Best and Easy Ways To Pay Tuition fees From Nigeria

If you are a student worried about how to pay school fees abroad from Nigeria and documents needed for the process, this is the only article to read today.

 

You will learn the best ways you can pay your tuition fees before the deadline in the United States of America, the United Kingdom, Canada, Austria, Australia, Germany, Netherlands, Sweden, New Zealand, India, South Africa, Ghana, Egypt, Ethiopia, China, Japan, Malaysia, and perhaps anywhere else in the world.

Best Ways to Pay School Fees Abroad from Nigeria

Here are the best ways to pay school fees abroad from Nigeria:

1. Through the Use of CBN e-Form “A” Website

Form A was designed by the Central Bank of Nigeria (CBN) to pay for service transactions such as school fees, medical bills, training courses, and mortgages.

The CBN allocates and disburses a certain volume of foreign currency to all commercial banks in Nigeria weekly.

These banks are then instructed to sell the foreign currency at authorized prices to Nigerians who genuinely need it.

With Form A, customers in Nigerian banks are allowed to purchase these foreign currencies at CBN or interbank rate as opposed to the black-market rate which helps a lot if you are looking to save some funds.

You only qualify to use this method if:

• You’re a Nigerian.
• You’re paying for school fees or training abroad.
• You have an unconditional admission letter from the institution abroad.
• Tuition fees limit is $15,000 per semester.
• Upkeep fees limit is $5,000 per semester.

Here are the steps to pay your school fees abroad with e-form A using CBN website:

• Fund the source account with an estimate of the school fees Naira equivalent. The source account could be yours (the student) or a sponsor. It is this account that will be debited for the transaction to pay your school fees abroad.
• Visit the CBN’s Trade Monitoring System Portal.
• Register with your BVN (individual) or TIN (organization).
• An OTP will be sent to your registered email.
• Verify your email.
• Login and choose Educational Fees.
• Fill the fields.
• Upload the required documents.
• Submit.

After submission, a prompt is sent to your preferred bank who reviews the transaction and processes it further.

This process is subject to the bank’s availability of FX.

List of documents required to process school fees payment abroad through Form A:

• Your valid international passport.
• Your foreign school admission letter.
• Payment invoice stating the school account/IBAN number and amount to be paid to the institution.
• WAEC result (for undergraduate’s school fees payment) or first degree certificate (for master’s students).
• Sponsor’s identification document (if the student is paying through a sponsor) e.g. international passport, voter’s card, driver’s license, or NIN.
• For a post-graduate applicant, you must include your first-degree certificate.
• Bank Verification Number (BVN).

The only disadvantage of using CBN Form A method for abroad school fees payment is that the processing time is highly subject to the bank’s FX situation.

Note

• When filling the Form A, in beneficiary information – provide details of the organization receiving the foreign exchange.
• If you’re trying to register on the site for Form A by entering your BVN and it says OTP has been sent to your mail – check your mail inbox, promotion, junk and spam folder.
• After getting approval via the trade system portal, payment of school fees to your school abroad takes around 1-2 weeks.
• After filling the form finish, you will receive an email with the AF-number in it when you submit the application.
• If you filled the Form A already and it has the status: disbursement supervision, with a note under it saying rejected insufficient fund, please start a new application. Ask your bank for their exchange rate, which is at about N415/$ currently (est./confirm) and fund your account sufficiently.
• To get the AF number you will send to your bank after filling and submitting the Form A online, just login, go to Form A and select history.
• If no branch is shown under your processing bank, clear your cookies and try again.
• In the payment mode section, select Telex or Swift.
• Telex is usually ready 24 hours after the transaction has been completed.
• Once your account equivalent is debited, the telex will be made available by your bank once the fund is completely transmitted. So, keep contacting your bank for the telex.
• Apart from the initial declaration payment of ₦5,000 for Form A, if you’re paying school fees/medicals, you will still have to pay the transfer charges.
• If FX is not available in the bank of request, cases can last up to 2 weeks.
• You can pay your tuition fee through the TRMS portal if you’re currently in the UK.
• If your school’s payment is online (no bank details), you can still make use of the Form A. Just contact your school to provide their IBAN or account number.
• After following the procedure and still yet to be debited and your stage still shows ABD_REVIEWER, it means the first level reviewer has not opened the application. Continue to follow up the bank with your AF-number, while also emphasizing on your deadlines.
• If you submitted the E Form A and it’s been showing ADB Reviewer for days, you can cancel and create an application with another bank that has FX.
• In case you fill out the Form A and later saw feedback stating that you need to attach your school invoice, if it was rejected, start a fresh application. If it wasn’t, just upload the outstanding document.
• If status reads: recommended for rejection (incomplete documentation), create a new application, and follow up with your bank.
• After being debited in naira, and your university hasn’t yet received the funds, you can request for the telex copy of the transaction and forward it to the school as evidence of payment.
• If you decide to end the payment process, and not interested in your school admission anymore, get your school to issue a refund.
• Banks rate for foreign school fees differs and how fast they will transfer the money depends on the volume of the money they have to transfer and their services.
• The maximum limit of forex you can buy for school’s fees abroad per semester is USD $15,000 or its equivalent in Pound Sterling or Euro and the fees will be paid directly to the institution’s account.
• Be a customer of most of the Nigerian banks to make school fees payments to institutions abroad.

2. Domiciliary Account

If time is against you and you need your school to get tuition fee payment within a day or two, using domiciliary account is your best bet to pay your school fees abroad from Nigeria.

The good thing about this method is that the school abroad receives your payment within 1 business day.

A domiciliary account is basically an account that holds foreign currencies while you are in Nigeria.

This method is normally expensive than Form A because of BDC rates.

Here, open a domiciliary account or use a domiciliary account of someone you know to make the payment for your school fees.

Some Nigeria banks to open a domiciliary account with are GTBank, FirstBank, UBA, and Zenith bank.

If you already have an existing domiciliary account, all you need to do are:

• Fund your account with the amount that will cater to your schools’ fees and banking charges.
• Present to your bank the admission letter from the foreign tertiary institution.
• Get Form A to fill the details.
• The account will be debited.

You can either complete the transaction from the comfort of your home using your bank mobile app, internet banking or by visiting a bank branch to start the transaction.

You need to have extra money on your domiciliary account for bank transfer charges.

The bank charges include; telex transfer charge (optional but necessary), off shore charges and £10 if the correspondence bank need to deduct.

Also, for transferring monthly upkeep for international students, parents, sponsors and guardians could make transfers from their personal domiciliary account.

Form A is the best way to pay for tuition fees abroad from Nigeria because it is cheaper and very secure as you will be debited for the transaction at the bank’s rate only.

Payment via domiciliary account is okay too, but a bit more expensive.

Hope you learnt a lot from this article?

Now go sort out those school fees so you can get your final acceptance documents.

If you have questions, comment below.