As an international student, it is very important to know how the transfer of funds work from one country to another. You must have all this knowledge beforehand so that there is no future problem in transferring money. Initially when you decide to get yourself enrolled into an international University, you will have to pay them your tuition fees. This means that you will send your money from one country to another through your bank account.
The most commonly used protocol for this service is the SWIFT (Society for Worldwide Interbank Financial Telecommunications) network. It is a form of a messaging protocol which consists of a network of more than 1100 banks across 200 countries. Each bank which is a part of this group protocol has a unique code of its own which is 11 or eat Digital long. The code specifies the exact location, the name of the city of the bank.
Before transferring your money you must choose a trustworthy service provider. Then you will have to get your KYC registered and checked. Once all of this is done you can transfer the money with the help of your bank or money transferring company. They will use the SWIFT method by using the student's name and their bank account. The money will be directly transferred to the university account.
