Sending or receiving money from another country is only sometimes straightforward, what with having to deal with foreign currency rates and bank fees. We've compiled the most useful advice for you (or your parents!) in the event that you find yourself in need of financial assistance in order to study in the US.
There are primarily two things to think about when transferring money abroad:
- Fees
Keep an eye out for any fees or hidden prices, since most money transfer providers (with the exception of certain bank accounts) will charge you for what they do.
- Change of Currency
It's possible that whether you transfer money overseas or receive money from home when you study in US, you'll be dealing with more than one currency at a time. Use a firm that charges no fees, but keep in mind that you will likely obtain a worse exchange rate than what the market currently gives.
Can you go through the fundamentals?
In response to your search for "ways to transfer money internationally," Google has returned hundreds of results from various firms. However, although it may seem easiest to use a specialised money transfer website, be aware that these services may be rather expensive and that not all of them have a good track record.
Investigate the options provided by traditional banks, including your current financial institution, before deciding to use one of these. Not only are they the safest option for students in US, but they also often provide the lowest fees for receiving funds from anywhere in the globe. A peer-to-peer service is another alternative that might have cheaper rates.
Use Your Bank as a First Resort
While you study in US, a bank account is one of the most convenient and secure methods to send and receive money. And for no cost at all at certain banks! If both you and the person you're sending or receiving the money have an account with the same bank, you may use the bank's online banking service to send money to any country for no fee. One potential drawback is that different banks may provide different conversion rates; you may want to compare prices before making a transfer.
Get the details from your bank on the fees associated with foreign transfers and whether or not you qualify for a student discount before deciding to go this route.
Use a transfer service (Option 2)
In order to make international payments, you shouldn't be afraid to go outside of your bank's comfort zone. Many companies offer cheap or free money transfer services.
Travelling to the United States to further your education?
Because there aren't as many US-based banks catering to international students, it may be prudent to use one of the aforementioned specialised transfer services. To get the best exchange rates when your parents send you money, you'll need to open a local bank account if you're attending college in the United States. You may avoid all this hustle and open your account with Niyo Global. The Niyo Global card has the following features like:
- Easy money withdrawing facilities in 150+ countries
- Xero forex markup
- No conversion charges
- Easy request/block Niyo Global card
- 5% interest P.A.
- Get yours now!
