{"id":5816,"date":"2024-07-02T13:14:22","date_gmt":"2024-07-02T13:14:22","guid":{"rendered":"https:\/\/www.extravelmoney.com\/blog\/?p=5816"},"modified":"2026-01-08T17:24:46","modified_gmt":"2026-01-08T17:24:46","slug":"what-banks-dont-tell-when-taking-overseas-education-loan","status":"publish","type":"post","link":"https:\/\/www.extravelmoney.com\/blog\/what-banks-dont-tell-when-taking-overseas-education-loan\/","title":{"rendered":"What Banks Don&#8217;t Tell You When Taking Overseas Education Loan"},"content":{"rendered":"\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f4931878b52&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"540\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Processing-fees-and-high-exchange-rates.jpg\" alt=\"A person holding a pen and document with another person seated opposite with folded-hands, accompanied by the text 'Student Loan and Forex: Ways Banks Loot Indian Overseas Students.\" class=\"wp-image-5848\" style=\"box-shadow:var(--wp--preset--shadow--natural);width:1174px;height:auto\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Processing-fees-and-high-exchange-rates.jpg 960w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Processing-fees-and-high-exchange-rates-300x169.jpg 300w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Processing-fees-and-high-exchange-rates-768x432.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: A person holding a pen and document with another person seated opposite with folded-hands, accompanied by the text &#039;Student Loan and Forex: Ways Banks Loot Indian Overseas Students.\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<div style=\"height:21px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Since 2016, ExTravelMoney has helped thousands of Indian students transfer money affordably for their overseas education.<\/p>\n\n\n\n<p>However, we&#8217;ve encountered many cases where we couldn&#8217;t assist students with their international remittances, especially those with education loans. This was because banks often misled them into believing they must transfer loan amounts exclusively through the bank.<\/p>\n\n\n\n<p>In this article, we share insights on the reality of transferring education loans abroad via banks. We also suggest a better alternative to save on international remittances.<\/p>\n\n\n\n<div class=\"wp-block-uagb-inline-notice uagb-inline_notice__align-left uagb-block-ce8ea118\"><button class=\"uagb-notice-close-button\" type=\"button\" aria-label=\"Close\"><\/button><h4 class=\"uagb-notice-title\">Planning to study abroad &amp; need an Education Loan?<\/h4><div class=\"uagb-notice-text\">\n<p>\u2705 Rates from 11.25%* p.a. \u2705 Loan Tenures upto 15 Years \u2705 Loan without collateral upto 1 Crore<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-9b9f9e25\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-4e9b4140 wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.extravelmoney.com\/educational-loan\/\" rel=\"follow noopener\" target=\"_blank\" role=\"button\"><div class=\"uagb-button__link\">Get Education Loan<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<p>*Loan via trusted NBFC&#8217;s &amp; Banks<\/p>\n\n\n\n<p><strong>Also Read: <a href=\"https:\/\/www.extravelmoney.com\/blog\/how-to-pay-us-university-fee-from-india\/\" target=\"_blank\" rel=\"noreferrer noopener\">All You Need To Know About Paying US University Fee From India<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:19px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">How Banks Trick Indian International Students<\/h1>\n\n\n\n<p>Banks are very much aware that students are scared of 2 things when it comes to educational loans and those are;<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Chances of loan rejection if they disagree with the bank&#8217;s policies and proposals.<\/li>\n\n\n\n<li><strong>&nbsp;<\/strong>Safety concerns in transferring money abroad via third-party services since the amount is huge.<\/li>\n<\/ol>\n\n\n\n<p>Banks capitalise on these fears of the students.&nbsp;<\/p>\n\n\n\n<p>Thus, banks brought up this strategy of saying no to third-party money transfer agents. <\/p>\n\n\n\n<p>International students have to transfer the loan amount abroad to pay university fees, hostel fees and other related expenses. By blocking third parties from transferring the disbursed loan amount and then doing it themselves, banks ensure they gain even more profit with high exchange rate margins and processing fees.<\/p>\n\n\n\n<div style=\"height:27px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Can Education Loan Amount Only be Transferred Abroad by &#8216;the Bank&#8217;?