27 May 2020
Top tips for students transferring money overseas
Money is an essential factor to consider when you’re planning to study abroad. From travel tickets to admission fees to booking your student accommodation, managing your expenses wisely is essential on your year abroad.
You may need to transfer money overseas while you’re studying abroad, which could be on a one-time transaction, or on a weekly or monthly basis. Whatever your requirements for money transfers, you should spend time researching the best ways to send money internationally which are low-cost, fast and simple.
Below you’ll find a few of the key considerations for transferring money abroad, based on affordability, security and reliability.
Be aware of exchange rates
Many people aren’t aware that the largest fee when sending money overseas is often the exchange rate itself. You may ask yourself, does that extra 10 cents really matter? It may do. For large transfers it definitely does.
For example, if you need to transfer $2000, an extra 10 cents on every dollar would mean an additional fee of $200. You should always look out for the lowest possible exchanges because every penny does count. Being aware of these exchange rates will help you to get the best possible price. While it may seem like the best option to use a larger institution for transfers, they might have the worst exchange rates compared to smaller providers. Make sure that you seek out providers offering fair exchange rates before you choose one.
Be alert about additional fees
Research is a crucial factor when you’re sending money internationally. As a student you’ll often see offers for transfers with great exchange rates, but the small print can make your transfers expensive. If you’re not careful, extra fees may be added without you realising it. Always remember to read the small print about a provider’s transfer fees, because this could change your decision.
Think about security
Before you make a transfer, make sure that the provider you’ve chosen is regulated so that your money is protected. You should opt for a service provider with a responsive customer service team and simple cancellation policies. Don’t risk sending your money with a company you don’t completely trust just because it’s cheap!
Online vs offline money transfers
Emerging FinTech companies have redefined money transfers for international students by bringing new levels of innovation, convenience and speed to the way that money moves around the world. Sending and receiving money using online providers can be much quicker than traditional offline methods, like going in-branch to banks, remittance stores or post offices.
Here are some of the benefits of online money transfers:
- You can do it from the comfort of home
- You can save money compared to high banks fees
- You don’t need to waste time queueing - online platforms work 24/7
How can you save money on your transfers?
The factors that affect the cost of your money transfers include the amounts involved, the frequency of the transfers, which currencies you’re sending and exchanging, and which countries you’re sending from and to. Every penny counts when you’re a student abroad, so it’s wise to try and save as much money on your transfers as possible!
You should always remember that money transfers don’t have to be stressful! Make sure you seek out the best deals with trustworthy companies and you’ll be able to send and receive money quickly and cheaply, and make the most of your year abroad!
What is Paysend and how can it help you?
Paysend is an online money transfer platform which lets students send and receive money during their year abroad. So if you need to transfer money between your bank accounts, pay for accommodation or simply receive money from your parents, Paysend can be a useful tool for you!
What makes Paysend so special is the low, flat fees for sending money internationally. Normally, banks, post offices and remittance stores charge large fees for sending money across borders, but Paysend understands that for students every penny counts! That’s why it costs just £1, €1.5 or $2 (or equivalent amount) to send any amount of money.
Paysend lets you send money to over 80 countries globally from your smartphone or laptop, and money usually arrives within a few minutes.
Head to the Paysend website now to discover how much you could save on your money transfers!