International students face challenges with money transfers, and traditional banks may not be the best option due to hidden fees. Learn more below.
International wire transfers (or SWIFT transfers) allow quick, secure sharing of funds between people. Ideal for students paying rent or tuition fees.
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.
Prepare recipient info and account details, and consider fees for international wire transfers.
Typically International wire transfer fees: sending fee (£30+), exchange rate markup (up to 5%), and receiver fee. Consider these factors to save money.
1. Regulated international wire transfers = safe.
2. Global wire services = worldwide access.
3. Branches for convenient money collection.
1. The sender pays fees charged by wire services.
2. Non-reversible, so the sender can't retrieve the money.
3. Anonymity attracts scammers.
1. Consider transfer amount and frequency.
2. Check currency acceptance.
3. Ensure money protection.
1. Wise multi-currency account
4. Western Union
6. World Remit
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