<\/h1>\n\n\n\n<p><strong>The answer is an absolute \u2018NO\u2019.<\/strong>&nbsp;<\/p>\n\n\n\n<p>There is no such rule specified in the \u2018IBA (Indian Banks\u2019 Association) <a href=\"https:\/\/www.iba.org.in\/circulars\/iba-model-educational-loan-scheme-for-pursuing-higher-education-in-india-andamp-abroad-2022-_1456.html\" target=\"_blank\" rel=\"noreferrer noopener\">MELS (Model Educational Loan Scheme)<\/a> for Pursuing Higher Education in India &amp; Abroad 2022\u2019.<\/p>\n\n\n\n<p>No regulation is issued by the RBI that makes it mandatory for students to do international transactions of loan amounts through their lender bank.<\/p>\n\n\n\n<p>The terms and conditions of the <strong>RBI Educational Loan Scheme<\/strong> quote that the education loan amount must be exclusively used for educational purposes and must be paid to the university or concerned authority.<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f4931879b0f&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"966\" height=\"358\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/RBI-Educational-Loan-Scheme-1.jpg\" alt=\"RBI Educational Loan Scheme document, highlighting the sanction\/disbursement section which states that the loan should be disbursed directly to institutions or vendors in stages as per requirements.\" class=\"wp-image-5853\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/RBI-Educational-Loan-Scheme-1.jpg 966w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/RBI-Educational-Loan-Scheme-1-300x111.jpg 300w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/RBI-Educational-Loan-Scheme-1-768x285.jpg 768w\" sizes=\"auto, (max-width: 966px) 100vw, 966px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: RBI Educational Loan Scheme document, highlighting the sanction\/disbursement section which states that the loan should be disbursed directly to institutions or vendors in stages as per requirements.\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<p><em>Source: <a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=369&amp;Mode=0\" target=\"_blank\" rel=\"noreferrer noopener\">RBI Educational Loan Scheme<\/a><\/em><a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=369&amp;Mode=0\">&nbsp;<\/a><\/p>\n\n\n\n<p>Often banks rephrase this clause and claim the RBI instructs that the payment must be done directly to the university and not through a third-party payment channels. Hence, they persuade students to do money transfers through them.<\/p>\n\n\n\n<p>However, ExTravelMoney or any other forex service provider pays the fees to the university abroad directly just like how the bank would. The SWIFT copy which is generated after the transaction proves the authenticity of the payment.<\/p>\n\n\n\n<pre class=\"wp-block-verse\">A SWIFT Copy is a document generated by the SWIFT network that contains all the information regarding a remittance such as the sender, beneficiary, account details, amount, and date of transaction. <br><br>The SWIFT (Society for Worldwide Interbank Financial Telecommunications) network is a channel for accurate and fast passage of money transfer messages\/instructions.<\/pre>\n\n\n\n<p>This is the <strong>same Network\/Mode of money transfer<\/strong> used by banks, ExTravelMoney and any other remittance provider in India.<\/p>\n\n\n\n<p>Here is an example of a SWIFT Copy issued for a student who paid his tuition fee through ExTravelMoney to the University of Bedfordshire, UK from his ICICI Bank, Maharashtra loan account-<\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f493187a246&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"627\" height=\"872\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Swipt-Copy-1.jpg\" alt=\"SWIFT message for a single customer credit transfer, detailing sender and receiver bank information, currency and amount transferred, and ordering and beneficiary customer details.\" class=\"wp-image-5826\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Swipt-Copy-1.jpg 627w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Swipt-Copy-1-216x300.jpg 216w\" sizes=\"auto, (max-width: 627px) 100vw, 627px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: SWIFT message for a single customer credit transfer, detailing sender and receiver bank information, currency and amount transferred, and ordering and beneficiary customer details.