Explained

International students face challenges with money transfers, and traditional banks may not be the best option due to hidden fees. Learn more below.

What is an International Wire Transfer?

International wire transfers (or SWIFT transfers) allow quick, secure sharing of funds between people. Ideal for students paying rent or tuition fees.

SWIFT transfer; How it works

SWIFT is a global network used by banks for financial messaging. SWIFT transfers are payment orders sent between banks which usually take 1-5 days.

How to use an International Wire Transfer?

Prepare recipient info and account details, and consider fees for international wire transfers.

Cost of an International Wire Transfer

Typically International wire transfer fees: sending fee (£30+), exchange rate markup (up to 5%), and receiver fee. Consider these factors to save money.

International Wire Transfer Pros

1. Regulated international wire transfers = safe. 2. Global wire services = worldwide access. 3. Branches for convenient money collection.

International Wire Transfer Cons

1. The sender pays fees charged by wire services. 2. Non-reversible, so the sender can't retrieve the money. 3. Anonymity attracts scammers.

Factors when deciding how to transfer your funds

1. Consider transfer amount and frequency. 2. Check currency acceptance. 3. Ensure money protection.

Top International wire transfer methods for Students are:

1. Wise multi-currency account 2. CurrencyFair 3. OFX 4. Western Union 5. XE 6. World Remit

amber Explore more with Student Guide to International Wire Transfer