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The below content is purely for informational purposes and is not intended to constitute advisory of any kind. Please note, these are in-depth articles which are best viewed on large screen devices like laptops, desktops and tablets. The position reflected in this article has been updated as of February 15, 2024.

Many Indian students and young professionals go abroad each year to pursue their dreams. As a parent, it is natural to be anxious about your child's well-being while they are away from home. This includes not only sending money abroad to your child, but also taking care of their other banking and financial needs. 

Arush has recently got an employment opportunity in the United Kingdom (UK). His sister, Priyanka, has secured admission into a university in Canada. Their mother, Natasha, wants to support them in managing their banking and financial needs. 

Here are a few ways by which she can take care of her children’s banking and financial needs from India:


1. Set up international bank accounts

When Arush and Priyanka move abroad, they will need an overseas account for their day-to-day banking needs. Certain banks offer migrating students and young professionals the convenience of opening country-specific accounts digitally, while they are still in India.

For instance, ICICI Bank UK PLC, a wholly owned subsidiary of ICICI Bank Limited, allows opening a UK personal bank account (equivalent to a savings account in India) completely digitally and instantly using ICICI Bank UK iMobile. Arush can open and apply for this account digitally and instantly while he is in India or after moving to the UK. This is possible by downloading the ICICI Bank UK iMobile app, filling the online application form and scanning his original passport. Once the account is opened, he can instantly activate his internet and mobile banking facilities. Arush can choose to receive a debit card at his UK or Indian address (if he is still in India). The debit card can be used across Automted Teller Machines ATMs of any bank in the UK to withdraw cash without any additional charges. A debit card will ensure that once he reaches the UK, he can immediately start paying digitally for his daily requirements like cab rent, meals, groceries, among others. Natasha, a resident Indian, is also permitted to open a UK personal bank account and transfer funds to Arush as per permitted Liberalised Remittance Scheme (LRS) limits.

Open a Hello Canada/UK account

Likewise, Natasha can also explore the ICICI Bank Hello Canada account for Priyanka, who is going to Canada for her studies. Apart from university students, this account also offers Permanent Residents (PR) and work permit holders the convenience of opening a Canadian chequing account before moving to Canada. ICICI Bank India customers can also open a Canadian savings account in their home country before their move.

Aspiring students who wish to take advantage of the quick visa process under the Canadian Student Direct Stream SDS program can also apply through ICICI Bank Canada’s Student GIC Program (explained below).

ICICI Bank Canada has collaborated the Royal Bank of Canada (RBC) to help newcomers (PR, study and work permit holders) settle in Canada by giving them access to their products. This collaboration provides account holders like Priyanka access to over 1,200 RBC branches and 4,200 RBC ATMs across Canada, an RBC credit card with a limit of up to 15,000 Canadian Dollars (CAD), plus other exclusive offers.

However, it is crucial to note that Natasha cannot open a joint international bank account with Arush or Priyanka.

Click here to know how to open an international bank account.

Mandatory requirements for student visa in Canada

Student Guaranteed Investment Certificate (GIC) for Canada: Students applying through the SDS program must open a GIC account with approved banks in Canada. A GIC is a fixed deposit that has a guaranteed rate of return over a fixed term and provides proof of funds required for the SDS student visa application. Funds can be transferred from the student or parent’s account. Once the account is funded, students shall receive an ‘Investment Balance Confirmation’ (IBC) Certificate which is to be used as proof of funds while applying for the student visa.


The funds from the GIC account are released to the student in instalments over the course of 10-12 months. This helps cover a part of their educational and living expenses while studying in Canada. 


ICICI Bank Canada offers a Student GIC account, which gives students access to a dedicated digital platform, 24/7 contact center support and an easy application process. Students can apply for and open the account digitally and instantly while they are still in India. ICICI Bank Canada has collaborated with the RBC to provide Student GIC account holders access to over 1,200 RBC branches and 4,200 RBC ATM across Canada, an RBC credit card with a limit of up to 2,000 CAD, automated monthly transfers from ICICI Bank Canada GIC to their RBC Student Account, plus other exclusive offers.


