Brits sending money abroad for tuition fees are wasting £1000s

With tens of thousands of would-be students missing out on UK university placements this year, it's understandable that many are looking to head overseas for university.

But with high street banks charging high fees and uncompetitive exchange rates for foreign money transfers, parents and students could find that they are paying more than they need to.

Charging up to £40 just to transfer your money, banks can also apply commission and take overseas delivery charges. For example, paying your US tuition fees via your bank could set you back an extra £374 per semester. That's a huge £1496 extra, over a two year course, just in transfer charges and poor exchange rates.

James Hickman, Managing Director at Caxton FX explains, "It's a knee-jerk reaction to go to your bank for overseas payments. To avoid wasting money on unnecessary fees, parents need to know that there are cheaper and trustworthy alternatives."

Caxton FX's FastPay is an online system that enables currency payments from £100 to £10,000, to be made around the world, at any time. It offers competitive exchange rates and there are no transfer fees. Customers are also able to track progress of their payments online.

Setting up an account is quick and hassle free, head to caxtonfx.com/education