Different Ways to Pay Your Education Fees Abroad on Time
Ketki Jadhav
Jul 22, 2022
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Education breeds confidence! It is an investment towards one's career development and has become a necessity to lead a successful life. It helps in acquiring knowledge, abilities, and skills to be more productive and successful in future. Enrolling in a renowned foreign university to pursue higher education is a remarkable milestone. The struggle does not end at cracking difficult examinations after years of hard work. Many students face difficulty in paying fees to a foreign college or university, which disappoints them. This article elucidates different ways to pay your educational fees abroad on time, which can help you avoid such difficulties and have a smoother enrolment experience.
Here are different ways to pay your Educational Fees abroad on time:
1. Wire Transfer:
Wire Transfer is one of the common and safest ways to transfer money abroad through a bank. Typically, banks use the global messaging platform - SWIFT, which facilitates money transfers to other nations electronically. Wire Transfer is the best mode of international fund transfer for a large amount of money. Nowadays, many banks offer online international fund transfers. However, if your bank does not offer an online facility or you are not comfortable transacting online, you can visit the bank branch and make the transaction. In order to do the Wire Transfer, you will need the details of the foreign bank, including the SWIFT code of the bank. This type of fund transfer usually takes 3 to 5 working days, but the transfer time also depends upon the foreign bank. The bank will charge you with a SWIFT fee, outward remittance fee, and exchange rate fee.
2. Demand Draft:
A Demand Draft, also known as a cashier's cheque, is another way to pay your educational fees abroad. You can visit your Indian bank and request a Demand Draft in the name of your college or university with the required amount. You can submit the Demand Draft to your college/university in person or through the mail. That said, mailing the Demand Draft has certain disadvantages. The mailing process is quite slow and can take up to 15 days to get delivered to the college/university. Furthermore, there is a chance of a Demand Draft getting misplaced or damaged. Therefore, this mode of payment is generally not preferred by the students. However, some leading colleges and universities accept fees only through Demand Drafts.
3. Payment Platforms:
Some international colleges and universities use specific payment platforms for students to pay their course fees. Some of these platforms have tie-ups with some Indian banks. If your college/university offers such a payment platform that has a tie-up with an Indian bank, it makes sense to clear your fees using the payment platform as it is convenient and faster than other payment methods.
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4. Credit Cards:
Using a Credit Card for the payment of educational fees abroad is as easy as making an online international purchase. Most international colleges and universities accept fees through credit cards. However, before using your credit card to pay educational fees abroad, it is advisable to check the international transaction charges with the credit card provider. These charges are generally higher, which makes the fee payment transaction costlier than other payment modes.
5. Forex Cards:
Forex Card is another popular mode of payment for educational fees abroad. It is a prepaid card in which you can load money from your Indian bank account in a foreign currency. You can simply choose the Visa or Mastercard payment method when paying your fees and pay through your Forex Card, just like you would pay through a Credit Card. The Forex Cards also allow you to withdraw cash at foreign ATMs, making it useful for any other expenses in the currency you have loaded.
6. Money Transfer Service Providers:
Money Transfer Providers is another convenient mode to transfer funds abroad in a fast and convenient way. They also allow you to send cash abroad. Some Money Transfer Providers require you to visit the branch to make a transaction, whereas others offer an online transfer facility. They charge a transfer fee or service fee, which can make your transaction costlier. Hence, it is essential to do your research and select the right service provider.
7. Foreign Bank Account:
If you are enrolling for an educational course in a foreign country, you will have several other expenses and require to open a bank account in a foreign land. Clearing your educational fees from a foreign bank account is the fastest and most convenient mode of payment.
Final words...
Since there are multiple options available to pay your educational fees abroad, it could be challenging to choose the right option. When paying your fees, it is advisable to consider the cost of money transfer, the time it takes to transfer the funds, and the convenience of making the transaction. Furthermore, make sure the option you choose not only seems cost-effective, faster, and convenient but is also trustworthy.
Warm Regards,
Ketki Jadhav
Content Writer