How to pay tuition fees for studying abroad

1. Wire transfer

For those studying abroad, if you want to pay tuition fees in a designated account or in a specific currency, it is very difficult. Most people prefer wire transfer. Firstly, because the international wire transfer business started relatively early, people are quite familiar with it, and many banks can handle it; secondly, international wire transfers are relatively fast, and can usually reach overseas accounts within a week, and the fees are not high.

Especially at present, many overseas schools require international students to pay their tuition fees by wire transfer. Those who study abroad must know the name and address of the payee, the payee’s account number, the name and address of the payee’s bank, and other information. When remitting money, the fees for wire transfer to the same city will be different for the same amount. This difference in fees is caused by inter-bank transfer fees. Therefore, choosing the correct remittance route is also an important condition for saving costs.

However, each bank has different regulations on handling fees, and parents have to pay a certain amount of telecommunications fees. If it is a cash remittance, you need to pay the currency exchange fee according to the exchange rate of the day.

2. Draft remittance

Double remittance means that parents go to the bank to apply for a cashier's check of foreign exchange, take it overseas by mail, and the child pays it at the overseas bank. If you choose draft remittance, the remitter needs to provide the correct name and address of the payee, but don't forget to leave the contact address in the bank so that you can contact him in time if there are any problems with the remittance.

Compared with wire transfer, the draft transfer method is slower, but it can save a telecommunications fee. However, if the money order is not carried out of the country in person, it needs to be sent by mail, which will incur mailing costs and risks. The handling fees for draft transfers can refer to the charges for wire transfer services in Table 1, without taking into account telecommunications charges.

3. Instant remittance

Sometimes emergencies may require parents to make emergency remittances. At this time, ordinary wire transfer methods cannot save the immediate fire. At this time, parents can choose instant remittance services such as "Western Union" or "MoneyGram".

Western Union has agent offices at Agricultural Bank of China and China Post. Western Union can transfer money from the remitter to the recipient in just a few minutes. There is no need to open an account and the payment can be made at any time. The payee does not need to Pay the handling fee. MoneyGram business is handled by Industrial and Commercial Bank of China, and the remittance currencies include all foreign currencies represented by ICBC. A single daily remittance to overseas through MoneyGram ranges from US$1 to US$10,000, and is charged in stages according to the remittance amount, with a maximum charge of US$30.

4. International debit card

For students studying abroad, international debit cards are highly versatile and safe, which can eliminate the trouble of carrying cash. . Compared with ordinary remittances, it is cheaper and faster to use international debit cards to send money. Nowadays, most international debit cards have the functions of a main card and an additional card. Students studying abroad only need to bring a secondary card, and their parents can use the primary card to handle deposits at any time at domestic bank branches (deposits are free of charge), which is convenient and fast.

When children withdraw money from ATM machines abroad, they only need to pay a small fee. However, most international debit cards of banks are mainly US dollar cards. When withdrawing the local currency from an ATM machine outside the US dollar area, you need to pay an exchange fee.

5. International Credit Cards

In foreign countries, credit cards have developed relatively maturely and can be used in everything from shopping malls to convenience stores. Therefore, it is also a good choice to use an international credit card when studying abroad. Moreover, there is no need to pay handling fees when using an international credit card to make purchases at foreign merchants. When necessary, you can also use an international credit card to withdraw cash from foreign ATMs (with a credit card, you need to pay a handling fee). When applying for the main card and supplementary card, parents can set the overdraft limit of the main card and supplementary card respectively, so that they can limit the overdraft limit of their children.

Nowadays, there are also international credit card services such as Euro and Japanese Yen in China. When studying abroad in different countries, you need to choose different international credit cards.

For example, in the past, when you used a U.S. dollar card to make purchases in the Eurozone, the U.S. dollar was used as the basic conversion currency. When you used RMB to repay a credit card overdraft, you needed a conversion process of euros, U.S. dollars, and RMB. However, when you use a Euro card, you only need to convert from euros to U.S. dollars. Convert directly into RMB, eliminating a foreign exchange exchange and saving the next expense.

How to pay tuition fees for studying abroad more cost-effectively

There are many ways to pay tuition fees, the most common ones are: wire transfer, credit card, traveler's check and other third-party payment platforms. Today and tomorrow we will learn about the pros and cons of various payment methods one by one:

Third-party payment platform

1. Domestic: Yisihui.

This is an emerging payment platform developed by a startup company invested by Yu Minhong and Wang Qiang. Similar to Alipay, it is a bridge between international students and American universities. The funds are supervised by Minsheng Bank, which greatly reduces the cost while ensuring the safety of the funds. The handling fee is about 80, which eliminates various complicated bank procedures and can be received within 48 hours.

It’s really special! Cheap! Cheap! It is the preferred payment method recommended by Baili World Study Abroad and major universities in the United States.

The most important thing is that as a local APP, the explanations are all in Chinese, and the customer service voice is sweet, so you don’t have to worry about making mistakes or transferring money! For the specific process, please Baidu~

2. Abroad: Flywire and PeerTransfer.

Xiao Kan has just recently come into contact with these two payment methods.

