Every year a lot of international students head to Australia for pursuing their academics and get enrolled in some study programs. But recently, the issue raised regarding this whole process. International students in Australia are complaining about the increasing amount of transaction fees which is becoming heavy on their pockets.
Not all students who are coming to Australia are from a wealthy family. The majority of them come there with a scholarship which makes their education affordable. Hence, the rising amount of transaction fee is now acting as a barrier between their education and livelihood.
CohortGo and Western Union Global pay do not charge much in terms of transaction fees from the international students. This is when compared to the well-known Australian banks.
But not many or rather the majority of the universities in Australia have not partnered with these sorts of platforms. This is to provide international students with other payment options.
The Chief Executive & Co-founder of Cohort Go said that the students have to pay around six per cent for foreign exchange fees to the banks. This amount is AUD$30,000 more along with their education expenses.
This process is constructed, thinking that it will benefit the growth of Australia. But on the contrary, it is hampering the education system of Australia. International students form a significant portion of the student panel of Australia. And this hike in transaction fees is discouraging students from coming there and getting enrolled in their educational programs.
A lot of revenue is extracted from these international students. This is decreasing due to the increment in the transaction fees. Australia has created a powerful image in the educational sector all around the world.
There are so many well-known Australian universities and colleges well-known for providing top-notch quality education to students coming from across the globe. But making an issue with the fee hike is very embarrassing for a place that is well-known for educating students with top-notch facilities.
The charges on either end, hidden costs or also the ban transfer limits are making the situations a lot harder for the international students. They are facing immense issues in paying their tuition fees and even sending money back home has become problematic as well.
Students coming from Zimbabwe complained that it is taking them a lot more than usual to send money back home. Banks are also causing problems by tagging their money as terrorist financing and bringing racism into the scenario. That is not at all appreciated.
37% of the students in Australia get their fees paid by their parents. On the other hand, 25% pay through online banking facilities and a few others by credit cards. Hence this fee hike is causing an uproar all across Australia.
Universities & colleges are called forward to consider this issue and cut slack to the payment options to make the process easier for the students. This is so that they can at least focus on getting the education for which they came to Australia.