Managing money would be one of your primary concerns when traveling abroad. You have several options. The first would be to make an arrangement with your bank. You would need to consult the bank in your home country as well as the one based abroad. Do this, if possible, before you leave for your destination country. This will help ensure beforehand that money transfer between banks is possible, and you are not inconvenienced in a foreign country.
Money transfer through banks
If you do choose to transfer money using your bank, here are some things you would need to keep in mind.
Open an account with the same bank as your home branch
This makes money transfer easier, since the banks are the same, with different branches across countries. Usually, when abroad, besides money transfer you would require services such as ATM, credit cards, and if you are planning to stay long term, you might look at investment possibilities as well.
Managing your bank account
You would want to ensure that bank accounts offer quick and easy cash withdrawal and deposit. You would also need to look at issues such as fees, tax, type of account, and even things such as banking hours. It is a good idea to look at questions such as proximity from your home, university, or workplace, and working hours when selecting a bank.
Seems like too much work?
You can sign up for money transfer through companies that specialize in sending money abroad.
Money transfer service
These services can be found in most major cities, and are usually located on major streets and neighborhoods that can be easily accessed.
Why choose a money transfer service
Depending on whether you have a bank account in the destination country, or you prefer direct cash transfers, you could choose a money transfer service that offers either or both these options.
What to look out for
One factor to keep in mind is the possible fee on each transaction. As with most financial transactions, you would have to manage a secret number that identifies the recipient of the money.
Online money transfer
One of the most convenient options is to transfer money using your computer. Online money transfer services such as Azimo are known for their low fee, quick transactions, and multiple modes of conducting transactions be it through computer or mobile devices. Azimo allows account holders to send and receive payments from almost 200 countries. This service takes security very seriously, so credit card information that you offer remains safe.
To ensure greater security, you must use a secured internet connection and computer for transactions, do not carry out transactions on behalf of anyone else other than yourself, and always send or receive money from trusted people.
With the right approach, and armed with the correct knowledge about money transfer, you would be able to carry out safe, quick transactions no matter where you are based.