Sending Money Home While Studying Abroad

Moving abroad for studies is an adventure of a lifetime. It helps expand your horizons by exposing you to new cultures, interesting people, and experiences.

But it also brings in some new responsibilities that you may not have faced before. Managing your finances as an international student is a major part of studying abroad.

If you’re supporting your family back home or just sending a little cash as a gesture of love, it is important to know about international transfers. But, these transfers can be tricky.

So, here are some student-friendly tips to make sending money home stress-free!

1. Pick the Right Money Transfer Service

Money transfer services are one of the cheapest ways to send money home. However, it is important to remember that not all money transfer services are the same.

While some may have additional (often hidden) fees, some offer better exchange rates. Do your research and look for:

• Lower Fees: Some of the best and most popular transfer services offer great rates and low fees, specially designed for students.
• Fast Transfers: Find a transfer service that sends your money in minutes or hours, not days.
• Convenience: Choose a platform that lets you send money online or through an app, so you can get your transfers done even from the comfort of your student housing in Seattle.

2. Understand Exchange Rates Like a Pro

Exchange rates are one of the biggest factors that complicate your remittance.

So, make sure to understand how to navigate currency exchange. Keep an eye on the rates so you can send your money when rates are the most favorable.

The exchange rate means the value of your currency compared to the currency of the country you are sending the money to.

3. Set Up a Monthly Transfer Plan

Managing your budget as a student can already be difficult. Sending money home in such a limited student budget can throw your budget off track.

However, planning can help you have the upper hand while trying to balance your spending and remittance budget.

Here’s how to set up a plan:

• Calculating The Amount: Calculate your income and expenses realistically. Avoid overcommitting.
• Automate Transfers: Some of the best remittance apps for students allow you to schedule your monthly payments so the payment happens automatically as soon as your salary is credited.
• Stick to Your Budget: Make sure to stick to your budget so you can support your family, build some savings, and still afford that occasional splurge on things you like.

4. Watch Out for Hidden Fees

While sending money abroad is affordable, hidden fees may add to the expenses.

So, to avoid any unpleasant surprises later, it is better to make sure your remittance services are not charging you any hidden fees.

Here are some such hidden fees that you need to look out for:

• Transfer Fees: Check if there’s a straight-up flat fee or a ‘percentage charge’, which can cost you extra money.
• Currency Conversion Fees: These can add up to a significant amount if you’re not careful.
• Bank Fees: Some banks charge an additional fee for receiving international transfers. Make sure you have discussed this with your family back home.

5. Make the Most of Student Discounts and Offers

Many remittance services offer specific student offers and discounts to make sure sending money is affordable for them.

For example, many affordable remittance services from Canada offer student discounts on currency conversion fees. Here’s how to utilize such offers:

• Student-Friendly Platforms: Some remittance services offer reduced fees for students and thus can be considered more student-friendly than others.
• Bundle Transfers: Sending money less frequently but in larger amounts can help you save on fees.
• Leverage Referral Bonuses: Many money transfer services offer referral rewards for referring friends. Take advantage of such offers.

Conclusion

Sending money home while studying abroad can be a little tricky. But that doesn’t mean it has to be stressful for you.

With the right platform, a bit of pre-planning, and smart budgeting, you can support your family from abroad without breaking the bank.

How can amber help you?

amber helps you secure student accommodation of your choice on your study abroad journey. Having served 80 million students (and counting), amber is your one-stop shop for all your accommodation needs. Download the amber app from the Google Play Store or App Store to book an affordable home for your adventure.