Before studying abroad, you have to think about many important things – such as where you will stay, whether you have appropriate course material for your studies, whether you are aware about the culture of the country etc. However, there is another important factor to think about – transferring your monthly abroad for overseas studying. Find out how to do so.
Look at the exchange rate
Keep in mind that exchange rates tend to fluctuate throughout the day, and it can be tough for you to understand whether you are having a fantastic deal. You can also understand whether you have to wait for better rates. There are lots of platforms to help you in the process by letting you create a notification system for the exchange rate that you want.
Know about bank fees on overseas transfer costs
Check with the bank that you have an account in, and know about the overseas rate of transfer for the amount you wish to send. The rate will differ between banks. This is not often the cheapest way to have your funds wired. Although the percentage of transfer fee for the bank might not appear to be large when viewed overall, it can be huge when you apply the rate to the transfer of a large amount – as in case of a tuition fee.
Compare funds transfer service rates
You can think about making use of a web-based money transfer service for sending money instead of directly having it transferred from your own bank account. A number of web-based money transfer services are capable of scheduling your overseas payments regularly, which can ensure timely transfer of money, and you can set it up when the year begins. Opting for a funds transfer service has many advantages. It makes the whole process more convenient and can also save costs for you. Some of these services have a strict no-transfer 24X7 fee policy and there are no extra expenses to expect.
Know about the payment window
You might have to pay late fee penalty if you do not make a timely payment. You have to be on time with your exchange rate. It is important to know when tuition fees for every semester are due for you and make sure that you pay exactly on time. You need to know the details before your course begins and your academic institution will also be capable of informing you on request.