\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f493187a741&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"627\" height=\"555\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Swift-Copy-page-2-.jpg\" alt=\"Swift message indicating the information on beneficiary university details and other remittance information\n\" class=\"wp-image-5828\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Swift-Copy-page-2-.jpg 627w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Swift-Copy-page-2--300x266.jpg 300w\" sizes=\"auto, (max-width: 627px) 100vw, 627px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: Swift message indicating the information on beneficiary university details and other remittance information\n\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<h1 class=\"wp-block-heading\">The Steps Involved in Transferring Education Loan Abroad<\/h1>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Produce the bank with the university letter stating the amount and date to be disbursed.<\/li>\n\n\n\n<li>The bank issues a loan sanction and disbursement letter to initiate the loan disbursement.<\/li>\n\n\n\n<li>The bank transfers your money to the university\/ college or you can do it through an authorised forex service provider.<\/li>\n\n\n\n<li>On successful payment, the university sends a receipt to the student.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:8px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Wire transfer through forex service providers like ExTraveloney is equally safe as banks. ExTravelMoney is in no way inferior in terms of providing competitive rates and helping you save money.<\/p>\n\n\n\n<p>Here is the information regarding education loan disbursement and its money transfer from a popular Indian bank;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f493187af78&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"948\" height=\"395\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-forex-service-3.jpg\" alt=\"bank's education loan disbursement process webpage, highlighting step 10 about completing forex processes for overseas students, including obtaining traveller's cheques, foreign currency wire transfers, or demand drafts.\" class=\"wp-image-5823\" style=\"width:1174px;height:auto\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-forex-service-3.jpg 948w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-forex-service-3-300x125.jpg 300w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-forex-service-3-768x320.jpg 768w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: bank&#039;s education loan disbursement process webpage, highlighting step 10 about completing forex processes for overseas students, including obtaining traveller&#039;s cheques, foreign currency wire transfers, or demand drafts.\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<div style=\"height:47px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f493187b531&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"948\" height=\"433\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-loan-disbursement-method.jpg\" alt=\"bank's education loan product details webpage, highlighting the loan disbursement section which mentions disbursing tuition fees directly to the educational institute or through an authorized service provider.\" class=\"wp-image-5819\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-loan-disbursement-method.jpg 948w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-loan-disbursement-method-300x137.jpg 300w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/06\/Bank-loan-disbursement-method-768x351.jpg 768w\" sizes=\"auto, (max-width: 948px) 100vw, 948px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: bank&#039;s education loan product details webpage, highlighting the loan disbursement section which mentions disbursing tuition fees directly to the educational institute or through an authorized service provider.\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<div style=\"height:38px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As you can see the terms and conditions of the bank are worded a bit vaguely. However, the highlighted 2 sentences<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>For all abroad cases, work with the X team to complete your forex process where you can get your traveller&#8217;s cheques, foreign currency wire transfer\/demand drafts\/bank notes as per your requirements.<\/li>\n\n\n\n<li>X will disburse the tuition fee to the educational institute either directly or through an authorised servicer. <\/li>\n<\/ol>\n\n\n\n<p>make it clear that the bank is flexible to do third-party money transfers of education loan amounts. And this is the same for any bank in India.<\/p>\n\n\n\n<div style=\"height:29px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Bank Transfers VS Third-party Transfers<\/h1>\n\n\n\n<p>Most loan provider banks are not student-friendly in money transfers as they charge exorbitant exchange rates.<\/p>\n\n\n\n<p>Let&#8217;s consider ExTravelMoney as the third-party money transfer agent and do a rate comparison.