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Managing overseas tuition fee payments for your children

Managing overseas tuition fee payments for your children

Seeing your son or daughter head off to university ranks amongst your proudest moments as a parent so far. But the number of British students opting to study abroad is steadily falling, due in large part to the off-putting cost of tuition fees and living costs abroad. 

In an average year, roughly 10,000 UK students choose to continue their studies abroad. This has of course dropped massively in the last 18 months due to the global impact of the pandemic on travel. Nevertheless, having the opportunity to spread your wings, experience a new culture, and meet new people, is something that many parents want their children to experience. 

Given the financial burden of studying overseas, it’s a big decision that can cause stress for parents. If you’re reading this article, the chances are you have faced, or are about to face, this challenge.

Whether your children are studying outside of the UK or are coming to the UK for university, Currency UK can manage your foreign exchange. When it comes to transferring large sums of money overseas, most people’s first instinct is to turn to their bank. The perception is that they are the best, most cost-efficient, and trustworthy providers, but due to their large overheads this is often not the case, especially when compared to specialist FX providers. 

Whilst it may seem as though being charged slightly more on a transaction is not a big deal, often universities can require payments to be made to different offices or entities for different services. As a result, it could be the case that you are needing to make multiple transactions each and every term, racking up the additional costs on your foreign exchange if you are overpaying with your current provider. 

Many universities offer room and board via on-campus dormitories, but others either have agreements with property management companies and landlords in their area, or they do not provide housing whatsoever. In either of the two latter cases, payments will be made to entities other than the university itself. Currency UK can exchange the funds into the foreign currency and send the money straight to them. 

Getting the best possible exchange rate boils down to just one question – After all deductions, how much will I get in the currency I need and how much will it cost me? When you shop around for foreign exchange, avoid being seduced by marketing and promotional messages based around ‘no fees’ and ‘no commission’. Rarely is this actually the case, as some providers will make their money by offering you a higher exchange rate.

Using a Spot contract we can provide customers with same-day international payments allowing you to move your funds quickly and securely when paying your son or daughter’s tuition fees. 

In today’s economic climate, finding the best foreign exchange rate is crucial. If your loved one is about to embark on overseas education, why not speak to one of our experts and see how we can help you manage your tuition fee payments easily.

Call us today on +44 (0) 20 7738 0777 or open a personal account with us for free by clicking here

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