If studying abroad is entirely new to you, then sending or receiving money could be a daunting task. Alternatively, you need to find a way for your independent living solutions. So, here we are, presenting the best tips to get an overview of these ways, enabling you to choose what is the best for you.
From exchange rates to navigating bank fees, it’s never been easy to get money safely and directly from your parents or home country. But, there are different options to get or transfer money overseas.
1. Best Independent Living Solutions – Use Banks
The most reliable way is through your banks as they offer services to their customers for international money transfers. They even guide you through the process of sending or receiving money.
Banks deploy a safe and a convenient method for regular payments. But, it is important to know how much it costs for transferring money abroad, as it involves many terms such as foreign exchange, charges of the firm and much more.
Explore your banking options – starting from getting a quote from your bank and then comparing it with others. You can also inquire whether they provide any exemption for students. Some banks even offer an option to transfer money from a mobile phone. You can also set up a transfer if you need to make regular payments. A strong advice is to do research thoroughly, as some banks charge heavily for international transactions.
2. Online Money Transfer Services
The newest option for money transfer is TransferWise, which helps one to save the bank transfer fees by making the transfer process quick and simple. Conversion rates are kept real, fair and transparent, or we can say that it costs less than 10 times on what banks charge. They also claim that they charge lesser than any other company does. So, whatever the situation, your child or your parents should receive the money sent by you at the least cost.
Wireless transfer of money through mobile phone vector concept
Online money transfers make it easy to send or receive money along with flexibility. It is easy to setup an online money transfer account, and some even don’t need verification for smaller amounts. Sending from a bank might take a couple of days but, online transfers can be made in a few minutes or by the following day; and both, the receiver and the sender could also track it.
3. High Street Money Transfer Services
MoneyGram is the second-largest provider of money transfers and it can be found even at the Post Office branches. One doesn’t need to open an account to send the money, instead, simply hand over the funds in whatever form one wants to send and pay the fees. A reference number is provided, which is to be given only and only to the recipient. This figure unlocks the money, so make sure you don’t share this number with anyone, and check whether the recipient can get to the place where the money will end up. High Street money transfer method can be said to be an alternative method for bank transfers.
It does not end here; students can pick up their funds from the Western Union, which has a high street of branches: nearly 500,000 worldwide.
We hope that these methods will serve you to find your independent living solutions, in an optimum manner.
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