Ok, any currency gurus out there?
I need to make a payment for the first part of Anya’s year at King’s. It is several thousand dollars, so I want to get the best exchange rate.
I also want to use the strongest currency: US Dollars (USD) or Swedish Kroner (SEK, literally crowns) to pay in British Pound Sterling (GBP). More on this below.
There are 3 ways to pay.
- Credit/Debit Card – payments can be made over the Internet on the KCL Finance web page www.kcl.ac.uk/feepay Instructions on how to use this facility are also available on this web page.
Beth’s notes: I have a debit card with 0% international exchange rate for US dollars. I will have to transfer funds to this account. Hmm. I wonder if I have a limit for purchases, and this is a little more than usual.
The exchange rate can be set by their merchant service provider or my card issuer. Which is better? How do I find out the rate of exchange that my card issuer uses!?!
- From a Non-UK Bank – KCL has partnered with Western Union Global Business Solutions to provide students with the ability to
make secure international payments for their tuition and/or accommodation fees. The service is tailored for students to obtain a quote online, containing the details of a local bank account to make the payment to and importantly an amount in your local currency, at an exchange rate valid for 72 hours, to be transferred. The quote must then be provided to your own bank for payment to be initiated. For more information about the
process and the advantages and to obtain a non-obligatory quote please visit www.kcl.ac.uk/banktransfer.Beth’s note: I know that I can make a bank wire transfer for about $15. But I don’t know the exchange rate until I show up to my Swedish bank.
Perhaps I need to get this 72-hour valid exchange rate and then compare with what my Swedish bank offers. Then simply go with the best option.
The Western Union payment information on their website states:
How do I complete my bank transfer?
You will receive payment instructions at the end of the online process. You can take these to your bank in person, call your bank, or complete your transfer using online banking, depending on your institution’s capabilities.Back to Beth: But how do I know if my USA bank (BECU Credit Union) has this capability? Without being able to drop by or make a call, perhaps I need to online message them and see what they say.
- By Cheque/Bankers Draft made payable to King’s College London and forwarded to credit control office.
Beth’s note: Any trackable mail will probably cost more than my wire transfer fee, not including any fee for cutting the check. I’m not even sure if this is a function at my Swedish bank. I have never seen a check in my 2-years of being in Sweden!
Then, which currency do I pay in?
Here’s the rates:
It seems that the dollar is stronger now compared to GBP, and the SEK is weaker than GBP. So, I should use dollars–if I’m reading this right.
I have until the end of the month for the payment. So, I’ll figure this out, but if you have any wisdom to share, feel free to email me!
Curiously, I have not had any payment for tuition yet, and Anya will be in class for 6 weeks before the first payment is due!
With blessings,
Beth