Education builds confidence and is crucial for career growth, providing knowledge, abilities, and skills necessary for future success. Pursuing higher education at a foreign university is a notable accomplishment, but paying fees can be challenging for many students. This article provides solutions to pay educational fees abroad promptly, ensuring a seamless enrolment experience without financial stress.
Different Ways to Pay Your Education Fee Abroad
1. Money Transfer Service Providers
Money transfer providers offer a quick and easy way to transfer funds abroad, including the option to send cash. While some providers require in-person transactions, others offer international money transfers online. However, transfer fees or service fees may apply, increasing the overall cost. Conducting research to choose a suitable provider is crucial in ensuring a cost-effective transaction.
2. Wire Transfer / Bank Transfer
Wire Transfer is a secure and popular way to send money internationally through banks using the SWIFT global messaging platform. It is particularly suitable for transferring large amounts of money. Many banks offer online Wire Transfer services, but if you prefer not to use online transactions, you can visit a bank branch to make the transfer. To execute the transfer, you will need the foreign bank’s details, including its SWIFT code. The transfer typically takes 3 to 5 business days, and the bank may impose SWIFT, outward remittance, and exchange rate fees.
3. Demand Draft
A Demand Draft, also known as a cashier’s cheque, is a payment option for educational fees abroad. You can obtain a Demand Draft from your Indian bank in the name of your college/university and submit it in person or via mail. However, mailing the Demand Draft can be slow and risky, as it may take up to 15 days for delivery and may get lost or damaged. Hence, this payment method is not widely preferred. Nonetheless, some prominent colleges and universities exclusively accept payment via Demand Drafts.
4. University Payment Platforms
Certain international colleges and universities provide students with designated payment platforms to facilitate the payment of their course fees. In some cases, these platforms have established partnerships with Indian banks. If your college or university offers such a payment platform, which has a tie-up with an Indian bank, it may be advantageous to use this payment method to clear your fees, as it is typically more convenient and expeditious than alternative payment options.
5. Credit Cards
Paying for educational fees abroad using a credit card is a convenient option, similar to making an online international purchase. A majority of international colleges and universities accept credit card payments for fees. Nevertheless, it’s prudent to verify the credit card provider’s international transaction charges before utilizing the card to pay for educational fees abroad. Typically, these charges are higher than other payment methods, which increases the transaction cost.
6. Forex Cards
Forex Cards have emerged as a widely used mode of payment for international education fees. Essentially a prepaid card, it allows you to deposit funds from your Indian bank account in a foreign currency. During fee payments, you can opt for the Visa or Mastercard payment option and use your Forex Card to complete the transaction, similar to using a credit card. The added convenience of Forex Cards lies in their ability to withdraw cash from foreign ATMs, making them a suitable option for other expenses in the same currency that you have loaded on the card.
7. Foreign Bank Account
When enrolling in an educational program in a foreign country, there will be additional expenses that need to be accounted for. In order to facilitate the payment of educational fees, it may be necessary to open a bank account in a foreign country. Clearing fees from this account is typically the quickest and most convenient method of payment.
Paying university tuition fees abroad from India can be a costly and time consuming process. It is important to research the different methods available to make sure you get the best rate. Additionally, it’s always helpful to have a friend or family member who knows the process well assist you in your search. Once you have chosen the right option, take the necessary precautions to make sure that your funds are secure and your transaction goes smoothly.