24th May 2024
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Spotlight: Supporting your child when they are studying abroad

In today’s interconnected world, the pursuit of higher education often takes students far from home. None more so than the expatriate kids, many of whom choose to return to their home country for their higher education.

This comes with its share of challenges, however, especially when it comes to handling finances and ensuring your child’s educational expenses are well-managed.

In this blog post, we’ll provide valuable insights and practical tips for how parents can continue to support their kids when they are studying abroad.

Effective Communication

Distance doesn’t have to hinder communication. Regularly check in with your child, whether through video calls, messages, or emails. Maintaining an open line of communication helps them feel connected and supported, no matter the physical distance.

Financial Planning and Budgeting

Assisting your child’s educational journey requires careful financial planning. Create a detailed budget that includes tuition fees, accommodation costs, living expenses and emergency funds. This approach helps you manage your finances effectively and ensures a smoother experience for your child.

Explore Scholarship Opportunities

Encourage your child to explore scholarship options provided by their university. Many institutions in the UK offer scholarships and financial aid to international students. Research and apply for these opportunities to ease the financial burden.

Cultural Adjustment and Emotional Well-being

Moving to a new country for education can be overwhelming. Offer emotional support as your child navigates cultural adjustments. Share your own experiences, listen to their concerns, and encourage them to engage in social activities to build a support network.

Transferring Fund with Currencies Direct

While your bank may be your first port of call when it comes to transferring money abroad, you are likely to find it is more cost effective to use a specialist currency provider.

However, most banks will charge a transfer fee each time you move your money. If you are making regular transfers, maybe to cover your child’s accommodation costs, these fees can quickly add up.

Fortunately, in addition to offering more competitive exchange rates than most banks, Currencies Direct also doesn’t charge any transfer fees.

A bank will also only allow you to perform a Spot Transfer, where your money is moved immediately at the current exchange rate. However, exchange rates can fluctuate unexpectedly, impacting the amount you send for tuition and accommodation. Currencies Direct offers risk management tools like Forward Contracts, allowing you to secure favourable rates for future transfers and ensuring there are no nasty surprises.

Currencies Direct is also fully licensed to operate in the EU by the Bank of Spain (Registration No. 7972) as well as the Financial Conduct Authority (FCA) in the UK. So you know your money is always covered by the relevant authority.

Pop into your local branch and speak to one of our friendly currency brokers to see how much we could help you save when transferring funds to and from Spain.

About Currencies Direct

Currencies Direct have been helping individuals and businesses save time and money since 1996 with excellent exchange rates and no transfer fees.

With a team of over 550 currency experts and 20+ branches across Spain, Currencies Direct are never far away when you need them.

They’ll keep you up to date with the latest market movements so you can pick the right time to move your money. They also offer a range of specialist services that can be tailored to your individual requirements.

If you have a currency requirement coming up, get a quote now to find out how much you could save.

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