Remittance for Studies Abroad
JS Bank Customers can now avail our remittance facility for financing students that are studying abroad.
Customers may remit up to USD 70,000 or equivalent in other foreign currencies to a student studying abroad. This is applicable to a single STUDENT per CALENDAR year. However, such remittances can only be made for the following purposes in order to facilitate the student.
a. Remittance on account of Application / Processing charges for admission in accredited and recognized institutions/universities abroad.
- There is no restriction on the number of institutions to which a student can apply for admission.
- However, all such payments are subject to documentary evidence reflecting the application/processing charges for admission.
b. Remittance for Tuition Fee, Living Expenses and other dues i.e. health, insurance, union, sports, library fees etc. for the student on the basis of following documents.
- Application Form on SBP’s prescribed format Appendix V-78 duly filled in by the student/parent/guardian.
- Copies of Computerized CNIC / Form “B” of the student and CNIC of the Parent / Guardian
- Copy of the Passport of the student.
- Letter of Admission from the foreign educational institution.
- Letter / Cost sheet from foreign educational institution showing break-up of expenses.
c. Remittances to the foreign educational institutions or the student
- Dues, including Tuition Fee should be remitted directly to the educational institution via SWIFT, Telegraphic Transfer or Demand Draft and not remitted/released to the student.
- Living or miscellaneous expenses as indicated by the respective foreign institution/university, if not being remitted to the institution, can, however, be sent to the student himself via SWIFT,Telegraphic Transfer or Demand Draft.
d. The student is also entitled to receive Cash Foreign Exchange equivalent to US Dollars 5,000/- to meet the initial expenses related to boarding/lodging and/or other requirements travelling abroad against endorsement on his/her/their passports(s). However, the student entitled to receive the cash foreign exchange shall submit the duly filled-in and signed Form T-1 (Appendix V-64) to the bank for releasing the cash foreign exchange.
For further information please visit our JS Bank Branch or call 0800-011-22