Payments

Bank-to-Bank electronic payments (Wire Transfers)

Payment processing fee (non-refundable) for wire transfers originating in the United States:

Approximately $16 (non-refundable) for each payment (deducted by the bank).

Payment processing fee (non-refundable) for wire transfers originating OUTSIDE of the United States: 

Approximately $40 - $45 (non-refundable) for each payment (deducted by involved banks).  

Listed fees are charged by banks (not by us). Some banks (outside of the United States have direct agreement with our bank (to act as intermediary bank) and intermediary bank fees can be avoided. Listed fees are representing approximate amounts that are deducted by banks from each payment received (we will be providing to student a copy of the bank statement showing actual amount of bank fees deducted and the received amount). 

PLEASE NOTE: To reduce costs of wire transfers (costs of bank-to-bank payment transfers) student will not be required to make payments every month; it is even advisable to make lesser number of payments with larger payment amount (it costs less to make larger payments instead of making multiple small payments, because "wire transfer costs" are assessed by banks "per each transaction" and "wire transfer costs" are not based on the "payment amount"). This approach can reduce amount of fees. FEWER PAYMENTS STUDENT WILL MAKE (by using bank-to-bank payment transfers) - LESS STUDENT WILL PAY IN ADDITIONAL FEES. Payments must be proportionate to the amount of educational work student is planning to submit (student cannot make just one payment and to expect that our representatives would be examining educational work equal to one year of educational submissions).

The following part will provide explanation for deductions. We are not benefiting in any way from the deduction of bank fees listed on this page. We only are deducting amounts/fees charged by banks.

HOW IT WORKS

This part explains why we need to apply additional deductions for the installment payments

Basics of international "wire transfers" (bank-to-bank) payments

Any wire transfer always has fees that are collected by several involved banks (sending bank, intermediary bank and our bank). Accordingly, it is not practical to send small amounts by using bank transfer (however, sometimes it is less expensive to use bank transfer, comparing to payments made by credit/debit card, where payment processor deducts 3% - 4.4% from any paid amount). We also are paying fees to receive each wire transfer.

Foreign banks have limited access to the U.S. financial markets and cannot service clients' accounts without opening up a branch in the United States. Instead of opening bank branches in the United States (or in any other country), foreign banks are making agreements with the U.S. banks to act as corresponding/intermediary (U.S.) bank for the foreign bank(s). In order to service transactions originating in the foreign country (for example, to make international wire transfer), foreign bank is using correspondent/intermediary bank located on the territory of the United States that is acting as the financial agent in the U.S. for the foreign bank. Each bank may charge you different fees. Accordingly, it is better to check “wire transfer fees” in several local banks. You also can ask your bank if they can transfer payment directly to our bank without using intermediary bank (otherwise, intermediary bank deducts about $25 US from your payment and your bank may not even tell you).

International wire transfer has three levels of fees.

First level of fees charged by the sending bank and paid by student during payment transaction in local (for student) bank. Student pays in his/her bank approximately $15 - 25 USD for each wire transfer payment transaction, based on the schedules used by the local bank.

Second level of fees charged by the correspondent/intermediary bank (approximately $20 - 30 USD; fee deducted by the intermediary bank during wire transfer and before they are sending money to the receiving/our bank). This second level of fees is not visible to the sending person because sending bank is not obligated to inform person about these fees (fees collected by the intermediary bank during international wire transfer). During payment transaction, intermediary bank deducts this fee from the amount that we are receiving. Our bank is also deducting a fee (third level of fees) to receive each wire transfer and it is in addition to the fee deducted by the intermediary/correspondent bank. Our bank fees for the receipt of each foreign wire transfer are based on the bank rules (sending country, etc.) and is approximately $16 USD.

To receive EACH international wire transfer we are charged, each time, approximately $35-45 USD. If student instructs his bank to pay intermediary bank fees, in such case, our bank deducts about $16 USD. Student also is paying fees of the sending bank (student's bank). This is why it is not practical to send small payments by using international wire/bank transfers.

Some institutions (not banks) also can transfer payments for lesser fees (however, you need to trust such place).  

International wire transfers are more suitable for sending larger payments, because bank fees are assessed "per each transaction" and wire transfer fees are not based on the amount that person is sending (except exchange rate). 

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