The main ways for Italian students to carry and remit funds are cash, money order, wire transfer, instant remittance, credit card and traveler's checks.

1. Cash:

Cash is the most common, common and most in line with China people's consumption habits. According to the regulations, if you want to take foreign currency cash equivalent to $5,000 or less out of the country, you don't need to apply for a foreign currency carrying card, just take it directly to the airport.

Advantages:

Convenient and fast, low cost.

Disadvantages:

The security of carrying cash is low, and the carrying amount is limited. Many foreign schools don't accept cash directly, they need to transfer money directly through the bank, spend money in shopping malls or supermarkets, and may get back a bunch of coins.

2. Bill remittance:

Draft remittance is a foreign exchange bank draft issued by a bank with the bank account as the payer and the payee as the payee. The remitter sends it to the payee or carries it with him, and then goes to the remittance bank (paying bank) to collect the money by ticket.

Advantages:

1) is convenient and safe, avoiding the safety problem of carrying a lot of cash.

2) Low handling fee: only one thousandth of the remittance amount, and there is an upper limit.

Disadvantages:

It takes a long time to arrive. Students who want to take the draft abroad can consider using the foreign bank draft directly, which can shorten the time of receipt to a certain extent.

3. T/T:

Entrusted by the customer, the bank will remit the foreign exchange funds to the payee's bank account designated by the customer through the bank's foreign correspondent bank and SWIFT.

Advantages:

Convenient and safe, basically 3 to 5 working days to the payee's account.

Disadvantages:

The handling fee for wire transfer is relatively high. In addition to the handling fee of one thousandth (with upper and lower limits), wire transfer also charges the corresponding telecommunication fee. Remittances must be transferred to the receiving bank through another bank or banks. Every remittance bank will deduct a remittance fee from the remittance amount when doing remittance business. Therefore, the remittance amount received by the payee may be less than the original remittance amount.

Unlike remittance, wire transfer must have a payee account. Therefore, for students who are going abroad for the first time, it is impossible to send money to themselves by wire transfer. Generally, you can only wait until you reach your destination and open an account in a local bank before you can let your family remit money.

4. Instant remittance:

In China, there are two kinds of instant remittance: Western Union remittance and quick money remittance.

The advantages of instant remittance are convenience, rapidity and safety. Its handling fee is higher than that of wire transfer.

5. Credit card:

Advantages:

It's convenient and fast, and it's paid after consumption.

Disadvantages:

Credit cards issued by domestic banks cannot be used in some countries and regions, and the withdrawal fee is very high, so there are restrictions on credit card consumption.

6. Traveler's checks:

Traveler's check is a fixed denomination bill issued by non-bank financial institutions (collectively referred to as traveler's check issuing institutions) to facilitate international travelers to carry and pay travel expenses safely during travel, which can be widely used all over the world.

Advantages:

Safer than cash, it can be exchanged for cash in major banks and exchange outlets around the world, with no service life, multi-currency, and economical.

Disadvantages:

Generally, the handling fee for cashing traveler's checks is 3%, otherwise bank collection is required, and the time is generally at least 15 days; Domestic banks handle traveler's checks with limited currency.

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