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The dream of studying abroad is a significant milestone for many students, but managing the financial aspects of this journey can often feel daunting. From tuition fees to living expenses, students and their families face numerous challenges in ensuring timely and cost-effective payments to an overseas account. This is where IDFC FIRST Bank steps in as a reliable partner with its Pay Abroad service, simplifying the process of outward remittance and making international education more accessible and cost-efficient.
Studying abroad involves significant financial obligations. Beyond tuition fees, students must consider living expenses, healthcare, travel, and more. Delays or errors in payment can result in late fees, exchange rate losses, or even impact the student's academic future. Studying at the top international institutions can be a significant financial commitment, and traditional banking methods often fall short in providing the required efficiency and convenience.
Here's an overview of the average annual expenditure for students in 2023:
Country |
Tuition Fees (INR per year)* |
Living Expenses (INR per year)* |
Total Estimated Annual Expenditure (INR)* |
USA |
25-40 lakhs |
10-15 lakhs |
35-55 lakhs |
Canada |
15-25 lakhs |
8-20 lakhs |
23-37 lakhs |
UK |
20-35 lakhs |
10-12 lakhs |
30-47 lakhs |
Australia |
18-30 lakhs |
10-14 lakhs |
28-44 lakhs |
France |
8-20 lakhs |
8-12 lakhs |
16-32 lakhs |
All values and figures are indicative
Total overseas education expenditure Split (%):
IDFC FIRST Bank's Pay Abroad service offers a comprehensive solution to these challenges. With a focus on competitive exchange rates, zero transfer fees, and a user-friendly digital interface, the bank ensures that every outward remittance is smooth, transparent, and cost-effective.
When transferring large sums of money for tuition and living expenses, even minor differences in exchange rates and fees can have a significant impact. IDFC FIRST Bank offers some of the most competitive exchange rates in the market, ensuring that you get the best value for your money.
With IDFC FIRST Bank’s Pay Abroad service, enjoy zero processing fees on your remittances, ensuring that every rupee goes towards your academic goals without any hidden costs. Any intermediary charges involved in the transaction are absorbed by IDFC FIRST Bank.
Time is of the essence when making international payments. With IDFC FIRST Bank’s Pay Abroad service, you can be confident that your remittances will reach their destination swiftly and securely. The bank's robust digital platforms allow you to initiate transfers at your convenience, track them in real-time.
IDFC FIRST Bank’s online banking and mobile app make it incredibly easy to manage your international remittances. Starting from setting up beneficiaries, the entire process is designed to be user-friendly, reducing the burden on students and their families.
With IDFC FIRST Bank’s Pay Abroad service, you can track your outward remittance transactions end-to-end using the SWIFT GPI feature. This provides real-time updates and transparency, ensuring your funds reach their destination securely and efficiently.
With support for 14 currencies, students can easily remit funds to beneficiaries worldwide.
Here’s how IDFC FIRST Bank makes outward remittance in only 3 simple steps and hassle-free:
As per the Indian Income Tax Act, TCS is applicable on education remittance under the Liberalized Remittance Scheme (LRS). The TCS rates are as follows:
Please note that, TCS is not an additional income tax. You may adjust the amount, deducted as TCS, against your tax liability while filing the income tax return (ITR). If you have no tax liability, you can get the TCS as refund. Please connect with your CA for more information.
In a world where every rupee counts, especially in the context of expensive international education, IDFC FIRST Bank’s Pay Abroad service offers a robust, efficient, and user-friendly solution for outward remittance. By choosing IDFC FIRST Bank, students and their families can focus more on achieving academic success and less on the complexities of financial transactions.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.