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danby_ll
Joined: 06 Dec 2006
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 Posted: Wed May 07, 2008 3:32 pm Post subject: For those of you paying off Canada student loans |
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How do you go about doing it? Do you wire money home every month and pay it out of a bank account in Canada? Am I right to assume that they can't deduct payments from an international bank account?
On a related note, how much and how often do you send money home? How much do the banks generally charge for it? |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Wed May 07, 2008 3:37 pm Post subject: |
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Why would you send money home each month? Send enough home at a time to cover a few months, and that way you'll save on service charges.
Cheapest way to get money home is to get a money order and stick it in the mail. Make them out to your home account and get a friend or family member to deposit them for you. |
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Whistleblower
Joined: 03 Feb 2007
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| Posted: Wed May 07, 2008 4:42 pm Post subject: |
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I paid off my student loans off years ago. I just saved and worked hard and decided to make voluntary payments. The Student's Loan Company frucked up a few times though, they put like a 1000 pounds worth of payments that I made in to a seperate account!!!! Just keep the paper work just in case though and they keep recordings. Always ask what the balance is. Just common sense. I really went to work with the Student's Loan when they misplaced a thousand pounds. Eventually, they credited my account with a thousand pounds. Luckily I kept a record of who I spoke to, when and why.
No more SLs for me, I am free. |
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ciccone_youth
Joined: 03 Mar 2008
Location: Japan
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| Posted: Wed May 07, 2008 4:50 pm Post subject: |
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I figured out how to send money to my RBC account in Canada, from Worri bank, on the internet. They charge me 15$ CAD every time.
I don't have student loans but a few bills to pay back home, so once in a while I'll send a big chunk of money back home and regularly pay my bills online. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 07, 2008 5:33 pm Post subject: |
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| peppermint wrote: |
Why would you send money home each month? Send enough home at a time to cover a few months, and that way you'll save on service charges.
Cheapest way to get money home is to get a money order and stick it in the mail. Make them out to your home account and get a friend or family member to deposit them for you. |
IF you have a money order, mail it direct to the bank branch and endorse the back:
for deposit only to the account of the payee
# xxx-yyyyy-zzzzzzz
No hassle, no worry and you can be sure it won't get lost / misplaced / forgotten between the family friend and the bank.
No-one can cash it, it is save, secure and replaceable if the mail actually gets lots (very unlikely).
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Mr. BlackCat
Joined: 30 Nov 2005
Location: Insert witty remark HERE
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| Posted: Wed May 07, 2008 8:07 pm Post subject: |
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peppermint wrote:
| Quote: |
Why would you send money home each month? Send enough home at a time to cover a few months, and that way you'll save on service charges.
Cheapest way to get money home is to get a money order and stick it in the mail. Make them out to your home account and get a friend or family member to deposit them for you. |
With all due respect, some of us have very high payments each month and, along with other bills, cannot afford several months at a time. I have to wire money every month and it's a bit of a pain, but not that bad.
I used to do the money order thing, but it was a tense 7-10 days while I waited for it to get there. If it gets lost, you're screwed. And you have to depend on someone in Canada depositing it for you. You have to go to the bank for both, and wiring only takes a bit more time and costs a bit more. It gets in my account the next day usually and if I get the same guy at the bank for a few months in a row, it's all smooth sailing. |
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