With the study abroad season approaching, no more worries about money transfer fees!

03/08/2023 10:37 PV Print article

ANTD.VN - In Vietnam, the demand for sending children to study abroad has been increasing in recent years. Along with the expectations for a bright future for their children, parents are also seeking solutions to make their children's study abroad journey smoother.

A valuable assistant for parents.

Accompanying his child during their first years of studying abroad, Mr. Tran Minh (from Ho Chi Minh City) - a parent whose child is studying in the UK - said: After a year of studying far away, his child has gradually learned how to manage expenses systematically and effectively. Each month, his family sends his child a fixed amount of living expenses so that they can independently manage their needs for food, rent, transportation, and travel if necessary.

Mr. Minh's family uses MyVIB digital banking from Vietnam International Bank (VIB ) to transfer money to their child. The process is done from home and the required documents are simple, making the money transfer very easy and fast.

Since using MyVIB, Ms. Minh Tam (living in Hanoi ) no longer has to waste time traveling to the bank to transfer money. This digital banking application helps her transfer foreign currency to her two children studying abroad conveniently and saves time. “ One day, my child expressed interest in participating in a long field trip with the school. After considering it and finding it suitable, I immediately transferred the money for the fee. Less than two hours later, my child received the money .”

The MyVIB digital banking app also helps Mr. Minh and Ms. Tam easily track the processing status of their money transfer requests, thereby proactively managing their transactions.

From July 1st to September 30th, 2023, VIB is offering free international money transfers for customers using MyVIB. Additionally, the first 30 customers each month with a transaction will receive a VND 1 million bonus. Given the frequent need for transferring living expenses for overseas study, the savings customers achieve through MyVIB are significant.

Besides transferring tuition/living expenses for studying abroad, other money transfer purposes such as family support, immigration, inheritance, medical treatment, etc., can also be done through MyVIB. Within just 2 working hours, VIB will process the money transfer request completely if the documents are complete and valid. Customers can transfer foreign currency to over 200 countries with 11 different currencies. The money transfer documents are standardized according to each transaction purpose, making the process simple and fast. At the same time, high transfer limits, competitive exchange rates, and clearly listed rates will give customers peace of mind when using the service.

Essential preparations for your child's overseas studies.

A survey conducted at the end of 2022 by the International Consulting Organization for Conferences and Education at 400 student recruitment agencies from 81 countries worldwide regarding the study abroad situation in 2023 showed that international education is recovering strongly after the Covid-19 pandemic. Accordingly, about 73% of the agencies participating in the survey predicted that the demand for studying abroad would continue to increase further, stemming from benefits for students such as improved foreign language skills, immigration opportunities, and job opportunities in the host country, etc.

When sending their children abroad for education, many Vietnamese parents pay close attention to choosing the right destination. Their top priority is countries with high-quality training programs, well-structured curricula, qualified teachers, and reputable qualifications that are recognized in many places. In addition, the study location must ensure safety, comfort, and cater to the child's interests so that living, studying, and working part-time to gain life experience and increase income can proceed smoothly.

Financially, data shows that 90% of Vietnamese students studying abroad are self-funded. The average cost, including tuition and living expenses, ranges from approximately US$3,000 to US$40,000 per year (around VND 71 million to nearly VND 1 billion per year). This figure varies depending on the level of study and the cost of living in different countries. Therefore, establishing a solid financial foundation is crucial to fulfilling a child's dream of studying abroad. MyVIB digital bank, with its fast and convenient international money transfer feature, will further support the study abroad journey for both students and parents.

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