Even though money transferring is quite tricky from Nigeria to other countries, there are still ways to do it. When you are a student from Nigeria who receives education abroad, this question can be essential to you, as the entire mechanism can often seem confusing. In this article, we will discuss the methods on how to pay school fees abroad from Nigeria.
How to make international payments from Nigeria for school and other things?
Lots of smart Nigerian students are trying their luck abroad in the biggest universities in Africa and other countries. They go there either for undergraduate or postgraduate programs, hoping to achieve brilliant education and increase their chance of finding a decent jobs. However, they can meet a certain problem on their way to successful future, and this is paying school fees abroad from Nigeria.
Sometimes it can be problematic to send money abroad from Nigeria. However, there are a few means to pay for the school tuition. According to CBN (The Central Bank of Nigeria), money can still be sent abroad to pay for school fees and medical bills. Many Nigerian people believe that it is impossible, but this is a common misconception. International money transfer in Nigeria for schooling is still possible. We will provide you with a few common ways to send money abroad if you are a student.
Paying through CBN Form A
The first way is to pay directly using Central Bank of Nigeria’s services. Here are the primary instructions on how to do it without issues:
- First of all, you should visit one of the following Nigerian banks: Zenith Bank, Diamond Bank, First Bank of Nigeria, Stanbic IBTC, Guaranty Trust Bank, or Fidelity Bank. Use their customer care service. It is even better if you have a bank account at one of these banks. You should have the banking details of the school that you want to pay for with you.
- Once you are at the bank, tell the bank customer service staff that you would like to pay for the school fees abroad with the help of Form A. You will be sent to the according desk, where they will give you the Form A to sign and fill. While filling in the form, you should make sure that you are doing it correctly. If something is unclear, you are recommended to clarify these questions.
- After you have filled the form and documented it, the bank will communicate with you about the payment details.
- The last step will be scanning the receipt that you have got as a result of the payment, and e-mailing this receipt to the school abroad. The school will inform you once they have received the payment.
Sometimes, if you have no account at any of these banks, you can try the alternative way of paying for your school tuition. First of all, visit CBN office, after you have been authenticated by CBN, they will give you an exchange rate waiver, which you can use later for paying for your fees.
When you have been given the waiver, go to your bank with the waiver, then, follow the steps:
- Explain that your purpose is to pay for tuition fees in the school abroad, and give the exchange rate waiver to them.
- They will give you the Form A, which you will have to fill in and sign. Then, the procedure will take the same course as above.
- Keep in mind that it can take up to two months to make payment in Guarantee Trust Bank, so start making plans beforehand.
- If you are paying through Stanbic IBTC, they can take up to 72 hours to make the payment for tuition fee.
- In case you are making your payment in First Bank of Nigeria, it will most likely take 48 hours.
You should always start at least three months before your deadline for paying school fees, as it will be helpful to have some time in advance.
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Making payment through domiciliary account
There is also another option to pay school fees abroad from Nigeria, which is paying through the domiciliary account. For that, you will need to open this type of account for yourself or use the one from someone you know.
- Once you have opened the account with your bank, you will need to fund it with the money that you are required to pay for tuition. Preferably, load a little more money than you will be paying.
- To fund your account, you can use the foreign exchange company, which will offer a better exchange rate than the black market.
- Show your bank your admission letter. You will be given form A, where you can fill in the bank details of the university, your student name, ID number, and other information.
- Once again, here is a reminder that your domiciliary account should contain more than the amount of money you need for your fees, because quite often there are some bank charges – like transfer charge, offshore charges, and the correspondence bank fee.
Paying for tuition through agents
There is also an alternate way to pay for your school tuition through the local and international agents, who offer their services to the students getting their education abroad. However, you need to choose only those who you fully trust, because there are some cases of fraud among them. Either way, the first two ways are more trustworthy.
If you are studying somewhere abroad, take the right approach, everything will be alright and you will be able to pay for your education without issues.
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