The best way to pay international tuition fees may come with very tough decision-making. If you are looking for an answer on how to pay international tuition fees in universities abroad, you might have looked around a little. The best way to pay international tuition fees while studying abroad is a costly and complicated process. Since foreign payments are not a one-time affair when studying abroad, you will need a convenient and cost-effective means to pay your tuition fee. Typically, Foreign Exchange Cards or Forex cards, wire transfers, and various other services are used to pay tuition fees! This blog will guide you through all the information you will need on how to pay tuition fees for international students quickly and reasonably.
7 Best Ways to Pay International Tuition Fees
To determine the best way to pay international tuition fees, we must analyse several ways to pay tuition fees abroad, like forex cards, wire transfers, foreign currency demand draft, the university online payment portal, credit cards and more. Below, we will talk about the various ways to pay international student fees while studying at a foreign university abroad:
1. Forex Cards
Foreign Exchange Cards, often known as Forex Cards, are one of the first when thought on how to pay tuition fees for international students. Forex cards are prepaid cards filled with a certain quantity of foreign currency. You can also use them to withdraw money from ATMs and pay for foreign expenses in local currency. Talking about Foreign Exchange, did you know there is a way to save money on it? Our blog on how to save money on Foreign Exchange can help you learn about it.
Pros: Budget-friendly & safe compared to cash
Cons: Additional charges & not acceptable everywhere
2. International Wire Transfer
An international wire transfer is another best way to pay international tuition fees that are thought of when someone thinks about the ways to pay tuition fees for international students. It is a type of electronic payment that moves money from one bank account to another. Using the international wire transfer method, you must give information such as the exact amount, bank details, SWIFT code, and a few other details.
Pros: Secured, convenient and one of the best ways to pay international tuition fees
Cons: High on pocket & irreversible
3. Cash Payments
Depending on the educational institution that you’re opting for, you might be able to pay your tuition fees internationally with cash payments, as cash is one of the best ways to pay international tuition fees. And if you’re travelling by plane, airlines generally have cash limits.
Pros: Zero additional fees & limited expenses.
Cons: ATM charges & higher chances of theft
4. Foreign currency demand drafts
Foreign currency demand draft is an excellent and one of the top choices for the best ways to pay international tuition fees as compared to other forms because of the ease of cost. When considering how to pay international student fees, this comes up as a reliable method. The processing time is frequently longer, and thus, you may not use it for money transfers in emergencies.
Pros: Low cost and cannot be misused due to the beneficiary’s name mentioned on it.
Cons: Chances of theft & expires if deposit is delayed
5. Credit/Debit Cards
For a college student, the respective university’s payment portal is often the best way to pay international tuition costs. Yes, If you have wondered how to pay international student fees, then you can easily use your credit card to make the payment. It is a method that can be used by anyone considering how to pay tuition fees for international students.
Pros: Secured with encryptions, flexible, convenient & automated/ recurring payments may be set up for further ease of paying through the best way to pay international tuition fees.
Cons: Fall in credit score, the temptation to overspend if you choose a credit card as the best way to pay international tuition, low spending limits, even though this will be our best choice if you ask the question of how to pay international student fees.
6. University Online Payment Portal
Every university, such as Oxford University and some of the best universities in the world, has its online payment portal where you can use your debit or credit card to pay the tuition fees; it is the best way to pay international tuition payments. The payment portal is a great payment method for anyone considering how to pay international student fees. You can easily find the university's online payment portal on their websites. It's a good idea to inquire about payment-size discounts, and if you come across any links to pay your tuition money on Google or in emails, don't click on them.
Pros: Quickest and one of the strongest contenders for the best way to pay international tuition charges.
Cons: Minimal or no scope of EMIs or instalments & limited or no flexibility in the modes acceptable
7. International Money Order
A money order is an order from the Post Office to pay a sum of money to the person whose name the money order is sent through the Post Office's department. It can be an option for anyone considering looking for the best way to pay international tuition payments.
Pros: Private, safer than cash & recipient isn’t required to hold a bank account to receive the payment.
Cons: Extra fees, irrecoverable & higher chances of susceptibility to fraud must be kept in mind before using the method.
Challenges Faced When Paying Tuition Fees For International Students
Although the process of paying tuition fees for international students has been streamlined and become more convenient for students, there are still some challenges that may be encountered while paying tuition fees as international students.
1. Unexpected Financial Hardships
No matter how well you plan your expenses abroad, you might still end up facing some unexpected issues. These might be caused by emergencies in the family or an increase in the cost of living. In such cases, you can look for other sources of income that might help you pay your tuition fees if you’ve already moved abroad. Other options include finding scholarships, grants, or sponsorships that can support you financially.
