Can we get a DD in foreign currency to pay for a school university fee?
Yes you can also approach your bank to get a demand draft made in foreign currency with the bank making arrangement to remit the same with its corresponding bank overseas. Foreign currency demand drafts can be useful for sending remittances for university or medical fee etc.
You can get a Foreign Currency Demand Draft for transferring money abroad. This is available for most currencies like the US Dollar, Euro, and Pound Sterling etc. Demand draft transfers, however, take longer (10-12 working days). During financial emergencies, it is, therefore, advisable to opt for wire transfers to save time.
To send money to a bank abroad using your Savings Account, you can make use of SWIFT (Society for Worldwide Interbank Financial Telecommunication), which is a quick and efficient online wire transfer option. However, the bank that you will be wiring the money to should be able to facilitate this transaction.
Here are the steps.
Get the SWIFT number and international bank account number (IBAN) of both your own account and the account you will be transferring your money to.
Fill in the forms used for remittances, A2 Application and Declaration form, clearly mentioning the beneficiary bank’s SWIFT code (these forms are now available online and can be filled from the comfort of your home).
Following the forms submission and transaction approval, the beneficiary should receive the amount within 2-3 working days.
Remember that the funds transfer process can be delayed due to public holidays, bank holidays and weekends, both at the beneficiary’s account as well as the sender’s account end.
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