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Alina Joris
Alina Joris

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Various methods to pay your tuition fees in a foreign university

It's a major accomplishment to study abroad at a foreign college or university. The whole transition process should have required a great deal of work and thousands of hours.

After all of this work, it would not be great if you are having issues while trying to pay the tuition fee at a foreign college. Various nations have universities accepting various types of payment.

Just to safeguard the whole process, you can get in touch with your university to decide the best way to consider transfer for your tuition fees. There are several ways that the fees can be paid. We have tried to list the most accepted payment methods that you can use:

1. Paying tuition fees via forex cards: A forex card is similar to a prepaid card i.e. Debit card. A forex card gives you the luxury to fill funds in a foreign currency. It is accepted internationally, so you can either use your forex card to pay for your tuition fees, bills or withdraw money at an ATM in foreign currency.

One of the types of forex card is single currency cards and another one is multicurrency cards. Now let’s understand both types of these forex cards.Single currency Forex card is one which you can load a single currency with a specific foreign currency. When you are travelling to a specific country or more importantly if you are visiting just one country, you can use that country's currency to load this card.

Multi-currency forex cards are the type of cards which you can pre-load the wallet with various currencies, as the title indicates. There is nothing better and safer than a forex card. The forex cards possess a chip and pin technology. This creates another form of security which gives you a sense of safety and much needed relief. In addition, in case if you lose your forex card, to prevent any abuse of the card, you can get your card hot listed in no time.

You can use an online service for buying a forex card from online forex remittance marketplaces. A lot of these platforms charge absolutely zero for issuing a forex card unlike banks. Also, when you reload or unload your forex card, some of the platforms let you do that for free which is great and can save you on tons of charges.

2. Paying tuition fees via wire transfers: This is also an extremely secure and efficient way of doing a money transfer. Paying tuition fees via wire transfers is one of the most popular ways used by students.

It only takes between 12 to 48 hours or so for international money transfers, which is remarkable given how much money you can manage at once. A fee will be charged while doing wire transfers but if you do it via online money transfer platforms, your service fee can come down significantly low.

If the university accepts this type of payment method, it will be a cakewalk for you as the whole process is easy to understand. The whole procedure is convenient and should not be of concern to the transferor or recipient.

3. Paying tuition fees via demand drafts: This is another way to pay your tuition fees, but it is not very common. The first move is to go to a bank with a working account. For the sum of money, you want to transfer to the university, you are expected to make a demand draft. The balance will be deducted until the rupee value has been translated into a certain foreign currency that you wish to pay in. The cost for the commission is not oversized, but minimal, so you don't have to fret.

However, whenever it falls to paying fees via demand draft, there are some annoyances. The biggest issue is that demand draughts takes up anywhere between 10 to 15 days. As soon as the demand draft is ready, it will now be shipped to the university which will take a lot longer and there's a certain risk of the demand draft getting torn or misplaced/lost which will be an even bigger issue to deal with.

4. Paying tuition fees via money order: These are basically a payment order for a certain sum of money. It is a secure way to pay your tuition fees via money order. This enables the receiver to collect cash at the authorised source on request. As well as it may be decided to cash in another nation even when the money order is made in a different nation.

Only one thousand US dollars can be sent through one money order. In case the fees exceed this amount then you would have to get a number of money orders made or you can use a different payment method to pay the tuition fees. A major upside of using money orders is that because your personal information is not included, it is virtually undetectable which makes it very secure. These orders can also be deposited in a bank or may even be used if you want that.

There are other payment methods to pay the tuition fees as well such as online money transfer platforms or doing a SWIFT transfer. You can go with the option that fits best according to your requirements.

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