How do I send money to a student in the UK?
My daughter is starting university in the UK. She has a bank account in the UK and I will need to send money to her regularly from France to pay for her expenses. What is the best way?
Higher education tends to come with a higher price tag, and once you take into account tuition fees (which can run to over £9,000 a year), living costs and accommodation, it can cost around £60,000 to put a child through university in the UK.
A sum that size is not to be taken lightly, and it can help to cut costs where you can.
If you are living abroad and transferring money to the UK to cover these costs one of the easiest ways to save money is to change how you are moving funds between France and the UK.
You might be tempted to use your bank but you can save a significant amount of time and money by using a specialist currency transfer provider.
With a specialist you can secure better exchange rates and avoid transfer fees – differences which could save you thousands during the three years your daughter is at university.
In addition, transfers can be made online or via an app and an automated regular transfer service can allow you to make repeat payments with limited fuss.
Payment via an app can especially come in handy for on-the-go transfers if your daughter burns through her living funds quicker than expected...
You also have the option of protecting transfers from unfavourable exchange rate shifts via forward contracts allowing you to fix a rate for up to a year.
Question answered by Shaun Dash of Currencies Direct. For more information on international money transfers with Currencies Direct see www.currenciesdirect.com/france or call +33 (0)4 22 32 62 40
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