A Guide to Online School Fees Payment for International Students
An online school fees payment system is one of the most convenient methods to pay school fees for international students. There are several methods to pay the tuition fees, including interbank transfers. But, the online options are the fastest and most affordable.
It’s no secret that tuition fees for international students are often costlier than those for domestic students. Unfortunately, the expensive wire transfers and foreign exchange fees can increase the costs when making international payments.
For instance, if you live outside of Canada and you plan to study in Canada, you’ll need to convert your country’s currency into Canadian dollars to complete the payment process. You also have to choose a funds transfer provider to send the money to the school.
So, whether you plan to study in Canada or another country as an international student, you need to save money when paying tuition fees. Thankfully, there are useful guidelines to make your international school fee payment process more efficient.
All the currency exchange uncertainties and costly bank transfer fees don’t have to be a headache. This guide explores the most convenient and economical ways to pay school fees as an international student. Generally, we’ll focus on online payment methods.
Best Online Fees Payment Methods for International Students
If you plan to pay your international tuition fees online, there are many avenues to help you save hundreds or thousands of dollars. Some of the options to consider are:
- Online payment using credit and debit cards
- Online payment via Western Union’s GlobalPay
- Online payment through a currency exchange provider
Online School Fees Payment through Credit and Debit Cards
Are you considering paying your tuition fees using a credit or debit card? The good news is that many schools that enroll international students provide this payment option. You need to check the college or university website to see if they offer this option.
Unfortunately, credit cards come with convenience fees that you must consider when calculating your total payment.
If you are making the payment in your local currency, you must consider the current exchange rates. For example, if the tuition fee is C$20,000, calculate the money in your local currency equivalent to C$20,000. Don’t forget to add the convenience fees.
The good news is that most colleges usually disclose credit and debit card fees on their websites. However, if you don’t know the transaction fees for credit cards and debit cards, you can contact your school and inquire about the convenience fees.
Online School Fees Payment Via Western Union’s GlobalPay
Another safe and reliable way to pay tuition fees for international students is Western Union’s GlobalPay. It’s one of the most known payment methods for international students. Hundreds of universities and colleges in Canada accept this option.
The good thing about GlobalPay is it’s cost-effective and easy to use. You can see the exact amount you need to pay in your local currency to be equivalent to the quoted tuition fees. Also, you can track the payment until it reaches the recipient’s account.
The GlobalPay method is available for international students with bank accounts outside of Canada. However, you don’t need to worry about additional bank fees and exchange rates. All you need to understand is how this online school fees payment system works.
So, how does the GlobalPay system work?
When you pay the school fees at your local bank or any other online payment service provider, they will transfer the money in your domestic currency to Western Union. The company will then convert the money into Canadian dollars and transfer it to your school.
Western Union can only convert your tuition fee using the exchange rate you locked in when making the payment. Note that the locked-in exchange rate can only be valid for 72 hours. You must also provide correct student details when sending the amount.Here are the steps to complete the payment process on GlobalPay’s website.
Step 1: Provide Student Information
Go to the GlobalPay payment portal and provide your student details. The student details to offer are your first and last name, school ID number, and email address.
Step 2: Enter the Payment Details
Choose the items to pay for and select your preferred payment option. Specify the amount you would like to pay in Canadian dollars. Next, choose the currency you wish to pay in from the dropdown list. If your local currency is not available, use other currencies.
When you select the currency to use for payment, you’ll see the amount of money you need to pay in your home currency on the right side of the page. The bottom line is that the home currency amount needs to be equivalent to Canadian tuition fees.
You also have to give the details of the individual paying the tuition fees then select your preferred language for receiving instructions. That is, after you select the checkbox agreeing that you’d like to get instructions via email.
Pro Tip: To receive the payment instructions, you’ll need to allow pop-ups temporarily in your browser. Once you receive the guidelines, consider printing them.
Step 3: Initiate Bank Transfers
Once you print the payment instructions, initiate the transfer process by instructing your bank to send the funds to the Western Union bank account mentioned in the payment instructions. Ensure you indicate the reference number highlighted on the instructions.
The reference number ensures that the bank applies the funds correctly to your student fee account, and you must not use it more than once. In other words, you must obtain another reference number when making the second payment.
Pro Tip: You must send the payment within the next 72 hours before the quoted exchange rate expires. Later than that, Western Union will use the exchange rate at the time of transfer. Check the expiry of your quote at the bottom of the printed instructions.
Step 4: Finalizing the Payment
Once you finish the payment process, Western Union will transfer the funds to your student account. The funds will show up in your student fee account within the next two to five business days. Note that the money will be reflected in Canadian dollars.
Online School Fees Payment through a Currency Exchange Provider
The most reliable way to pay for school fees online is via a currency exchange provider like Knightsbridge Foreign Exchange. Our team focuses on helping many international students save money on school fees payment through bank-beating exchange rates.
Knightsbridge FX can directly send your tuition fee payment using superior exchange rates to your local bank. Banks usually charge high markup fees of around 2.5 percent plus international wiring fees, making your school fee payment expensive.
To pay your school fees through Knightsbridge FX, send the details regarding where you want to transfer the payment. We’ll make the payment on your behalf. The good news is that you’ll save more money.
Final Words
With online funds transfer methods, paying your school fees overseas is no longer an issue. You can make the payments through a credit card, debit card, or the GlobalPay service. If you need to save money on tuition fees, you can pay for the tuition fees via Knightsbridge FX. We offer bank-beating exchange rates consistently to all our clients.