Do you plan to study abroad? If so, you might like to know how to pay the fees to your foreign university. Find out here!
1. Set up a foreign bank account.
In many cases, you'll only be able to pay your university fees with a bank account from the same country as the university you want to study at. Given this, the first thing you'll need to do is open a bank account in that country! So, how do you go about doing this?
Well, the good news is that in most countries, there are banks where you don't have to be in that country to open a bank account. Instead, you can complete the entire process online.
To find these banks, go to bank account and enter "[country] non-resident bank account". Google should return you a list of the banks that offer you accounts, without yet being in the country.
Alternatively of course, you can wait until you arrive at the country of the university you want to study at, before opening a bank account. In this case, you'll probably need proof of address, such as a contract from your landlord, to take with you.
2. Get the best exchange rate.
Once you've opened the bank account, you may want to wait before you actually transfer your money abroad. This is because the foreign exchange rate can have a significant impact on the foreign currency total you end up with.
For instance, did you know that, at the time of writing, the Indian rupee is close to an all-time low against the US dollar? If you were planning to study in the US
, this would be a terrible time to transfer your money. In fact, the weak rupee might even be enough to make you think about studying in a different country altogether.
Given this then, how do you get the best exchange rate?
A. Keep an eye on the exchange rate.
Well first, it's vital to keep an eye on the exchange rate. This will help you avoid errors such as, for example, buying US dollars when the rupee is at an all-time low.
To keep an eye on the exchange rate, just talk to your bank or foreign exchange broker. Ask them to contact you when the exchange rate improves.
Alternatively, you can also use Google. Just enter the currency pair you plan to exchange (for example, Indian rupees to US dollars) and Google will return the latest exchange rate.
This way, you'll know when the exchange rate is good!
B. Compare the exchange rates available.
In addition, you can also improve your exchange rate by being picky about the service you use to transfer your money.
In particular, banks offer exchange rates up to 4.0% worse than foreign currency specialists. 4.0% might not sound like much, but if you're transferring a large sum, it can add up to thousands won or lost!
So in short, don't just accept the first exchange rate you're offered. Shop around! Only when you feel confident you've got the best exchange rate available should you transfer your money.
I hope you find these tips useful when you go about choosing a foreign university
. Enjoy studying abroad!
Image Credit: www.architectsofboom.com