payment

Charges for International Money Transfers – Considerations

All agencies that transfer money internationally charge fees for doing so and some also charge for receiving those funds. The total cost of these charges can vary significantly even by the same agency for the same amount being sent on the same day.

Experience: Some EA participants have been surprised by how much they could have been or were charged for money transfer services.

• A candidate was about to be charged £250 to transfer £1,000 to the UK because their bank had a “3-hour guarantee” option as it’s default. By the candidate removing that tick before sending the funds, it arrived four days later for a charge of £7.50.
• One bank wanted to charge £80 to pay a bill if the recipient’s full address and account details were not provided. This charge was reduced to £50 with the SWIFTBIC codes and then down to £30 with the IBAN details.

Factors to consider when transferring money:

• There are a number of international money transfer companies to review e.g. banks, Wise (was TransferWise), PayPal, XE.
• Paying by credit card can have benefits but normally have higher costs.

Recommendations:

• Compare – know your options and the total cost before making your choice.
• Consider the transfer charge and the rate of exchange offered when paying from one currency to another as both will affect the total cost.
• Contact the EA accountant associated with your program if you are considering paying a USA $ charge with GBP or a GBP charge in US $ or Euro prior to making that payment as they may have further options for you to consider.

There are two options for payment of EA charges:
1) for applicants from the USA and other countries for EA options that are valued in U.S. dollars.
2) for applicants from England and other countries for EA options that are valued in British Pound Sterling (GBP).
Please select the appropriate option below.

The charge for each EA option is described in its Program Overview COST section in either US Dollars ($) or GB Pounds (£). The following are the ways to pay in each currency.

EA is also able to accept payment via PayPal in USD; GBP; and EUR.

Payment in U.S. Dollars

Payment in $ can be made in three ways:

• By credit card – as their charges tend to be lower than other providers we recommend using:
  • PayPal for USD $ to USD $ payments
  • Wise for payments from other currencies to USD $
• Checks made payable to EducatorsAbroad should be sent to:
  EducatorsAbroad – U.S.A.
  C/o Morris & Associates
  PO Box 224
  600 Atlantic Avenue
  Morris, MN 56267
  U.S.A.
• For international wires:Bank: Wells Fargo
  Swift code: WFBIUS6S
  Routing number: 121000248
  Account Number 1352008419
  Bank Address:
  • Wells Fargo SF
  • 420 Montgomery St.
  • San Francisco, CA 94104 USA