When it comes to paying for tuition, international students must plan ahead and make sure that they do their research to keep their expenses low. Many banks – whether it’s in your home country or in your host country – will charge a wire transfer fee, which can add up especially if your money goes through intermediary banks as it makes its way to your school. Because of this, we’ve created tips for international students wiring tuition:
Find A University-Approved Wire Service
Many US colleges and universities work with a particular few wire services which are designed to help students send substantial amounts of money to the host country. These schools most often times do their research to ensure that they are legitimate and that the money is safe. Contact your bursar or accounting office to find out which companies your school works with. You will also need to find out the banking information from your school if they agree to accept direct wire transfers.
Confirm the Tuition Deadline
International students wiring tuition will need to first confirm the deadline in which the money must be fully received and paid. Depending on the school, you may be required to pay one semester’s (or in some cases, more) tuition and any on-campus room and board fees. While in theory a wire transfer should be immediate, it is not uncommon to find that there are frequent delays with the process. If the money arrives past the specified deadline, this may require you to pay additional late fees. Because of this, we recommend that you do the wire transfer weeks in advance of the deadline to ensure that you have adequate time in case of delays.
Wire Money Directly to the University or College
Many banks charge a fee to do a wire transfer, and this can be deducted from the overall money that is being wired. A $15 USD wire transfer fee by each bank can result in inadequate funds by the time the money is received by your school. Be sure to ask your country’s bank if there are any additional fees associated with the transaction. International students wiring tuition should see whether university will accept the money directly. Often times there may be no fee, or a minor fee, associated with the wire transfer. If you will be sending the money to a US bank, be sure to find out if there is a fee charged by that bank – and if there will be any intermediary banks involved who will be charging a fee as well.
These and other tips for international students wiring tuition can be found here at our IEFA.org blog. Share with us your experience of paying for tuition, what issues you faced, and how you overcame it.