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Moving overseas to study?

Posted by on October 16th, 2024.

Sending your child overseas for their studies is a big step. You want to make sure they’re safe, secure, and well-provided for as they embark on their academic journey overseas.

Whether you’re covering tuition fees and accommodation costs or simply sending spending money, it’s crucial to have a reliable and cost-effective way to manage these international transfers.

With TorFX, you can ensure that your child’s financial needs are met without unnecessary expenses. We offer competitive exchange rates and zero transfer fees, making it easier for you to get the most from your money.

You’ll also benefit from a range of flexible options for sending funds, whether it’s a scheduled payment for tuition or a quick transfer for unexpected expenses. Our dedicated Account Managers are here to offer guidance, helping you find the best way to transfer.

Our client-first approach has earned us multiple awards and an excellent score on Trustpilot. Get in touch with us to see how we can support your family’s financial needs.

Case Study

Challenge

Lily was about to travel from the USA to the UK to begin her studies at a prestigious university in London. With tuition fees due each term, rent payments every month, and other day-to-day expenses to cover, her parents needed a way to send money to the UK efficiently and cost-effectively.

Unfortunately, their bank was only able to send money on the spot and couldn’t help them plan ahead. The bank also charged a $50 transfer fee for every transaction, and the parents had seen much stronger exchange rates advertised elsewhere.

Solution

After exploring various options, Lily’s parents settled on using TorFX as their currency transfer provider. They were impressed by the competitive exchange rates and absence of transfer fees, as well as our personalised, high-touch approach.

With the help of their dedicated Account Manager, Lily’s parents were able to find the right way for them to send money to the UK. They received regular market updates from their Account Manager, and when the USD/GBP exchange rate strengthened they decided to transfer a lump sum to cover Lily’s tuition fees, rent, and living costs.

Impact

Lily’s parents saved over $4,000 on their transfer of £50,000 compared to using their bank, due to timing their transfer effectively and benefiting from more competitive exchange rates. The whole process was smooth and simple, with their Account Manager offering support every step of the way.

The transferred funds covered Lily’s tuition and rent, with Lily able to access the remainder to pay for day-to-day living costs. In addition, her parents were able to send money 24/7 with the TorFX app for any unexpected expenses – without incurring a $50 transfer fee – making it easy and cost-effective to help Lily from afar.

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