Students planning to study internationally will need to send money overseas for lots of different reasons. Whether you're sending cash over to pay your tuition, rent or you're parents are looking to transfer funds for living expenses, it's important to have a good understanding of how making international payments works, and the ways you can ensure your money is safe.
So what should international students keep in mind before sending their money overseas?
1. Don't default to using your usual bank for transfers
It's normal for your first port of call to be your bank at home. While it might seem like a good idea to use a trusted institution for transfers, banks are notorious for setting the least competitive exchange rates and charging the highest fees for transfers. Make sure to look around for the best offers before you decide.
Banks are notorious for setting the least competitive exchange rates.
2. Remember: Small variations in exchange rates can make a big difference
Does that extra 20 cents really make a difference? For big payments it definitely can. For example, if you need to send $1000 an extra 20 cents on every dollar would equate to an added $200. Keep your eye out for the lowest possible exchanges, because every penny really does count.
3. Do your research regarding additional fees
Research is key when deciding where and how to send your international funds. Often students will find a transfer option with great exchange rates but miss the small print on transfer fees. When researching which payments provider to choose, remember to ask about their fees, whether they will apply to your payment and factor them in when deciding who is going to offer you the most cost effective option.
The Cohort Go Payments solution
Our company was actually founded for the sake of solving the problem of international payments for overseas students. More often than not, the sender and receiver of international funds are faced with transfer fees and unfavourable currency exchange rates that usually result in lost funds.
Cohort Go founder and CEO Mark Fletcher saw this problem and resolved to find a better way. Out of this, Cohort Go Payments was born - a faster and easier way for international students to pay study-related fees. Every Cohort Go payment is delivered at a favourable foreign exchange rate with no fees and definitely no surprises.
.@_Cohort Go is a tech platform developed in Brisbane that allows international students arriving in new countries to streamline their lives. Watch how @_Cohort Go is helping international students flourish, via @Invest_Brisbane https://t.co/TbrWNyTHU4
— StudyBrisbane (@StudyBrisbane) August 22, 2018
Cohort Go Payments converts your currency at foreign exchange rates usually only available to large corporations. We then pass these savings directly on to you. Our payment platform is completely secure and reliable - giving you peace of mind that your money is safe as it travels to its final destination. It all happens in four easy steps:
- Upload the invoice and payment details for each provider you want to pay.
- Transfer your funds to Cohort Go Payments following the instructions for your preferred payment method.
- We'll deliver your funds at a low foreign exchange rate using the payment method assigned for each invoice.
- Track your payments every step of the way.
Keen to learn more about just how Cohort Go Payments works? Check out our platform or reach out to one of our team members today to get your international study experience off to a flying start!