Studying Abroad? A Brief Guide for Canadian Students

Planning to leave Canada and study abroad? Discover the best way to send money to your destination country, so you don't have to shoestring your budget too much. 

At one point, Canada was called an education superpower, and the country has one of the best higher education systems in the world. Still, there are many compelling reasons why some Canadian scholars and academics would be interested in studying abroad. 

Common reasons for studying abroad include the opportunity to experience a different culture, learn a new language, enhance career prospects, and broaden one's perspective on the world.  

However, before you start implementing your plans to study abroad, it's essential to consider money matters first. It's no secret that being an international student usually goes hand-in-hand with a continuous need for funding as the costs pile up. 

How much does it cost to study abroad?

While studying abroad can be an exciting and fulfilling challenge, it's not as enriching to your pockets. Being an international student sometimes comes with a hefty price tag that covers the following costs: 

• Visa and passport fees 
• Tuition and fees 
• Accommodation 
• Insurance 
• Airfare and travel costs 
• Books and study supplies 
• Other miscellaneous costs and expenses 

The excellent news is that you can make it work by tapping into your savings, exploring funding opportunities, looking for ways to reduce expenses, and sending money abroad from Canada at the best rates and low fees.

What funding opportunities can I explore?

International students can explore various funding opportunities, including student loans, scholarships, sponsorships, grants, or bursaries. 

The best practice is to approach your chosen university or college and inquire about funding opportunities that are applicable to you. You can also scour the internet to see if there are other ways to get the financial aid you need to study abroad. 

Getting funding from the bank of mom and dad?

If your parents or family can help cover the costs of studying abroad, you’re fortunate. Having support from the “bank of mom and dad” can make your student life much easier. With a service like MTFX, it’s simple for your loved ones to send you money quickly and safely whenever you need it.

Why do exchange rates and transfer fees matter?

Suppose you've decided to take advantage of digital payment solutions for international money transfers. In that case, one way to minimize costs is by shopping around for competitive exchange rates and low transfer fees. Bank transfers are not ideal because of unfavourable exchange rates and high transfer fees. You get less money in your pocket each time you send money abroad. 

On the other hand, sending money transfers internationally using a specialist service like MTFX means you can save money and add more stretch to your budget.

How do I choose the best place to study abroad?

The best place to study abroad for you depends on your personal interests, budget, career prospects, and a range of other factors.  

Whether you're planning to study in the USA, Europe, Australia, or the UK, the good news is that MTFX offers money transfers in over 50 different currencies to more than 190 countries, so you can be sure to receive the money you need from wherever you're 

How do I kickstart the process of studying abroad?

Once you have decided where you want to study abroad, you can start applying for study abroad programs. Check the entry requirements, and if you meet them, proceed to submit the required information and documentation.  

Once you gain acceptance from a suitable university, you need to finalize your travel documentation before packing and leaving for your new location. 

How can I reduce the cost of studying abroad?

There are many actionable tips to help you manage your study abroad expenses. The list includes: 

• Finding a work-study or paid internship 
• Creating a reasonable budget and sticking to it 
• Tracking all expenses 
• Capitalizing on student discounts 
• Avoiding bank fees 

You can also help your loved ones save money by encouraging them to skip bank transfers when sending money to the US from Canada or any other country and using a secure, global payments service like MTFX instead.

What's the best way to receive money when studying abroad?

 Studying abroad? Here are the top reasons to use MTFX to send money from Canada: 

• Exchange rates are 3-5% lower than banks — keep more money in your pocket where it makes a real difference. Every transfer with MTFX means more savings that add up over time!
• Set up regular, online payments — International students often need a steady stream of funds. This is easily achievable with a 24/7, secure online platform with industry-leading automated technologies. 
• Enjoy a wide range of perks when sending money — Whether you're taking advantage of foreign exchange tools or getting free guidance from a specialist, your MTFX online account makes it easier to send money abroad without breaking a sweat. 

Register for an MTFX account and discover a new way to beat poor exchange rates and high transfer fees when you send money for international transfers.

FAQs

1. How do I pay international tuition from Canada?

Use MTFX to convert CAD to the destination currency and send funds directly to your university’s account, faster and more affordably than most banks.

2. What currencies does MTFX support for tuition payments?

MTFX supports major study-abroad currencies including USD, EUR, GBP, AUD, NZD, and more.

3. How do I know the exchange rate before I send money?

Use MTFX’s live FX calculators to check real-time CAD to USD or any other foreign currency rates before initiating your transfer.

4. Can I pay tuition for an entire academic year in one transaction?

Yes. MTFX supports large-sum payments for tuition, so you can pay multiple terms or the full year at once.

5. Can my parents or guardians send tuition on my behalf?

Absolutely. MTFX allows third-party payments, making it easy for sponsors in Canada to pay international schools directly.

6. Is MTFX regulated and secure for student payments?

Yes. MTFX is a FINTRAC-regulated Canadian provider trusted by over 75,000 clients for secure, global transfers.

7. What are the transfer fees for tuition payments?

MTFX offers low, transparent fees, typically much lower than banks or third-party apps.

8. How quickly will the university receive my payment?

Most transfers arrive within 1–2 business days, depending on the destination country and institution.

9. Can I automate recurring tuition transfers?

Yes. You can schedule regular or semester-based payments using the MTFX platform.

10. How do I track my international tuition payment?

You’ll receive real-time email updates and confirmations through your secure MTFX account.

Register for an MTFX account and discover a new way to beat poor exchange rates and high transfer fees when you send money for international transfers.