This is it your child has been accepted for a semester in a university in Mexico and obviously you will need to send money abroad to help him with the day-to-day expenses. It is always hard in a parents’ life to let your child go and live the adventure of studying abroad.
You might get panicked at some point, not only because of the departure and the separation but on the financial aspects: how do actually send money to Mexico? You have probably never done that before. No panic, we’re here to help and sending money abroad has never been so easy.
You actually have several options when it comes to international money transfers. Let’s figure out which one is the best.
Send money abroad using your bank
It is probably the easiest solution for you, providing that your child will open a bank account in Mexico. You just have to call your branch and they will set up everything for you. You just have to give them your child’s IBAN and BIC.
The only problem with this solution is the cost of such transfers. The fees are outrageously high and you’ll generally end-up paying fixed fees, variable ones and hidden ones because of a poor exchange rate. The receiving bank might apply some fees as well. In total, be prepared to pay around 10% of the amount you are willing to send in fees.
Send money abroad using high street operator
Another option that you have is to use an operator like Moneygram or Western Union that you can easily find in post offices. This is also an easy option; however fees are also extremely high and you do not get the level of security you have with your bank (there will be no compensation if something occur during the transfer). The only advantage it has is that your child will be able to collect the money without having a bank account. So it might be a solution for the first month but we do not recommend using it for an entire semester or academic year.
Send money abroad online
Using online money transfer service is probably the safest and cheapest option on the market as of today. There are many of them Transferwise, Azimo, WorldFirst etc. The process is quick, simple and saves you money as their fees are super low compared to banks. You always know how much you’ll be paying for your transfer and your child will never be surprised by the amount received. Transfers are generally processed within 2 to 3 days.
The only downside is that there are many online operators today on the market and a growing need to compare them before choosing one. Fortunately, a company recently created an online comparison platform that you can access here. With 3 clicks you get a full comparison of the money transfer operators that send money from the UK to Mexico.
In the end, just make sure you compare your options before sending money abroad to your child. And just relax, everything is going to be fine.