How to Pay University Tuition Fees Abroad From India?
Blog Outline
Overview
Enrolling in your dream university abroad to pursue higher education is an exceptional milestone. It calls for a lot of investment of time and effort to crack the entrance exams and make it into college. After all these efforts, it gets even more disappointing if your process halts at the time of International fee payment.
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 Global Card: Helping You Take Care Of All Your International Fee Payments
Niyo Global is an innovative digital banking solution for students who need to make international fee payments regularly and are still wondering how to pay tuition fees abroad from India.
Niyo, in partnership with State Bank of Mauritius (India) Ltd. and VISA, brings you Niyo Global, 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 Global app for Android or iOS and have access to your account instantly. You can use your account immediately to make online transactions on Indian and international sites via your virtual VISA Signature debit card.
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 Global. It is the one-stop solution for paying tuition fees as well as all your payments with zero 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 Global Card
Niyo Global 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 lounges at select international terminals in India without any charges, enhancing the travel experience.
- Global Currency Usage: Load the card in INR and use it in 150+ countries with support for 130+ currencies, providing extensive global spending flexibility.
- Cashback Rewards: Earn 1% cashback as global coins on transactions, adding a rewarding element to your international spending.
- Swift Delivery: Receive the card within 2-3 days, ensuring a quick and efficient process for obtaining and using the card.
- 24×7 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 Global account within minutes through the app, eliminating paperwork and physical visits to the bank, offering a hassle-free process.
- Instant account opening: The Niyo Global 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.
- Zero balance savings account: Maintain flexibility with a zero balance requirement, though having a minimum of ₹10,000 in the account is advisable for convenient use at any time.
- Up to 7.5% interest p.a.* with monthly payouts: Earn up to 7.5% interest p.a. with monthly payouts on your Niyo Global 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.
- Savings account balance of up to ₹2 lakhs earns an interest of 3.5% p.a.
- Any incremental amount above ₹2 lakhs up to ₹5 lakhs yields an interest of 4% p.a.
- Any incremental amount above ₹5 lakhs up to ₹10 lakhs yields an interest of 5% p.a.
- Any incremental amount above ₹10 lakhs up to ₹50 lakhs yields an interest of 6% p.a.
- Any incremental amount above ₹50 lakhs up to ₹20 crores yields an interest of 6.5% p.a.
- All total amount above ₹20 crores yields an interest of 5% p.a.
| Niyo Global Interest Rates | |
| Savings Account Balance | Interest Rate Per Annum |
| Up to ₹2 lakhs | 3.5% |
| >₹2 – ₹5 lakhs | 4% |
| >₹5 – ₹10 lakhs | 5% |
| >₹10 – ₹50 lakhs | 6% |
| >₹50lakhs – ₹20 crores | 6.5% |
| Above ₹20 crores | 5% |
- In-app Currency Convertor: Niyo Global 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 Global 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 24×7.
- International VISA Signature Debit Card: Your Niyo Global account comes with two kinds of debit cards
- Virtual: 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: Soon after opening your account, you can order a physical Tap & Pay international VISA Signature Debit Card. This card can be used for contactless payments at POS, ATM withdrawals, online transactions, and airport lounge access across India (powered by VISA Signature).
- Exclusive in-app offers: Explore curated offers on hotel and flight bookings, featuring exclusive deals with domestic and international merchants on the Niyo Global app.
- Concierge services: Benefit from VISA Concierge, a 24/7 digital personal assistant offering extraordinary experiences and exclusive privileges through the Visa Concierge app.
- Meet and assist service: Customise your travel experience with services such as assistance through immigration queues, baggage help, and stylish arrivals, ensuring a seamless journey.
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 Global is your perfect match!
You can download the Niyo Global App for Android or iOS and sign up for a Niyo Global by SBM account immediately without visiting a bank branch. It’s all you need to take care of spending in foreign currency and is one of the best student payment options.
Note: You can open a Niyo Global account even if you are an existing SBM Bank (India) Ltd customer.
Opening a Niyo Global account through the unassisted 100% digital onboarding process through the app is quick and easy. Just follow these simple steps:
- Download the Niyo Global App for Android or iOS
- Enter your Mobile number and validate it by entering the OTP you receive on your mobile number.
- Enter your Email address and validate it by a Single Sign-on or by entering the OTP you receive on your Email ID.
- Enter your PAN
- Enter your Aadhaar number and fill in the OTP received on your Aadhaar-registered mobile number to complete the Aadhaar-based KYC.
- We will ensure your PAN and Aadhaar details match to confirm your identity.
- We check if you have a valid CKYC entry using your PAN and Aadhaar details. If access is found, you can continue.
- Enter your passport File Number (usually found at the bottom of the address page or last page)
- Passport verification is done once we verify your passport number.
