Generally speaking, there are four ways of remittance for studying abroad: telegraphic transfer, money order, traveler's check and quick money, which are included in the financial services for studying abroad provided by most banks. The difference is mainly reflected in speed and cost. Generally speaking, money orders are the cheapest and traveler's checks are the most convenient.
Bill of exchange: the cheapest but slower.
The remittance fee of foreign currency draft is low, generally only 1% fee, ranging from 30 yuan to 200 yuan.
Children can go abroad with money orders, and then go to bank outlets to pay without collecting accounts. However, it takes a long time to collect accounts when paying, usually 30 to 40 days, and foreign exchange bills are generally valid for only half a year.
T/T: It can be received in two days, but the cost is relatively high.
In contrast, telegraphic transfer is relatively fast, usually arriving in two days, but the handling fee is relatively high, ranging from 20 yuan to 1000 yuan. In addition, telegraphic transfer has to pay the telegram fee and the deduction fee of foreign intermediary banks. Take the telegraphic transfer of Minsheng Bank as an example, the handling fee is charged at one thousandth of the remittance amount, with the lowest in 20 yuan and the highest in 200 yuan. The wire transfer fee and deduction fee of foreign intermediary banks vary according to the specific regions and banks.
In addition, wire transfer also requires that the payee is an external account. However, at present, many domestic banks have launched the service of opening overseas bank accounts by appointment, and the procedures for opening overseas bank accounts can be completed in China.
But for large remittance, whether it is wire transfer or money order, it is more cost-effective because there is an upper limit.