remittance is quite dawdling 

Remittance from Authorised dealer Category II:

·  No need to open an account just transfer the amount from the Individual saving account to the Foreign Exchange company’s account

· Authorised Dealer Cat II and RBI regulated and is safe, secure, and trustworthy

· Here you will get Individual attention and proper guidance about the remittance

·   You will get the best ongoing live rates. You have an option of comparing the rates with other ADII players and banks

·    There are no hidden charges and charges are reasonable

·    Services will be given at the doorstep.

From India two options to transfer the money with different methods of the process.

1.   Swift Transfer: It is unlike a Money transfer from one Bank to an abroad bank. It is a method of Electronic fund transfer which is one of the expedient ways of remitting funds from India to abroad. It is eligible for all resident individuals. The LSR limit to send money abroad for Individuals is USD 250000 for the financial year. While sending through Swift transfer you need to give full details of the Beneficiary account with the Swift code of the Beneficiary Bank 

2.  Pre-signed Foreign Currency Demand Draft: It is a paper draft pre-signed by the Bank official which can be physically carried anywhere. It is available in the following currencies USD, GBP, SGD, EUR, CAD, and AUD. In India most, people use the Demand draft for Immigration, Visa Fees, and Education. The validity of DD is approximately 3 months from the date of issue.

Frequently Asked Questions

1.      Can I send money abroad from the HUF account?

 

From the Hindu Undivided account, one cannot remit money abroad by using the services of AD II. Money can be transferred through a savings account only.

2.      Can I send the money from India to a foreign Individual account?

Answer: Yes, you can send money under Gift remittance up to the equivalent of USD 5000

3.      Is PAN Card being mandatory to send money abroad?

 Answer: Yes, a Pan card copy is mandatory for Individuals as per RBI

4.      What are the major purposes for which money is sent?

·         Overseas University payment

·         Immigration Fees

·         Employment Fees

·         Individual Private Visits

·         Medical treatment

·         Living expenses of close relatives in abroad

·         Gift to a friend

While sending money abroad the important fragments required in the Bank details of the Beneficiary are as follows depending upon the country where the remittances happen:

1.      Beneficiary Account Name: As per the Foreign Bank, the account name should be filled in while giving the details to the Bank or Foreign Exchange

company. It should not vary, if not there will be a chance for the return of remittance which in turn may attract bank charges.

2.      Beneficiary Bank Swift code: Bank swift code varies from bank to bank. So fill in the correct swift code or BIC code 

3.      Beneficiary IBAN Number: Some countries such as Saudi Arabia, United Arab, Europe and Sweden, and the United Kingdom required IBAN without that they cannot process the transaction. It is a Unique International Bank account number