There’s a lot to think about when you’re moving abroad to study in a new country; is your accommodation going to be ok? Do you have the right books for your course? Can you fit all of your clothes into that case!? The last thing you want to worry about is the hassle and additional cost of sending money abroad to pay for your tuition fees.
Studying abroad can be pretty expensive with annual tuition fees costing over £80,000 in some cases, therefore making savings where you can is so important. To help you save as much as you can when paying these fees, we have put together 5 things to check before you send money abroad:
1. Check The Exchange Rate and Time Your Transfer Accordingly
Exchange rates fluctuate all the time and it can be hard to know if you are getting a good deal or need to wait and hold out for a better rate. To assist you in this process, tere are many platforms that allow you to set up an alert system for your chosen exchange rate.
2. Check Your Bank Fees on Overseas Transfers
Check with your bank what their overseas transfer cost is for the amount you will need to send, this will vary between banks and commonly is not the most cost effective way to wire your funds. While in the grand scheme of things, the bank fee percentage may not seem too big, when you apply it to a large sum of money such as a tuition fee it soon adds up to a considerable charge
3. Compare Rates on a Money Transfer Service
Consider using an online money transfer service to send your money rather than transferring it straight from your bank account. There are many benefits to using a transfer service that not only make the process easier for you but also offer huge cost savings along the way. Currencies Direct are one of the largest suppliers of this service and offer a 24/7 strict no transfer fee policy, so you can be sure that you wont be met with any additional costs.
4. Understand Your Payment Window
If you fail to make a payment on time you can incur late fees. And whilst you need to hit the timing right on the exchange rate, it is vital that you know when your tuition fees are due each semester and ensure payment is made in time. This information should be available before the start your course and your education provider will also be able to inform you of this on request.
Many online money transfer services offer the ability to schedule your regular overseas payments to ensure that your money is transferred on time, this means you can set them all up at the start of the year. Be sure to give yourself a window of time before the payment date to factor in the money transfer time also, check this out with your provider!
If you’ve studied abroad before, do you have any other tips for this years students to consider?