Pay Tuition Fees Abroad – Quick Methods to Transfer

Going abroad for studying is the preferred choice of many students. It is an exciting opportunity and time for them to explore new experiences, learning, and friends. Getting into a foreign university for higher studies shows that you have dedicated your time to clear the exam. However, the payment process for paying tuition fees can be complex and expensive.

The expenses and other cash you need to stay abroad are not covered entirely by the tuition payments. The good thing today is the availability of multiple channels of payment compared to the past.

Ways of Payment

You may think about what the ways of making payments are. The range includes forex cards, wire transfers, and money transfer providers.

Send Money Abroad to Pay Tuition Fees – How These Methods Work

Forex Cards

The usage of these cards ensures a smooth way to spend for overseas payments. With a single swipe of the MasterCard or Visa, or through participation in the payment company, the payments are made locally and the money is deducted from your account.

But Forex cards for students are not the cheapest way to go. They come with issuance fees, annual fees, minimum balance, and activity requirements. All these additional fees are hard on your wallet. Moreover, Forex Cards are not all the same. For example, some have limited options of currency, which makes it hard to make any transactions in a foreign country.

Even if the cards work in other countries, you might have to pay cross-currency fees for external or non-supported currencies. The cards also have cash-withdrawal fees every time you withdraw using an ATM.

Although Forex cards may seem easy, they have multiple additional fees.

Wire Transfers with Banks

 One of the traditional ways to go with is a bank wire transfer. Most banks use the global SWIFT system to send money to countries around the world.

Transfers with banks are most suitable for a large amount of money. It can be done via an online banking portal offered by the banks. You may need to visit the banks physically.

The SWIFT system requires you to provide correct details of the bank and the amount you are sending. The entire process takes about 3-5 business days but may take longer depending on the bank type.

There is a fee involved in the SWIFT process and a remittance fee for sending the money foreign. It also involves a hidden exchange rate fee with the rate given by the bank.

Wire transfers are a viable option for specific payments. But, it isn’t the smoothest or fastest way if you want to make the transactions regularly.

Money Transfer Providers

Instead of banks, money transfer providers are more accessible and easier. They also let you send cash. They vary from bank to bank with some requiring you to visit the bank physically while others use the latest technology for sending the money globally within minutes.

Most money transfer providers often charge a service fee. The fee also depends on the exchange rate fixed by the bank.

The process is faster than regular payment methods, and also provides offers or deals to make the transfer inexpensive. Before you go any further, it is crucial to take the delivery time, provided currency, and no hidden fees into consideration.

Things to Consider While Sending Money Abroad   

With the above available options, it becomes hard to decide the best thing for your family. There are a few things that you should keep in your mind while sending money to another country, and they are mentioned right below:

Transfer Cost

The transfer cost of the transaction depends on the method you choose. Various services have different fees called service fees or transfer fees charged by the service provider.

One more thing you need to consider is the exchange rate fee and compare it to the rates on Google to ensure you are not losing any money.

Transfer Speed

The speed with which you want the money to get transferred is also a thing you need to consider. The speed proves to be very useful when you need to send money in an emergency or the deadline of the tuition fees is around the corner.

Convenience and Trust

Find a provider that seamlessly fits your finances and convenience. You can make the transaction with only a click. You must not leave trust behind while considering a payment method. To ensure trustworthiness, you may take a look at the customer reviews. If you are also finding a way to pay tuition fees abroad, you should pick a service provider satisfying the criteria mentioned above.