For many, studying overseas requires a number of international payments throughout the period of study. Whether sending money for tuition, accommodation, living costs or for any other reason, knowing what to consider and be aware of when making an international payment can make a huge difference in value.
This is also true for any friends or family you have that are looking to transfer money for your study abroad, and can help them to get more for their money when making their payment.
Some high-street banks incur large transfer fees for sending money abroad
You may need to send money abroad to your country of study before you arrive. While you might be more familiar doing this from your local bank in your home country, it is very rarely the cheapest way to send money abroad.
Most high-street banks incur large transfer fees on international payments, which, if you need to make payments on multiple occasions, can end up adding on a huge cost simply for sending money overseas.
A difference in exchange rates can be more significant the more money you send
High-street banks have also developed a reputation for offering poor exchange rates when making an international payment. While the rate may appear only slightly lower than those offered by other foreign exchange providers, this difference in value will become more significant the more money you’re sending, increasing the amount you could lose out on.
That’s why it pays to secure a competitive exchange rate, something that moneycorp, as FX specialists, are able to provide. In addition, moneycorp allow you to lock in a prevailing exchange rate for up to two years of payments. This may require a deposit but ensures you receive the same rate throughout this period, unmoved by any upturns or downturns in the market.
What are your exchange needs and how often you will need to make international payments?
Throughout your studies, there will no doubt be a number of occasions you need to send funds from your home bank account to your foreign account. In addition, any financial support from family will require cross-border payments, which adds to the importance of identifying a quick, easy and cost-effective method to fund your overseas study.
A moneycorp account allows for you to set up regular automated payments to and from recipients around the world, for however much and however often you like. A Regular Payment Plan incurs a fee, but allows you to automate your international payment needs, leaving you free to get on with your studies.
Get more for your money when you study abroad with an international payments account from moneycorp. Open your free account today or speak to a specialist.