Wire transfer and currency exchange fees add up to what you pay for your studies abroad. Most students from Africa are shocked to realize that the tuition fees they pay through their local banks cost them a lot of money. The fee local banks charge international students to exchange their local currencies to pounds, dollars, euros, and other foreign currencies is on the high side. Sometimes, the money wire can take several weeks before hitting the school account.
Today, we have numerous payment options that have lower transfer charges compared to what the banks offer. Bank service charges vary in percentage based on the currency and location of the transfer. Often coming from African countries, pay higher because of their currency fluctuations.
How to Pay the Lowest Currency Exchange Fees
If you are an international student seeking ways to curb the excessive transfer charges from your local bank, you can take the following steps:
Make Use of University-Approved Wire Services
Before you make your payment to your school through the bank, you should find out the wire service the school works with. You get this by asking the campus bursar through email or direct call. You can find this information also on the official site of the school. Higher institutions abroad verify the payment companies they want to use for their services. This ensures the students do not witness losses when they send with such services from their home countries.
Wire Tuition Payments Directly to School
You can avoid accruing charges from two banks when you wire your tuition fees directly to your school through a wire service or your local bank. When you use this method, the likelihood that your fund will get missing is eliminated. In addition, paying additional fees is removed. Generally, universities do not charge their students excess charges or no fees when they pay directly.
You Should Confirm Exact Fees and Payment Arrival
You should confirm every charge, including the exact date of your payment arrival. The reason for this is to checkmate hidden charges. Often, some banks make use of intermediary banks to complete the transaction, thereby, accruing extra charges for the student.
Students who make late payments often suffer from this challenge. Some students end up losing their admissions because the money sent to their schools was incomplete due to bank charges. You should ask questions and make your research before using your local bank to make your transfers abroad.
Pay4Me
For Africans relocating abroad, they can take advantage of a payment app called Pay4Me. The borderless payment app offers you the easiest means of buying for your visa, tuition fees, admission deposits, and other travel-related fees. Pay4Me eliminates the challenge of delayed payment to your school, hidden charges, or funds missing. You confirm the arrival of your payment within 1-3 days, depending on the transaction option you selected. The paid transaction option is faster than the free option.
