It’s that time again: books!…check; uniforms!…check: tuition payments!…ugh!
When living abroad, there are many things to consider when sending your child off to school. Besides the proper curriculum to follow and in what language your child should be taught, parents need to make decisions on how best to manage costs…and even save money.
In Spain, fees can vary quite dramatically depending on the options chosen, and this is in addition to books, materials, extra-curricular activities, etc. While some schools offer scholarships or grants, many do not, meaning the overall expense for parents can be quite a hefty sum, especially if funds are transferred from the home country and affected by shifting currency exchange rates.
For parents moving funds from one currency to another to pay for their child’s education, there is a far cheaper way of doing so, compared to using banks. Whether payments are split per term or paid upfront for the year, there are various ways in which using a specialist currency broker can help. For example, not only will parents receive a far better exchange rate, but also, budgeting methods such as fixing a rate for regular or future payments will remove any risk of an adverse rate change pushing up the cost. Better still, there are no fees or commissions payable…eliminating the unnecessary charges imposed by many banks for making an international payment.
Paying the costs in this way can be beneficial for the schools too. When sending funds abroad, many banking systems only allow for an amount in the base currency to be sent. To make matters worse, they may not disclose what exchange rate they apply or the final cost. This often results in an amount arriving at the other end that is not the correct required amount, causing needless issues for the person in charge of the accounts. Once again, using a specialist currency broker will simplify and ease this process. Parents may choose whether to send the amount in the base currency or request a specific amount in the end currency to be received by the school. This means payments are correct and on time.
Safety of funds will always be a primary concern and is one of the key reasons some continue to use a bank for international payments…even though it costs far more to do so. Yet, choosing a specialist currency broker, authorised and regulated by the UK’s Financial Conduct Authority, means funds are fully-protected, and are held in secure, segregated client accounts as required by law.
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This article was written on the 9th of September, 2016.