How to Pay University Fees in the UK from India

What Factors Influence Indian Students To Study In The UK

There are many things that might compel you to choose the UK as your study destination. Firstly, UK universities are renowned worldwide for their high-quality education. This reputation, coupled with a diverse range of courses and specialisations, draws students from India seeking top-notch academic experiences.

Moreover, UK degrees are widely recognised internationally, giving you a competitive edge in the global job market. After completing your studies, you have the opportunity to stay in the UK for up to two years to search for employment, allowing you to gain valuable work experience and establish your career.

The multicultural environment of the UK offers you a unique opportunity to immerse yourself in different cultures and build friendships with people from diverse backgrounds. Compared to other popular study destinations like the US and Canada, living costs in the UK are generally more affordable, making it an accessible option for you.

Additionally, the historical and cultural connections between India and the UK might hold great appeal for you. The UK boasts of a sizable population of Indian heritage, with numerous cultural events and organisations catering to the Indian community. This sense of familiarity can help you feel at home in the UK.

Now, studying in this attractive destination comes with the responsibility of paying fees. So, let’s explore how you can pay university fees in the UK from India. 

Different Ways to Pay Fees for Overseas Education

When paying university fees in the UK from India, you have several options at your disposal. Before discussing these options, keep in mind that you must follow the Liberalised Remittance Scheme (LRS) scheme.  According to LRS, you can send up to USD 250,000 (INR 20,682,750) per financial year (April-March). For remittances over INR 7 Lakh, there’s a 5% tax. 

Here are the Different Ways to Pay Fees for Overseas Education:

1. Debit Cards or Credit Cards

Debit cards or credit cards are rather easily available to everyone and are a great way to transfer money from India to the UK. Most banks partner with companies like Visa, Mastercard, and Amex to facilitate this process. However, you must activate international transactions on your card to access the feature. 

To make the payment, you need the recipient’s name, address, country name, bank account number, bank name, bank swift code, bank address, and bank transit code.

Additionally, beware of the minimum and maximum limits for international transfers. They are set by the RBI and some banks may have their own limits under the RBI regulations. For example, ICICI Bank allows up to INR 20 lakhs per day, while HDFC Bank limits it to INR 7,44,462 per day. The transfer process can take between 2 to 5 days, depending on the bank. Banks may also charge additional fees for the transfer, such as markup fees and GST.

2. Wire Transfer

Ideal for sending large amounts of money between banks electronically, wire transfers are another way for you to pay university fees in the UK from India. When transferring, you can use SWIFT transfer if you have a savings account. All you require is the beneficiary’s bank account number, bank name, bank SWIFT code, bank address, and bank transit code. 

The transfer takes 1 to 3 working days to complete. The exact time can vary depending on the banks involved and the specific details of the transfer. Also, be aware that banks may charge a fee for the transfer. For example, ICICI Bank charges INR 1000 for online wire transfers to the UK and INR 1500 for transfers made at a bank branch.

3. Demand Draft

Apart from online payments, there’s another way to pay your tuition fees through a foreign exchange demand draft. For this,  just visit the bank, fill out the required form, and submit it for processing. You might also need to provide a signed indemnification letter or deposit form.

There is usually a fee for this service, which varies by bank. Typically, the charge is around INR 500, plus any applicable service tax. The transfer can take anywhere from 1 to 21 international working days to complete.

4. Forex Card

Forex Cards make it easy to carry foreign currency. Many banks in India, like HDFC and ICICI, offer these cards. You can load money onto the card while in India, and the exchange rate is locked in at that time, protecting you from rate fluctuations.

To get a Forex card, you need to fill out an application form, which you can do online or offline. You need to provide some personal details and submit a few documents like valid passport, visa, pan card, address proof and passport-sized photo. Enter the amount you want to load to see the cost, make the payment, and you will receive the card in 3 days.

5. Online Remittance Company

Online remittance companies like HiWiPay let you send money to another country over the Internet. They offer various payment options such as bank transfers (ACH or SWIFT), debit or credit cards, bank drafts, or international money orders. They provide transparency, competitive rates, and efficient processes, often completing transfers within 24 hours, making them faster than banks.

