Transferring money for education when studying abroad requires some tips to successfully manage the activity. Sending and receiving money with CompareRemit is now easier for international students, especially if you want to send money to the Philippines. There are some concepts that the students involved should understand before transferring money to cater to their education.
The two main components of costs considered when transferring money from abroad are fees and currency exchange. Since many financial institutions charge for the services they offer, there is a need to understand the hidden costs associated with transfer and payment of such fees to avoid escalating the transfer’s total cost.
Understanding Money Transfer
There are different currencies when transferring money across different nations. Consequently, parties involved should consider using services with no commission, which helps reduce the cost of currency exchange. CompareRemit provides a comparison of money transfer services and helps you get the best value for your money, especially if you are looking for the best dollar rate to the Philippines with CompareRemit.
Importance of Remittance Services
Remittance is the transfer of money by a person who lives in a foreign country to their home country. For most developing countries such as the Philippines, remittance money constitutes a considerable financial inflow.
Money remitted from a developed country to a developing country contributes to the latter’s economic growth, therefore attempting to fill in the vacuum left behind by insufficient foreign aid. In its broadest objective, remittance money leads to greater social and financial inclusion.
Most people on the receiving end of remittance money in the Philippines belong to society’s poorer sections. This transfer of funds from a developed country to a developing country’s poorer areas creates a more inclusive economic system.
To instill greater security within this system of remittance, the World Bank has set international standards and made it mandatory to disclose the following information whenever remittance is made: the place of receiving the remitted money, the date, the fees paid by the sender or the receiver, and the amount to be disbursed.
Remitting money to the Philippines is primarily done through a bank that has branches in the country from which the money is being sent or through third party money transfer operators.
Online remittance is gaining popularity in the Philippines, allowing the transfer of money through banking websites. The exceptional feature of the online remittance facility is that it’s instantaneous.
CompareRemit allows you to look for the cheapest route to send money to the Philippines by contrasting money transfer facilities and discovering real-time exchange rates. With CompareRemit’s best exchange rates for US Dollars to Philippines Peso, you will get the best deal for the dollar.
Why You Should Have a Student’s Bank Account
Every bank has different benefits that they provide to students banking with them. Here are some of the benefits students should expect:
- Monthly service fee
Students can enjoy a reduced fee when they open a student’s bank account. Other times, banks usually waive monthly service fees when there are regular deposits. Or when you have a certain amount of money in the account. You can check out the different policies and conditions of every bank on monthly fees.
- Money Bonus
Who doesn’t like free money? Well, certain banks have policies for student account holders that offer cash bonuses. However, for you to qualify for such rewards, you need to be making specific amounts of deposits.
- Overdraft protection
A student’s account can have overdraft protection. Overdraft protection allows you to transact with no money in your account.
Usually, banks link your account to your savings account to cover the amounts transacted. You need not exploit this benefit, as there are payable fees from overdraft protection.
The Best Banks for International Students
From USD to Peso, USD to Pounds, USD to Yuan, and many other currencies. Finding a bank with the best rates and factors in safe money transfer is vital to international students.
Many banks provide international students with an easier way of opening student accounts in the US. Like any other bank, the banks facilitate fast and secure methods of sending and receiving money from family abroad.
According to CompareRemit, here are banks that offer bank accounts for international students and only need certain documents from students to open:
- Wells Fargo: has a student checking account
- Bank of America: offers safe banking
- HSBC USA: has an international student’s account
- TD Bank: has a student checking account
- Chase Bank: Chase banks offer college checking accounts for students
- Santander: it has a Student Value Checking account
These are some of the popular banks that cater to domestic students and international students from the list. To open accounts in the mentioned banks, international students need:
- Passport
- Student Visa
- A student’s ID or Driver’s license as a second proof
- Documents indicating school enrollment
It is important to visit every bank and check for their requirements. Every bank has different needs, or you can check them online.
In conclusion, it’s worth noting that the information in the article improves learners’ learning experience in transferring money for education. Studying abroad is made more efficient by establishing the best platforms for money transfer, offering students the best services.
