5 Tips When Making an International Education Payment

For international students, making a payment from their home country to their educational institution can be tough. At peerTransfer, we understand this and can help with these difficulties. We’ve helped thousands of international students from hundreds of institutions across the globe successfully make international education payments.

If you’ve ever transferred money from one country to another, you’ve probably run into one if not all of these problems:

  • Complex international bank forms
  • Difficult banking terminology and processes
  • Inflated exchange rates and hidden fees

We’ve created some general tips to ensure a simple and efficient payment experience.

Helpful tips

1. Set aside enough time and money.

Allow enough time to send the funds in order to avoid any late fees that your school may add to your payment. In addition, in order to prevent any delays processing your payment, always make sure you have enough funds in your own bank account before beginning the transfer. For peerTransfer payments, remember to complete a payment request online before sending the payment to us.

2. Become familiar with available payment options.

You usually have a few different options to make your payment. Understanding the intricacies of each is important. Typically, a bank transfer is the least expensive. When paying via a bank transfer, depending on where you are from and your bank’s website functionality, you may be required to visit your bank’s branch in person to complete the transfer.  Debit/Credit card payments are also a good choice if you are looking for an online and convenient way to complete your payment. peerTransfer offers many payment options to meet your specific needs. We encourage you to visit our website on a regular basis to check for new products and service updates.

3. Locate the necessary information from your school.

Know where and how to access the invoice or bill from your school. You should have it on-hand when making your payment so you can refer to the amount due and other key information, such as your student ID.

4. Educate family members who will be sending funds on your behalf.

If you’re already at school and have a family member sending the funds on your behalf, you should try to prepare them as much as possible before they send the payment. Make sure they know how much to send, when the due date is, what the payment is for and how your school would like to receive the funds. When using peerTransfer, you will complete the payment request online and instruct your family member how to send the funds on your behalf. Remember though, each payment requires a new booking.

5. Track your payment.

Once you send your payment, it’s important to know exactly where it’s going and when it gets there. Requesting a bank receipt is always helpful should any questions about your payment come up. Doing this at the time of payment will save you from having to request it later. If you’re using peerTransfer, you will receive payment updates by email or by logging in to your peerTransfer dashboard. You will also be able to download a receipt for your payment once it has been delivered to your school.

Still have questions? Check our Frequently-asked questions section to find more useful information and videos about making international payments. In addition, our Customer Service Representatives are always ready to help. They have been trained about the different banking regulations that apply to payments from your home country, so don’t hesitate to ask them any questions you may have!

If you have any other tips that would be helpful, please share them with us. If you need to make a payment, get started today!

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