Read More : Best Forex Cards for Indian Students in Ireland

Pros & Cons Table – 

When paying tuition fees from India to the UK, you need to choose the best transfer method based on its advantages and disadvantages.

Method	Pros	Cons
Debit card or credit card	Real-time transaction, easy to use, widely accepted	High transaction fees, processing time of 2-5 days
Wire Transfer	Safe and secure, best for large sums, takes 1-3 days	High transfer fees, not suitable for small transfers
Demand Draft	Safe, cheaper option	Long processing time, inconvenient for urgent needs
Forex Cards	Convenient, locks in exchange rate, low foreign transaction fees	Issuance/reloading fees, ATM withdrawal charges
Online Remittance Companies	Flexible online platforms, same-day transfers, no upper limit, competitive fees	At least 1% markup and transaction fees per transfer

The Fastest Way To Send Money To The UK From India

Why wait for weeks to transfer money when you can just send it in a day using HiWiPay?

HiWiPay makes it easy to send tuition fees from India to the UK. This platform streamlines cross-border payments, catering especially to students studying abroad. With HiWiPay, bid farewell to long waits, bank queues, paperwork, and hefty charges. Transfer money to the UK from anywhere in India at anytime. Visit HiWiPay website or download the app now. 

Read More : How to Get Student Loan for MBA Abroad

How to Pay Your University Fees UK with HiwiPay Money Transfer Service?

Follow these steps to pay your university fees in the UK from India through HiWiPay:

1. First, provide your student information and complete the verification process.
2. Next, enter the details of the account where the payment will go, along with its verification. Confirm the details.
3. Then, input your own details and verify them.
4. Digitally sign the A2 Form and confirm the amount in Indian Rupees (INR) to generate the payment receipt. Click “Finish” to complete the payment process. 

Why is HiWiPay the Best Choice for Sending Money for Overseas Education?

These features of HiWiPay make it the best choice for international students: 

1. Simplest Way to Remit Money: Sending tuition fees from India to the UK is hassle-free with HiWiPay. Say goodbye to filling out LRS/A2 forms and dealing with repetitive paperwork for each transaction. Just set up your account once and enjoy seamless money transfers.
2. Cost-effective and Transparent: You’ll appreciate the transparency and cost-effectiveness of our fully digital payment process. No more worrying about physical documentation.
3. Fast Processing Time: Need the money to reach the university quickly? With HiWiPay, funds typically arrive within 24 hours.
4. Secure Transfers from Anywhere, Anytime: Rest assured, your transfers are secure and can be made conveniently from anywhere, anytime, at competitive rates.

Conclusion

The financial aspects of studying abroad can seem daunting; however, HiWiPay streamlines the daunting task of paying tuition fees from India to the UK. Offering a range of payment options, it ensures swift and secure transfers, eliminating paperwork and hidden fees. Say goodbye to complexity and experience the simplest, most cost-effective way to remit money for your overseas education.

FAQ for Pay University Fees in the UK from India

References:

Works Cited

“About International Transactions – ICICI Bank.” Www.icicibank.com, www.icicibank.com/personal-banking/cards/credit-card/travel-easy/international-transactions. Accessed 30 May 2024.

“Foreign Currency Demand Draft | ICICI Bank.” Www.icicibank.com, www.icicibank.com/personal-banking/accounts/outward-remittance/foreigndemandd. Accessed 30 May 2024.

“How to Get a Forex Card What Are the Documents Required for a Forex Card | HDFC Bank.” Www.hdfcbank.com, www.hdfcbank.com/personal/resources/learning-centre/pay/how-to-get-a-forex-card. Accessed 30 May 2024.

“How to Transfer Money to a Foreign Bank Account from India.” Wise, 1 July 2022, wise.com/in/blog/transfer-money-to-foreign-bank-account-from-india. Accessed 30 May 2024.

“Reserve Bank of India – Frequently Asked Questions.” Www.rbi.org.in, www.rbi.org.in/Scripts/FAQView.aspx?Id=115. Accessed 30 May 2024.

“Wire Transfer.” Www.icicibank.com, www.icicibank.com/personal-banking/online-services/funds-transfer/outward-remittance/branch-transfer/wire-transfer. Accessed 30 May 2024.