What You Need to Know About Student Paying your Tuition Fees?
While being all about getting a head start and a suitable opportunity, education, today, is also an investment, especially if you are considering studying abroad. But the preparations to apply to a college abroad can seem harrowing. And one of the most difficult aspects of studying overseas is the finance aspect and understanding the ‘how’ of it. It is important to understand that with the globe’s current level of technological progress, international financial procedures are far easier than ever before. You can even remit money via your mobile phone!
So we’ll take you through the various options available, the rules governing the space, and how we, at Weizmann Forex, can make remittance a smooth and efficient process for you, as a student headed abroad.
When you need to remit your application or tuition fee at a foreign university there are a number of ways in which money can be remitted. Banks are often the first option that students and parents think of—they offer remittance solutions in the form of demand drafts, wire transfers, and even online transfers, but the charges levied by banks are exorbitant and do not offer the best rate on the forex exchange.
So what is your best option to remit money? It is best to avail remittance services from the Student Forex Solutions provided by an Authorized AD II license holder like Weizmann Forex which ensures secure, quick and hassle remittance services.
Another way to remit money across borders, although not often used today, is via money orders. This use to be the best mode as the funds are guaranteed, since they are a prepaid mode of transaction, while you can opt for traveler’s cheque their limitations like the amount you can carry may make it a difficult choice.
Travel cards are another option, where you can load the amount and then pay at your university. And if it’s a travel card you want, our Multi-Currency Card is the best choice. Secure because of its chip-and-PIN feature, efficient because of its ability to carry 16 global currencies, and otherwise perfect because it locks in exchange rates at the time of loading, the card is ideal for the student life abroad.
The two most important points you need to note about remittance is that there are limits to transactions and your travel and identification documents are a must. Under the RBI Liberalized Remittance Scheme (LRS), the total remittance amount is $250,000, except in the case of studies abroad, medical expenses abroad, and care for a close relative abroad. In fact, as reported by The Times of India, there is no limit on amounts remitted towards fees! The Times also adds that once students are abroad, they can “receive remittances ... of up to $200,000 per financial year, which can be used towards maintenance or for studies”.
As an RBI-licensed authorized dealer in foreign exchange (Category II), we ensure transparent and competitive rates and zero hidden charges and if you require help with a transaction involving your foreign college or university, we can send your funds within just 24–48 hours, directly to your institute.
So although remittance is a complex world to navigate as a student, if higher studies in a new country are what you’re aiming for, then the topic requires your understanding and attention. And as always, if its forex-related assistance that you need, Weizmann Forex has you covered.