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As a rule, you will have to transfer money to a foreign country before studying abroad. For this purpose, there is always the option of charging debits by credit card or making specific transfers.
Money transfers abroad usually take place by bank transfer or payment by credit card. A student studying abroad usually has to do the following workloads before or during his/her studies:
- Transfer of the application fee (Application fee)
- Transfer of the advance payment for the accommodation (housing deposit fee)
- Transfer of tuition fees (Tuition)
- Transfer of accommodation fees and, if applicable, room & board fees.
- If necessary, transfer of fees for a translation and placement service for full course applications (Credential Evaluation Service)
- Necessary money for books, private expenses
In order to open an account outside Europe, you must have your main residence in the country of destination. In other European countries, an account can be opened without having to re-register. However, the effort is only worthwhile if a longer stay abroad is planned.
For the duration of their studies abroad, most foreign students stay in a shared flat or dormitory for a reasonable price and stay in their home country. As a result, there are regular international transfers for which the banks levy not inconsiderable fees.
Significant cost differences within and outside the EU for transfers
Particularly outside the European region and thus outside the SEPA procedure, there are sometimes considerable cost differences, as the banks can charge widely differing transaction costs.
BEN, OUR and SHARE procedures exist outside the EU. The cost distribution between the remitter and the recipient is differentiated: with BEN, the receiver pays the complete fees, with OUR, it is the remitter, with SHARE, both share the transaction costs.
Peer-to-peer online money transfer services
However, there are also alternative providers of worldwide cash transfer through peer-to-peer online money transfer services. They also charge a fee for international transfers, but they may be significantly lower.
Fees vary widely from provider to provider, for example because of the different exchange rates that apply to them. Since you can save up to 85 percent of the transfer fees for international transfers, it is worthwhile to compare the providers and their conditions in any case.