How to pay for studying in the United States? Do I need to change it into dollars first?

In 2008, Iker Marcaide was shocked to learn that the tuition fees paid to Si Long School of Management at MIT through his Spanish bank account would exceed $65,438+0,500. "The money exchange fees charged by banks, together with the wire transfer fees, have increased the tuition fees by more than 3%, and the tuition fees have exceeded $50,000," Ma Erkai said. "In addition, the money from wire transfer was lost for several weeks." In the second year, Marcaide launched peerTransfer to ensure that the exchange rate for international students was lower. Banks or wire transfer services charge different percentages to convert into another currency. He said, for example, if a student converts Canadian dollars into US dollars at the exchange rate of 1, he will still pay a certain percentage of the exchange rate for the transaction. The wire transfer fee for the transfer is extra.

1. Wire transfer method established by the admission university: Timothy Tesar, an international admissions officer at Iowa State University, said that students should send emails to the campus accounting or accounting office to learn about the wire transfer service used by their school. Ben Kavalec, vice president of solutions at Western Union University, pointed out that they can also find this information on the university's website. According to Tesar, universities will verify the legitimacy of the companies they choose to cooperate with. He pointed out that because students remit a lot of money through these wire transfers, they need to believe that the money will not be lost or stolen. Experts suggest comparing the total cost of wire transfer service used by your university and your home bank.

2. Return the money directly to the accepted university: Tesar suggests that since the fees may be charged from two different banks, wire transfer directly from the bank in your country/region, or wire transfer the money to the university where the students will attend. This limits the possibility of capital loss and eliminates the possibility of bank of America charging extra fees. Generally speaking, he said, schools accept bank payment or wire transfer services at almost no charge. Marcaide of peerTransfer added that in general, if students choose to wire from their family bank accounts to Bank of America, the price will be higher. For example, a Canadian student converts Canadian dollars into US dollars at the exchange rate of one to one. The family bank added 3% to the transfer of $65438+$00000 ($300); At the same time, the student opened a bank account in the United States to receive the money and charged another $300. A student who once had $65,438+00,000 to pay tuition suddenly had $9,400.

3. Confirm the exact arrival time of fees and payments: Whether you choose wire transfer service or bank, please confirm the exact arrival date of all possible fees and payments, Marcaide said. Sometimes, banks will use intermediary banks to charge their own extra foreign exchange fees during the transaction. He warned that if students don't know the cost, they won't remit enough money to pay the tuition-the result may be that the school stops enrolling students. Late payment may cause the same problem. "We ensure that we receive the amount that students expect the school to receive, and deal with all the potential expenses that may occur in this process," Marcaide said of peerTransfer's services. He suggested that it is very important that any bank or wire transfer service chosen by students must do so.