Wire payment

What is this new payment service?

This wire service enables international students and their sponsors to pay their fees by bank transfer.

Why pay by wire?

Benefits:

  • Guaranteed exchange rate which will be locked in for 72 hours
  • Secure and fast way to make a bank transfer
  • You will see the exact payment amount in your local currency
  • As the payment is in a local currency there are no expensive international bank charges incurred
  • Once your 'deal' has been created you can make the payment using online banking or via a request at a local bank
  • You have 72 hours to seek other quotes and decide which is the best for your personal situation
  • Removes the uncertainties of delayed payments against your LSE fee account

How does the wire payment work?

The service enables the payer, this can be the student or sponsor to log onto the secure service website and obtain a quote for the total amount in your local currency.

Once the deal is created you will still need to visit your bank with your quote to arrange payment or alternatively pay using online banking. Please note: There is no obligation to proceed with the deal.

If you decide to accept the quote please choose from one of the following options:

1) Print out the valid quote and take it to your bank and they will arrange for the payment to be made direct to the LSE

Or

2) Send an online payment request via your online banking (please remember to always check with your bank for the terms and conditions)

If you do not want to accept the deal you do not need to do anything further - the deal will automatically cancel after 72 hours.

Links:

  1. Online demonstration of the Travelex Wire project
  2. Process diagram - how does it work?
  3. Travelex other service(s) at the LSE
  4. Glossary of Terms

Deal - An foreign exchange deal whereby Travelex will deliver a certain currency against receiving a certain amount of another currency based on an agreed rate from another party

Quote - A quotation that reflects the number of foreign currency units per UK pounds sterling

Valid Quote - A quotation that reflects the number of foreign currency units per UK pounds sterling that is still valid in the agreed time frame it is held.

Local Currency - The currency which you use in your home country.

LSE Fee Account - Your fee account lists your fee invoice, scholarships and payments

 

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