Methods of payment for Australian med school

[gmacpac]

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I just paid my $8k deposit using mastercard, which cost me approximately $220 in transaction fee (based on standard 3% fee for int'l transactions). The currency conversion rate was 0.86 USD/ 1 AUD.

HSBC charges $30 transaction fee, but I would have ended up paying a lot more with HSBC because their conversion rate was 0.93 USD/ 1AUD.

Does anyone know of a better, more cost effective way of transferring funds to AU for tuition payment?

I believe just the transaction fees amount to approximately $1200 /year. Almost close to round trip airfare from NYC to AU.

Also, UQ doesn't accept Amex, otherwise that will be a great deal because AMEX doesnt charge any Int'l transaction fees (depending on which card you have), plus you pay whatever that day's average sale price is for AUD (approx 7 cents cheaper than what I'd pay at my local bank).

Does anyone think that filing a joint petition to UQ will help in convincing UQ's administration to start taking AMEX?

Any other brilliant Ideas.....anyone??? 😱

 

[Dr.Millisevert]

I believe just the transaction fees amount to approximately $1200 /year. Almost close to round trip airfare from NYC to AU.

Sh1+ man.. you're paying all that with a credit card?? hah.. well why don't you use an airline sponsored CC that way you get all of that back in air milage.. so you can still get your flights! 😀

 

[gmacpac]

Sh1+ man.. you're paying all that with a credit card?? hah.. well why don't you use an airline sponsored CC that way you get all of that back in air milage.. so you can still get your flights! 😀

strong point bro.

I think I will get Qantas sponsored credit card. Unless people here have better alternatives.

 

[Meddie83]

I've never heard of an international transaction fee. Is this unique to the US? I'm from Canada and I've never been charged that. Maybe you should look at different credit card companies so see if they all charge it. Couldn't you also do a money order or a certified cheque. Those still cost you money but are usually a flat fee and not a percentage.

I'm also planning on paying by credit card but mine doesn't charge a fee and gives me airline points. Given that tuition is $50k+ a year I'll have a free flight in no time.

 

[gmacpac]

I've never heard of an international transaction fee. Is this unique to the US? I'm from Canada and I've never been charged that. Maybe you should look at different credit card companies so see if they all charge it. Couldn't you also do a money order or a certified cheque. Those still cost you money but are usually a flat fee and not a percentage.

I'm also planning on paying by credit card but mine doesn't charge a fee and gives me airline points. Given that tuition is $50k+ a year I'll have a free flight in no time.

Every credit card company charges 2-3% Int'l transaction fee, except AMEX (gold or platinum cards).

Bank checks or Money orders are a good option, but they make their money by converting Australian dollars at a higher rate. In the end you end up losing more money with banks because overall you lost more money after currency conversion.

Your bank might be different.

If you don't mind me asking......which credit card are you using???? I will look into it. Because, all of my cards have a transaction fee with them.

 

[Meddie83]

I've done it using a CIBC Aeroplan Gold Visa and a Royal Bank Visa. I'm 100% positive that the bank charges no transaction fee on these two cards. Maybe the school charges something??? Credit cards also usually give a pretty good exchange rate.

Is it possible to open a bank account and do it that way or do you actually have to be there in person to open the account? If you did that wouldn't work for the deposit but would help with later payments.

 

[gmacpac]

I've done it using a CIBC Aeroplan Gold Visa and a Royal Bank Visa. I'm 100% positive that the bank charges no transaction fee on these two cards. Maybe the school charges something??? Credit cards also usually give a pretty good exchange rate.

Is it possible to open a bank account and do it that way or do you actually have to be there in person to open the account? If you did that wouldn't work for the deposit but would help with later payments.

Ok, so if your card is VISA; then its VISA that charges the 3% transaction fee. At least, that's what I was told by the credit card customer service. The exchange rate is whatever the daily average selling rate is.

If your bank doesn't charge fees, it's probably selling you AUD at a higher rate than what the daily avg rate is.

I will look into your bank though to see if there is any difference.

 

[Meddie83]

From my experience..... I believe that VISA normally charges the vendor 3%. Most vendors absorb this fee, but sometimes they pass it off to their customer. I think it depends how much business they do. For example - in Asia I went to a jewelry store in a mall and bought something. They didn't charge me anything extra and neither did my credit card company. I was also given a good rate of exchange by credit card company. However, in the same day I went to a small travel agency and was charged 3% of the cost of my flight. This 3% was added the total being put through on my credit card. Therefore, it is my understanding that the credit card company charges the vendor this fee and then the vendor decides whether they will absorb it or make you pay it. No transaction fee has ever appeared on my credit card statement and the exchange rate is always decent.

 

[gmacpac]

From my experience..... I believe that VISA normally charges the vendor 3%. Most vendors absorb this fee, but sometimes they pass it off to their customer. I think it depends how much business they do. For example - in Asia I went to a jewelry store in a mall and bought something. They didn't charge me anything extra and neither did my credit card company. I was also given a good rate of exchange by credit card company. However, in the same day I went to a small travel agency and was charged 3% of the cost of my flight. This 3% was added the total being put through on my credit card. Therefore, it is my understanding that the credit card company charges the vendor this fee and then the vendor decides whether they will absorb it or make you pay it. No transaction fee has ever appeared on my credit card statement and the exchange rate is always decent.

It sounds like I need to switch to visa. Because Mastercard has always charged me the 3% transaction fee, and I have had extensive international travel experience.

Better late than never🙂

I will look into visa.

 

[jaketheory]

both mastercard and visa will do the same thing. the card companies charge the same rate no matter what the issuing bank is (i think 1%) and then the issuing bank will charge another rate (usually 1-2% yielding a total of 2-3% fee).

i recently went to ireland didnt want to waste alot on international transaction fees given my bank has no partner banks in the republic (and thus i'd have to pay fees when withdrawing at ATM's), so i got a capital one card. its a mastercard, but that was all they offered me. mastercard charges the 1%, but instead of capital one charging you an additional 2-3%, they pay the 1% charged by mastercard and charge you nothing for the transaction.

i am about to spend 2kUSD for my PR application and will save 60 bucks just for using that card.

 

[gmacpac]

both mastercard and visa will do the same thing. the card companies charge the same rate no matter what the issuing bank is (i think 1%) and then the issuing bank will charge another rate (usually 1-2% yielding a total of 2-3% fee).

i recently went to ireland didnt want to waste alot on international transaction fees given my bank has no partner banks in the republic (and thus i'd have to pay fees when withdrawing at ATM's), so i got a capital one card. its a mastercard, but that was all they offered me. mastercard charges the 1%, but instead of capital one charging you an additional 2-3%, they pay the 1% charged by mastercard and charge you nothing for the transaction.

i am about to spend 2kUSD for my PR application and will save 60 bucks just for using that card.

Thanks dude. this really helped.

 

[JoeNamaMD]

Most financial aid recipients usually just get a check which they have to sign and then they can deposit the rest in a local bank account.

I used wire transfers for tuition.