3 Tips for Students Transferring Money Overseas

It happens to almost everyone at some point: You need to move money, and you need to move it fast. Thankfully for people who must be involved in this process, there is no shortage of ways to send money around, but if you have to send it overseas, it can get very complicated. As such, everyone – but particularly students – need to exhibit care and caution when transferring money overseas. Here are three tips to make sure you are doing so in the safest and most secure method possible.

Do Your Research

There is no question that there are a variety of ways for students to send money overseas, including a variety of services, apps, wire transfers, and more. However, there is no question that this breadth of services can work against you: There are so many out there it can be hard to find the best deal.

What does this mean for you? Well, you have to do your homework and ensure that you are finding the best deal. There are numerous factors in money transfer services you should look for: Low fees, reliable service, great customer reviews, and fraud protection. Some services may have different international fees depending on what country you are shipping to, so make sure to check that information out before using a money transfer service.

Protect Yourself From Scams

Making a money transfer is usually something you can do safely, but that is not to say that you can’t immediately find yourself on the wrong end of a scam. This can happen in a variety of ways, including if someone pretends that they are your friend and requests emergency money – a common phishing scam – or if you use a service that will just steal your money and not send it anywhere.

Thankfully, there are ways to protect yourself from being ripped off. Only use reliable, popular services that you know are legitimate businesses. Contact your school to get their advice on what service to use. If you have been requested to use an unfamiliar service, google the name of that service and “scam” to get some extra insight.

Check Out Your Bank, But Remember…

Your bank may have the solution you need. Depending on the services offered by your bank, they may be able to help you send money overseas. However, there’s a big catch when it comes to using your bank for overseas transfers: You may get hit, hard, with additional fees. These fees can also increase under a variety of different circumstances, such as if you are sending the money to another financial institution. That’s not to say that this will always happen, but it does mean that you should make sure you are looking properly to make sure you are getting the best and safest deal possible.

There is no question that there are many safe, convenient, and easy ways for students to send money overseas. It just takes a little bit of time and research to find the best one.

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