Is it better to remit Canadian master’s tuition fees from your own account or from your parents’ account?

1. Telegraphic transfer

The most commonly used methods are wire transfer and money order. Although wire transfer is very fast, the handling fee will be relatively high. If there is a Bank of China in the country or city where students study abroad, it is very good to choose a money order. This choice will not affect the payment of tuition fees, and it is also very convenient to carry.

In draft remittance, the bank issues a draft to the remitter, and then he or she takes the draft out of the country, or sends the draft abroad by mail. There is no telegraph fee for draft transfer, and other charging items and standards are the same as those for wire transfer. Although the fee for draft remittance is relatively cheaper, it is not as fast as wire transfer, and the draft remittance needs to go to the overseas branch of the issuing bank or the designated collection bank of the issuing bank to go through the payment procedures.

It is best to use wire transfer for large-amount remittances, because once the money order is lost, the procedures such as reporting the loss are relatively troublesome, and the money order has a validity period of one year, after which it will be returned to the original issuing bank.

2. Online Banking

Paybill/Online Banking requires students to have a Canadian bank card. In China, parents transfer money to Canadian bank cards, and then students complete tuition payment on the school website. The whole process is very convenient, and there are no handling fees from the local bank to the school account. For new students, the biggest restriction is that they must have a Canadian bank card.

3. Yisihui

Yisihui is a payment method specifically for Chinese international students. It is the largest tuition payment platform and supports all bank card payments with the UnionPay logo, all online. Apply directly. If you do not have a foreign account in China, you can choose Yisihui. You can pay tuition in RMB through any UnionPay card. When connecting to a bank, you must use the bank's standard security tools (such as U-shield, SMS verification code, fingerprint) to complete the payment. The exchange rate can be locked within 24 hours. If the exchange rate rises the next day after the order is generated, you can use the exchange rate on the day the order is generated. If the exchange rate drops the next day after the order is generated, you can continue to wait. Save worry, effort, time and money.