NE EDUCATION BUREAU
MUMBAI, SEPT 16
HSBC India has on Monday announced the launch of Global Education Payments that will enable Indian students and customers of the bank to pay fees directly to 600+ international universities and colleges. Aiming to simplify the process in foreign currency payment, it provides students and their families a completely digital experience, when making tuition payments for their overseas education. About 78% of wealthy Indian parents either want to send their children abroad for studies or already have a child studying overseas.
With this new feature on the HSBC India mobile banking app, customers can select the country or territory and the university and get pre-loaded, pre-verified account details of the university. They can then add student details, upload loan documents, make a payment request instantly and securely through the mobile app and benefit from reduced remittance costs compared to other international education payment options available. Customers can also place a transfer request if the funds are from education loan from 80E entities and can benefit from the reduced TCS (tax collected at source) rate of 0.5%.
- Global Education Payments is a cost effective, secure and completely digitized way to transfer your money to the universities
- 78% of India respondents either aspire to send their child overseas for study, or already have a child studying overseas, HSBC report finds
- US, UK, Canada, Australia and Singapore are the top 5 study destinations for Indian students, driven by the increasing intra-regional mobility: HSBC report
The global education payments service enables direct transfer to 600+ universities across five countries and territories, including US, UK, Canada, Hong Kong and Australia for all university expenses including tuition fees, accommodation, healthcare / insurance provided by university and other university expenses. The payments are subject to LRS limits and banking regulations.
Commenting on the launch, Sandeep Batra, Head, Wealth and Personal Banking, HSBC India, said, “For many affluent families, international education is a significant investment, with parents often prioritizing their child’s overseas education over their retirement. With our Global Education Payment that is cost-effective, transparent, and completely digital, customers can benefit from a secure and streamlined payment experience. We have a very strong proposition for the global Indian and this launch strengthens our offerings and reinforces our position as the preferred international bank.”
The Global Education Payments launch reinforces the suite of HSBC International products and services available for globally bound Indians, including account opening via a digital and frictionless journey before students arrive in their destination; single view of all HSBC accounts across the globe in one place; simple, fast and competitively priced payments via Global Money Transfers; portability of their existing HSBC credit history to apply for a HSBC credit card in the new country (subject to local regulations, Premier status and applicable channels); access global wealth options through International Wealth Hubs; managing their banking needs in different time zones across multiple countries with global support; and access beyond banking services like tax solutions, relocation support, children overseas education needs and more through HSBC’s global partners.
Make payments in four easy steps:
With Global Education Payments you can simplify your child’s overseas education payment with HSBC in just four easy steps on the HSBC India mobile banking app:
- Select your country and university
- Add transfer amount
- Update student information
- Upload loan documents
