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When Sending Money to Your Child Studying Abroad:

As restrictions are easing following the rise in COVID-19 vaccinations, international borders are beginning to open and many students are travelling to study abroad again.

Along with studying abroad comes the worry of parents at home, about being able to provide their children with money for tuition, housing, food and general expenses while they are overseas.

Making the decision of which provider to use in order to transfer money to your children in universities is very important and this article will aim to help you by showing the things you should look out for when making this decision.

First, the most important key factor that will contribute to your choice will be the cost of the transfer. The cost of remittances will incur a fee with each transaction. In the United Arab Emirates, the cost of remittances is fixed.  They only vary depending on the country or corridor you are sending money to. The UAE is one of most cost efficient countries to perform cross boarder remittances from, according to The World Bank. 

Second, financial institutions sometimes use one or more intermediary bank(s) to execute a transfer, so hidden fees may apply and differ from one institution to another. It also depends on the type of bank account the recipient holds with the banking institution at the country of destination, as some banks charge a fee to the account holder on inwards remittances. This varies greatly from one bank to another around the world and cannot be easily predicted. Such hidden fees typically get deducted from the principal amount being remitted. It is important to understand this and discuss it with the sending institution at the time of transaction to make sure the amount you are transferring is sufficient

It is also worth mentioning that most banks and institutions that offer “free remittance” usually overcharge when it comes to currency conversion to make up for the waved fees. Hence, it is important to check the currency exchange rate in addition to the sending fees when remitting money abroad. Exchange companies typically offer the best exchange rates as they specialize in this field and have formed a wider network ensuring the fastest and most economical route is selected to execute cross boarder remittances.

In addition to that, you might have an emergency situation at hand that calls for immediate action, it is pivotal that the time of the transaction does not far exceed your expectations and this is more important the more crucial the transaction is. With today’s advancements in technology it would be ideal for your transaction to take place instantly.

Finally, one of the most important factors that is often overlooked by consumers is the security and reliability of the transaction. The arrival of the transaction will most definitely depend on the safety of the service that you are using. It is important that you use a reputable money transfer service to make sure that your funds are being handled safely and will eventually reach your loved ones abroad. 

You might wish to consider using a travel card instead.  A travel card can be preloaded with 23 different currencies and have a locked exchange rate.  You can use the travel card anywhere Visa is accepted.  This card is easily accessed through an online app and reloaded effortlessly.

In conclusion, reputable sources of finance to send to your loved ones in universities abroad are very important in making sure that you have an optimal experience when transferring your money regardless of the circumstances around the world.

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When Sending Money to Your Child Studying Abroad