Studying abroad can be one of the exciting times of a student's life. That's because it provides a chance to expand your skills as well as your worldview. You also get to step outside of your comfort zone, making for an excellent opportunity to develop your personality.

That's why when you can, try and get a study abroad program.

6 Efficient Ways to Receive Money When Studying Abroad

One issue when studying abroad, though, would be handling money. You can get a part-time job while working and learn to be financially responsible while you're at it. Even a money-savvy student can have tough times.

Therefore, you should look for ways you can receive money in cases of emergencies before you start studying abroad. With that in mind, here are six efficient ways to receive money when you're studying abroad.

1. Western Union

Western Unions is one of the leading money transfer companies globally. Western Union helps anyone transfer or receive money from anywhere globally. They have locations from all over the world, operating in about 40 countries. So, you're sure to find a Western Union in many significant study abroad destinations. You can get someone to wire you money from a Western Union at home to a Western Union near you for cash pick-up. They also have a feature where Western Union will send the money directly to your mobile wallet instead. Aside from that, Western Union also has a mobile app that allows some people to use their bank account and debit or credit cards to transfer funds to you.

2. Wise

Another money transfer service is Wise, which was previously known as TransferWise. Wise can be a great option because it operates in about 50+ different countries. It also allows you to send and receive money using about 24 currencies. Of course, Wise charges a fee for the transfer like every other money transfer service, but they are pretty cheap. If you're interested in transferring money through online means, Wise is one of the best options out there. So much so that it is even often used by freelancers everywhere. Wise can be a convenient way of receiving money from home for a person studying abroad if you need to.

3. Bank Transfer

If your parents are going to send you money, they might not want to try anything new. So going to the bank is the simplest and most reliable way to send and receive money even when abroad. It's also more secure than other options. Before, you might have to pay a higher fee than other options on this list to send money for cash pick-up. However, you can opt to use their online banking service instead. That way, you won't need to pay a fee to transfer money as long as you are sending money from accounts under the same bank. You should, however, make a note of the fact that you might have to exchange the money for currencies in your locality. Therefore, you should look around for the best exchange rate so you get the most out of your money.

4. WorldRemit

WorldRemit is another money transfer service that primarily operates online. Thus, it is excellent for the more tech-savvy people. Much like other transfer services, there will be fees associated with sending money through WorldRemit. WorldRemit operates in around 130+ countries, and they also can transact with over 70 currencies. Thus, it's convenient when you're studying abroad and need to use local currencies. Before using WorldRemit, make sure that whoever sends you the money will check out what fees to pay. That way, the costs wouldn't blindside them, and you get the amount you need to be transferred correctly.

5. CurrencyFair

CurrencyFair is another money transfer option that operates online. It works similarly to both Wise and WorldRemit in the process of transferring money. They don't operate in as many countries as Wise or WorldRemit, but they're still a worthwhile option for online transfers. A great benefit of using CurrencyFair is getting your first five transfers free of charge when you sign up. This is helpful, especially if you're only asking money to be sent for emergencies. Thus, keep this option in mind when looking for online money transfers.

6. Palawan Pawnshop

The Palawan Pawnshop is one of the Philippines' biggest online padala (money transfer) service providers. But other than offering remittance services, they also have several international partners. A few of their trusted remittance company partners are Remitly, Western Union, and MoneyGram. This makes Palawan Pawnshop a convenient option to send and receive money worldwide. These money transfer services are great options to ensure that you have a way to receive funds when you need to. Plus, if you do a part time job while studying abroad and have extra cash, you can also use these services to send money back home if you want to. Keep these in mind before you travel to know which of the options work best for your situation.

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