Transfer Money Abroad
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Overview
Having access to funds is critical for any international student to ensure that they have a smooth sailing experience while abroad.
Figuring out how to transfer or exchange money between currencies as an international student is no easy feat. While you may think that traditional banks are the best and safest way to transfer money between currencies, they can have hidden fees and complex processes.
Luckily, there are an increasing number of alternative options for sending and receiving money while studying abroad, including money transfer specialists and non-bank providers.
What you need to keep in mind...
- Reliability of transaction
- Processing times
- Foreign exchange rate
- Transfer Charges
- Sum of money being transferred
What are reliable options for sending money abroad?
Students can transfer money using a variety of methods, including:
Bank transfers
Probably the most common and widespread option. It is also one of the most expensive and time-consuming ones. International bank transfers are only processed on working days, they have high fees and sometimes unexpected charges (such as double currency conversion).
Money Transfer Services
Money transfer operators are fast becoming the most popular way to send and receive money online, and are a great way to send money to students from abroad. Some of the biggest benefits include: A money transfer operator offer reliable option for sending funds to someone studying abroad with lower international transfer fees, smaller exchange rate margins, Faster transfer times and more ways for students to receive money.
What you need to consider beforehand?
The fee to send money – traditional banks will usually charge you just to complete the transaction of sending money abroad.
The fee to exchange money – traditional banks often charge a margin of up to 5 per cent above the daily exchange rate, known as a hidden fee, which can add up easily if you’re an international student who needs to transfer money regularly or in large sums.
The fee to receive the payment – some banks may charge your recipient a fee to receive money from overseas, which varies from bank to bank.
Fastest way to send money aboard.
If you’re sending money abroad, you can choose from a whole range of money transfer options. Popular service providers include:
Western Union
Western Union is one of the most commonly used methods for transferring money overseas. Its branches are as accessible in the U.K., U.S., and Canada as it is in developing countries. The fees are also reasonable and there’s a handy app, so you don’t need to wait in line to get the transfer process started. In some countries, money received can be deposited directly to a bank account via the app.
MoneyGram
MoneyGram is arguably Western Union’s biggest competitor in most regions. Like Western Union, MoneyGram now also sports an app, which makes it easy to send money abroad without ever joining another long line. Its fees are also reasonable and generally match whatever Western Union offers in the respective region.
Wise
Wise is the new way to move your money around the world, as easily as possible, for as little as possible. Wise offers a better, cheaper, fairer system for anyone across borders. With Wise, you would find that fees are fairer, and you get the real exchange rate.
Xe
Xe is one of the most popular online currency exchange providers, mainly because of our affordable services. Xe offers competitive rates compared to banks and in-person providers for sending and receiving money. The recipient will likely receive more money than they would if you had used your bank’s wire transfer service, and you won’t be surprised by any hidden charges.
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We at Ace learning provide comprehensive advice and assistance to students looking to study abroad. Our team of experienced professionals is here to help you every step of the way.
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