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You’ve been planning out your education and career ever since you understood the importance of it, then someone came along and told you receive your further education in a foreign country, probably the US or UK. You did your bit and chose a course and the best university for it and got selected. Congratulations! Now what? Now comes the important part- paying the tuition cost, visa application, accommodation etc. How do international students pay for college?
For Indian students, the process has become easier over the years to deal with the hassle of money transfer even if it is on an international scale. For students many facilities are available for managing your international currency. Your enrollment gets confirmed only after you’ve paid for the tuition and other dues. So, how to do it? Let me help you out here on the options you have for swift and secure payment of your tuition fee-
What is a tuition fees-?
Every student enrolling on a course in any educational institution first has to pay for its tuition (the instructions cost) along with other application formalities. Some universities accept this fee quarterly, half-yearly or annually. If you are an international student then this cost is clearly mentioned in your university offer letter (determined according to your nationality).
Before we burgeon exploring the payment options let’s take a look at the calculation and procedure of depositing the fee-
Step 1: Total course fees from your offer letter minus any eligible discounts
Step 2: In case of a previous deposit, deduct that amount from the result of the first step
Step 3: Pay the remaining
Paying your tuition fees-
For international students there are several options to pay for tuition viz.-
• Hard cash-
Not a good idea for international transactions especially for paying as foreign university fee as the exchange rates gets fluctuated for every monetary instrument for different countries.
• Bank transfer (exchange rate applied at the time of deposit)-
The bank you have your account with provides this facility for transferring your university fee. Every bank has its own foreign exchange department for catering to international transactions. The additional charges may apply for the same.
• Forex cards (pre-paid with the exchange rate fixed on the day of purchase)-
These are the most secure way of transferring the amount internationally. Students, who wish to do multiple or single transaction without the hassle of exchange rates, should opt for this global convenience.
• International credit or debit cards-
Just like your regular debit/credit is associated with your account, your bank also provides a card that is capable of handling your monetary transactions on the international spectrum. This is an expensive option as it includes the service charges every time you use it for withdrawal.
• Demand Draft-
This facility will ease you from withdrawing the amount first and then sending to another account you just need to have sufficient balance in your account. For students willing to so international transactions especially as crucial as paying for the tuition fee, this method is impressive as it has no fixed turnaround time and could cost you your enrollment in the university.
A general idea about Forex for students wishing to attend a foreign university-
For Tuition & Living Expenses: Approx $100,000 (annual depending upon the duration of your course) or as mentioned stated in your accepted application.
For Basic Travel Quota (BTQ): $10,000 (approx)
Why are prepaid forex cards so popular?
Prepaid Forex cards look exactly like your debit/credit card loaded with the currency of your choice or multicurrency. These are considered a better option than carrying or exchanging cash which is subject to market rates. These cards function just like your regular chip based credit/debit cards secured with a pin, can be used for international transaction to universities and individuals. They also come with the facility of blocking or replacement on request. You can put in the entire amount in a single, easy to operate card. The benefit of taking a prepaid card is that most of them cover free travel insurance. Foreign Exchange companies like Weizmann Forex, with their global presence provide you the facility of reloading your currency from anywhere.
International students are important for every country because of the revenue generation. Many universities generally offer scholarships to its excellent and deserved candidates. Some employers, government bodies provide sponsorship as well to their citizens and in that case making the fund transfer via forex services, makes it easier for both the paying and receiving parties. When applying for a forex card specifically tailored for international students, then keep in mind that these services thrive on your satisfaction.