Flywire can provide online payment, claiming that there are no handling fees, but the exchange rate is too high.

In comparison, PeerTransfer is more user-friendly and provides payment services specifically for international students. You can pay in US dollars or RMB, and it also supports Alipay. The most important thing is that the emails it sends are in Chinese, so you don’t have to worry about not understanding them. As for the handling fee, it is more favorable than Flywire, but it is not low.

So how should you choose? It depends on the school’s requirements. If both are possible, it would be better to choose the latter. For example, New York University has cooperated with Flywire.

Credit card

This is the most wealthy method, and it is also the method chosen by many students in the early stages of studying abroad. Of course, it is rarely used now.

What are the advantages of it? That is "fast"! The money will arrive immediately! If your tuition must be paid immediately, and if you are a real rich person, then there is no doubt that this method is the most suitable for you.

However, the tuition fee of 30,000 to 80,000 U.S. dollars, plus the handling fee of 2 to 3,000 U.S. dollars, is a pain in the eyes of the middle class; but in the eyes of the rich, it is just a small case.

So, if you are a wealthy person, please feel free to choose a credit card; if you are concerned about the handling fees, then please avoid other methods and you will save a lot of money!

International remittances

This is the most common payment method for international students in Greater China. You can first go to the bank to inquire about the required information, and then contact the school to obtain the relevant information, and then everything is settled.

Now the stack manager will share some common necessary information: the school’s account bank information, bank international code, remittance route number, student number, etc. You need to go to the bank to consult, queue up, get the number, and fill out the remittance form yourself. Of course, this method also has a handling fee, which is usually 0.1 of the remittance amount. Of course, there is an upper limit. Please consult your bank for details.

Money order

Before, students who studied abroad at Baili World paid the application fee by money order. Yes, you read it right, it was the application fee, so I am still very familiar with the method of money order.

A money order means that the money is first deposited in the bank, and then when it arrives in the United States, the American bank uses the money order as a voucher to verify the information, and then the money can be withdrawn from the bank. It's relatively convenient, but a bit "old-fashioned"~ You need the detailed name of the school and the specific amount. You can apply directly at the bank, but remember that the payee must write the name of the school, so that even if it is accidentally lost, others cannot get it.

Cash

I really don’t know what to say about this. It’s such a big pile of banknotes. Let’s not talk about the customs issues, just talk about security. I guess there are very few people who can choose it! It’s irrational to think about it!

Other banking business supplements Nowadays, many banks are flourishing in various businesses in order to compete for resources, and the international student market is no exception. Let’s talk about a few familiar ones.

Bank of China has branches in New York and Los Angeles. You can open an account directly in China. It will pass the review in two or three days. Then you can pay the tuition directly by wire transfer (handling fee 50-260RMB) ), it’s still a good deal.

The Agricultural Bank of China also has many good businesses, such as its electronic travel debit and Western Union remittance. Electronic travel payment can be processed by filling out the application form and ID card, and can be recharged at any time. The master card can be used for tipping at specific merchants and ATMs in 210 countries around the world.

Western Union is the world's largest electronic remittance financial network and cooperates with many banks. However, the cooperation project with the Agricultural Bank of China has the largest remittance amount. Its biggest feature is instant payment. The operation process is also very simple. But the disadvantage is that the handling fees are high, especially for small-amount collections. If you are interested in this business, you can go to the bank and ask.

It is most cost-effective to buy air tickets when studying abroad

1. International students should plan and purchase tickets in advance.

International students usually go abroad from July to September, which is the peak tourist season and the peak sales season for airlines. If you buy tickets close to departure, you will definitely spend more. From May to early July, various airlines will launch discount air tickets for students. Therefore, international students should try to purchase tickets before August, which will be more than 30% cheaper than purchasing tickets before departure in September.

2. Compare prices before purchasing tickets and pay attention to route selection.

If it is a long-term flight to Europe, you can choose to transfer via the Middle East or Hong Kong; if you are going to Australia, you can transfer via Hong Kong. Different airlines, different travel websites and ticket purchasing platforms offer different prices. International students can purchase more cost-effective air tickets based on their actual needs.

3. Pay attention to the additional conditions for purchasing international student tickets.

Generally speaking, you need to rely on relevant documents to purchase international student tickets, including admission letters from foreign universities and student visas that the passenger has successfully applied for. There are also some regulations for international student tickets. If the student purchasing the ticket is under 29 years old, he or she must provide a copy of the Chinese international student passport, visa or admission notice, etc. Immediate family members must also provide a copy of the household registration book. At the same time, most flights are not allowed to be endorsed. Any changes will require a service fee.

When applying for extra baggage check-in, there will also be relevant restrictions. Generally speaking, international student tickets on routes in Europe and the Asia-Pacific region are especially allowed to check in luggage of 30 kilograms to 40 kilograms for free. Some American routes Student tickets allow students to bring 1 to 3 pieces of luggage, each piece not exceeding 23 kilograms. Some airlines only provide student price discounts and do not provide student luggage discounts. International students should understand the relevant regulations in advance.