How to Pay University Tuition Fees Abroad From India?

Universities in different countries recognise various forms of International fee payment, and their payment process varies from college to college. To make this process easier, knowing how to pay tuition fees abroad from India and figuring out the best method out of the many international student payment options is crucial. The students aspiring to study abroad should also consider that there are various tuition-free universities for international students.

So How To Pay Tuition Fees Abroad From India?

From the moment you start planning to study in a college abroad, you’ll begin dealing with international fee payments in a different currency for exam fees, college application fees, expenses like flight bookings and yearly tuition fees, food and accommodation.

There are several options on how to pay tuition fees abroad from India and transfer money to overseas accounts other than carrying cash or the almost redundant traveller’s cheque. For instance, you may opt for: 

• Forex cards: A forex card for Indian students is a prepaid card loaded with international currency (single or multiple) based on the local currency of the country you’ll be travelling to. You can use it just like an international credit/debit card. However, a Forex card comes with limitations. There are added loading/unloading and inactivity fees, and the amount gets locked in without earning interest, the funds are not available immediately upon loading and more
• Bank transfer: Bank Transfer is one of the most traditional international student payment options. Most banks or money transfer agencies facilitate international fund transfers through the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. These transfers are not instant. They undergo anti-fraud and anti-money laundering checks, which take 1-4 working days. SWIFT allows electronic payments through a unique SWIFT code. Banks charge a fixed transfer fee, a recipient fee, and 3-5% exchange rates for every transfer.

Niyo, in partnership with SBM Bank (India) Ltd., DCB Bank, and VISA, brings you Niyo, an interest-earning, INR-based digital savings account with ZERO markup fees on international transactions to take care of all your banking needs while you study abroad. In addition to helping you SAVE BIG on international transactions, this account enables you to transact in foreign currencies whether you are abroad or in India.

You can open an account through the intuitive Niyo app for both Android and iOS and have access to your account instantly. You can use your account immediately to make online transactions on Indian and international sites via UPI, NEFT, IMPS, and RTGS.

Things To Consider While Making Forex Payments

While there are several options available to make international fee payments, here are the main things you should consider before narrowing down on what works best for you:

• Cost of transfer: Be vigilant about potential expenses like transfer fees, service charges, activation fees, account opening fees, issuing fees, loading/unloading fees, etc., which can accumulate and contribute to your overall cost. 

• Exchange Rate Check: Verify the provided exchange rate and check for any forex markup by comparing real-time rates on Google, as a 1.5-3.5% forex markup, though seemingly small, can impact costs during regular foreign currency transactions.

• Speed: Prioritise timely money transfers to avoid university late fees, and consider the speed at which funds can be sent, especially in emergencies, when exploring how to pay tuition fees abroad from India.

• Convenience:  Select a service provider aligning with your banking preferences, whether in-person visits to a bank or digital transactions via apps or websites, ensuring flexibility in spending currency.

• Trust: Choose a trustworthy international fee payment service provider capable of adhering to transfer timelines, being cost-effective, and handling a significant portion of your expenses with due diligence.

If you’re searching for how to pay tuition fees for international students from India, your quest ends with Niyo. It is the one-stop solution for paying tuition fees as well as all your payments with zero forex markup, no hidden charges, instant loading of funds, real-time tracking and currency converter for real-time currency rates, and many more benefits; it truly is the best way to pay international tuition fees and get the most out of your payments. 

Benefits of Niyo Card

Niyo is the best student travel card. It comes with a full-fledged DIY digital savings account, zero markup international debit card, and a mobile app with nifty features to make international fee payments easily on the go: 

• ZERO forex markup: Enjoy zero forex markup on all international transactions, minimising additional costs during currency exchanges.. 
• Free Lounge Access: Access 1300+ lounges outside India, when you spend ₹50K internationally in a quarter, enhancing the travel experience.
• Global Currency Usage: Load the card in INR and use it in 180+ countries with support for 130+ currencies, providing extensive global spending flexibility.
• Swift Delivery: Receive the card within 3-5 days, ensuring a quick and efficient process for obtaining and using the card.
• 24x7 In-App Chat Support: Benefit from continuous in-app chat support, providing assistance and resolving queries round-the-clock for a seamless user experience.
• 100% digital onboarding: Open a Niyo account within minutes through the app, eliminating paperwork and physical visits to the bank, offering a hassle-free process.
• Instant account opening: The Niyo app ensures swift account opening, allowing you to focus more on travel and study planning, with the added convenience of loading your account and making online international fee payments immediately. 
• Up to 7.2% interest p.a.*: Earn up to 7.2% interest p.a. on your Niyo account balance, providing a hassle-free way to see your savings grow while you concentrate on your academic pursuits.. The interest is calculated on the daily end-of-the-day balance and added to your account monthly. 
• In-app Currency Convertor: Niyo provides real-time currency rates via an in-app converter, ensuring transparency in international fee payments with VISA exchange rates. 

Note: VISA exchange rates apply to all forex transactions

• ATM locator: The in-app ATM locator helps you find nearby ATMs worldwide, ensuring access to cash in local currency for various needs. 
• Real-time tracking: Niyo app enables real-time tracking of international fee payment transactions, allowing you to monitor your funds by pinning your balance in the destination currency. 
• Enhanced card controls: Ensure security with Niyo Global’s app features, allowing you to lock/unlock/block your card temporarily or for specific transaction types, enhancing control and protection. 
• Zero transaction fees: Fund transfers to Niyo Global account via UPI/IMPS/NEFT/IFT incur no additional fees, providing a cost-effective solution for international fee payments 24x7.
• International card: Your Niyo account comes with two kinds of debit cards
  • Virtual card: An instant virtual VISA Signature Debit Card that can be used for online international fee payments as soon as you open your digital savings account.
  • Physical card: Soon after opening your account, you can order a physical Tap & Pay international Debit Card. This card can be used for contactless payments at POS, ATM withdrawals, and online transactions. 
• Exclusive in-app offers: Explore curated offers on hotel and flight bookings, domestic and international merchants on the Niyo app.

How to apply?

Are you a resident Indian 18+ years old? Do you plan on travelling abroad to study? Do you have your PAN, Aadhaar, Passport, and access to your Aadhaar-linked mobile number? How to pay tuition fees abroad from India? Are you looking for the best student Forex card in India? If you answered YES to all these questions, look no further; Niyo is your perfect match! 

You can download the Niyo App for Android or iOS and sign up for a Niyo account immediately without visiting a bank branch. It’s all you need to take care of spending in foreign currency at the best possible rates* while travelling abroad.

Note: You can open a Niyo account even if you are an existing SBM Bank (India) Ltd customer.

At Niyo, we aim to be the perfect travel companion to students and provide them with international student payment options that make their experience as hassle-free as possible, with zero forex markup, zero balance account, complimentary airport lounge access across India, in-app security, smooth user experience, seamless transactions, and 24X7 in-app customer support.