The Struggles of International Money Transfers
By Mel from brokeGIRLrich
If you’ve ever thought about studying abroad, let me tell you—it’s a big adventure. As a wanderlust-filled individual, I’m all in for exploring different cultures and stepping out of my comfort zone. Living in a new country for a while? Why not!
Yes, I surely do miss my treacle tarts!
England might not look too different from the U.S., but once you dive in, you’ll come across loads of challenges. Just imagine trying to remember to order a “pint” rather than a “beer,” or getting used to their different food standards. But trust me, one of the most significant challenges was managing money.
The struggle wasn’t about earning money—that’s a universal student problem—but about transferring my funds from my hometown bank in New Jersey to the University of Sheffield over in England. Sounds fun, right?
As an American applying for a British student visa, you need to demonstrate that you have a year’s worth of tuition and living expenses in your bank account. So, while you’ve got your funds sorted out, the real challenge is moving that money from one bank to the other. Back in 2010, there was no easy way around this.
I remember my horrible experience with Wells Fargo with such clarity that I made a promise to myself to switch banks the moment I got back to America. Nothing’s scarier than being alone overseas, worrying about whether your money will land where it’s supposed to because your bank can’t get its act together.
In my naive optimism, I thought opening a British account with HSBC would solve my issues. Surely, having branches on both sides of the Atlantic would mean easier transfers, right? Well… not quite, unless of course, you have an insanely large bank balance or can handle massive fees.
The pinnacle of my stress arrived when I got a loan from Sallie Mae to cover the end of my year. It took just about half an hour to get the loan online while trying to convert the amount to pounds and transferring it to my Brit bank became a two-week headache involving countless emails and pleas for help.
The interesting part? I went through the same turmoil in reverse when I moved back to the U.S. The only difference was that I cashed out my account and exchanged the currency at the airport—sure, the rates were high, but it saved me from an additional headache.
Pro tip for my past self and anyone considering studying aboard: there are specialized money transfer companies that help foreign students with the financials. If I could do it again, I’d definitely look into something like that.
Ever thought about studying overseas? Don’t be deterred by the red tape—it’s a wild ride, but definitely worth it!