1. Main remittance methods

Credit card, check or transfer:

Australian schools generally have several fixed payment methods, usually credit cards, Check or transfer. Some schools will let you send a check to them, some will allow you to pay online with a credit card, some will accept foreign bank transfers, and some will not. Very few schools accept cash directly.

First of all, you need to check what payment methods are stipulated in your CoE, and then check what day the deadline is. If you arrive in Australia before the deadline, then bring cash and checks, and go there by yourself Open an account and transfer money to the school.

Telegraphic transfer of Australian dollars:

You can call Bank of China for the handling fee. It seems to be 1% of the remittance amount. Foreign banks accept overseas wire transfers and the handling fee ranges from about 10-20 Australian dollars.

You need to provide the Australian bank name, BSB number, account number, Australian account name, and SWIFT number. It will take about 1 week and the risk is low.

Australian dollar check:

Similarly, ask Bank of China for the handling fee. The payee must write the Australian account name on the check. Send the check and deposit it into the account at the bank where the payee has an account. Australian banks charge no fees. If it needs to be mailed, it is better to send an international signed letter, which is safer.

For a credit card, take a domestic card, fill in the card number, cardholder name, and validity period in the specified places, activate cardless payment, and send it to the school, and the school can deduct the money.

2. How do parents remit money to students?

Dual-currency credit card:

Many parents have already prepared enough funds for studying abroad. It can be said that studying abroad is not short of money. , but I am afraid that the children will spend money recklessly, and at the same time, because the children are not around, the parents will not be able to care whether they care or not. In this regard, you can consider applying for a dual-currency credit card. Students can carry the attached card to swipe the card when going abroad, and their family members can regularly deposit RMB in China for repayment. At the same time, they can also keep track of their children's consumption through statements.

Transfer money to students in batches:

First of all, it is not recommended that parents convert several years of tuition and living expenses into Australian dollars and remit it to students in one lump sum. After all, this amount of money is huge. If a student goes to Australia to study at a university, the tuition fee for a year is usually 15,000 to 25,000 Australian dollars. If the living expenses are calculated as 1,500 Australian dollars per month, the whole year will be around 20,000 Australian dollars. In four years, the total is as much as 160,000 Australian dollars. International students are often young and do not have the ability to control and manage such a fortune. They may squander it without any plan.

Pre-opening overseas accounts:

Parents can pre-open overseas accounts in China through banks such as ANZ Bank, which can be used after students arrive in Australia and activate them. After obtaining your student ID card, go to any local branch and convert your account to a student account type to waive the account management fee.

Handling time deposit business in Australia:

If parents remit all the fees to their children at once, it is recommended that parents require their children to pay one year’s tuition fees (Australian tuition fees You can pay it once every six months or once a year. Many schools offer tuition discounts to students who pay it once a year.) After setting aside a certain amount of living expenses, the remaining money can be deposited in an Australian bank for the children, because the Australian deposit interest rate Of course, parents can also apply for Australian dollar fixed deposits at domestic Australian banks such as ANZ, and the interest rates are also relatively considerable.

Using a house to support education:

Using a house to support education is also a popular financial plan for studying abroad. Parents can buy a house for their children in Australia, with two bedrooms and one living room or three bedrooms and one living room. There is a living room, one room for the children to live in, and the other house for rent, and the rent is the children's living expenses. However, there are certain restrictions for overseas people to buy houses in Australia. For example, they can only buy newly developed properties, and they must obtain a government license before they can buy. The current market price of buying a two- or three-bedroom apartment in Australia is between A$400,000 and A$600,000, and the rent for renting out one house is around A$700-800. If two rooms are rented out, the rent is enough to cover the living expenses of the children in Australia.