HSBC Bank launched a useful feature for students, Now students can do fees payment in 600+ global universities, Check Process
HSBC India has launched Global Education Payments, a new service designed to facilitate direct fee payments to over 600 international universities and colleges. This service offers a streamlined, digital experience for handling foreign currency transactions related to tuition and other educational expenses.
- Global Education Payments: A secure, cost-effective, and fully digital solution for transferring funds to universities.
- Survey Insight: HSBC report reveals 78% of Indian respondents either aim to send their child abroad for education or currently have a child studying internationally.
- Top Destinations: US, UK, Canada, Australia, and Singapore are the leading study locations for Indian students, reflecting growing regional mobility.
Through the HSBC India mobile banking app, customers can select the desired country and university, obtain pre-verified account details, and make secure payments. The process also supports education loan transfers from 80E entities, benefiting from a reduced tax collected at source (TCS) rate of 0.5%.
The service covers payments to institutions in the US, UK, Canada, Hong Kong, and Australia, including tuition fees, accommodation, healthcare, and other related expenses. All transactions adhere to LRS limits and banking regulations.
Sandeep Batra, Head of Wealth and Personal Banking at HSBC India, commented, “For many affluent families, investing in international education is a top priority, often surpassing other financial goals. Our Global Education Payments service offers a transparent, cost-effective, and fully digital solution, enhancing our commitment to serving the global Indian community.”
This launch is part of HSBC’s comprehensive suite of international products and services, which includes seamless account opening, a unified view of global HSBC accounts, competitively priced Global Money Transfers, credit card portability, access to International Wealth Hubs, and additional support services through HSBC’s global partners.
How to do Payment?
Simplify your international education payments in four easy steps via the HSBC India mobile banking app:
- Download HSBC app: Android App | iOS App
- Go to ‘Move money’ and select the ‘Send money internationally’
- Select payment type as ‘Education transfer’
- Select or manually add your desired institute to make transfer
- Enter your transfer and student details
- Upload your loan documents if the fund source is selected as ‘Student loan’
- Confirm and submit the transfer details
For more details, visit: HSBC Global Education Payments.
