Send Money Abroad with Orient Exchange

Remittance Purposes Allowed for International Money Transfer

Here is a list of all the remittance purposes allowed by the Reserve Bank of India under the AD-II licence:

• Business travel
• Private visits
• Remittance to take part in any international event or competition
• Medical treatments abroad
• International education
• Remittance of exam fees for both domestic and international exams, as well as supplementary GRE, TOEFL, and other score sheets
• Emigration or Immigration consultancy fee
• VISA charges
• Subscription/registration/membership charges for any international organization
• Remittances made by tour operators and travel brokers to overseas principals, agencies, and hotels
• Participation fees for international conferences or specialized training courses
• Shooting for a film
• Crew wage disbursement
• Remittance under agreements with foreign universities for joint educational purposes
• Employment and processing, and evaluation costs for applicants for jobs abroad
• Fees for evaluating skills and credentials for prospective migrants
• Processing charges for document registration as mandated by the Portuguese government or other governments

What’s the criteria for Sending Money Abroad?

The criteria for sending money overseas are generally based on the residents' residency status and the reason for the payment.

For instance, businesses are only permitted to use authorized banks to conduct transactions involving exporting and importing goods and services.

Indian residents are currently permitted to send money abroad up to 2.5 lakh USD (or equivalent) per fiscal year.

International Money Transfer for Students

If you are interested in pursuing your studies abroad, you will have to pass entrance exams for a variety of universities. Some of these exams cost money, including the fee for international admissions in the form of Swift Transfer or Demand Draft.

Students can choose Orient Exchange for the following reasons:

• Orient Exchange offers the lowest rates and glitch free services for International Money transfer through wire transfers and overseas currency demand drafts.
• We also support students who want to send money to a foreign university or pay tuition payments directly to international colleges accounts.
• To transfer tuition fees to international universities, we process payments through various commercial banks as advised by RBI.
• We do process Flywire Payments, Convera payment and every other such payment authorized by international universities.

If Students wants to transfer money to Canada, Germany and New Zealand, you must know about GIC Payment, Blocked account payment and FTS Payment.

What is GIC Payment?

GIC is essentially a fixed deposit in the identity of a student who travels to Canada for educational purposes. Through this method, the Canadian government guarantees that individuals who want to study at Canadian Colleges have enough money to cover their course expenditures.

According to CIC (Citizen Immigration Canada) rules, GIC refers to a "Guaranteed Investment Certificate". It is a short-term investment issued by Canadian banks for up to a year. Students seeking admission under the SPP (Student Partner Program) Visa for studies in Colleges in Canada are obliged to invest 10,000 Canadian Dollars in the mode of a GIC with any Canadian Bank.

The Canada GIC process is a compulsory requirement for all international students who wish to study in Canada. GIC is an investment scheme mostly preferred for International students to study in Canada for study programs. All international students are required to deposit their one year’s living expenses into a Canada based bank in order to qualify for a student visa to study in Canada.

Students can choose Orient Exchange to create GIC Account and transfer money from India to Canada.

What is Blocked Account Payment?

Blocked Accounts are essentially a solution for students to demonstrate to the German government that they have the financial resources to maintain themselves for a set period. Therefore, a Blocked Account is frequently a visa necessity. However, a Blocked Account cannot be said to be the same as a standard current banking account that we are all familiar with.

The critical distinction is that when you register a Blocked Account, you are allowed to withdraw a fixed sum every month to cover your living expenses. The amount can be withdrawn by opening a separate saving account from a bank in Germany of your choice, and then you can provide the details of the saving account to the bank where you’ve opened a Blocked Account.

Students can transfer money online from India to Germany by opening a Blocked Account in Germany, Orient Exchange will help in creating Blocked account and transferring money from India to any European countries.

What is FTS Payment?

The ANZ Bank of New Zealand Limited [ANZ] offers a Fund Transfer Scheme [FTS] that allows students to transfer money from banks and financial institutions overseas to an ANZ bank account in New Zealand.

These funds are released periodically to support students while they are in New Zealand. Students who will be studying in New Zealand for a year or more can use FTS to show us they meet the minimum funds requirement for a student visa. Most New Zealand student visas require you to have NZ$15,000 in addition to your course fee for each year you’ll be studying in New Zealand.

All International students are required to deposit NZ$15000 in addition to the course fee for their one year’s living expenses in order to qualify for a student visa in New Zealand.

Indian Students can transfer money to New Zealand from India by creating FTS account and can process FTS payment through us.

Know more about : How to Pay fee to a foreign university from India

Benefits of Choosing Orient Exchange to Send Money Abroad

• Orient Exchange is your best bet if you are looking for one of the country's most reliable, safe, and cost-effective remittance services. We offer fast, efficient and cost-effective services to our clients across the globe. Our team of experts are available to answer any query you may have about migrating your money abroad. We are proud to cater to our client's financial needs and help them exchange money even during adversity with our well-reputed services.
• Orient Exchange provides the best conversion rate compared to other Foreign Exchange service provide, Customer has an option to freeze live exchange rates by making partial payment.
• We provide smooth and quick service to our customers, there is no need to worry about the documentation, if required our executive will reach your doorstep for the KYC verification
• Our exceptional customer service team are just a call away to serve you better regarding all your doubt and queries as soon as possible, post transaction we provide transaction status and swift copy.
• As an RBI authorized dealer, we are responsible and customer oriented, our experienced staff will guide you on the transaction

The Bottom Line

At Orient Exchange, we believe that timely and secure money transfers are important. That is why we always look for new ways to give the best rates and ensure the safety of the money being transferred to our clients.

Orient Exchange provide complete transparency and secured way to serve our customers to Send Money overseas with the help of our online platform. Please contact us if you want to send money abroad to any country from India.