Best Ways to Service Your Overseas Tuition
Traveling overseas to study can be breathtaking, a moment to open a new page full of experiences and associations. Whether it’s you learning or a family member, figuring the best way to pay your study fees can be a hectic, stressful, and a complicated process. But the happy news is that there are several options for fee payment today compared to the past.
India ranks second when it comes to students who leave the country to study overseas. This is mostly because of its population of 1.26 billion, of which more than 50 percent are under the age of 25. So this invites an obvious question: how to pay tuition fees abroad from India?
One of the traditional methods of paying tuition abroad is the use of Online Money Transfer. But this isn’t your only on-table choice. Currently, there are several options you can choose from while paying fees abroad from India. These are:
1. International money transfer
2. International bank draft
3. Bank transfer
4. University online payment portal
5. Forex cards
6. Cash
So let’s dive in:
International money transfer.
International money transfer involves channeling money from one state to another. In this method, you present the recipient’s details and the money you are shipping to a money transfer provider or a commercial bank. The bank then would then convert the rupees into the desired recipient’s currency and channel it through.
International bank draft
Personal checks usually operate in an individual country and carry with them lots of financial risks. International bank draft kicks in to solve this problem, especially when sending money to a foreign country. When you buy a bank draft, the bank converts the rupees you’ve given to them into your specified currency.
Bank transfer
This is literally moving money from your account into another. It can be from one account to another in the same bank or even from one account to another in a different currency facility locally or overseas.
University online payment portal
Several overseas universities have their payment channel for international students. In this method, you navigate the portal through the universities link page. Before submission, you check the exchange rate by use of available money transfer providers.
Forex cards
A forex card is a prepaid travel card loaded with a currency of your choice. It is used just as a credit or debit card while paying expenses locally or internationally. You can make withdrawals through an automated teller machine.
Armed with a forex card, you can make fee payments conveniently from India and anywhere else in the world. This type of money transfer is considered the safest and efficient.
Cash
The last and least method to consider when making international fee payment is cash. When paying fees on cash, you will need to change your Rupee into the global currency of choice.
In the case of a cash transaction, you should select a money transfer system that permits you to pick up cash.
There are several factors that you should consider when choosing the method to pay tuition fees through:
Tips to Consider While Choosing Payment Method
We have known different methods of money transfer. This section shall dig deep into the vital factors that you should consider while choosing the best way to pay tuition fees abroad from India.
Convenience
To experience the best of international money transfers:
- Get a provider conversant with your banking style.
- If you like to transfer tuition fees from India to abroad, operate with a service provider that will coherently handle your finances.
- In the case of online payments, ensure that the service provider’s website is easy to navigate.
Transaction speed
How quickly the fees should reach the institution is a vital factor when choosing a service provider. Determine the schedule of the fees you are sending, then make the best-informed choice. Service providers have different time schedules, from minutes to a few days.
Transfer charges.
I am sure you will not want a service provider who charges different rates or behaves sneaky with your Rupee to earn some profit. Often, most providers will weaken their rates compared to real exchange to entice you. The actual rates to work by are the ones that the banks use or displayed in Reuters. So examine keenly, do thorough research and get the cheapest efficient provider to use.
Reliance
Education is life, and you don’t want your son to call off some semesters because of fee delays. Trusting your service provider remains the big question. It would be best to get a provider you can rely on to transfer your rupees to the right destination. To know a provider’s reputation, make use of Trustpilot and customer review tools. They always have the support information you need.
Customer care service provided
Most Money transfer operations are online. In and of itself, it can be tricky to get the required service if something goes amiss. It’s fundamental to know that there will be emergency help at the end of the line in case of a transaction failure. Before making a transaction commitment, try out their customer care services. Evaluate the period it took to give a phone response and make a choice.
Bottom line
CompareRemit provides a comparison of money transfer services and helps you get the best value for your money, especially if you want to send money to India from the USA, UK, or Canada.
