In pursuit of academic excellence in countries other than Nigeria, one may be faced with many issues. One of the toughest is this issue of paying full or part of one’s tuition/school fees from Nigeria here.
Actually, there are many ways to pay your school fees to your school abroad while in Nigeria. Most students whose schools are in Austria, the USA, UK, Ireland, China, India, Canada, Europe, Australia, and so on would likely be paying their tuition in US Dollars.
In this short but precise article, we will just select the 3 most convenient and most secure ways. Whether you are seeking to do your undergraduate (B.A, B.Sc, etc) or postgraduate (Ph.D., M.Sc, PGD, etc) study abroad, these options below are accessible to you.
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Best Ways to Pay your School Fees Abroad from Nigeria
1. Through the Use of CBN e-Form “A” Website (www.tradesystem.gov.ng)
This method is enabled by CBN and commercial banks. The CBN allocates and disburses a certain volume of foreign currency to all banks, and other approved institutions weekly. Then they are instructed to sell the foreign currency at authorized prices to Nigerians who genuinely need it.
Only a few classes of Nigerians qualify to use Form A for foreign remittances. You only qualify to use this method if you’re:
- Paying for school fees abroad
- Traveling abroad for medical reasons
- Paying for training abroad
- Paying foreign mortgage payments
- Traveling abroad on a return ticket (PTA & BTA).
This is how to pay school fees through the new CBN website:
Step-by-step guide on how to pay your school fees abroad with e-form A using CBN Website (www.tradesystem.gov.ng):
- Fund the source account with an estimate of the Naira value of the school fees. 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 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 necessary fields
- Upload the required documents
Once you submit, 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. Read all about this process here.
List of documents required to process the school fees payment abroad through Form A:
Making this list here is very important to ensure that you carry the correct documents to the bank. Here is the list below:
- Your valid international passport
- Admission letter
- Invoice from the school abroad containing the school account/IBAN number
- WAEC result (for undergraduates school fees payment) or first degree certificate (for masters students)
- Sponsor’s identification document (if the student is paying through a sponsor) e.g. int’l passport, voter’s card, driver’s license, or NIN.
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The only downside about this method of paying school fees abroad using CBN Form A is that the processing time is highly subject to the bank’s FX situation. Typically, payment of school fees to your school abroad is around 1-2 weeks.
2. Source for Foreign Currency (FX) and Pay from your Domiciliary Account
Paying directly from your domiciliary account is the most seamless method to pay your school fees abroad from Nigeria. Here is a step-by-step guide on how to pay your school fees abroad from Nigeria using a domiciliary account:
- Source for your own US Dollars, Pounds, Yen, Euros, and so on from the parallel market (aboki or otherwise).
- Once you have the hard currency, go to the bank and deposit the money in the account. Make sure you have enough balance to cover the transfer charges and fees.
- Then, raise the transfer instruction from your online banking app or by filling a transfer form directly to the school.
The good thing about this method is that the school abroad receives your payment within 1 business day.
3. Via Payment Agents
Some businesses actually thrive on solving this problem. Paying your school fees abroad from Nigeria using an agent (Nigeria or abroad) is also very fast. Although there are a lot of fake agents who would just take your money and vanish, there are also many agents who can assist.
This method is that it’s a bit too risky because of the involvement of a third party.
For me, I think the best method is through Form A because it is cheaper and very secure. You will be debited for the transaction at the bank’s rate only. Banks are not allowed to charge you for any other service. The second one, too, is okay but would be a bit more expensive.