- Capture your live photo.
- Update your Details
- Select your Communication Address (where you want your card delivered).
- Add a Nominee (make sure it’s someone you trust).
- Accept the Terms and Conditions, and your account will be created instantly.
- Presto! You’re now ready to travel in style
Schedule of charges
| Schedule of fees and charges for Niyo Global Card | ||
| Sr.No. | Particulars | Fee |
| 1. | Joining fee | Free |
| 2. | Annual fee | Free |
| 3. | Account loading | Free |
| 4. | International POS and Ecom transactions exceeding ₹7 lakhs in a given financial year | 5% is charged as TCS on the incremental amount exceeding ₹7 lakhs |
| 5. | Reissue of lost, stolen or damaged card | ₹250 + GST |
For more details about the fees and charges associated with Niyo Global, check the Schedule of Charges
Why choose Niyo Global over other international student payment options?
| Niyo Global | Forex Cards | Bank Transfer | |
| Getting Started | 100% Digital onboarding on the Niyo Global app | Digital as well as in-person with an agency | Digital as well as in-person at a bank |
| Cost of transfer | -ZERO forex markup -Only real-time VISA exchange rates apply–No charges for loading/unloading/transferring funds via UPI/NEFT/RTGS/IMPS | -Loading/activation fees-Exchange rate-3-5% forex markup-Unloading fees for unused amount | -Fixed transfer fees-Fixed recipient fees-Exchange rate-3-5% forex markup |
| Speed | Funds are available instantly | It takes up to 3 days for funds to become available on the card | It takes 1-4 working days for funds to be transferred |
| Convenience in international fee payments | The INR-based account takes away all the confusion | Need to convert INR into the desired currency at the time of loading | Need to watch for all the different associated fees |
| Interest on balance | Up to 7.5% interest* p.a. | Funds are locked on the card without earning interest | Varies with the bank |
Customers Speak
- “Niyo Global card has been very convenient for my sister, who studies abroad, and she highly recommends I get one for myself, too. The best part about this card is that my parents can transfer money at any point without any markup. So, you end up saving on the fees as well. With 24*7 in-app support, you know that help is always a simple message away. This is the best way to pay international tuition.” – Varanya.
- “I’m pursuing a Masters in Management from SKEMA Business School, Paris. Getting a Niyo Global card was hassle-free. While I was in India, I used it to make international fee payments for the GMAT Online Exam and the advance for my accommodation in Paris. Travelling in France is expensive. If you are wondering “how to pay tuition fees abroad from india” or the “best way to pay international fees”, look no further than Niyo Global. Renewing my monthly transport pass via Niyo Global Card is as convenient and easy as can be. Groceries and daily needs are unavoidable expenses, and I would have burned a hole in my pocket without this card. My journey here would have been much more expensive if I had not opted for the Niyo Global Card.” – Akash.
Frequently Asked Questions
Niyo Global is a digital savings account with a unique account number and IFSC. You can load this account via NEFT/IMPS/RTGS/UPI.
The Niyo Global card is valid for 5 years.
You need to load your Niyo Global card in INR (Indian Rupees), and your card takes care of the rest. Every time you make an international transaction, the INR amount gets converted to the corresponding foreign currency. That way, only the amount required to complete a transaction is converted into foreign currency, and the remaining amount in your account continues to earn interest. This way, you can easily make international fee payments in your local currency.
The Niyo Global card is better than a debit or credit card provided by other banks. While the Niyo Global card is an international debit card, it has numerous compelling features and is the best way to pay international tuition.
Managing finances to fund international fee payments is already stressful. The high exchange rates and lack of transparency with the charges burden international students even more.
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.
Your journey with Niyo Global can start right here in India, and it can accompany you throughout your stay abroad. The convenience of the INR-based zero forex markup card is numerous, not to mention the HUGE savings it’ll bring with each transaction.
Frequently Asked Questions
In case of loss or theft, students should contact their card provider immediately to block the card and request a replacement. Many providers offer emergency assistance for such situations.
Yes, most Zero Forex Cards offer online account management and mobile apps that allow students to track their transactions and balances conveniently.
Students can load their Zero Forex Card with the required amount in their home currency, which can help minimise the impact of currency fluctuations during their studies abroad.
Some Zero Forex Cards may offer additional benefits such as cashback rewards, travel insurance, or discounts on educational expenses, depending on the card provider.
Yes, Zero Forex Cards can be used for online purchases and subscriptions, offering Indian students studying abroad a seamless and convenient way to pay for various services and goods over the Internet. With their wide acceptance and user-friendly features, Zero Forex Cards ensures students a hassle-free online transaction experience, enhancing their financial convenience while studying abroad.
