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Posts Tagged ‘foreign exchange’

Thursday, April 25th, 2019

OzTREKK Ambassadors: Transferring your money

In part one of my banking and finances blog, I talked about banking in Australia. Here, I’d like to chat about transferring your money!

transferring your money

Consider using a money transfer app

My first little bit of advice would be before you even arrive in Australia, go to a foreign exchange place and take out probably $500–$600 for the first couple weeks you are in Australia just to get settled in. Once you have the bank account set up and are actually in Australia, then you can think about transferring some money over.

Don’t use your bank to transfer funds

Do not use your bank when transferring money to Australia. Why? First, you will pay their exchange rate from CAD to AUD, which is outrageous and close to 3–4 cents on the dollar, worse than what you get with other transfer companies. Second, it will take weeks for your money to come in, and sometimes it doesn’t even come in full installments. Third, they will also change you an extra amount to deposit it into your account along with a bunch of other fees—just awful altogether.

The way that I transfer my money is through a third-party app called “TransferWise.” Now, this app only lets you transfer amounts of up to $9,500 at one time and $25k per week. I don’t see why you would need any more than that so this app is perfect. Unless of course you want to transfer all of your money at once (which I would highly suggest against), then you would have to go the direct wire transfer through a bank.

The TransferWise app is very easy to use. All you do is register for an account. They ask for two-factor identification as well as a bank statement or rent cheque to make sure you are a Canadian citizen living there before coming to Australia. Then once your account is verified, it is easy to go on and see what they are offering for rates. As an example, $9,500 CAD got me $10,041.85 AUD.

Keep an eye on the exchange rate

When you are using this app it will always tell you the current rate that you are getting and the rates will vary each minute. So, in saying that, please be careful and make sure you check the forecast before changing money over. Wait until the dollar is on a rise before transferring your money over. Because I was watching the rates, I made more than $400 on the exact same dollar amount transfer than a friend did—just by waiting a day and a half! This may seem small to you, but over the course of a two-year program (or longer) and transferring money over in small amounts, you could net a total of an extra $10k based on current standards, which would really help! I would also suggest to download a Forex (foreign exchange) currency converter that converts currencies in real time just to keep up to date.

That is the major basics of finances for Australia and if you have any questions at all about physiotherapy, finances, UQ, and Brisbane life don’t be afraid to DM me on my Instagram! I will be uploading weekly content and be following the top professionals in my field come this mid-semester break so stay tuned!

Anthony C, first-year UQ physiotherapy student

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Find out more about Anthony! Read part one of his “money” blog OzTREKK Ambassadors: Banking in Australia, or follow all our ambassadors’ stories!

Would you like to be an OzTREKK Ambassador? Let us know! Please contact us at social@oztrekk.com and share your stories!

Thursday, November 3rd, 2016

Introducing Cohortpay, a new way to transfer your tuition fees

Every year we see an increasing number of students learning ways to save money on their health cover and foreign exchange.

Introducing Cohortpay, a new way to transfer your tuition fees

Learn more about using Cohortpay!

Over the last few years, OzTREKK has been a proud supporter of Cohortpay, an Australian company specializing in international student services. Having met with Cohortpay CEO Mark Fletcher a number of times, we can comfortably attest to the quality of their services and their attention to students. The company is incredibly responsive and our students are treated well—as they should be!

We did a little “test” recently and compared the results to a uni’s wire transfer page. We found that on $10k it was about $200 savings. As that tuition amount increases, it can really add up!

OzTREKK isn’t any getting any referral rewards—we just really think this is one of the best solutions available for our students!

About Cohortpay

Cohortpay is a secure payment platform designed specifically for students that will save you time and money.

Offering significant savings to more than 600,000 international students enrolled in Australian universities each year, Cohortpay allows students to make tuition payments in their local currency and convert their AUD dollar tuition fees at a significantly lower foreign exchange rate while eliminating extra international money transfer fees from the equation.

Since inception, Cohort Solutions has now assisted approximately 15,000 students from more than 140 different countries, studying at almost all institutions in Australia that offer international education.

The Australian Government has recognised Cohortpay for Innovation and Entrepreneurship in both 2014 and 2015, and in 2015, took 36th place in the top 100 “Fast Starters” list published by the Business Review Weekly (BRW) as one of the youngest and fastest-growing companies in Australia.

How it works

Cohortpay converts your education expenses at foreign exchange rates usually only available to large corporations and they pass these savings on to you. You just need to make a local bank transfer and Cohortpay takes care of your payment from there.

1. Set up your payment
• Home country
• Destination country
• Fee total in Australian dollars (AUD)

2. Customize your payment
• Personal information (student ID, etc.)
• University and program details
• Upload your Letter of Offer

3. Select payment method
Least expensive way is domestic bank transfer (preferred option)

4. Complete the rest of the payment setup
• Identity verification: name, DOB, address, passport number, etc.
• Payment method: Details are provided in your offer letter
• Payer Information: You or another person (parent)

And then… confirm transaction!

5. Go to your bank
Take your payment advice to your Canadian bank and make a CAD wire transfer to Cohortpay using the instructions provided. Keep your receipt!

6. Funds Received email
Within 1–3 days, you will receive a “Funds Received” email. This means that Cohortpay now has your money and will transfer it to the university.

7. Payment confirmation email
When the money is remitted to your uni, you will receive a “Payment Confirmation” email, usually within 3 days*.

8. You’re finished!
Your payment has been made and you’ve saved money!

1. Visit https://ca-ozt.cohortpay.com for your preferred rate, and follow the step-by-step instructions
2. Upload your offer letter
3. Transfer your money to Cohortpay’s bank account
4. Cohortpay will deliver your funds to your Australian university within 2 days*
5. Track your payments online

* Timeframes may vary on your bank, holidays, and other circumstances outside Cohortpay’s control.

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Do you have questions about how to use Cohortpay? Contact OzTREKK—we’re here to help!