Money transfer as a loan for educational purpose
I live in the US. A friend in another country (Caribbeans) is in need of cash 000 for educational purposes. How would one transfer money properly? I suppose it is possible for me to transfer the cash as tuition fees directly to the university (a legitimate one). If done so, this friend would like to return the money back to me in an year or so. How would he actually go about doing it? Any advice or share your experience if any?
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You can wire the money to the university. If your friend is a registered student, then they will have an account at the school.
Contact the school directly and ask for the "bursar's office" (assuming it is an English speaking school). The bursar will tell you how to wire the money so that it reaches the proper account. Normally, you will wire to a general university account at a bank and the memo on the wire will include the student's account number.
Your friend can wire money to your account at your bank. Go to your bank and ask them for the procedure.
By the way, there is a 90% chance your "friend" will not pay you back.
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