How to pay fee to a foreign university from India
Many students prefer doing their education abroad. Earlier it was quite difficult for students to leave India and move to foreign lands for study. But things have changed now as it has become quite easier to book your trip and arrange your stay right from your home.
When it comes to paying fees, there is always this concern whether the payment would reach the right authorities and if they will do the admission or not. Apart from the general tuition fee, there are other college expenses as well that needs consideration. There are separate laboratory fees, and sometimes you got to pay donations as well.
You might be having second thoughts on whether all this is genuine and how you could track the admission process because there are many fraudsters online. Without further ado, here are a few ways to send money to foreign university that are safe and also helps you keep track of the payment right from India.
Online Money Transfers:
Many foreign universities provide online payment gateways on their websites. These gateways often accept wire transfers and allow you to make payments securely. In India trusted online money transfers like Orient Exchange not only provide secured way to send money to foreign university but also offers various modes of money transfer services such as Convera, Paymytution and Flywire exclusively for paying tuition fees abroad.Transfer Abroad Tuition Fees Online Now
- Bank Transfer: Bank transfer can be the most efficient method when compared to others, but the problem is that they have their foreign exchange departments, which can cost you some additional charges. But it is safe and easy way as compared to hard cash. It is easy to keep track of all the transactions made to the university using the bank statements. This is one of the best and the safest methods of transferring money to foreign universities.
- Forex Cards: This is an easy way to pay the fees as there can be multiple ways for even a single transaction through this method. Also, there is no hassle for additional charges. This is one of the many efficient ways to pay the fees. This is convenient for international students. You don’t have to worry about exchanging foreign currencies, and the best part is you can swipe it for other transactions abroad as well.
- Demand Draft: This method is ideal for those who have sufficient amounts of bank balance as it will help you by withdrawing the amount. You can then transfer it to another account. International transactions haven’t been easier than now. This method is one of the safest as it has no turnaround on a fixed time and will confirm your enrollment in the university. Keeping track of your payment is also possible.
Then Which is the best option to send money to Foreign University?
Online Money transfer are the best method to pay university fees but it will be wise to carry a forex card and some amount of local currency while travelling. Forex cards give a variety of options for you to pay, and they look just similar to standard debit or credit card.
You can use a forex card, and if you end up with excess money, you can always exchange the amount depending upon the market rates. You can easily block or replace the card if they get stolen.
The best part is you don’t have to worry about the coverage of transaction fees. But, transferring funds to bank account may involve charges.
International students are one of the best ways for revenue generation for the country. Some colleges provide scholarships for the deserved candidates. With a forex card, it is easy for you to keep track of money credited and debited from your account. Most international students prefer this method as it is more comfortable for them.
Factors to consider to send Money to Foreign University?Finding Best Exchange Rate:
When sending funds to a foreign university, you'll have to deal with currency exchange. Exchange rates can fluctuate, so it's advisable to monitor them closely and choose an opportune time to make your transfer. You can use online currency conversion tools or consult your bank for the most favorable rates. Orient Exchange will give you real time exchange rate update for your money transfer.The exchange rate offered by Orient Exchange is most favourable to students.Check Live Exchange Rates for your money transfer Choosing Secure Money Transfer:
Sending lump-sum of funds is always a risk oriented process, One has to choose secure way to send money to foreign university from India. Orient Exchange offers most secured way to transfer student money to abroad. That’s why it is considered as most trusted platform on Google. One can consider Orient Exchange as trusted partner for paying fees to foreign university.TCS Rate:
One must aware of TCS rate for education remittance. Last Finance Bill has released revised TCS rate for Education Remittance, w.e.f from October 1 2023. The new TCS rate will be “NIL” up-to 7 lakh Rupees, 5% for above 7 Lakhs and 0.5% above 7 lakhs, if funded through Education Loan (from specified financial institutions).Know more about New TCS Rules
Most International Universities across the world prefer an online mode of transactions. Students from India will find it easier to transfer money abroad without having much to worry about. The only place where you might fall back is the conversion rates.
The conversion of INR to USD or any other currency is a bit difficult. A foreign currency exchange provider like us can help you transfer money with little trouble. You can send USD or any other preferred currency when transacting with us.
We can help you get the best USD conversion rates. It is always better to have more than one option while travelling abroad. Using forex cards in addition of using hard cash can be a alternative option. By employing the above modes of transferring money, you can pay your fees to any foreign country abroad.
Frequently Asked Questions
Online Money Transfers are one of the most common methods for paying fees to a foreign university. You provide your university bank account details, remitter’s KYC and rest will be taken care off. Select money transfer agency after through research on wire transfer fees and currency exchange rates.
Payment options may vary by university. Some universities may offer the flexibility of paying tuition fees in installments, while others may require a lump-sum payment. It's advisable to check with your specific university to understand their payment policies.
The Reserve Bank of India has regulations governing the remittance of funds for education abroad. Regulations such Liberalized Remittance scheme (LRS) made under FEMA rules of RBI provides limits for Remittance transfer.
When opening a bank account for international transactions, consider factors such as competitive exchange rates, low transaction fees, and compliance with Reserve Bank of India's regulations for overseas transactions.
Exchange rates can fluctuate, which can impact the total amount you pay for your education. To mitigate this risk, you can consider making advance payments or find rate blocking facilities to block the exchange rate. Consult with financial experts or your bank for guidance on managing exchange rate risks.