International money transfer for international students

There are three common international money transfer methods that parents often choose to send money internationally to their children:

Via the bank transaction counter

Transferring money through a bank transaction counter is considered a safe and reliable option for international money transfers. Parents only need to prepare all documents, such as passports, visas, and related documents, to make transactions at the counter. This form requires parents to come to the bank during office hours and may take waiting time.

Remittance services

Money transfer services such as Cohort Go, Flywire, and and Convera bring convenience thanks to simple procedures and fast online transactions. Parents only need to post and provide documents and the recipient's account number.

With many parents needing fast and safe international money transfers, the technology money transfer method will be the optimal choice. Currently, the Fintech 4.0 money transfer method is gradually becoming more popular. So what is the difference between traditional international money transfer and Fintech 4.0? Let's find out in detail about IDP!

Traditional forms of money transfer

With traditional forms such as through banks, parents will have to bear international money transfer fees, and intermediary transaction fees and may take a long time to complete the transaction. Specifically, if parents send 20,000 CAD, the transfer fee and intermediary bank fee will be 83 CAD. With traditional international money transfers, it will be difficult for parents to track the flow of transactions.

The Fintech 4.0 money transfer method will be an optimal choice for parents

Money transfer via Fintech 4.0

With Fintech 4.0 like the Flywire money transfer service, the process becomes simpler and faster. Parents only need to make online transactions and are not subject to international transfer fees or intermediary transaction fees. The total cost is made public from the beginning, and the school/housing unit will receive the full initial deposit without deducting any additional fees. Moreover, parents and international students can track transactions easily.

In short, 4.0 technology in the financial sector helps optimize operations and bring a convenient and transparent experience to users.

In addition to academic support, IDP also provides COMPLETELY FREE support services for international students, such as creating a foreign bank account and international money transfers. IDP partners with three prominent international remittance services for students: Flywire, Cohort Go, and Convera, providing a flexible choice for international students and parents.

3.1 Cohort Go

Cohort Go was founded in 2011 in Brisbane, Australia, and has since been acquired by Flywire. Currently, Cohort Go operates under the name Flywire, providing fast and convenient international money transfer services. Cohort has been granted a Financial Services Licence in Australia from the Australian Securities and Investments Commission (Cohort Solution Pty Ltd. ACN: 154 889 139. Financial Services License No.: 455592) and complies with all financial services regulations, ensuring that funds received from customers are transferred to the school safely and quickly.

Cohort Go provides tuition fees, living expenses, and insurance remittances to most educational institutions around the world at good rates. The payments can be split into installments. Students can also track real-time payment progress updates via emails sent from Cohort Go.

3.2 Flywire

Flywire was founded in 2009 in Boston, USA, and is currently a payment partner for more than 2,000 schools around the globe, and this number is constantly increasing. Flywire supports payments for many universities and institutions, has competitive exchange rates, and fast, on-time remittance services. Currently, Flywire is one of IDP's large and reputable international money transfer partners. When parents want to transfer money to international students via Fywire, parents only need to pay the correct amount in Vietnamese dong. Flywire will help parents convert to the currency required by the school. Transactions are carried out online, so parents will save time and money. The amount shown on the payment instructions from Flywire will be the final amount that parents need to pay, and there will be no additional fees in the future.

When transferring money via Fylwire, parents can rest assured that the amount of money to the school will be full as required by the school, and there will be no additional fees deducted from the amount to be transferred. One of the benefits of paying via Flywire is that there is no additional "money fee" on the bank side of the school. The money fee is a type of fee that will be applied to international transactions. There are some schools where, when paying money to the school, you will see that the school mentions paying an additional fee, for example, 30 USD, so that the amount of money the school plans to pay into the student account is equal to the amount the school asks for payment. That 30 USD is the entrance fee at the school's bank. In addition, you can track the status of your payment in real time, and you can use Flywire's 24/7 Support Service when parents and international students have any questions.

3.3 Convera

Convera (formerly Western Union Business Solutions) is one of the global international money transfer companies. Convera was founded in 1851 in Denver, Colorado, USA. Convera has partnered with 700+ educational institutions, and 100,000+ organizations, and is a trusted partner of Fortune 500 businesses.

Convera payment methods are diverse: you can transfer money domestically or use a credit card or debit card. The transaction time is about 1-2 business days, which will make transferring and receiving money convenient and fast. Furthermore, Convera's fees and exchange rates are very reasonable, especially for students and educational institutions.

Important notes about transferring foreign money from an account in Vietnam for the purpose of studying abroad:

• Students need to have a valid VIETNAMESE passport.

• Cash Transfers Are Not Recommended. If you go to the bank transaction counter, ask the counter to transfer cash to the account first and then make a transfer order from the customer account to the Flywire account.

• If the sender is not a student, it is necessary to consult before transferring. If you are a parent/sibling/husband and wife, you need to provide a COLOR COPY of the birth certificate/CD chip/marriage certificate (carefully check whether the date/year of birth between the 2 copies matches). If there is no relationship listed above, it is necessary to make a notarized power of attorney in the locality.

1. Is there any additional cost to pay via Flywire?

When you create a payment order, the amount on the payment instructions will be the last amount to be paid, there will be no fees incurred later.

2. Is money transfer through an IDP partner reputable and secure?

When making a money transfer order via IDP, IDP will ensure to carefully save and secure information and documents for customers, so there will be no need to ask again and create an order very quickly after the payment is completed

3. Do I need a power of attorney to pay tuition fees through Flywire?

Normally, when the person paying the tuition fee to the school is not the student, a power of attorney will be required to pay the money on behalf of the student. However, there are some relationships that will not need a power of attorney but can prove the relationship with the student with other documents. These are relationships: biological parents, siblings, spouses, biological children, adopted children, adoptive parents, parents-in-law, parents-in-law, daughters-in-law, and sons-in-law.

In addition to the aforementioned relationships, all other relationships must have a Power of Attorney by the student, or the student's parents, in order to be able to pay the student.

4. Are students who do not apply for study abroad through IDP supported?

Absolutely. Essential services in general, such as international money transfers and finding housing abroad,... for international students are completely free of charge at IDP.

IDP's international money transfer service for international students is committed to providing safety, convenience, and speed. With the support of three leading partners—Flywire, Cohort Go, and Convera—and IDP's dedication, every transaction is optimized, transparent, and secure. In particular, IDP is committed to providing completely free study abroad counseling services for all students nationwide, helping parents easily access the most effective financial solutions.

Let IDP accompany you, making your study abroad dream more fulfilling than ever. IDP is always ready to support you wholeheartedly throughout your study abroad journey, from choosing a school and preparing your study abroad application to hunting for scholarships and registering for the IELTS test. In addition, IDP also provides student services such as finding housing, guardianship, insurance, etc. Completely free consultation!

Please contact the IDP 19006955 hotline for more detailed support!