Pursuing one’s dream in a foreign country with different cultures and surroundings will introduce you to a new world. For specialized degrees and higher doctorates, several aspirants apply each day. Education from a foreign country enables the students studying abroad to take full advantage of the most significant resources and gain the benefits of exposure to a different culture. The quality of students studying abroad will undoubtedly increase. Thanks to increased cultural awareness, relationships with individuals from various ethnicities, and language proficiency. There are, nevertheless, a few obstacles that could be well-managed to make studying abroad a more straightforward and enjoyable experience to recall and discuss. It is sometimes difficult to take up the challenge of studying abroad due to the lengthy procedures and the task of remitting the University Fees.
This blog is about making the University fee payment.
Why do students prefer to study abroad?
There are plenty of reasons for Indian students to study abroad. It depends from person to person. Some of them are listed below:
- Career Advantage: The exposure and job opportunities received by Indian students abroad are plenty. A University graduate in a foreign university has a better chance than others to get jobs.
- Better Exposure: The exposure and adaption to the dynamic world will best fit the student studying abroad. Living individually and managing their expenses will put the student in a better position.
- Quality of Education: Most universities abroad carry a well-prepared curriculum with expert trainers. This can help the students avail of a better quality of Education and a spirit of competitiveness.
- Selection of courses: The students get to choose a wide range of courses offered by the Universities. Universities abroad offer various courses, which sometimes become difficult to choose.
Different University Payments
The payment towards the university fee can be the following:
- Registration fees: Registration fees are the fees the university charges for processing the application and similar procedures. It is the initial amount of money the university receives from a student. The fees depend upon the various facilities and criteria of the Universities. In most cases, this will be a minimal amount paid towards the university. However, the university’s registration fees can be considered a university fee payment.
- Tuition fee: Tuition fee is the fee the universities or any educational institutes charges for the classes and lectures they take. You commonly pay for these classes per the university’s instruction, for instance, termly, monthly etc.
- GIC: Guaranteed Investment Certificate, commonly known as the GIC, is a short-term liquid investment offered by Canadian banks. This is the amount that pertains to one’s account if you want to study in Canada. It is a guarantee levied by the Canadian government to ensure the student’s safety in Canada.
- German Blocked Account: German Blocked Account is the same as GIC but a guarantee by the German government. It is the ‘blocked fund’ maintained by the students before going to Germany for higher studies.
All you need to know while remitting the University Fee Payment
- The amount remitted can be for University/college fees, GIC payment or German Blocked Account.
- The remitter of the money can be either a close relative of the student or the student itself.
- The recipient should be a student studying in a University/college abroad or the University itself.
- Some universities abroad accepts fee through the payment aggregators like Flywire, CONVERA, CIBC etc.- an easy to use payment method making the transaction simple and reliable.
The popular ways to pay University fee payment from India
There are several ways to make your university fee remittance easier. Some of the popular ways are listed below:
- TT (Telegraphic transfer- SWIFT Transfer): SWIFT Transfer/ TT is an electronic method for transferring money overseas to the beneficiary account.
Wire transfer is a safe and secure payment method for transferring money to a university. One of the most common ways for students to pay their tuition is through wire transfers. The guaranteed speed is the main attraction of SWIFT/TT. Anyone can easily remit University Fee payments to the beneficiary account. Swift transfers receive straight credit to the student’s performance and the bank account needed to pay university fees from India.
- FCDD: FCDD stands for Foreign Currency Demand Draft, a simple method to remit overseas fees. It is a cash instrument in the form of a Demand Draft later submitted to the foreign bank. The money will be credited through the clearing process happening in the next step. It is a safer method of remitting the fee.
Another advantage of FCDD is almost every currency can be taken as FCDD. The Demand Draft is valid for 3 months from the date of issue. This safer method can even be used for Immigration and Visa processing.
- Forex/ Travel Card: Forex card/ Travel card is another safer way to remit your University Fee payment. A forex card is unrivalled in terms of comfort and convenience. In the forex cards, chip and pin technology is utilized. You are given an additional layer of protection as a result of this.
It is simply a prepaid card that can load money onto it when exchange rates are favourable. Your forex card can be used to pay for tuition, pay bills, or get cash from an ATM because it is accepted everywhere. Forex card is a perfect method for University fee payment.
Documents required for University Fee Payment
Certain documents have to be submitted before remitting your University fees.
- PAN card of the remitter
- Offer letter from the University
- A2 form duly signed
- Student passport
Limit of remitting University Fee Payment
According to the LRS scheme, there is a limit to sending money as international university fee payments. Dollar 2,50,000 per financial year can only be transferred as University Fee Payment. A student studying abroad can receive $2,50,000 per financial from close relatives to pay the university payment.
How do you remit money for the University fee payment?
The process of remitting money for the University fee payment is quite simple and will only take a few steps:
- The first step is to look for an authorized, trusted service provider. This will make your transaction easier and ensure your money reaches the University/beneficiary with full security. Remitforex by Unimoni Financial Service Ltd is a trusted service provider that was the first to receive AD II Licence.
- The second step is to provide and fill in the needed/accurate details by selecting the beneficiary account.
- Select the bank account details with the amount remitted as University Fee Payment.
- Select the correct payment method and submit the documents
Epilogue
Entering a foreign college or university is a remarkable milestone in one’s life. It is the dream of everyone to get enrolled in a foreign university. But after making all efforts, it is disappointing to have difficulties in paying the University Fees.
Look no further! Remitforex offers complete assistance for Overseas Education along with University fee payment. Remitforex by Unimoni is an online platform where you can make your University Fee payment without any hidden charges. We offer an unbeatable exchange rate with total security for your money!
Apart from sending money, we are a pioneer in foreign exchange, student accommodation and much more. Remitforex by Unimoni India serves you at 300+ branches across India.
