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5 ways to pay for your overseas tuition

Finance your education with secure and cost-effective international money transfers.

Studying abroad is a fabulous way to expand your horizons, and many Singaporean students opt to complete their tertiary education overseas. Figuring out how to pay for your study abroad can be tricky and stressful, but with online money transfer specialists, you can spend less time deciding how to pay and more time deciding where you want to study.

What are my options for paying overseas tuition?

One of the most beneficial ways to pay for overseas tuition is by using an online money transfer, but that isn’t your only option. Consider these five ways to pay for university abroad when making your decision:

  1. International money transfer
  2. Bank transfer
  3. International bank draft
  4. University online payment portal
  5. Cash

1. International money transfer

An international money transfer can be sent directly to your university of choice through a money transfer provider. When sending international money transfers for tuition payments, pay attention to:

  • Transfer fees. Compare the transaction fees charged by each company to see how much extra you’ll have to pay to send funds overseas. Keep in mind that some providers will waive their fees if you transfer a large amount.
  • Exchange rates. What might sound like a minor difference in exchange rates can have a big impact on the amount of money your beneficiary receives. Shop around for a provider that consistently offers better rates than the competition.
  • Customer support. If you ever need help with a transaction, will you be able to access the assistance you need? When will it be available and is it offered online, over the phone or via email?

Compare international money transfer providers to pay for tuition abroad

To quickly compare money transfer providers, enter the amount you want to send, select the destination currency and click Calculate.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.735 USD
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
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SGD 250 1 day SGD 0.00 0.74 USD
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
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SGD 2,000 1 day SGD 0.00 0.74 USD
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
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SGD 1 Same day SGD 3.99 0.739 USD
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
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SGD 250 1 day SGD 0.00 0.74 USD
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
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SGD 1 1 - 2 days SGD 45.00 0.743 USD
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.739 USD
Special offer: New customers get unlimited fee-free transfers for their first 3 months. T&Cs apply.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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SGD 1 1 day SGD 43.00 0.743 USD
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
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SGD 200 2 days SGD 50.00 0.737 USD
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
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Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

2. Bank transfer

Transferring money directly from your bank to pay for university fees abroad may be more expensive than using an international money transfer service. Because banks often charge high fees and offer poor exchange rates, consider avoiding this method when possible.

Let’s crunch the numbers: Sending $30,000 to the UK

Let’s say you need to send $30,000 to pay for tuition at a university in the UK. Here’s what you might face as far as fees and exchange rates as of 9 October 2020.

Money transfer providerBank transfer
Fee$0$25 + additional correspondent bank fees
Exchange rate1 SGD = 0.567 GBP1 SGD = 0.563 GBP
Transfer speed1-2 day2-5 days
Amount receivedGBP 17,010GBP 16,875
  • Better value and faster
  • Slower and more expensive

The bank option ends up being both the slower and more expensive option for paying tuition in the UK. If you go with the money transfer provider, your recipient ends up with GBP 135 more than the bank offers.

3. International bank draft

An international bank draft is similar to a cashier’s cheque, but is designed for larger amounts and international situations. Double-check that the university you want to pay tuition at will accept an international bank draft. Some of the pros and cons of international bank drafts include:


  • Accepted in most parts of the world. International bank drafts are accepted in the majority of countries around the globe.
  • Inexpensive. Although you’ll have to pay a fee when you apply for an international bank draft, drafts are still a relatively cost-effective method of sending funds overseas.
  • Created in the local currency. As the check is made out in the local currency where it will be sent, it does not require conversion and is therefore able to be banked quicker than a check written in SGD.
  • Secure. Bank drafts must be deposited into a bank account and cannot be cashed.


  • Slow. Bank drafts typically take several weeks to process, so they’re only a viable option where the speed of the transaction is not a concern.
  • Availability. There’s a chance your bank may not support the currency and country you want to send a bank draft to.
  • Time-consuming to replace. Bank drafts are secured and can be replaced when lost, but the process is far from easy. Every bank has its own procedure, and at the very minimum, you’ll have to wait for the bank draft to be delivered internationally a second time.

    4. University online payment portal

    Many universities that welcome international students offer their own payment portals for international payments. Although these are convenient options for paying tuition abroad, they may not be the best choice when it comes to saving money. A few tips to keep in mind when using an international online payment portal for overseas tuition:

    • Always navigate to the portal through the official university website. Do not click any links in emails or links found on the search results of Google.
    • Double-check the exchange rate and fees before confirming payment, as you may be able to save money using a different option such as a money transfer provider.
    • Ask about deals or discounts based on payment size. Paying an entire year of tuition instead of one semester at a time may secure you stronger exchange rates and lower fees.

    5. Cash

    Cash should always be a last resort when making international tuition payments. When paying with cash in a foreign currency, you have two options: exchange the cash domestically or abroad. If you opt to exchange domestically, beware of cash limits when traveling internationally by plane. Typically, you can travel with any amount under $20,000, but it’s best to check for any additional restrictions based on your destination.

    If you want to exchange cash abroad, consider using a money transfer service that allows you to pick up cash. WorldRemit is one of the major competitors in this field, and typically offers far stronger rates and lower fees than household names like Western Union or MoneyGram.

    Bottom line

    There are a lot of stressful decisions to make when studying abroad, so figuring out how to pay tuition shouldn’t be one of them. Avoid excess fees and find the right fit for your situation by comparing international money transfer providers.

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