| Thursday, August 20th, 2015

International money transfer guide to study abroad

The following are tips for international student and their families to follow so they can be fully prepared for their education experience as well as having the resources in place so that all payments and international money transfer can be easily made, whether for tuition, living expenses or even an emergency.These tips are also helpful for those of you considering spending a semester abroad.

For international students who are moving to a new country to this will be an exciting time as you travel to a new environment. However, some may see this as a very trying time as well to move to a strange country that will in most cases be very unfamiliar to them. For international students who have the time to plan their trip can make the most out of their adventure. A little work beforehand can certainly save a lot of potential trouble later if you should run into a situation where you need assistance.

Set up your finances

International students will need to have funds available as soon as you start. This is especially true in the first few months when your finances have yet to be established, bank accounts have not been opened and tuition has to be paid. Setting up an international money transfer account puts a process in place to cover these expenses. There are a few steps to keep in mind to ensure that the money transfer goes smoothly.

  • Compare foreign currency to find the best deal and service available
  • When paying tuition bills, ensure the final amount received will not be subject to any fee deductions meaning your tuition payment will be short
  • Use a reputable company for the money transfer such as those listed on our website
  • Avoid paying for expenses or using providers that accept overseas credit cards that typically give very poor exchange rates
  • Do a test run for a small amount to ensure smooth service

Open a bank account

To be able to manage your day to day life in your new country, you will need a local bank account. Most mainstream banks will offer special student accounts. You will likely need to present to the bank you passport, letter of admission to your School, relevant Visas and proof of your address. The process to set up a bank account is not always easy so be sure to start this as soon as possible.

Arrive early

The earlier a student arrives, the easier it will be to get acclimated to the new surroundings. Plus, it will allow time for the proper paperwork to go through as well. The goal should be to arrive about a month before classes begin or when the college opens up its living spaces for the semester. By arriving early, you can start to settle into your living quarters and become familiar with the campus and surrounding community.

Most colleges have orientation before the semester begins so this will be a good time to get to know the campus even more. However, if you can join an orientation that is designed to bring new students together, this will help you make new friends that will strengthen the bonds to your new surroundings. Studies show that students who make friends at the start of the semester are much more likely to stay in school.

Go to the International Student Office

This will most likely be the first place you go after settling into your living quarters. The international student office works with you and other students on a regular basis to ensure that everything is going according to plan. They generally take care of the paperwork that is required for international students and offer advice as to how best you can enjoy your experiences while at the college or university.

You’ll want to ask all of your questions that are on your mind about the campus and what it provides. There are usually several events designed for international students that take place at the beginning of the semester and during the year as well. Plus, this may be a great place to find other students from your country to help form friendships early on and get settled into the campus routine.

If you have any Visa or immigration questions, the International Student office will be best setup to help you and will be able to advise you what you need to do both in advance of arriving and if you want to work or stay in the country after your degree.

The Admissions Office and getting to know the campus

After you take care of any business at the international student office, you will want to go by the admissions office as well if they have any more information about students from your country that may be on campus assuming that the international student office didn’t have that information.. Plus, if you want to help out a little, offer to volunteer a few hours during orientation which is a great way to help get involved and meet more people.

Once you have completed your visit to the admissions office, it is time to really get to know the campus. If you have your class schedule, you can visit each building and locate where the classes are going to be. Plus, you’ll want to find all the major buildings that will be a part of your college career such as the library, student center, fitness center and cafeteria.

You don’t have to get to know the entire campus as it is possible that some of the buildings you’ll never visit. So, just keep in mind the places that you need to be for your first semester of classes.

Be positive and have a great time

Last, but not least you maintain a positive attitude during your stay. One of the key elements to success is being positive about your situation and what you are going to accomplish. Plus, having a positive attitude means that you are going to enjoy your stay even more and get the most out of your academics, social life and integration with the teachers, students and staff on campus and more.

This is going to be a great time in your life and you’ll want to make the most of it. By being as prepared as possible, you can also have a little peace of mind as well even if things should not go as well as you hoped. When the unexpected occurs, remember that an international money transfer is just a phone call away if you have set everything up correctly. A money transfer is your lifeline in financial emergencies when you need the family to send money quickly.

However, most students will not have to face such emergencies and instead will be enjoying their stay in a new country. Transferring some money in advance from overseas can also put your mind to rest. For many international students, the experiences they have will be something that they will never forget as long as they live, so get ready for the experience of your life.

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.