There are approximately 25,000 international, non-British pupils with parents living overseas in the UK and their collective value to the UK economy is crucial. When it comes to studying in a foreign country, one thing that many people can often overlook is the mundane, but critical process of moving money in and out of the UK…
Last year the total amount for fees paid from overseas sources to UK Universities was near to £500million, which represents a sizeable contribution to the UK economy. British Universities continue to attract the best international students to these shores, all looking to take advantage of our world renowned educational offer.
Choosing to study in a foreign country is one of the most exciting and rewarding things a young person can do. The chance to learn abroad and immerse oneself in a different culture is a fantastic opportunity for anyone, but it is not one without challenges, which is why we recommend a currency company like World First UK to help you on your way.
In amongst all the logistical challenged involved in studying overseas, one thing that many people can often overlook is the process of moving your money, whether that’s to pay for fees or just sending your money over to pay for day to day life. The problem is that in the current climate the value of money can change very quickly, via fluctuating exchange rates, and this can drastically change the value of things like school fees and living costs in a relatively short space of time.
If you consider that the average fee for students in the UK from outside Europe is £10,463, a 10% swing in the wrong direction would add over £1,000 to the price of these tuition fees alone. Not to mention all the added costs incurred when living and learning abroad.
It’s because of this unpredictability in the markets that more and more people are choosing to pursue a more strategic approach to managing their money, although many still don’t realise that there are alternatives out there which could save a lot of time and money when it comes to moving money overseas.
Most people still consult their bank when it comes to making international money transfers and that’s mainly because they aren’t aware that there are any viable alternatives out there. However that’s now starting to change. It seems that with all the news surrounding the issues in the global economy, people are looking into their options when it comes to managing currency transfers for things like fees and living costs.
With everything that’s going on when you’re moving to a new school in foreign climes, it’s a bit much to ask to be watching the rates like a hawk every day, which is what’s required in the current climate, that’s why it is usually a very good idea to get some specialist help.
When you set up an account with a currency company like World First UK, you get a dedicated consultant who keeps on top of the currency markets for you. They will advise you on the right approach to making regular payments from overseas accounts, and secure the best possible exchange rates available – typically much better than you can get at your bank.
Being a student in a foreign country is never going to be a cheap, and when there are thousands of pounds involved any savings are always welcome. The slightest blip in exchange rates can end up costing you a great deal of money, and the problem is that the markets are entirely unpredictable from one day to the next.
However, it’s good to know there are ways of managing your money effectively and protecting against any adverse movements. If you get some specialist advice it’s also possible to make big savings and plan ahead with confidence, comfortable in the knowledge that the exchange rates won’t catch you out.
Top tips for managing your international transfers
- Plan ahead with a forward contract. If you have decided to pay half your fees in January then why not fix the rate now. A forward contract is simply a contract to buy a fixed amount of currency for a fixed date in the future and thus avoid currency fluctuations. This way you’ll know exactly what to expect in advance, regardless of what happens to the exchange rates in the meantime.
- Set up your regular monthly payments. By fixing the exchange rates in advance you’ll know exactly what your monthly commitment will be in sterling each month. However, a foreign exchange specialist can also help you set up regular monthly transfers without fixing the rate, going by the rate at the time of each payment. These can really help when paying for your accommodation and living expenses.
- Keep on top of the markets with the help of an expert. If you use an FSA regulated foreign exchange specialist to help you manage your international payments, you can take advantage of advice and guidance on the best tactics to maximise your money.
For more information about managing your international currency transfers visit www.worldfirst.com