How to Transfer Money to a Foreign University?

The thought of studying abroad brings a lot of excitement to students. But, the process of studying abroad can be complex. The real journey begins by transferring the tuition fee money to a foreign university. It is a concern of many students as the process of accepting money could vary depending on the university. And students cannot afford to delay the process as it could cost them their admission at the specific university. Money can be transferred in various ways to a foreign university. And if you wish to know how to transfer money to a foreign university, continue reading this blog.

Ways to Transfer Money to a Foreign University 

The following are the ways to transfer money to a foreign university:

Bank Transfers

It is one of the safest and surest ways to transfer money through bank accounts. You can pay fees and transfer money to a foreign university through your bank accounts, it will have the proper fee receipts and invoices which can be of use in the future. Transferring money through bank accounts can be done via net banking or by visiting the nearest branch of your bank. Make sure to keep all the details required for transfer ready with you.

Also Read: Best Bank Accounts for International Students.

Payment Platforms 

Many universities across the world accept money transfers through a variety of digital platforms. These platforms have tie-ups with universities and may be tied up with your country-specific bank as well. Because of these tie-ups and connections with banks, remittance tends to get done faster.

Credit Card 

Credit cards are one of the most common and popular methods of transferring money. It is accepted by many universities worldwide. However, this method may include some charges from your issuing bank. 

Forex Card 

Another safe and secure way to transfer money to a foreign university is through Forex cards. Forex cards are prepaid cards that allow the user to load money in a foreign country. These cards are accepted at most ATMs abroad and allow the user to make easy withdrawals. These cards can be used to pay fees and other expenses abroad.

Steps to Send Money Through Fly Finance – Forex

The following are the steps to use fly finance to transfer money:

• Select where you want to send the money
• Enter the amount you want to send
• Select or Add recipient account details
• Your international money transfer will be done in minutes 

Benefits of Using Forex

The following are the benefits of using Forex to transfer money to a foreign university:

• Fly Finance make hassle-free international money transfers

• Cost-effective
• Real-time exchange rates, cheaper than other banks
• Safe and secure as payments are made with globally licensed partners
• Zero convenience fees with no hidden charges
• 100% Online application and KYC process
• Quick service and the money can be transferred within minutes

Things to Keep in Mind

The following are the things to keep in mind when transferring money to a foreign university:

• Exchange Rates – When you are doing a money transfer from one country to another, you must check the exchange rates beforehand. The exchange rate is the relative value of the currency of one country to another. Small differences in exchange rates can make a big difference when sending a large amount of money.
• Overhead Charges – When transferring money, you will always be charged with a transfer fee which you will have to pay for every transfer you make. This fee can either be a fixed value or a fixed percentage of the amount you transfer. This may also include foreign conversion tax and, in some cases, service tax for each entity involved in the transfer process.
• Transfer speed – Check the transfer speed and duration for money transfer with your bank or money transfer service. This may vary depending on the service that you have chosen. 
• Convenience – Make sure that whatever way you choose to transfer money matches your convenience level. You can either choose bank transfers or use a credit card or forex card depending on which method suits you the best. 

Also Read: Budgeting Tips for Students.

FAQs

If you wish to know more about international transfer and education loans, reach out to Fly Finance experts.