Regent University | Fee Payment Modalities for International Students
modality that will permit international students to make payments in the Ghanaian local currency (i.e. cedi (GHS)) in equivalence to the United States dollar (USD) a student is supposed to pay.
Caveat:
a. This arrangement does not preclude the traditional payment in USD if an international student still finds it relatively more convenient to pay in USD.
b. Students are strongly advised to use the bank account details set out in item two (2) below.
1) REGENT GOING EXCHANGE RATE
The University shall determine a GHS-USD exchange rate for all such payments. This rate shall be revised weekly, and the basis for determination will be an average selling rate from three (3) of the University’s main bankers (namely, Ecobank, The Royal Bank and UBA) plus a margin to absorb any foreign exchange exposure.
The Finance department is authorized to compute the rate and communicate to all international students accordingly. The rate as set by the University must not fall outside the open market rate.
2) BANK ACCOUNT NUMBERS
International Students are to make payments into the following account:
Account Details:
Account Name: Regent University College of Science and Technology
Bank: The Royal Bank
Account Number: 0410111156542
Currency: GHS
Branch: Graphic Road, Accra
3) GUIDE AGAINST EXCHANGE RATE EXPOSURE: The Finance Office will make very frequent reviews and accordingly adjust the University’s GHS-USD exchange rates to reflect the prevailing market GHS-USD exchange rate. A margin to absorb any forex exposures would be added so that the budgeted USD revenue will be very minimally affected.
4) FAQs
a. Who does this new payment arrangement apply to?
Answer: To all Regent University College international students.
b. Which exchange rate will be applicable? The transferring bank’s rate or Regent’s rate?
Answer: Regent University College’s indicated GHS-USD exchange rate.
c. Can a Student pay in multiple currencies in the same semester or trimester?
Answer: Yes. The total payment must be equivalent to fees applicable in USD.
d. Should the international student seek prior clarification from the University before making payments in cedis?
Answer: Yes, the Finance Office will advise the student on the prevailing exchange rate set by the University.
e. Will the payment transfer receipt from the bank be enough evidence to credit the student’s account?
Answer: Yes, after revenue related to the receipt is recognized in the University’s bank account. Payments in process shall not be deemed as “received” by the Finance Office.
f. In the event of the cedi appreciating against the dollar just after payment has been effected, can the student cancel payment and re-pay in dollars?
Answer: No, if the payment has been captured by the Finance Office, payments reversals will not be made on the ground that a post-transaction exchange rate has been announced by the transferring bank. If payment has not yet hit the University’s accounts, it will be the prerogative of the transferring bank to decide on any payment processing reversal and adjustment.
g. Can payment be made to any Royal Bank branch in Ghana?
Answer: Yes, and into the stipulated Royal Bank account number detailed in item two (2) above.
h. Will late payment penalty charges apply in this arrangement?
Answer: Yes. International students are strongly advised to contact the Finance office for the prevailing forex rate set by the University and effect payments within the time frame stipulated by the University for various payments.
i. What benefit(s) will this new arrangement accrue to the international student?
Answer: International students who hail from countries whose regimes place restrictions on local currency exchanges to the USD and/or its international transfers can conveniently buy the Ghanaian cedi at Ghana local banks to effect fees and other payments.
j. Does this arrangement apply to any particular international student from any specific country?
Answer: No. It does apply to all international students who have to make payments in convertible currencies.
If you have any enquiries, kindly contact the Accounts Office:
email: accounts@regent.edu.gh
Mob: +233 540177798