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Studying abroad is a thrilling adventure, but it can also be a nerve-wracking journey not only for your child, but also for you as a parent. Figuring out how to ensure your child is financially secure can be one of the most angst-inducing aspects. How will you get the tuition payments to the school? How do you send money to your child for day-to-day living expenses? But fear not! Understanding how to navigate Forex Online, the Central Bank of Barbados’ online foreign currency application portal will ease your mind and make the process less daunting.
When you’re gearing up for your child's study abroad journey, one of the top priorities is to make their tuition payments well before those looming deadlines hit. Where should you start? If you haven’t already, get yourself set up with a Forex Online account. To create one, you’ll need your ID number and a valid email address.
When you log into the Forex Online portal, you’ll see several different forms. To make tuition payments, the form you’re choosing is "FC Form (Not for Imports)" – it’s your gateway to seamless fund transfers for your child's education abroad.
Once you’ve registered, when you begin to fill out an application, your selected financial institution and information such as your name and address are already pre-filled for you. You’ll be prompted to upload supporting documentation when completing your application. Make sure to include an offer or acceptance letter from the university outlining the tuition fees, which should be consistent with the amount of money you’re applying for.
After you submit, expect an email confirmation and details on who’s processing your application (typically, it’s your bank). Be sure to check your spam folder just in case the email got misplaced. When your application has been processed, you’ll receive another email that confirms whether you were approved or not, and how long the approval is valid for.
The next step? Contact your listed bank or financial institution, provide your name and application number, and request them to send the payment.
But what if the school lets you pay using your credit or debit card and that’s the option you prefer?
One thing you’ll need to do is check how much of your card’s annual foreign exchange limit you’ve already tapped into and make sure there’s enough room left to cover the cost.
If you aren’t aware, your annual foreign exchange limit is the amount of money you can spend in foreign currency on your card throughout the year. It’s different from your credit card limit, which is set by your bank and determines how much you can charge to the card. For personal credit and debit cards, the limit is the equivalent of Barbados $20,000.
If your child’s tuition payment surpasses your credit or debit card’s foreign exchange limit, or if you’ve already used up some of your limit and need to replenish it, you can do so using Forex Online as well.
To do this, rather than the FC Form, you’ll use the "Credit/Debit Card Form (Replenishment/Increase in FX Limit)." Fill in your details: name, ID number, address, email, bank info, card type, and the last four digits of your card number. As with the FC Form, you’ll need to explain why you're applying and upload your child's acceptance letter with tuition details as the supporting documentation. For this type of application, it’s the Central Bank that gives approval rather than your bank.
Besides paying tuition fees, you’ll want to make sure your child's daily living expenses are covered while they study abroad. You want to be able to support your child abroad with regular payments, setting them up with monthly allowances for accommodation, food or fun, ideally without having to apply each time. That's what the Periodic Payments (PP) Form is all about.
Just like with the FC Form, you’ll fill in your details, but with a few extra questions—like your occupation, income, and your child’s preferred method of receiving the funds (cash, wire transfer, etc.). Also, make sure to specify whether you’ll be sending the money monthly, quarterly, or periodically. Don’t forget to include the total amount you expect to send over the 12-month period the form is valid for.
Sending your child abroad to study can be a rollercoaster of stress and worry, but the process of paying their tuition and covering their other financial needs doesn’t have to be. Simplifying the logistics of making tuition payments and providing financial support during this big adventure means less hassle and more excitement as your child takes this major leap in life. Rest easy knowing you’ve set the stage for success in their next chapter.