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How to Pay the Fees of a Foreign University from India?

Congratulations! Getting selected for a university abroad is a great accomplishment and the start of an exciting journey. While the prospect of paying for a foreign education may seem daunting, it is important to remember that you have already cleared a major hurdle in being accepted into your dream program.

In this blog, we will provide practical tips and resources to help you navigate the process of paying for your foreign university fees from India. We hope to make the financing aspect of your education journey as smooth and stress-free as possible, allowing you to focus on making the most of your academic and personal growth opportunities. So take a deep breath, and let's get started on this exciting adventure together!

Now, before getting into how to make international payments, let's first understand which payment your prospective university accepts.

First, Research the University's Payment Policies

Before getting into international money transfer, it's essential to research the payment policies of the university you're planning to attend. Here are some steps you can take:

1. Visit the university's website: Most universities have a dedicated section on their website that provides information about tuition fees and payment options. Check the website thoroughly to find out the various payment methods available and the deadlines for making payments.

2. Find out the fees associated with payment methods: Some payment methods, such as wire transfers or credit card payments, may come with additional fees. It's essential to be aware of these fees and factor them into your payment plan.

Now let's see how to do international money transfers to pay your fees.

Ways You Can Make International Payments to a Foreign University From India

1. Bank Transfers

International money transfer through banks is considered the most convenient way to make university fee payments. To do this, you will need the banking details from the university's finance department. These details usually include the name and address of the recipient, the name and address of the recipient's bank, the SWIFT code, and the recipient's bank account number. Once you have this information, you can visit your bank and initiate the transfer. Be sure to double-check all the details to avoid any errors or delays.

The only problem is the additional charges you have to pay, depending on the policies levied by the foreign exchange departments of respective countries. Also, the bank transfers do not get credited to the school's or university's bank account instantly. It undergoes various anti-money laundering and anti-fraud checks to determine if the source is legit. All of these validation processes will take around 1 to 4 working days. The final payable amount will include the fixed transfer and recipient fee. 

2. Forex Cards

Forex, short for foreign exchange, is a commonly used method for making international payments. In this method, you'll need to purchase the currency of the country where you intend to make the payment. These cards are preloaded with foreign currency, which can be used to pay tuition fees and other expenses while studying abroad. Forex cards offer several advantages over traditional bank transfers, including lower fees and more favourable exchange rates. Additionally, forex cards are more secure than carrying large amounts of cash while travelling.

You can buy and sell forex through the Prune website or by downloading the Prune app. We provide the best foreign currency exchange rates and follow a transparent process. 

3. Demand Drafts: 

This method of international money transfer involves making a demand draft for the tuition fees in the foreign currency of your choice. However, it takes longer and has several drawbacks, like the possibility of getting lost. It may take up to 10-15 days for the draft to reach the university. While some foreign colleges do not accept demand drafts, it's important to confirm with the university first. 

4. Money Orders: 

Sending money orders through the post office is another way to pay tuition fees. But this method has become less popular because it's inconvenient, and you can only transfer a limited amount per transaction.

5. Opening an Overseas Bank Account

Opening a bank account in a foreign country for a student is a simple process. After opening the bank account, you can quickly transfer the amount to it whenever the fee is due. Thus, the chances of payment failure will be less in such scenarios. 

But, this is possible only after you have completed your child's admission to the university. Hence, you might have to make the first payment by using any of the other methods above, which is necessary for admission. 

Things to Consider While Making International Payments from India to Pay the University Fees

Already chosen your payment mode? Hang on, check these few things to see if it is really the best one or not:

Transfer Cost

Look out for all the costs associated with making international bank transfers. Some of the additional costs include activation fees, service fees, transfer fees, issuing fees, account opening fees, loading/unloading fees, and others. At Prune, you can relax knowing that there are no loading or commission fees to worry about.

Speed of Transfer

When paying fees for a foreign university from India, you must know it is a time-sensitive transaction. You need to ensure that there are enough days in hand for the amount to get processed, which will prevent you from bearing any late fees or admission lapses. Different modes of payment have varying speeds in terms of transferring money internationally. So, make it a point of consideration as well. We recommend using Forex cards for such a scenario.

Reliability

You need to pick an international payment service provider who has been in the industry for a long time. You should be able to trust their services as your money is involved, and there are timelines within which you need to process the amount. You can trust Prune for timely transactions, zero commission charges and a hassle-free process.

READ ALSO: How to Exchange Currency Without Paying High Fees?

Conclusion

In conclusion, paying for a foreign university education from India can seem overwhelming at first, but with proper research and knowledge, it can be a manageable process. By understanding the payment policies of your chosen university and considering the different payment methods available, you can make an informed decision on how to pay your fees. It's also important to consider the additional costs and speed of transfer when choosing a payment method. By following these tips and using platforms like Prune, you can make your international payment experience smooth and stress-free.

We're here to take away your payment stress so that you focus on making the most of your education abroad. Besides international remittance, Prune also offers forex exchange, local eSIMs, and international roaming plans for those travelling abroad. You can mail us at contact@prune.co.in if you have any queries regarding forex exchange. 

Wishing you all the best for your great future ahead!