Central Bank allows
transfers to students abroad
Funds to cover tuition and living expenses
Banks are required to fulfill their customers’ requests to transfer money from their foreign currency accounts to pay for their children’s education abroad, according to a circular issued by the Central Bank.
The ceiling for the transfers is set at $10,000 per year or its equivalent in other foreign currencies.
Transfers could also be made to pay for rent and for the cost of living of the students.
Students residing abroad and enrolled in an educational institution before the end of 2019 are eligible for the transfers.
Tuitions must be transferred directly to the final beneficiaries when they become due.
Date Posted: Aug 20, 2020