FX101 - Foreign Exchange for International Students
It is important to familiarize yourself with the varying fees and ensure you are using a cost-effective method.
Navigating Finances as an International Student in Ontario
Where to get foreign exchange (FX) as an international student?
As an international student, you can obtain foreign exchange (FX) from a variety of locations:
- Banks: Major banks such as Scotiabank and RBC offer reliable FX services. They provide a secure way to exchange money however the rates might not always be competitive, and inventory may vary.
- Currency Exchange Offices: visit your nearest currency exchange company – places like Continental Currency Exchange (CCE) offer the best possible rate. They will guarantee you a better rate then the bank.
- Online Services: platforms such as Wise and Revolut provide customers with a convenient way to complete online transactions.
- On Campus: some universities provide FX services through their international student office – check with your school to see if they recommend or provide services to convert currency.
It is important to familiarize yourself with the varying exchange rates and fees that different companies and institutions charge. Doing a little research will provide you with the most cost-effective solution.
What information do I need from my school to pay tuition?
When paying tuition, it is important to ensure that you have all the proper information from your institution and bank. Before making a payment, make sure you have:
- Student ID Number: your unique identifier to attribute your payment.
- Tuition Invoice: the amount due with a breakdown of costs.
- Payment Methods: determine what is accepted (bank transfer, credit card, etc.)
- University Banking Details: bank account and wire information for the school’s wire transfer. This usually requires the institution number, transit number, and account number.
- Payment Deadlines: important dates to avoid late fees and additional charges.
This information is normally found on your school’s student portal or financial office. Always double check the details and ensure you have everything that is needed.
How can I send and receive money with my family back home?
- Banks: major banks offer international wire transfers but like currency exchange may charge higher fees.
- Currency Exchange Offices: visit your nearest currency exchange company – CCE also offers international wire transfer with low fees. We use advanced procedures to allow funds to be sent and received faster.
- Online Services: platforms such as Wise, Revolut, PayPal and MoneyGram offer services to send and receive money abroad. These are known for completing transfers within minutes.
- Remittance Services: Western Union allows quick and easy cash pickups. It is useful if your family members need to receive direct cash.
Like buying currency, it is important to familiarize yourself with the varying fees and ensure you are using a cost-effective method. Comparing these options will provide you with the best price.
Visit any of our 19 branches across Ontario to convert and send your money at the best possible rate! We guarantee we'll beat the banks, online services, and other companies. Visit a Continental Currency Exchange branch and our expert services will manage your finances efficiently.
To find out more about what is required to send a wire transfer visit our wires page or contact your local branch