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-ast-global-color-4-background-color has-background\"><tbody><tr><td><strong>Region<\/strong><\/td><td><strong>Currency<\/strong><\/td><td><strong>Bank Rate&nbsp;<\/strong><strong>(in INR)<\/strong><\/td><td><strong>ExTravelMoney Rate&nbsp;<\/strong><strong>(in INR)<\/strong><\/td><td><strong>Difference<\/strong><strong>(in INR)<\/strong><\/td><\/tr><tr><td>USA<\/td><td>USD<\/td><td>86.56 <\/td><td>84.12<\/td><td>2.44<\/td><\/tr><tr><td>UK<\/td><td>GBP<\/td><td>110.67<\/td><td>106.44<\/td><td>4.23<\/td><\/tr><tr><td>Europe<\/td><td>EUR<\/td><td>93.03<\/td><td>90.24<\/td><td>2.79<\/td><\/tr><tr><td>Canada<\/td><td>CAD<\/td><td>64.00 30<\/td><td>61.46<\/td><td>2.74<\/td><\/tr><tr><td>Australia<\/td><td>AUD<\/td><td>58.28 25<\/td><td>56.19<\/td><td>2.34<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\"><em>*Rates as of 2 July 2024<\/em><\/figcaption><\/figure>\n\n\n\n<div style=\"height:11px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>You may wonder, \u201cWhat\u2019s the big deal with these minor differences?\u201d<\/p>\n\n\n\n<p>But before concluding, multiply the values by your payable tuition fee amount and find the undeniable difference between the bank rate and ExTravelMoney.<\/p>\n\n\n\n<p>For instance, a student planning to do a master&#8217;s course in the USA has to pay a total tuition fee of $80,000. <\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69f493187bfe7&quot;}\" data-wp-interactive=\"core\/image\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"972\" height=\"729\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Cost-of-Tuition-fee-USA.jpg\" alt=\"The rate difference in tuition fee in the USA as for banks and Extravelmoney while sending money abroad.\" class=\"wp-image-5871\" srcset=\"https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Cost-of-Tuition-fee-USA.jpg 972w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Cost-of-Tuition-fee-USA-300x225.jpg 300w, https:\/\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/07\/Cost-of-Tuition-fee-USA-768x576.jpg 768w\" sizes=\"auto, (max-width: 972px) 100vw, 972px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge image: The rate difference in tuition fee in the USA as for banks and Extravelmoney while sending money abroad.\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<div style=\"height:23px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h1 class=\"wp-block-heading\">Want to Transfer Loan Amount Abroad? ExTravelMoney.com Has You Covered<\/h1>\n\n\n\n<p>ExTravelMoney gives the best rates in the Indian forex market for students. We realise the students&#8217; financial burden and therefore offer favourable, safe and secure service.<\/p>\n\n\n\n<p>ExTravelMoney helps students by offering an online marketplace to independently explore and select the best service provider for foreign currency exchange and overseas money transfers.<\/p>\n\n\n\n<div style=\"height:9px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.extravelmoney.com\/wire-transfer\/\" target=\"_blank\" rel=\"noreferrer noopener\">Send Money Abroad<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:18px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-inline-notice uagb-inline_notice__align-left uagb-block-ad057695\"><button class=\"uagb-notice-close-button\" type=\"button\" aria-label=\"Close\"><\/button><h4 class=\"uagb-notice-title\">Planning to study abroad &amp; need an Education Loan?<\/h4><div class=\"uagb-notice-text\">\n<p>\u2705 Rates from 11.25%* p.a. \u2705 Loan Tenures upto 15 Years \u2705 Loan without collateral upto 1 Crore<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-buttons uagb-buttons__outer-wrap uagb-btn__default-btn uagb-btn-tablet__default-btn uagb-btn-mobile__default-btn uagb-block-467fdfa8\"><div class=\"uagb-buttons__wrap uagb-buttons-layout-wrap \">\n<div class=\"wp-block-uagb-buttons-child uagb-buttons__outer-wrap uagb-block-f2ad5a23 wp-block-button\"><div class=\"uagb-button__wrapper\"><a class=\"uagb-buttons-repeater wp-block-button__link\" aria-label=\"\" href=\"https:\/\/www.extravelmoney.com\/educational-loan\/\" rel=\"follow noopener\" target=\"_blank\" role=\"button\"><div class=\"uagb-button__link\">Get Education Loan<\/div><\/a><\/div><\/div>\n<\/div><\/div>\n\n\n\n<p>*Loan via trusted NBFC&#8217;s &amp; Banks<\/p>\n\n\n\n<p><strong>Also Read: <a href=\"https:\/\/www.extravelmoney.com\/blog\/5-smart-hacks-saving-money-study-abroad\/\" target=\"_blank\" rel=\"noreferrer noopener\">5 Smart Hacks For Saving Money On Study Abroad!