1. Introduction
As an international student studying in the United Kingdom, one of the challenges you may face is figuring out the best way to send or receive money from your home country. In this article, we will explore some of the options available for you to send or receive money as an international student in the UK.
2. Sending Money from the UK
If you need to send money to your family or friends back in your home country, there are several options available:
Bank Transfer: The most common way to send money internationally is through a bank transfer. Most banks in the UK offer this service, and it is a reliable way to send money. However, it can be costly, as banks often charge high fees for international transfers. It also takes time for the money to reach its destination.
Online Money Transfer Services: Companies such as TransferWise and WorldRemit offer a fast and cheap way to send money abroad. They offer competitive exchange rates and low transaction fees. The recipient can receive the money directly in their bank account or pick it up in cash at a local agent.
3. Receiving Money in the UK
If you need to receive money from your home country, there are several options available:
Bank Transfer: You can ask your family or friends to send money directly to your UK bank account. However, most banks charge fees for receiving international transfers, and the exchange rate may not be favourable.
Online Money Transfer Services: Companies such as TransferWise and WorldRemit also offer receiving services. You can get a local bank account number and sort code from them, which enables you to receive money directly into your UK bank account with no transfer fees or hidden charges.
4. Tips for Managing Your Finances as an International Student
Managing your finances as an international student can be challenging, but there are some tips to help you:
Create a Budget: Create a budget for your expenses, including tuition fees, accommodation, food, transport, and other personal expenses. Stick to it as much as possible.
Be Frugal: Try to save money wherever you can, such as buying second-hand items, cooking your meals instead of eating out, and using public transport instead of taxis.
Get a Part-Time Job: If your visa allows, consider getting a part-time job to supplement your income. Many businesses in the UK offer flexible working hours for students.
Use Student Discounts: As a student, you may be eligible for discounts on transport, entertainment, and other items. Always ask if there is a student discount available.
With the right approach, you can manage your finances as an international student in the UK and enjoy your time studying abroad.
