One of the immediate concerns students looking to further their education abroad is how to pay school fees abroad from Nigeria. Immediately a Nigerian student is given university admission abroad, he/she is given a certain period of time to make the school fees payment, failure to do this will result in a withdrawal of the offer.
If you are one of the students worried about how to pay school fees abroad from Nigeria, this post today will guide you. There are three ways you can get your school fees sorted out before the deadline. Let’s dive into them.
Ways to Pay School Fees Abroad from Nigeria
Depending on the one which you think is best for you, you can choose any of the three options below to pay your abroad school fees from Nigeria.
Via Form A
Known as Form A, this means was designed by the Central Bank of Nigeria (CBN) to pay for service transactions such as school fees, medical bills, training courses, mortgages and others. The CBN allocates a percentage of foreign currency weekly to commercial banks in Nigeria to carry out these transactions.
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.
How to Pay School Fees Abroad from Nigeria Using Form A
- Fund your Naira account with the estimated value of the school fees from the international institution. Your sponsor could also do the same on your behalf. The Naira account has to also cover enough money for bank charges which is normally around N12,000 – N13,000.
- Visit your bank with your international passport, conditional offer letter from school stating amount to pay and school account information, first degree certificate (for postgraduate studies) or WAEC certificate (for undergraduate studies), and a signed written instruction to the bank to debit your account.
- Request for the Form A and fill accordingly with the right information.
- Submit the filled Form A alongside photocopies of the documents listed above to the bank.
The bank will start processing your transaction immediately. Normally, it takes between 1-2 weeks for the transaction to be completed depending on the availability of foreign exchange in the bank at that time.
Via a Domiciliary Account
If time is against you and you need your school to get that payment within a day or two, this is your best bet. With a well-funded domiciliary account, you need not worry about how to pay school fees abroad from Nigeria. A domiciliary account is basically an account that holds foreign currencies while you are in Nigeria. This is normally expensive than Form A because of BDC rates.
Anyone can open a domiciliary account; we’ve written about how to open a domiciliary account with Nigerian banks and how you can fund the accounts.
- Fund your domiciliary account with the amount to be disbursed to the international institution and extra charges.
- 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 initiate the transaction
Via Payment Agents
Now you have to be careful with this set of guys because some are dubious. Ask around from agents in Nigeria or abroad and they will make the payment for you while they collect the naira equivalent.
To round up, with these three methods above, you need not worry about how to pay school fees abroad from Nigeria. Now go sort out those school fees so you can get your final acceptance documents.