How to Send Money to Students Abroad with Fin.do
Studying abroad is an exciting experience, riddled with opportunities and challenges alike.
Moving abroad for studies commonly triggers many costs, including tuition, accommodation, living expenses, or transportation. One way to make life easier for an international student is to provide financial support.
So if you’re planning on sending money overseas to a student, here’s what you need to know about transferring money to a foreign account.
Ways to send money internationally
If you’re sending money abroad, you can choose from a whole range of money transfer options. Common methods include:
Bank transfers; probably the most common and widespread option. It is also one of the most expensive and time-consuming ones. International bank transfers are only processed on working days, they have high fees and sometimes unexpected charges (such as double currency conversion).
Sending cash using services like Western Union or MoneyGram. But you’ll want to carefully consider the pros and cons - especially those of having to fill in lengthy transfer information or picking up the money at a physical location.
Sending money to an e-wallet is a simpler and faster option for your international transfer. However, in most cases the money still has to be moved to a card or into a bank account before it can be accessed.
Common issues with international money transfers and how to avoid them
Currency exchange rates
You will deal with currency exchange almost every time you transfer money to a foreign country, for example, if you’re transferring from Ukraine to France or the UK.
Since exchange rates constantly fluctuate and depend on the actual way and time you make a transfer, it’s difficult to know how much you lose every time you send money abroad.
Sometimes, depending on which service you use, you might also be charged an extra fee for currency conversion.
You can avoid expensive currency exchange charges by using Fin.do. With Fin.do, the currency you send is converted directly into the destination country's currency, avoiding double currency conversion.
Fin.do enables you to send any of our 160+ supported currencies from wherever you are, with no currency conversion fees.
For example: if you live in the Czech Republic and want to transfer money to the Netherlands, you can choose to send korunas from your local currency card, or euros from your euro card, eliminating currency exchange altogether.
No matter which international money transfer service you choose, you’ll be charged a transfer fee. Most fees can usually be seen upfront, but certain charges might not.
Banks, in particular, are notorious for ‘hidden fees’ (fees you don’t explicitly know about), such as a transfer fee on both the sender and the recipient side or a mark-up to the exchange rate.
You should pay extra attention to such charges, especially if you plan on making recurring transfers (for example to cover rent or tuition costs).
With Fin.do, you can forget about the unpleasant surprise of hidden fees. We’re all about transparency so you’ll always be able to see the fee and final amount to be received before you transfer money.
As you might expect, international transfers take longer to process than domestic transactions, especially if you’re transferring money to a foreign bank account.
If a transfer is time-sensitive, consider using an alternative money transfer service to banks.
The benefit of Fin.do is that money transfers are instant. So you can send money to a card instantly, no matter where you send money from or to.
In addition, Fin.do money transfers go from card to card, meaning there is no need to cash out or move money between accounts. Students have access to their money immediately, straight on their card.
Curious to see what makes Fin.do such an ideal solution for international money transfers to students? Get Fin.do and make transferring money abroad a breeze!