Studying abroad has numerous perks, including the opportunity to work part-time jobs and earn some money. Sometimes, this income is more than enough to cover your living expenses, but also to send some home. International students with part-time jobs often send remittances to help their siblings and support their parents.

Unfortunately, managing international transactions can be challenging with delayed payments, unfavourable exchange rates, and expensive fees. This article explores how international students can effectively send their earnings back home.

Also read: Living abroad on a student visa: managing rent and bills in foreign currency

Challenges with sending income home

International transactions are not always straightforward. Students often face hurdles such as:

• High transfer fees: Traditional banks and other payment solutions often charge high fees for international transfers, which can significantly reduce the amount you can afford to send.
• Unfavourable exchange rates: Hidden mark-ups on exchange rates can eat into how much your family receives.
• Delayed payment processing: Depending on the method used, it can take several days for funds to arrive, which can be a challenge in urgent situations. Imagine sending money home for a medical emergency, only to wait a week for it to arrive.
• Lengthy paperwork: Some platforms require extensive paperwork or proof of income that can be cumbersome for students juggling studies and work.
• Limited access: Some countries and banks have restrictions on global bank accounts or advanced financial tools.

How to send part-time job income home as an international student

International students have several ways to send money home, each with its own advantages and disadvantages. Here’s a breakdown to help you choose the best option for your needs.

When selecting a payment solution, consider factors such as payment speed, cost, and convenience. Here are some options to choose from:

Traditional banks

International students can use international banks in their host countries to send money home. They are secure and great for sending large sums of money. However, there are some downsides like:

• Payment delays
• High transaction fees
• Markups on exchange rates

Money transfer operators

Payment services Western Union and MoneyGram offer cash pickups at designated stations throughout your home country. Where available, it is a great option for families that don’t have a bank account. Transactions are relatively faster compared to traditional banks, but the exchange rates can be cutthroat.

Digital payment platform

Fintech solutions are revolutionising international transfers by providing multicurrency accounts. International students can send money at low fees, with better exchange rates, and faster transactions, completed within minutes or a few hours. Many of these platforms support direct payments into your family’s local bank account with intermediaries.

Also read: Top mistakes international students make with money transfers

Sending part-time job income home as an international student with Grey

Grey offers international students a lifeline by offering free multi-currency accounts in major currencies (USD, EUR, and GBP) and supporting payouts in many local currencies. Users also enjoy:

• Low and transparent transaction fees
• Competitive conversion rates without markups
• Swift transaction processing
• Simple sign-up process

Follow these quick steps to get a Grey account and start sending your part-time job income home as an international student.

• Sign up on Grey’s website or download the mobile app.
• Complete the Know Your Customer (KYC) verification by entering your personal information and uploading a valid ID, proof of address, and selfie. Typically, it takes a few minutes to some hours to get an approval.
• Once your account has been verified, request your international accounts. Your GBP, EUR, and USD account details will be available immediately.
• Fund your account to start sending money home instantly.

Sign up with Grey today to make sending money home easier.

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