Paying tuition fees abroad can be a scary prospect – particularly if you aren’t used to sending large amounts of money overseas. From online payment platforms to bank transfers to debit and credit cards, here’s how to make it easier to pay tuition fees abroad.
Think about how you are making tuition payments
Tuition fees for international students are generally payable at the start of each academic year or term, or before arrival if studying for a full academic year.
Some universities allow you to make payments in instalments. Students on exchange or Erasmus programs may not be required to pay tuition fees to the host university, but may still incur other fees. The value of any payments will obviously depend on whether you have successfully applied for a student loan to study abroad.
Your first port of call should be the university’s website, which should give you more information about how (and when) tuition fees need to be paid. Some universities may offer online payment portals that you are able to pay through using a credit card, otherwise you may use services such as Flywire or Convera that allow you to pay in your own currency.
Getting student financing/funding
Depending on where you are heading, it may be possible to secure a loan to travel abroad. For example, if the person studying has been living in the UK for at least three years before the start of their course, they may be able to get help with living costs from Student Finance England. The Erasmus+, Taith or Turing schemes all offer travel grants too. However, this only applies if you are living and studying abroad as part of a UK-based course.
If you are studying a full degree at a university outside the UK, you won’t be able to get support and will need to instead speak to the university or college you’re thinking of studying at to find out about potential funding options. Some universities may offer scholarships or specific programs based on merit, so it’s worth checking both your home and host country for what’s on offer.
Methods for paying international transfers abroad
Aside from student financing and loans, you may be required to make other payments to universities abroad. Whether this is via an international wire transfer or through a separate education payments provider, here are some of the main options to consider.
- Dedicated FX Providers such as Wise or OFX: These platforms can offer favourable exchange rates and services.
- Bank transfers through high street banks: These brands are familiar and reliable, and you likely have an account with a bank already – however, they can tend to have higher transfer fees and speeds.
- University payment portals: Often backed by payment providers such as Flywire and Convera, these platforms can offer a variety of local payment options as well as supporting payments through Visa, Mastercard or Amex.
Key factors to consider when making payments
No matter how you are planning to make payments, there are some key things to bear in mind when transferring large amounts of money abroad. Here are the main items.
Exchange rates and hidden markups
Depending on the university you or your relative are attending, tuition fees could amount to significant payments abroad in bulk. The higher the value of a transaction, the more you may have to pay in fees to make that transaction – particularly if you are paying to or from a region where your currency is volatile.
If the value of the currency you are sending or exchanging to is unstable, this can greatly affect the amount the recipient could receive. That’s why it’s important to consider how you time large payments to minimise the impact of currency volatility. You’ll also want to make payments in good time so that you avoid any potential late fees or visa issues (NB: some visa applications may require proof of tuition payment approval).
Speed of delivery
Remember that universities can often have strict deadlines for tuition payments, and missing these might delay your enrolment. Because banks often send payments abroad via complex networks, international transfers may take 3-5 business days, so it’s important to plan ahead.
Depending on where you are sending to, specialist transfers such as Wise and OFX may offer faster settlement times than more traditional options.
Regulation and security
If you are using a money transfer provider, ensure that they are licensed and supervised by the relevant financial authority (in the UK, Financial Conduct Authority; in the US, FinCEN). You are sending a large amount of money, so using a regulated institution will give you the peace of mind that they are following strict standards, for example around separating client funds from company funds.
Unregulated services can expose you to scams or failed transfers, so it’s always a good idea to check in the company’s terms and conditions or on their website that they are verified. We’ve reviewed a number of well-known, established transfer providers in our Company Reviews section.
Have the right documents ready
If you are sending large amounts of money abroad, you may be asked to verify your identity to start the transfer. This can include providing government ID, a proof of the source of funds (e.g. a bank statement) or even an admission letter or tuition invoice. Try and pick a provider that is up-front and clear about what ID they might need from you to transfer your money so there aren’t any unwanted surprises.
Maximise the value of your tuition payments with FXcompared
Sending large amounts of money abroad can come with high fees attached – particularly if you aren’t comparing different providers to get the best possible deal. With FXcompared, you can compare the different offers there are available for your chosen tuition transfer. Some of the providers we track also offer hedging options, which allow you to lock in favourable exchange rates on transfers and save money on future sends.
To compare money transfer providers today, take a look at our guide here and use the free money transfer comparison tool provided. Or to read our full guide to managing finances when studying abroad here.
