Sending money from India? Here’s how same-day international money transfers for education can reach universities in as little as 6 hours

International money transfers have been a hassle for quite some time, especially when it comes to meeting university fee deadlines. In the past, it typically took 2-5 business days or even longer, due to factors like time zone differences, manual checks, and processing through multiple banks. This often leads to late fees, enrollment issues and unnecessary stress for both students and their parents.

Recognising the struggle faced by students studying abroad and their parents, BookMyForex, a MakeMyTrip Group entity, has introduced same-day international transfers for overseas education payments on January 08. The move aims to provide faster and more reliable remittance options for education-related remittances.

This is designed to address the reality that universities across key global markets operate within tight fee timelines, leaving families limited room for delays once payment windows open.

Same-day international transfers for overseas education fees in as little as 6 hours

Overseas education payments often involve multiple high-value transactions such as tuition fees, accommodation deposits, and living expenses, all within tight deadlines. BookMyForex processes these transfers end-to-end through leading banks and RBI-authorised partners, ensuring security and compliance.

Education payments can be completed on the same day, with funds reaching institutions in as little as six hours, helping families avoid late payment penalties and ensuring timely payments to universities.

“International education payments are often high-value and time-sensitive, leaving families with very little margin for delay or error. Our focus has been on removing uncertainty from this process by combining predictable timelines, digital execution, and regulatory compliance. This helps parents and students meet university requirements with greater confidence during a critical phase of their education journey,” said Gagan Malhotra, Chief Operating Officer, BookMyForex.

Cashback offers on international education transfers

They are also extending cashback benefits of up to Rs 15,000 on international education-related transfers. Cashback is offered on a slab-wise basis linked to the transaction amount. The benefit is applicable on transfers with an order value exceeding Rs 3,00,000 and is available through both the BookMyForex app and website. For detailed terms and conditions, you can visit their website.

How much money can Indians send abroad under Liberalised Remittance Scheme (LRS)?

According to the RBI, under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.

What is the TCS on foreign remittance for education?

If your source of funds is an education loan from an 80E certified lender, then there is no TCS on any amount (upto $250k as per LRS ). If it's any other source, above 10 lakh rupees, you have to pay 5% TCS. So if you are sending 15 lakh from your own funds, you'll pay 5% tcs on 5 lakh rupees, i.e. 25,000.