How Can Students Minimise The Charges For Paying Their Foreign University Fee?

Once you’ve sought admission into your desired foreign university, the administrative routine takes over, which involves submitting documents, paying the fee, etc. The accepted modes of fee payment vary with the university. Hence, the first thing students should do in this regard is to check the official website of the university to know the accepted modes of payment.

Some of the standard modes of outward remittances available to students include the following.

Wire Transfers

This is a normal, secure, and convenient mode opted for making payments towards tuition fees at a foreign college or university. Money can be transferred to foreign currency within 24-72 hours. A fee is charged for making the wire transfer but students can look around to find the cheapest option. This is a quick and efficient process that is transparent, smooth, and seamless.

Also Read | Summer Schools In The USA – Top Competitive Programmes For High School Students

Forex Cards

A forex card is like a prepaid card that can be loaded with funds in foreign currency. This card can be used like any other debit card to make online payments in foreign currency or withdraw cash in foreign currency from an ATM.

Here are a few merits of forex cards:-

• A forex card gives students the flexibility to load the card with funds whenever the exchange rates are favourable and use them when required. This becomes an advantage for students since exchange rates are highly volatile and loading at the right rates provides good savings.
• Forex cards are secure, that is, they can be blocked in no time in case of loss of card.
• Many forex card providers do not charge for loading the card, hence helping one with additional savings.

A forex card Is Like A Prepaid Card That Can Be Loaded With Funds In Foreign Currency

Demand Drafts

This is one of the available options, though it is rarely used in today’s digital world. This is usually available with banks where the exact amount is deducted in rupees while the demand draft is prepared in foreign currency. The demand draft is then couriered to the university. However, this is a long-drawn process that could take over a week or ten days to reach the recipient. Due to the complexities involved, this option is often not preferred by students.

Key Points To Note

Here are some points students should keep in mind while transferring fee to a foreign university:-

• It is best that students explore a few options with different private and public sector banks as well as remittance companies to compare the rates offered. It is best to choose one that charges a flat fee instead of a percentage based on the fee remitted.
• Make sure you are getting the best exchange rate available in the market on the day of the transaction. Try and negotiate a good deal if you are a regular customer.
• It is important to confirm the time taken to credit the beneficiary account and use time as a parameter while comparing options.

Also Read | 3 Challenges You May Face While Studying Abroad And How To Overcome Them

There are online forex aggregators who can help you compare exchange rates and service fees across different banks and money-transfer companies. They may also allow you to book them online. Please note, in India, money transfer abroad is still not a completely online process. KYC document verification has to be done in- person. So, while booking the forex service online, choose a forex aggregator who has partnered branches close to your location. It is best to check out customer reviews on public forums first.

As a matter of prudence, students are advised to explore all options available, compare them on the parameters discussed above, and choose the one that best meets their requirements.

George Zacharia is CEO, ExTravelMoney.com