Depending on where you will be studying abroad you (or your parents) might need to send money internationally to help you with your daily expenses. Many banks from you country of origin will offer you “international student packages” but you should be careful with this.Here is a simple guide to help you with the process of sending money abroad and which gives you the best money transfer services to use.
Why use money transfer services?
A common thing expats and foreign students (or their parents) do when they need to transfer money internationally is using their bank to make international transfers. This solution, even if it seems simple, secure and easy, is very expensive. Indeed you generally pay around 10% of the amount in fees. On the other hand, money transfer services are much more cheaper and as secure as banks. They’ve been emerging for the last couple of years on the money transfer market. Transferwise, in Europe is probably the most famous one. Money transfer services unlike banks do not apply hidden fees when sending money internationally. The exchange rate applied is the real one and not a poorer one in order to make even more out of your transaction (yes, banks do that). Expect to pay around 3 to 5% fees on the amount you’re sending. The only question you should then ask yourself is what you’ll do with the extra money you’re saving by not using your bank for your transfers!
How to choose the best money transfer services?
The only issue today with money transfer services is that they are more and more numerous and it is getting harder to choose among all the options. It is even harder because there is no one that is operating on a global scale, each of them are specialised in specific areas. The cheapest ones are not the same depending on how much money you are sending. You might also be looking for the fastest solution if you need to receive money quickly for renting a flat for example.
One thing to remember is to use a comparison platform to help you find the money transfer services that best suit your needs in terms of costs, time delivery and payment mode.