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Currently, Studying Abroad is a popular method for accessing new teaching methods and opening up future work opportunities. Therefore, the demand for sending money abroad for studying among parents is increasing. However, parents need to understand the regulations for sending money abroad as well as the transfer limits for students studying abroad to comply properly. Here are some experiences in sending money abroad for studying as well as reliable money transfer services that you can refer to and choose.
Sending money abroad for studying
Documentation Required for Sending Money for Overseas Education
According to the law, parents must follow the standard procedure for transferring funds abroad, including documents proving the purpose of the transfer, tuition fees, and living expenses based on the school's fee structure. If the school does not provide specific information, parents will transfer funds within the limit based on the market of the student's destination.
Safe and Efficient Tips for Transferring Study Funds Abroad
When sending money abroad for a student's education, parents need to prepare the following documents:
- The student's passport remains valid
- Visa or equivalent documentation is still valid
- Documentation proving tuition fees and living expenses according to the school's notification. If specific living expenses are not provided, parents need to prepare documents proving their child's enrollment in this school, transferred within appropriate limits.
- Documentation proving the familial relationship between the sender and the recipient.
Which money transfer service should you choose for safety and speed?
The most common way to transfer money abroad
There are many organizations receiving money for studying abroad, but among them, many operate illegally. Therefore, many parents have been deceived by these illegal organizations to steal information and assets. Therefore, parents need to pay attention to choosing reputable money transfer services in the market such as reputable banks: Agribank, BIDV, SHB ... or international money transfer organizations that are widely chosen, highly rated, and have a wide network across Vietnam.
The most popular international money transfer services today include:
- Transfer money via Western Union: Western Union has a wide network across Vietnam and worldwide, making sending and receiving money domestically or internationally easy and fast. Once the recipient receives the tracking number, they can receive the money instantly. Unlike other services that require a bank account, transferring money via Western Union does not require a bank account, allowing students to receive foreign currency where they reside and study.
- Transfer money via SWIFT channel: Similar to Western Union, this service does not require students to have a bank account in the country where they study abroad. Especially, the SWIFT system consists of various banks, operating widely nationwide, so parents can easily choose a suitable service for sending money abroad. However, depositing foreign currency through this channel for overseas transfer will incur an additional fee. Unlike Western Union, you must have an account to transfer money.
- Transfer via banks: Major banks are connected with foreign banks, allowing customers to transfer/receive money from Vietnam to abroad and vice versa. With this money transfer service, the receiving time is usually longer compared to the above 2 services, but the transfer fee is cheaper.
We hope that with the shared experience of sending money for studying abroad above, you have gained useful information and chosen a suitable, safe, fast, and reasonably priced international money transfer service.
Not only can you transfer money from Vietnam to abroad, but you can also transfer money from abroad to Vietnam. If you are living in the United States and want to transfer money to Vietnam, you should refer to the article How to Transfer Money from the U.S. to Vietnam for a smooth and effective money transfer process.
