Studying abroad is both exciting and a hassle for various reasons. It guarantees new experience, connections, and a set of learnings, but it has its sets of challenges. The process to pay foreign universities’ fees and other expenses can feel complicated and expensive. Many people also might have searched how to pay university fees in the USA from India etc on google. For those, just go through this post and you’ll get an idea about it.
As compared to other times, there are multiple options available for payment methods. You can do it through Forex Cards, Wire Transfers with banks, and various money transfer providers. We broke it down so you know how it works and places you could save money on the next payment abroad.
Here is the best possible list of the best ways to pay foreign university fees.
1. Set up an International Bank Account
Sending money directly to an International bank account is fast, easy, cheap, and hassle-free. With the world going global, in most countries you don’t need to be physically around to open a bank account. Do the process online.
Go to websites and look for a Non-Resident Bank Account. Or if you wish, you could do it once you are in the country too. Make sure you carry the proof of address from your landlord and other important documents.
2. Forex Cards
Forex Cards are a practical way to spend overseas. With a Visa or Mastercard, the payments can be made locally and the corresponding money will be deducted from the account. But these cards are far from being cheap considering they often come with an annual fee, insurance feel, a minimum balance, and other activity requirements. These could be a hit on your pocket.
Also, these cards have limited currency options and may be invalid if you travel to another country or you may require to pay a cross-country fee for other non-supported currency. These cards demand a withdrawal fee every time you visit an ATM for cash. They may feel simple but are complicated to use.
3. Wire Transfers with Banks
The more traditional way to send money abroad is through a bank wire transfer for large sums. Most Indian banks require you to physically go to a branch to carry out the process. Using SWIFT, you will have to give exact details of the bank and the exact amount being sent across. Depending on the bank it could take= 3-5 business days to send the money across. These processes can take longer than usual and maybe a hassle.
4. Money Transfer Providers
They can be a more accessible and easier way to send money instead of banks and some money transfer providers let you send cash too. Choosing the right one is important. They charge a transfer or service fee depending on how they set up the exchange rate.
They are faster than the traditional means and their deals and offers can make the transfers cheaper. Make sure you keep an eye on the currencies they provide, the delivery time, and ensure no extra fee is added to your transfers.
The process of sending money and managing finances can be a hassle. At Aara Consultancy, we help you find the right fit. Our experts help you choose the best option and stand by you throughout the process. Feel free to reach out to us in case of any further queries.