If you have a child studying in a foreign university, understanding how to send money to them safely and securely is important information to have, and this guide on international money transfer will explain to you how.
How much will it cost?
There are certain expenses associated when you send money abroad, and it’s a good idea to become aware of the types of costs to prevent overpaying. If you’re delivering financial help to a student on a regular basis, these expenses might quickly add up.
More About Exchange Rates
The exchange rate you are offered to convert between two currencies is frequently marked up by money transfer companies and banks. To exchange currency, the margin added to the exchange rate varies depending on the service you use to send money internationally, the amount you’re transferring, and how you pay for your transfer.
If you regularly send money to your child studying abroad, the exchange rate margin you are charged can have a major impact on how much they receive on the other end. There are a few things you can do to make sure you obtain the best exchange rate, add it to your study abroad checklist.
- During international money transfers, avoid using your bank. With a money transfer company like MoneyTO, WorldRemit, or Azimo, you’ll usually get a much better exchange rate margin
- Compare money transfer companies to ensure you’re getting a rate that’s near to the mid-market exchange rate (like the one you’ll see on Google)
- Check to see if your supplier offers guaranteed prices and for how long you may lock in pricing
- Compare sending large sums less frequently to sending smaller sums more regularly; you might find that one option saves you more money than the other
Best Way To Transfer Money Internationally
You have a few options if you want to send money to someone who is currently studying overseas. It’s usually a good idea to evaluate the options accessible to you based on where you’re transferring money, how much you’re sending, and how often you’ll be carrying out international money transfers.
Here are the following options:
Make Use Of Your Bank | International Money Transfer
Using your bank to send money to a student studying abroad is one method. For many customers, your bank is a trusted name and hence a safe option to process international money transfers. There are many such great student banks abroad. Indeed, wire transfers from your bank account to the bank account of your recipient are regarded as a safe and convenient way to send money over the world because your bank already has all of your information.
These advantages, however, do not always exceed the disadvantages. Banks frequently charge much greater transfer costs and exchange rate markups than specialised money transfer companies, not to mention longer transfer delays.
Using your bank may not be the ideal solution if you want the student you’re sending money to receive as much of it as possible (rather than losing money to needlessly high fees).
Making Use Of An Online International Money Transfer Service
Money transfer operators are quickly becoming the most common method of sending and receiving money over the internet, and they’re a terrific way to send money to international students. The following are some of the most significant advantages:
- International transfer fees are reduced.
- Exchange rate spreads are narrowing.
- Transfer times are shorter.
- Students will be able to get money in a variety of ways (bank deposit, mobile money, cash, etc)
- There are more options for you to pay for the transfer (bank transfer, card payment, cash deposit, etc)
An Urgent Request To Carry Out International Money Transfer?
It might be stressful to try to figure out the most efficient way to deliver money to your child studying abroad swiftly and safely if you receive an urgent request for funds. The good news is that transferring funds internationally has never been simpler. The best thing you can do is:
Maintain Your Composure
Many money transfer companies can complete an international transfer in a matter of hours, if not minutes, a great advantage of studying abroad. So don’t worry if you’re a student studying abroad or the parent of a student studying abroad, be patient and calm.
Compare Services To Discover The Quickest Transfer Time
Our comparison engine gives you a real-time breakdown of the finest money transfer services for your individual needs, including the average transfer time for each provider. This is covered in further depth in our guide to the quickest ways to send money abroad.
Consider The Quickest Method Of Receiving Payments
If you need money urgently, you might want to look into other options for sending money abroad besides a bank-to-bank transfer. Bank transfers can take longer (3–5 working days in some situations), especially if you’re sending money over the weekend or on a bank holiday.
In an emergency, there are other potentially speedier ways to send money to a student abroad:
- Sending money to be delivered in cash to an agent’s location (just make sure there is a location near to where your child is based)
- Sending money to an e-Wallet on a mobile device
- Using a credit card instead of a bank transfer
Verdict:
Allowing your child to leave the nest and live in another country, whether for a few months or a year, can be challenging. The good news is that sending money internationally is now easier, faster, and less expensive than ever, so you can be assured that if your child ever needs money, you’ll be able to get it to them quickly.
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