Remittances for Studies abroad

In order to facilitate resident Pakistanis to meet their individual foreign exchange needs related to studies/education abroad, these services are available from all MCBIBL branches authorized to deal in FX.

Remittance of foreign exchange to educational institutions abroad on behalf of students desirous of studying in accredited and recognized foreign institutions/universities upto US$ 70,000/- or equivalent in other foreign currencies per student per calendar year is permissible on account of application/processing charges, tuition fee, living expenses etc. in accordance with the procedure set out below:

Remittances related to application/processing charges for admission

In cases where students are required to remit application/processing charges for admission in the foreign educational institutions, such remittances will be made to the concerned foreign educational institution on production of documentary evidence to the satisfaction of the bank showing the amount of application/processing charges. There is no restriction on the number of institutions to which a student can apply for admission.

Remittance of tuition fee, living expenses etc.

Remittances for tuition fee, living expenses and other dues (health, insurance, union, sports, library fees etc.) is also permissible on behalf of students desirous of studying abroad who have got admission in a foreign educational institution on the basis of the following documents:

Application Form (revised Appendix V-78) duly filled in by the student/ parent/guardian.

Copies of Computerized National Identity Card (CNIC)/Form ‘B’ of the student and CNIC of the parent/guardian.

Copy of passport of the student

Letter of admission from foreign educational institution.

Letter/Cost Sheet from foreign educational institution showing break-up of expenses.

Remittances to the foreign educational institution or the student

Dues, including Tuition Fee, which are payable to the foreign educational institution will be remitted directly to the account of 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.

Initial cash foreign exchange requirements

In order to meet the initial expenses related to boarding/lodging and/or other requirements of the student, release of cash foreign exchange equivalent to US$ 5,000/- to the student can be made which should be endorsed on his/her passport.