When someone wants to transfer the money from one country to another country in the foreign currencies, the foreign exchange system works. The students may require foreign exchange services in order to transfer the funds for the applications fees, tuition fees, and living expenses and for money transfers. The products of foreign exchange can be in the form of currencies, DDs, travelers Cheque, Pre-paid cards, electronic transfers, travel cards, postpaid SIM cards etc.
Foreign Exchange limit for Higher Studies Abroad - Tuition & Living Expenses
1) USD 1, 00,000/- per annum (RBI prescribed limit) or as stated in the admission letter (approximately equal to 76,218 £ andIndian rupees approx. 60, 97,440 lakhs)
2) For living expenses a DD is provided up to $10,000 = £7675 = INR 6, 37, 025 Lakhs
3) Exchange released for a period not exceeding 1 year at a time.
1) Excess baggage deals for All Countries
2) Group departures arranged for students traveling to UK with increased baggage allowances
Most of the nationalized banks and foreign exchange organizations like Cox and Kings, Thomas Cook provide these services.
It is not a mandatory requirement for the students to have the travel insurance while travelling to UK for study purposes.
The foreign exchange organizations also provide the travel and students insurance.
The travel insurances cover Hospitalisation, Evacuation, Personal accidental death, loss or delay of baggage, loss of passport, personal liability, Trip cancellation, missed connection and bounced hotel. The student insurance coverage includes Hospitalization, Evacuation and Repatriation, Dental cover, personal accidental death, and loss of baggage (checked-in), loss of passport, personal liability, study interruption / sponsor protection and compassionate visit.
Precautions should a student take while carrying foreign exchange
It is advisable to carry 90% of foreign exchange either by traveller'sCheque or pre-paid cards and only a very small amount of foreign exchange in foreign currencies when traveling abroad. American Express Travelers' Cheque is accepted worldwide by many banks, money changers, shops, hotels etc. When travel abroad, students should never keep all foreign exchange in a single wallet. Distribute foreign exchange and keep it in different packets in your person. Never keep the foreign exchange in your check-in luggage. If possible, buy a waist pouch to keep your passport and other documents. Buy your requirement of foreign exchange in travelers' Cheque and prepaid cards with maximum amount loaded on the pre-paid card. Please carry very minimum in bank notes. Please keep the Purchase Agreement Form (PAF) of the travelers Cheque separately from the travelers Cheque since the PAF contain the details of your travelers' Cheque and the toll free numbers to be contacted in the event of loss of travelers' Cheque.
It is highly recommended to make on-line transfer of funds into the University accounts directly while making tuition fees payment. This can be facilitated using the internationally recognized transfer methods like SWIFT transfer. The banks usually charge for this service and it takes a few days for the money to show in the University accounts.
For more details: CampusUK has got tie up with Foreign Exchange & Travel services. For more information Contact CampusUK office now.