<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Since 2016, ExTravelMoney has helped thousands of Indian students transfer money affordably for their overseas education. However, we&#8217;ve encountered many cases where we couldn&#8217;t assist [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":5848,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[9,34],"tags":[742,503,98],"class_list":["post-5816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-money-transfer","category-study-abroad","tag-education-loan","tag-money-transfer-scam","tag-study-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Banks Don&#039;t Tell You When Taking Overseas Education Loan<\/title>\n<meta name=\"description\" content=\"Are banks overcharging you for sending education loan money abroad? 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However, we&#8217;ve encountered many cases where we couldn&#8217;t assist [&hellip;]","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p88tmX-1vO","jetpack-related-posts":[{"id":8162,"url":"https:\/\/www.extravelmoney.com\/blog\/overseas-tuition-payments-parents-tips\/","url_meta":{"origin":5816,"position":0},"title":"What Parents Need to Know About Overseas Tuition Payments","author":"Ann Mariya Job","date":"November 1, 2025","format":false,"excerpt":"Sending your child\u2019s university fees abroad for the first time? It\u2019s natural to feel anxious; after all, every parent wants the transfer to go smoothly and on time. That\u2019s why we have put together this complete guide on how to pay university fees abroad from India, with 8 expert tips\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"cover image with the headline '8 Tips for Parents Paying Overseas Tuition Fees'","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/11\/tuition-fee-payment-parents-tips-cover-image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/11\/tuition-fee-payment-parents-tips-cover-image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/11\/tuition-fee-payment-parents-tips-cover-image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/11\/tuition-fee-payment-parents-tips-cover-image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/11\/tuition-fee-payment-parents-tips-cover-image.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/11\/tuition-fee-payment-parents-tips-cover-image.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":7510,"url":"https:\/\/www.extravelmoney.com\/blog\/new-tcs-proposals-on-international-money-transfer-in-budget-2025\/","url_meta":{"origin":5816,"position":1},"title":"New TCS Proposals on International Money Transfer in Budget 2025","author":"Ann Mariya Job","date":"February 3, 2025","format":false,"excerpt":"Latest Update: New TCS Proposals on International Money Transfer in Budget 2026 The Union Budget 2025 has proposed significant reforms in the Tax Collected at Source (TCS) regulations. The new TCS rules shall be in effect starting 1 April 2025. These tax proposals aim to reduce the financial burden on\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"A digital graphic with bold blue text stating \"NEW TCS PROPOSALS IN BUDGET 2025.\" Below, a gold banner with white text reads, \"happy news for students and travellers!\" The illustration includes a student holding a suitcase, a red balloon labeled \"TAX\" being cut by a hand with scissors, stacks of money, a graduation cap, and an airplane, symbolizing reduced tax burdens on foreign remittances for education and travel.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/02\/New-TCS-Proposals-Cover-Image.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":8424,"url":"https:\/\/www.extravelmoney.com\/blog\/send-money-abroad-for-education\/","url_meta":{"origin":5816,"position":2},"title":"How to Send Money Abroad for Your Child&#8217;s Education","author":"Ann Mariya Job","date":"March 27, 2026","format":false,"excerpt":"Sending money abroad for studies is not just about transferring funds; it is about choosing the right purpose, documents, and method. This guide breaks down educational money transfers from India, including limits, taxes, and the best ways to save on money transfer fees. Also Read: What Banks Don\u2019t Tell You\u2026","rel":"","context":"In &quot;Study Abroad&quot;","block_context":{"text":"Study Abroad","link":"https:\/\/www.extravelmoney.com\/blog\/category\/study-abroad\/"},"img":{"alt_text":"Blog cover image with the headline 'Abroad Study Transfers- Simplified Guide'.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/03\/abroad-study-transfer-blog.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/03\/abroad-study-transfer-blog.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/03\/abroad-study-transfer-blog.