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Anywhere around the world, people prefer traveling nowadays for experience and leisure. But currently, the love for travel has increased with prior importance to learning and education. People from all corners of the world are traveling across various lands for education. The generation currently aspires to study in a well-known institution such as Harvard, Oxford, LSE, etc. All this requires a real deal of money, be it a middle-class man or a rich man. One either spends on education either for himself or for his children, which involves a lump sum. The cost of education might change concerning the country, the university opted, the cost of living, the lifestyle, the traveling expense, etc.
The lifestyle and cost of living depend on the individual, but the course fee depends solely on the university. The fee will be on the higher side unless and until a scholarship is availed by which the fee burden is reduced.
Hassle-free payment options:
University fee has to be paid in terms of their currency, thus people have to send abroad university fees through various methods. It can either be through wiring the fee, through online payment portals, money orders, remittance services, etc. Looking into each methodology, we have:
- Wiring fee to universities: wiring is the most opted methodology for any kind of foreign transaction made, thus one can make payments by wiring the amount to the college by banking or through the university website. But the only disadvantage is that the exchange rate fee and transfer fee. One has to watch out on how much extra cost he pays along with the fee amount. Thus the charges levied on the transacting amount, depends on the amount the college demand. The minimum charge levied is around $35 and the highest can go up to $90.
- Online payment: one can make direct online payments if the university has such a payment option. Also, the money will be converted to their currency at their own expense.
- Money order: the most traditional way is to pay through money orders and they are much secure as they are paid through post offices or banks. This does not incur an extra cost. But it takes a long time to reach the university for which the funds have to be paid as an early bird.
- Remittance service: the fastest transaction after wire transfer is the remittance service provided online or in-person banking services. This is a much cheaper transaction process but it is possible only if the respective university accepts it.
- Creating a foreign account: one can create bank accounts at fingertip through the online process. This is done to deposit money in that country’s currency and make much easier payments through easy transactions.
Reasons why abroad education has increased:
With all these payments made without hassle, one can happily set foot in their favorite university. With the education going fine, the designated one can send abroad university fees without any second thoughts as certain universities do provide the privilege and facility of paying the fee by parts like quarterly, half-yearly or annually according to their convenience or ability. Not to forget the education loans that the banks provide for the students to achieve their goals at lower interest rates and longer loan periods. This is done to encourage more admissions. Since education does not take a back seat nowadays and is given utter importance, the fund is somehow turned over for securing a better future by electing the best universities for education. Thus it has become an setting easy trend to go abroad for education.