Regardless of the period you will spend abroad, studying abroad requires planning and organization. In this process, one frequent doubt is the transportation of the local currency that will be used during the trip.
To help you in this process, a tip from Western Union is to do money transfers through our app. In this manner, you don’t need to go out with cash, and you will have more peace of mind to manage your expenses.
You can do the transaction in Canadian dollar and withdraw it already converted in the desired currency at one of Western Union’s service stores around the world. If you prefer, you can receive it in an international bank account (this option is not available for all countries).
To begin with, check out 4 things you need to know before doing your first money transfer abroad.
Check out 4 things you need to know before making a money transfer
1- Get the data for the transfer
Before starting the process of sending money abroad, equip yourself with all the necessary data. If you prefer to receive the money in an international account bank, for instance, besides having the account number, you also need the IBAN, SWIFT, or ABA Routing Number.
2 – Verify the exchange rate
During the trip, before the transfer, verify the exchange rate of the foreign currency and do a simulation. This makes a difference because, depending on the exchange variation, your money can be worth more or less. Keep following and, if possible, send the money when the currency is down.
3 – Check out the transfer fees2 for each kind of transaction
As mentioned before, with Western Union Canada, you can send money directly to an international bank account or withdraw it from the nearest store. But before deciding, check the costs of these two options, because variations may occur in the final value of transference.
Now, learn how to do a money transfer with Western Union Canada’s app
To send money during your study trip abroad, first, download the app on your mobile. Then, register with your data and create a login and password for access. After that, choose the country you want to send money to and add the value in Canadian currency.
Then, you need the exact name of your receiver, should be identical with the official ID and make sure your receiver’s country where the money will be picked up. If you prefer to send the money to an international account bank, you’ll need the account number as well as IBAN, SWIFT, or ABA Routing Number depending on the receiver country.
After that, choose how do you want to receive the money abroad (bank account or withdrawing the money). Then, choose how do you want to pay for your transfer, which can be done in cash at one of the Western Union service stores or with a VISA credit1 or debit card.
Finally, do the total payment with transfer fees2. You will receive an e-mail confirmation from Western Union with Money Transfer Control Number (MTCN). With this number, you can real-time track the money transfer until it is received abroad.
Enjoy all the benefits of sending money during your trips. There are more than 200 countries and territories available, such as Jamaica, Pakistan, the United States, India, Turkey, Mexico, the Philippines, among others. Check out all the countries on our app and make quick³ and convenient transfers during your trip.
¹ If you’re using a credit card, a card-issuer cash advance fee and associated interest charges may apply. To avoid these fees or for reduced fees, use a debit card or check other payment methods.
² Western Union also makes money from currency exchange. When choosing a money transmitter, carefully compare both transfer fees and exchange rates. Fees, foreign exchange rates, and taxes may vary by brand, channel, and location based on a number of factors. Fees and rates are subject to change without notice.
³ Funds may be delayed or services unavailable based on certain transaction conditions, including amount sent, destination country, currency availability, regulatory issues, identification requirements, agent location hours, differences in time zones, or selection of delayed options.