Canada Student GIC program


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2. Set up NRI accounts

Arush and Priyanka both have the option to open Non-Resident Indian (NRI) accounts in India, such as Non-Resident Ordinary (NRO) accounts, Non-Resident External (NRE) accounts, and Foreign Currency Non-Resident Bank (FCNR(B)) accounts. These accounts will help Natasha and her children ensure seamless money transfers between India and their country of residence.

Arush and Priyanka can appoint Natasha as a Power of Attorney (PoA)/mandate holder so that she can operate the bank account in India on their behalf to:

  • Make investments
  • Repay any outstanding loans
  • Withdraw cash, issue cheques, and manage other financial needs

Natasha can also be a joint account holder of their NRE/NRO/FCNR (B) account. In this case, too, Natasha must be appointed as a Power of Attorney (PoA) or a mandate holder to operate the account.

Click here to read more about the benefits and process of adding joint holders to your NRI accounts.


3. Issue and reload forex cards for her children

Natasha’s children can purchase prepaid forex cards, which have functionalities similar to a debit or credit card. She can reload the card remotely with money from her bank account in India, thereby providing her children with access to instant funds. Further, these cards help avoid unfavourable exchange rates and currency conversion fees. The children can also make purchases abroad and withdraw cash in foreign currency from ATMs there.

Natasha and her children can explore the two types of forex cards: single-currency cards and multi-currency cards. The latter allows the deposit of various currencies in a single card.

ICICI Bank’s student forex card is accepted worldwide and gets delivered to your place of residence in India or abroad. As an ICICI Bank customer, Natasha can also reload money instantly using the iMobile Pay app.

Apply for a Forex card

4. Send money abroad to her children

As a parent, Natasha can make an overseas money transfer to Arush and Priyanka in multiple ways, including: 

  • Wire transfers through the branch
  • Online money transfers
  • Cross-border Unified Payments Interface (UPI) payments

It is important to note that the total amount you can send to your child abroad cannot exceed USD 250,000 per Financial Year (April–March) as per the Reserve Bank of India's (RBI) LRS.

To know more about outward remittances or transferring money overseas click here.


5. Manage existing loans/renew insurance policies of her children

Managing existing loans and insurance premiums in India for children living abroad can be difficult. However, ensuring that these financial obligations are met on time is important to maintain their credit history in India. Natasha should gather Arush and Priaynka’s financial information, including their loan account numbers, insurance policy details, bank statements, etc. Once she has consolidated the relevant details and documentation, she should:

  • Set up automatic payments for their loans and insurance premiums
  • Explore if the coverage of their existing insurance policies can be extended to their country of residence. Further, if the policy allows, she can renew their existing travel and medical insurance policies
  • Ask them to appoint her as a PoA or a mandate holder to operate any of their NRI accounts and make payments on their behalf
  • Make regular payments to ensure continuance of their existing investments and insurance policies


6. Set up digital banking services for accounts held in India

Natasha should ensure that all of her children’s accounts have digital banking services (internet/mobile banking) enabled. Additionally, she should familiarise herself with the Do-it-Yourself (DIY) services that will allow the three of them to manage 

  • Account balances
  • Fund transfers
  • Payments for recurring bills/outstanding dues
  • Investments
  • Account updates and other servicing requests

You should help your child set up appropriate bank accounts (international or NRI bank accounts) and activate digital banking, and DIY services for all of them. Alternatively, your child can use single/multiple currency forex cards that you can top up anytime. You can also explore the different overseas money transfer options to meet your child’s financial needs. You should get in touch with your bank for more support.

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The contents of this article/infographic are meant solely for informational purposes. The contents are generic in nature and are not intended to serve as a substitute for specific advice on any matter whatsoever. The information is subject to updation, completion and verification and the applicable norms may keep changing materially from time to time. This information is also not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to applicable laws or would subject ICICI Bank Limited/its affiliates to any licensing or registration requirements. ICICI Bank Limited/its affiliates and their representatives shall not be liable for any direct or indirect losses or liability incurred arising in connection with any decision taken by any person on the basis of this content. Please conduct your own due diligence and consult your financial advisor before making any decision. Terms and conditions of ICICI Bank and third parties apply. ICICI Bank is not responsible for third party services. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to avail any products/ services of third parties.