Money Transfer Tips For Students Who Plan To Study Abroad

Study AbroadSpending a year, summer or even a semester as a student studying at one of the foreign universities is still viewed as a fantastic method for a student to obtain an international experience and to continue with their education at the same time. Due to the rising costs in tuition fees at most of the American universities and the increasing focus on international experiences within the job markets on a global level, more and more students that are American citizens have chosen the path of studying overseas.

Studying abroad can not only be a cheaper option when compared to courses at American universities, but also offers potential students with the best way to not only live in another country but also learn invaluable skills, a new culture and language.

According to the IIE (institute of International Education), the average costs relating to a single semester in another country during the school year from 2012 to 2013 came up to around $17,000. This included health insurance, living expenses and tuition. However, even though these costs are considerably less when compared to the fees charged at the American universities, choosing to study in another country can be accompanied by higher costs of living. In addition, it is important to take into account fluctuating exchange rates and the expensive fees that are charged by the banks when it comes to transfer of funds internationally.

When it comes to locating the most affordable and convenient method to finance studying abroad, this is an important step in preparing for your trip to another country. This means allowing for the necessary time in which to research different options on how to send money abroad before your departure as well as for while you may be away. In addition, due to the fact that you will be residing in another country that has its own regulations and rules on its particular currency, you will want to make sure you have selected to the best course of action to access funds while abroad as well as obtain the local currency once you arrive. This will ensure you keep your banking fees, money transfer and credit card transactions down.

One of the first steps of the process is to find out about the money-transfer providers that also go by the name of specialist currency-brokers that know about the country you intend to study in. These brokers are able to find you the best exchange rates and can also secure a rate that is more favorable than the majority of the traditional banks. It is important to keep in mind that “specialist” foreign exchange brokers generally charge reduced transfer fees when compared to a bank.

Ask Your School

Young couple getting financial adviceWhether you decide to study through a US based institution or you plan to attend foreign universities that are not connected to your home based university, the school you currently attend will more than likely have the instructions you need on how to make an international payment. Certain schools may ask you to send the fees through specified financial or service institution. Having this information will mean your tuition payments are reached by the school on time without any unnecessary delays.

It is important that you are aware of any requirements or regulations that need to be adhered to when you make a transfer of funds to another country. This is because there are certain countries that have additional restrictions or rules in place when it comes to international transfers. When you work with one of the service providers that specialize in money transfers, they will have the necessary expertise on the country you plan to study in and in most cases have contacts that can offer the correct guidance on navigating any bureaucracy or red tape when you make overseas fund transfers.

Think About Financial Aid

Various universities and even the federal government provide financial aid, grants or scholarship opportunities for many students that are looking for a way to study overseas for an academic year, a semester or a summer. These types of opportunities can assist the student in paying for their books, school supplies, living expenses and tuition. Financial aid varies greatly from one institution to the next, which means finding out from the school directly is in your best interests. You can find out about these opportunities on their websites or by phoning the financial-aid office at the university and ask them to email you with more information.

Over and above contacting a university directly, you can also search online for the numerous scholarship and financial aid opportunities. One of these sites includes the US Department of Education that holds a list of the foreign universities and schools that are involved with Federal Student Loan Program which is program federally-funded that offers American students a way to study at one of the foreign universities using US federal loan-money. Sites such as the Institute of International Education, and allow you a way to search for the international grants and scholarships as well as the study abroad available programs.

Choosing to study in another country can prove to be an exciting as well as enriching experience that you can ever have. In addition, if you take the time to find out the best method to fund this experience you can avoid the high costs that are typically accompanied by studying and living abroad.