2. Fluctuations in Exchange Rates
Exchange rates can be as unpredictable as the weather in London. So, if you notice a drastic change in the exchange rate of your study destination, you might face some difficulty with paying tuition fees for international students. Since most universities ask their students to pay tuition fees in the local currency, they might face financial stress if the local currency is significantly different from their home currency.
3. Unclear Payment Procedures
When paying tuition fees for international students, you might find it a bit difficult to navigate the payment process if you’re not familiar with the country’s financial systems. Not only that, the entire process of paying tuition fees for international students can be quite complex and take up a lot of your time. If you face any issues with paying your tuition fees for international students, we suggest getting in touch with the university’s official staff as soon as possible.
Documents Required for an International Transfer to Pay University Fees
Before going to how to pay international tuition fees, you must first get all the necessary documents in order. These documents need to be of the sender, whose account the tuition fees will be transferred from. The sender can be the student themself, parents, or a guardian.
- University acceptance letter, including the amount to be transferred
- Valid passport of the student
- Valid ID proof of the sender (such as a driver's license)
6 Things to Consider When Transferring Money Abroad
There are a few things to keep in mind when transferring money abroad, like
1. The Foreign Exchange Rate Represents Exchange Rates
The value of one currency compared to another. When sending large sums of money, even minor changes in the currency rate can have a major impact.
2. Transfer Speed
The ideal time frame for transmitting money through trusted online channels is between 48 and 72 hours, but cheques and demand drafts typically take several days.
3. Fees: It is one of the most crucial factors to consider while sending money abroad. While sending money, you may be charged a transfer fee, a fixed sum or a percentage of the transfer amount.
4. Tax Clearance
Tax clearance refers to the process of obtaining a certificate or confirmation from the tax authorities that a person or entity has fulfilled their tax obligations. In the context of sending money abroad, tax clearance may be required in some cases.
To make global money transfers easier on yourself, find a provider that works the way which is convenient for you. If you like to send money in person at a branch, identify the providers or banks. If you would prefer a digital experience where you can send money at the touch of a button
In some cases, KYC charges are implied for safe and secure transactions. You can go through the process in two ways, with either the bank or online. Usually, the bank process is free of cost, whereas online banking may have an additional fee.
All the factors mentioned above play a vital role in choosing the best way to pay international tuition pay. However, the whooping amount of tuition fees some universities have, alongside the strict payment standards, might overwhelm you. You may try to look for scholarships for international students in various fields like Law and Architecture and various scholarships for post-graduation, among others.
The Best Way to Pay International Tuition Fees & Potential Charges
Often, the best way to pay international tuition cost comes with hidden charges. There might be times when you are surprised at the same time with the charges. To keep yourself at bay with the perplexities, you must consider the following charges before you choose the best way to pay international tuition payments:
1. Transfer Fee
You might be charged an additional fee or an extra charge incurred when you move a balance from one account to another. This can be applied with any of the listed options above for the best way to pay international tuition fees.
2. Service Fee
The extra fee is charged whenever you choose the best way to pay international tuition payments. The fee is part of the service charges incurred to the payer’s account in regard to the services of the payment portal, the bank or the respective universities.
3. Interest Rates
If you feel credit cards are the best way to pay international tuition costs, you may have to consider some things, especially the high interest rates. If the delay in payment is consistent, the compound interest rates charged are equally haunting. You must enquire with the credit card issuer for the extra charges when you seek advice on how to pay international student fees without being over-charged.
As a student relocating to a new nation, you will have various daily needs to take care of apart from the university fee. After you choose the best way to pay international tuition charges, you will need to plan your expenses well. You must also try to figure out ways to save money on money transfers you make while looking for ways to save money.
You will also be required to find out ways to save money on daily expenses, including food, travel, groceries, health and your weekend outings, among many other such expenditures. But you should be worrying the least because you are reading the right blog at the right time. Amber Plus offers you great discounts you can go gaga over. You can find exclusive offers on various important aspects like Forex Cards, flight bookings, food and lifestyle, SIM cards, and well-being services like fitness and mental health, among others. We hope we have covered every possible query on the best way to pay international tuition fees. However, if you want to look further into how to pay international tuition fees, check out our blog on the best international money transfer services. If you have any further questions, please feel free to reach out in the comment section below, and our team will get back to you. In case you have any student accommodation-related queries, you may visit our website or contact us anytime. Keep reading and growing.