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Money Transfer
For international students, there are ways you can beat the system when it comes to sending or receiving money abroad.
Money transfers are a necessity for most international students. But there are so many options, it can be confusing. If you don’t want to worry about direct bank transfers with high exchange rates, or if you don’t want to pay by credit card, we have the solution.
From navigating bank fees to assessing exchange rates, sending or receiving money abroad can be a tricky affair. We’ve put together the best tips and tricks for you (or your parents!) which will come in handy when you need some funds for your studies abroad.
What will it cost?
There are two main costs to consider :
- Fees – Most money transfer services (excluding some bank accounts) tend to charge you for what they do, so keep an eye out for any fees or hidden costs that may not be apparent at first.
- Currency Exchange – When you send money abroad yourself, or get sent money from home, it’s likely you’ll be working in a combination of currencies. To make sure you get the best deal, use a service that promises 0% commission, but just be mindful that you’ll probably receive a worse exchange rate than the market offers.
What are your basic options?
There are two OPTIONS to consider :
- Using your bank – One of the most simple and reliable ways of sending and receiving money while you’re studying overseas is through your bank account. And some banks offer this service for free. As long as you and the other person (sending or receiving the funds) have an account with the same bank, you can use the online banking service to transfer money for free anywhere in the world. The only downside is that exchange rates can vary between banks, so it might be worth shopping around to find the cheapest rates available before making a transfer.
- Use a transfer service – Don’t be afraid of venturing away from your bank when making your international payments. There are plenty of service providers who let you transfer money for free or for very little.
- FairFX, for example, offers competitive exchange rates and has no transfer fee when you are sending money abroad. They also have a handy Study Abroad Cost Calculator, which can help you decide which country and university best suit your budget. It ranks the tuition fees, living costs and currency rates of the European universities that made it to the top 200 universities in the world list by the new Times Higher Education World University Rankings.
- Cohort Go, is a unique global payments platform offering a fairer, smarter and easier way to pay your international education fees.Securely pay tuition fees, living expenses and other education expenses in your local currency with competitive foreign exchange rates and no fees.
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