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/03\/abroad-study-transfer-blog.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/03\/abroad-study-transfer-blog.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/03\/abroad-study-transfer-blog.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":8278,"url":"https:\/\/www.extravelmoney.com\/blog\/new-tcs-proposals-budget-2026\/","url_meta":{"origin":5816,"position":3},"title":"New TCS Proposals on International Money Transfer in Budget 2026","author":"Ann Mariya Job","date":"February 4, 2026","format":false,"excerpt":"The Union Budget 2026 has proposed significant reforms in the Tax Collected at Source (TCS) regulations. The new TCS rules are yet to be approved and implemented, starting April 1, 2026. However, if brought into effect, the new TCS in budget 2026 will significantly reduce the burden on taxpayers and\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"Blog cover image with the background image of budget presentation in the parliament and the title 'Budget 2026 Updates: TCS Rate 2%'.","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/02\/budget-2026-TCS-proposals.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/02\/budget-2026-TCS-proposals.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/02\/budget-2026-TCS-proposals.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/02\/budget-2026-TCS-proposals.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/02\/budget-2026-TCS-proposals.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2026\/02\/budget-2026-TCS-proposals.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":7954,"url":"https:\/\/www.extravelmoney.com\/blog\/tax-sending-money-abroad-education\/","url_meta":{"origin":5816,"position":4},"title":"Tax on Sending Money Abroad for Education from India Explained","author":"Ann Mariya Job","date":"May 28, 2025","format":false,"excerpt":"Updated On: 27 Apr 2026 New TCS rates on sending money abroad have been proposed in the 2026 Budget. They'll be in effect from April 1st 2026. Do you think sending money abroad for educational purposes, such as university fees and living expenses, is tax-free? Many assume overseas education remittances\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"Illustration of a graduation cap on stacked books surrounded by flying currency notes and coins, with a bold red \u201cTAXES\u201d stamp overlay. Text reads \u201cIs Foreign Education Remittance Tax-Free\u201d","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2025\/05\/tax-on-educational-outward-remittance-cover-image.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":4740,"url":"https:\/\/www.extravelmoney.com\/blog\/canada-gic-2024-increased-to-cad-20635\/","url_meta":{"origin":5816,"position":5},"title":"Canada Doubles GIC Amount in 2024 To $20,635: Indian Students Impacted","author":"Subhash Sivamani","date":"January 9, 2024","format":false,"excerpt":"Starting from January 1 2024, the GIC amount required for international students in 2024, including those from India, will be CA$ 20,635 (\u20b9 12.83 lakhs) which is 2x the previous amount of CA$ 10,000 (\u20b9 6.22 lakhs).\u00a0 Here is a communication ExTravelMoney received from one of our Canadian GIC partners;\u2026","rel":"","context":"In &quot;International Money Transfer&quot;","block_context":{"text":"International Money Transfer","link":"https:\/\/www.extravelmoney.com\/blog\/category\/international-money-transfer\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/01\/Canada-Doubles-GIC-Amount-in-2024-To-20635-Indian-Students-Impacted.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/01\/Canada-Doubles-GIC-Amount-in-2024-To-20635-Indian-Students-Impacted.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/01\/Canada-Doubles-GIC-Amount-in-2024-To-20635-Indian-Students-Impacted.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/01\/Canada-Doubles-GIC-Amount-in-2024-To-20635-Indian-Students-Impacted.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.extravelmoney.com\/blog\/wp-content\/uploads\/2024\/01\/Canada-Doubles-GIC-Amount-in-2024-To-20635-Indian-Students-Impacted.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/posts\/5816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=5816"}],"version-history":[{"count":0,"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/posts\/5816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/media\/5848"}],"wp:attachment":[{"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=5816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=5816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.extravelmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=5816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}