The Cheapest Way to Send Money to a Student in the UK (Parents' Guide)
A guide for parents — compare bank wires, Wise, Revolut, Remitly and Western Union on fees, speed and exchange rates, and set up a monthly allowance that just works.
Written for parents. Your child needs money in a UK account for rent, food and emergencies. The difference between a good and bad transfer method over a three-year degree can be more than £1,500 — the cost of a flight home every year.
What you are really paying
Every transfer has two costs: the fee you see and the exchange-rate margin you do not. A bank may advertise "no fee" while applying a rate 3% worse than the market. Always compare the final GBP amount received, not the fee.
Methods compared
| Method | Speed | Best for | Watch out |
|---|---|---|---|
| Wise | Same day to 2 days | Regular allowances, transparent pricing | Sender needs ID verification once |
| Revolut | Instant between Revolut users | Families who both use Revolut | Weekend markup on exchange |
| Remitly / WorldRemit | Minutes to 1 day | Pakistan, Bangladesh, Nigeria corridors | Rate promotions expire after first transfer |
| Home bank SWIFT wire | 2–5 days | Large one-off tuition payments | Intermediary bank fees of £15–£30 |
| Western Union / MoneyGram | Minutes | Emergencies when there is no account yet | Highest overall cost |
| University payment portal (Flywire/Convera) | 1–3 days | Tuition fees only | Rate is fixed at quote time — sometimes good, sometimes not |
Send a fixed amount on the same day each month rather than large lump sums. It teaches budgeting, limits exposure to exchange-rate swings and keeps the account safe if a card is lost. Our parent portal shows the arrival of each transfer alongside your child's budget summary.
Paying tuition
Most UK universities use Flywire or Convera. They are legitimate and often cheaper than a wire because they aggregate payments. Always start from the link on the university's own website — never from an email — and check the account name matches the university exactly.
Country notes
- Saudi Arabia, UAE, Qatar, Kuwait: SWIFT from local banks is reliable; Wise supports AED, SAR and QAR for lower cost. Government-sponsored students receive stipends directly.
- Turkey: Wise and Revolut work well; local bank wires in TRY carry high margins.
- Pakistan, Bangladesh: Remitly, Wise and bank wires all work; check the State Bank / Bangladesh Bank annual limits for education remittances and keep the CAS letter — banks will ask for it.
Emails claiming "your child's visa will be cancelled unless you pay today" or "the university changed its bank account" are fraud. Universities never ask for urgent payment by phone. Call your child directly, then the university's published number.
Emergency money
If your child loses a card, an app-only bank issues a virtual card instantly. Keep a small emergency fund (£300–£500) in a second account — a Wise or Revolut balance is ideal.
Related: Opening a UK bank account · A realistic Oxford budget
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