If you’re studying overseas, you’ll likely need to transfer money internationally for several different reasons. Whether you’re sending money to pay your tuition fees or rent, or your parents are looking to transfer funds for your living expenses, it’s important to have a good understanding of how international payments work so you can get the best deal and ensure your money is safe.

What should you keep in mind before transferring 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

Do those extra 20 cents really make a difference? For big payments, they definitely can. For example, if you need to send $1,000, an extra 20 cents on every dollar would equate to an added $200. Keep your eye out for the lowest possible exchange rates, because every cent 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 payment provider to choose, remember to ask about their fees and whether they will apply to your payment. Factor these in when deciding which provider is going to offer you the most cost-effective option.


Trusted by more than 80,000 students from over 180 countries, Cohort Go is a fairer, smarter and easier way to make global money transfers. Securely pay tuition, living expenses & other education costs in your local currency with better FX rates & no fees, ever.

You could save up to $15,000 on your tuition over the duration of your studies. Get started with Cohort Go Payments.