What's the best way to pay for tuition?

Student Lounge International Students
1

<p>I'm gonna be studying this fall in a US university, but I'm from a country where we have a different currency.</p>

<p>I have some ways to pay:</p>

<p>a. Get a check in US dollars from the bank in my country.
b. Transfer funds to a US account and then pay electronically through the university system.
c. Wire funds directly from my country to the university account.
d. Use a money order (What is this?)</p>

<p>The dollar is really cheap in this moment, but it seems that they charge it so high in some of these methods (e.g. when getting a check).</p>

<p>So i'd like to know how you pay for tuition from a foreign country and what the best option may be. </p>

<p>Also, is there any difference using one bank or another in the US?</p>

2

<p>A money order is a kind of "check" written by an independent organization like Western Union, or the US Postal service, rather than by a bank. I'm not sure how you'd have one made in US dollars in another country.</p>

<p>Most large international banks have relationships with banks in other countries. Your bank may already have a corresponding bank in the US that can handle wire transfers for you. You also can ask the university how they'd like to receive their money. They may have a bank account set up that receives their international transfers.</p>

<p>When you get here, see if your university has a Credit Union that you can join. They operate just like banks, but because the people who hold accounts there are the owners, the various fees for different kinds of accounts are a LOT lower. If your university has a Credit Union, there will be a branch on campus which will make all of your banking a lot easier.</p>

<p>Each bank and each credit union sets its own fees and interest rates and policies about checking accounts, savings accounts, wire transfers, debit cards, etc., etc. You should investigate your options very carefully as the differences in prices and convenience can be significant.</p>

3

<p>Thanks!! it looks like there is a credit union....but I know nothing about it.
I'm gonna be at Cornell and as far as I knew, my options were : M&T Bank, HSBC, Bank of America and Tompkins Trust Company....but now I'm not so sure.... and I don't know anything about them either,
And I found this: "Direct foreign currency exchange is available on a limited basis through the Tompkins Trust Company" but I'm not sure I understand that...</p>

4

<p>for bank,,find the one nearest to your school and if possible a big one,,
HSBC and Bank of America sound good. Usually it will help when you travel to other states/countries. Local banks dont hv branches in all over the country. However, usually they hv a good student checking acc+ credit card program for college students in the area.</p>

<p>well,,since whatever payment you do, you still need a saving/checking acc and credit card,,the best way (i think) is by paying from the web. it works for me.
for option A, what bank? At first, I thought big international bank like HSBC, Citibank, etc are every where in the US. But, in (my town) my state, Citibank is rare and no HSBC.</p>

<p>Your parents transfer every semester/year, a big chunk of money to your saving acc here (or you can put some in CD for bigger interest),,then part of it,,you put in your checking acc..for paying your tuition,books,,and every,,every other thing,, (you can use your debit card/credit card,,pick the one that give the most bonus/miles/cash rewards)..Then what's left is for your personal expenses..</p>

<p>Tranferring money from your country's bank to American bank will take time (a few days) and will take fees (i dont really know how much, but i think it wll be a same rate for a big amount of money)..therefore,,dont make your parents transfer the money again and again in a small amount,,just once/twice every year i suggest.</p>

<p>if you're paying it with your parents' account, from your country,,even if they hv a US dollar acc,,im not sure the currency will be the same,,and prob. youll lose some of its value,,(i used my parents' card to pay toefl/sat/admission fee from my country and it worked,,but it's a small amount,,paying tuition is different. not sure it will be the same),,usually your country's bank hv some regulations and limit for paying with different currency,, i'm not sure you can pay >$30K via web from your country.?</p>

<p>last thing,,by paying it yourself from an American bank,,you can start a good credit history..</p>

5

<p>Thanks clam!!! that's really helpful, but I'm still a little confused...</p>

<p>Apart from the good credit history, and thinking that they're gonna let us pay >$30k, what's the difference between transferring funds and paying directly from my parents's account? (for tuition, I know I need money in a US account for other expenses). Is there a difference in the currency with these two methods?</p>

<p>Thanks again!!</p>

6

<p>Cornell !!!!!</p>

<p>Here is the link to my credit union in Ithaca - yes I still have an account there even though I finished my M.S. in 1987 and moved from Ithaca in 1990. They have a branch right in the lobby of the bookstore.</p>

<p>CFCU</a> Community Credit Union serving Tompkins county & Cortland county in New York</p>

<p>Here is the link to information about how to join. You will be eligible for membership as soon as you are registered at Cornell.</p>

<p>How</a> to Join - CFCU Community Credit Union serving Tompkins county & Cortland county in New York</p>

<p>If you are going to need regular wire transfers from your home bank, be sure to discuss this with them also. We moved back to the US ten years ago, and my husband's sabbatical salary was wired from Venezuela every month. CFCU was able to reduce the transfer fee to only $2.00 each time. I don't know if they would still be able to do that, but it is worth investigating.</p>

<p>Have fun, and dress warm, in Ithaca!</p>

7

<p>lol, Thanks!</p>

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<p>wow..thats a good question that i dont know how to answer,,lol
ask your bank,,every bank has its own regulation.
transferring to your acc,,that means youll be the one who pays the tuition.
from your parents' acc., that means your parents who pay. some countries hv limitation about paying a big amount to other country,, it's riskier perhaps?
not sure about it..</p>

9

<p>ok, thanks a lot!!</p>