The main ways to carry and remit funds for studying in Italy
The main ways for Italian students to carry and remit funds are: cash, draft, wire transfer, instant remittance, credit card and traveler's check.
1. Cash:
Cash is the most common, most common, and most consistent with Chinese people’s consumption habits. According to regulations, if you want to carry foreign currency cash equivalent to US$5,000 or less out of the country, you do not need to apply for a foreign currency carrying permit, you can just take it directly to the airport.
Advantages:
Convenient, fast and low cost.
Disadvantages:
The safety of carrying cash is low and the amount carried is limited. Many foreign schools do not accept cash directly, but require direct transfer through banks. When you spend money in shopping malls or supermarkets, you may get a bunch of coins back.
2. Draft remittance:
Outward draft remittance is a foreign exchange bank draft issued by a bank with the bank account as the paying bank and the payee as the payee. A remittance method that is self-mailed to the payee or carried by oneself and presented to the remitting bank (paying bank) to collect the money.
Advantages:
1) Convenient and safe, avoiding the safety issues of carrying large amounts of cash.
2) The handling fee is low: it is 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 a money order abroad can consider using a foreign bank's money order directly, which can shorten the arrival time to a certain extent.
3. Wire transfer:
The bank accepts the client's entrustment and remits the foreign exchange payment through the bank's overseas agent bank to the payee designated by the client by depositing SWIFT. Bank account business.
Advantages:
Convenient and safe, basically it takes 3 to 5 working days to reach the payee’s account.
Disadvantages:
The handling fee for wire transfer is relatively high. In addition to the one-thousandth handling fee charged for draft transfer (there are also upper and lower limits), there is also a corresponding fee for wire transfer. telecommunications charges. The remittance must be transferred to the beneficiary bank through another bank or banks as a remittance bank. Each remittance bank will deduct a remittance fee from the remittance amount when doing remittance business. Therefore, the amount of wire transfer received by the payee may be less than the original remittance amount.
Different from draft transfer, wire transfer must have a payee account. Therefore, for students who are going abroad for the first time, they cannot use wire transfer to remit money to themselves. Generally, you can only wait until you arrive at your destination and open an account in a local bank before your family can wire the money over.
4. Instant remittance:
In my country, there are two common instant remittances: Western Union and MoneyGram.
The advantages of instant remittance are convenience, speed and safety; its handling fee is higher than that of wire transfer.
5. Credit card:
Advantages:
Convenient and fast, spend first and pay later.
Disadvantages:
Credit cards issued by domestic banks cannot be used in some countries and regions. Cash withdrawal fees are high and there are restrictions on card consumption.
6. Travelers’ checks:
Travelers’ checks are issued by non-bank financial institutions (collectively referred to as traveler’s check issuers) to facilitate international travelers to safely carry and pay travel expenses during travel. A fixed denomination note that is widely used around the world.
Advantages:
Safer than cash, it can be exchanged for cash at major banks and exchange outlets around the world. It has no expiration date, is available in multiple currencies, and is economical and cost-effective.
Disadvantages:
When exchanging travellers’ checks for cash, the handling fee is generally 3. Otherwise, bank collection is required, which usually takes at least 15 days; Species are limited. ;