Top things students need to know about transferring money abroad

Top things students need to know about transferring money abroad

There’s no doubt that students love to travel. Whether it’s for a year of studying abroad, a gap year or just a holiday, you’ll no doubt leave the country at some point during your time at university. However, it’s not as simple as just packing up your bags and heading on your merry way, if only!

Nobody likes to plan but it has to be done from time to time. One of the most important things you need to sort out before spending time abroad (especially if you plan on living in a country for 3 months or more), is how you are going to transfer your money from your UK account. It’s no secret that students are shrewd and love to save money so getting the best deal is always crucial.

So, without further ado, here are 3 top tips from Save the Student (the student money site) on what you should consider when transferring money abroad.


Always compare

You’d be stupid to go straight to your bank to ask for a money transfer. It’s unlikely that they’ll offer you the best deal and you could potentially miss out on the extra money you could get elsewhere. It may sound like a lot of effort to shop around but that’s where comparison sites such as MyCurrencyTransfer come in. They do all the hard work for you and find the best way to get the most from your transfer. It’s a win-win situation.

Watch out for hidden fees

You may have seen those companies out there that advertise no transfer fees… that’s great right? Not always. Some companies advertise that they have no fees only to come back and sting you with a poor exchange rate which may leave you worse off, compared to a company that is upfront about their fee amount. Once again you can rely on currency comparison sites to help you out with the maths in order to let you know how to get more for your money. It’s your money after all!

You need a foreign bank account

Unless you’re just going on holiday, getting the best deals and transferring money is always easiest if you open up a bank account in the country that you will be planning to live in. It makes transfers a lot safer and cheaper as there is no need to carry large amounts of cash or use an overly expensive pre-loaded card.


This article was written by Jake Butler from Save the Student. Their site offers the best money saving advice and student discounts for UK students.


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